** Brokerage H.C. Wainwright starts coverage of Corvus Pharmaceuticals with "buy" rating and PT of $11

** PT represents a 2x upside to stock's Tuesday close

** CRVS is testing its experimental drug, soquelitinib, a first-in-class ITK-specific inhibitor, for the treatment of both rare cancers and eczema, an autoimmune disease that causes red and itchy skin rashes

** Soquelitinib works by blocking the ITK enzyme, which is essential for T-cell activation, a type of white blood cells, reducing T-cell activity and controlling the immune response

** Brokerages says the drug "has potential in a variety of other disorders such as psoriasis, inflammatory bowel disease and allergic asthma"

** If late-stage study of the drug is successful, it could be approved in the U.S. by 2027, H.C. Wainwright says

** Brokerages forecasts soquelitinib to generate combined revenue of $801 mln by 2034

** Stock gained ~204% in 2024

(Reporting by Kamal Choudhury in Bengaluru)

((Kamal.Choudhury@thomsonreuters.com;))