Corvus Pharmaceuticals, Inc. (CRVS) Lowered to “Hold” at Zacks Investment Research
Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Corvus Pharmaceuticals, Inc. is a biopharmaceutical company. It focuses on the development and commercialization of immuno-oncology therapies to harness the immune system to attack cancer cells. Its products include CPI-444, Adenosine production inhibitor, Adenosine A2B antagonist and Interleukin-2 (IL-2)-inducible T cell kinase (ITK) inhibitors. Corvus Pharmaceuticals, Inc. is based in Burlingame, California. “
CRVS has been the topic of a number of other reports. Credit Suisse Group lowered shares of Corvus Pharmaceuticals from a “neutral” rating to an “underperform” rating and set a $10.00 price target on the stock. in a research report on Monday, May 1st. Cowen and Company reaffirmed a “buy” rating on shares of Corvus Pharmaceuticals in a research report on Tuesday, May 2nd. Finally, Wedbush initiated coverage on shares of Corvus Pharmaceuticals in a research report on Wednesday, August 2nd. They set an “outperform” rating and a $26.00 price target on the stock. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Corvus Pharmaceuticals presently has a consensus rating of “Buy” and a consensus price target of $19.75.
Shares of Corvus Pharmaceuticals (NASDAQ CRVS) traded down 0.82% during trading on Friday, hitting $14.55. 65,324 shares of the stock traded hands. The firm has a 50 day moving average price of $12.24 and a 200-day moving average price of $12.75. Corvus Pharmaceuticals has a one year low of $8.27 and a one year high of $22.14. The company’s market cap is $304.59 million.
Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its quarterly earnings data on Thursday, August 3rd. The company reported ($0.73) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.76) by $0.03. Analysts anticipate that Corvus Pharmaceuticals will post ($3.18) earnings per share for the current fiscal year.
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In other news, major shareholder Holdings A/S Novo acquired 20,000 shares of Corvus Pharmaceuticals stock in a transaction on Friday, June 23rd. The shares were purchased at an average cost of $10.95 per share, for a total transaction of $219,000.00. Following the completion of the purchase, the insider now directly owns 3,244,046 shares of the company’s stock, valued at approximately $35,522,303.70. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Richard A. Md Miller acquired 25,000 shares of Corvus Pharmaceuticals stock in a transaction on Tuesday, June 13th. The shares were purchased at an average price of $9.88 per share, for a total transaction of $247,000.00. The disclosure for this purchase can be found here.
Large investors have recently made changes to their positions in the company. EcoR1 Capital LLC purchased a new stake in shares of Corvus Pharmaceuticals during the second quarter worth about $9,741,000. Jennison Associates LLC increased its stake in Corvus Pharmaceuticals by 87.4% in the second quarter. Jennison Associates LLC now owns 1,019,013 shares of the company’s stock worth $12,330,000 after buying an additional 475,164 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Corvus Pharmaceuticals during the first quarter worth $8,480,000. JPMorgan Chase & Co. increased its stake in Corvus Pharmaceuticals by 116.0% in the second quarter. JPMorgan Chase & Co. now owns 332,634 shares of the company’s stock worth $4,025,000 after buying an additional 178,658 shares during the last quarter. Finally, Vanguard Group Inc. increased its stake in Corvus Pharmaceuticals by 37.1% in the second quarter. Vanguard Group Inc. now owns 373,512 shares of the company’s stock worth $4,520,000 after buying an additional 101,013 shares during the last quarter. Hedge funds and other institutional investors own 85.07% of the company’s stock.
About Corvus Pharmaceuticals
Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of immuno-oncology therapies. The Company is developing drugs and antibodies that block crucial immune checkpoints and reprogram immune T-cells. The Company has a pipeline of four immuno-oncology programs, three of which focus on the adenosine-cancer axis to modulate an immune response.
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