Corvus Pharmaceuticals (NASDAQ:CRVS) Trading 6.1% Higher – Here’s Why

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) traded up 6.1% during trading on Friday . The stock traded as high as $7.00 and last traded at $7.01. 316,495 shares changed hands during trading, a decline of 59% from the average session volume of 779,278 shares. The stock had previously closed at $6.61.

Analyst Ratings Changes

Separately, Wall Street Zen upgraded shares of Corvus Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, August 9th. Three analysts have rated the stock with a Buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $13.00.

Corvus Pharmaceuticals Price Performance

The stock has a market cap of $550.63 million, a price-to-earnings ratio of -7.32 and a beta of 0.52. The business’s 50 day moving average is $5.30 and its 200 day moving average is $4.29.

Corvus Pharmaceuticals (NASDAQ:CRVS) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.03. As a group, analysts forecast that Corvus Pharmaceuticals, Inc. will post -0.63 earnings per share for the current year.

Hedge Funds Weigh In On Corvus Pharmaceuticals

A number of large investors have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its position in Corvus Pharmaceuticals by 23,611.7% during the fourth quarter. Bank of America Corp DE now owns 96,981 shares of the company’s stock valued at $519,000 after buying an additional 96,572 shares during the period. Squarepoint Ops LLC lifted its position in shares of Corvus Pharmaceuticals by 712.5% during the 4th quarter. Squarepoint Ops LLC now owns 98,144 shares of the company’s stock worth $525,000 after purchasing an additional 86,064 shares during the last quarter. Sowell Financial Services LLC acquired a new position in Corvus Pharmaceuticals during the first quarter worth $38,000. Masso Torrence Wealth Management Inc. increased its position in shares of Corvus Pharmaceuticals by 16.7% in the first quarter. Masso Torrence Wealth Management Inc. now owns 35,000 shares of the company’s stock worth $111,000 after acquiring an additional 5,000 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its stake in Corvus Pharmaceuticals by 24.9% during the first quarter. Oppenheimer & Co. Inc. now owns 22,534 shares of the company’s stock worth $72,000 after acquiring an additional 4,490 shares during the period. Hedge funds and other institutional investors own 46.64% of the company’s stock.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of immune modulator product candidates to treat solid cancers, T cell lymphomas, autoimmune, allergic, and infectious diseases. Its lead product candidate is soquelitinib (CPI-818), a selective covalent inhibitor of interleukin 2 inducible T cell kinase (ITK), which is in a multi-center Phase 1/1b clinical trial for the treatment of peripheral T cell lymphoma, solid tumors, and atopic dermatitis.