Corvus Pharmaceuticals, Inc. (CRVS) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) from a buy rating to a hold rating in a report issued on Tuesday morning.
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. “
Other analysts have also issued reports about the company. Cowen and Company reissued a buy rating on shares of Corvus Pharmaceuticals in a report on Tuesday, June 6th. Credit Suisse Group raised Corvus Pharmaceuticals from an underperform rating to a neutral rating and set a $14.00 price objective for the company in a report on Wednesday, August 23rd. Finally, Wedbush reissued an outperform rating and set a $26.00 price objective on shares of Corvus Pharmaceuticals in a report on Tuesday, August 8th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. Corvus Pharmaceuticals has a consensus rating of Buy and an average price target of $20.75.
Shares of Corvus Pharmaceuticals (NASDAQ CRVS) opened at 16.99 on Tuesday. The firm has a 50 day moving average price of $13.23 and a 200 day moving average price of $12.89. Corvus Pharmaceuticals has a one year low of $8.27 and a one year high of $22.14. The company’s market capitalization is $355.67 million.
Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its earnings results on Thursday, August 3rd. The company reported ($0.73) EPS for the quarter, beating analysts’ consensus estimates of ($0.76) by $0.03. On average, equities research analysts predict that Corvus Pharmaceuticals will post ($3.18) EPS for the current fiscal year.
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In other news, insider Richard A. Md Miller acquired 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, June 13th. The shares were acquired at an average price of $9.88 per share, for a total transaction of $247,000.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Holdings A/S Novo acquired 20,000 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The stock was purchased at an average price of $10.95 per share, for a total transaction of $219,000.00. Following the purchase, the insider now owns 3,244,046 shares of the company’s stock, valued at approximately $35,522,303.70. The disclosure for this purchase can be found here.
A number of institutional investors have recently bought and sold shares of CRVS. EcoR1 Capital LLC purchased a new position in Corvus Pharmaceuticals in the second quarter valued at approximately $9,741,000. Jennison Associates LLC lifted 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 valued at $12,330,000 after purchasing an additional 475,164 shares during the last quarter. Point72 Asset Management L.P. purchased a new position in Corvus Pharmaceuticals in the first quarter valued at approximately $8,480,000. JPMorgan Chase & Co. lifted 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 valued at $4,025,000 after purchasing an additional 178,658 shares during the last quarter. Finally, Vanguard Group Inc. lifted 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 valued at $4,520,000 after purchasing an additional 101,013 shares during the last quarter. Institutional investors and hedge funds own 83.63% 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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