Preheat oven to 400˚F (200˚C).
Roll out the pie crust on a parchment-lined baking sheet.
In a bowl, combine cherries, granulated sugar, and cornstarch. Set aside.
In a separate bowl, mix softened cream cheese, powdered sugar, and vanilla extract until smooth.
Spread the cream cheese mixture over the center of the pie crust, leaving a border around the edges.
Place the cherry mixture on top of the cream cheese layer.
Fold the edges of the pie crust over the filling, pleating as necessary.
Bake for 35-40 minutes or until the crust is golden brown.
Allow to cool slightly before serving.