Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Up 3.5% – Here’s Why

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s stock price traded up 3.5% on Friday . The stock traded as high as $7.79 and last traded at $7.7450. 504,444 shares were traded during mid-day trading, a decline of 44% from the average session volume of 894,446 shares. The stock had previously closed at $7.48.

Analysts Set New Price Targets

Several analysts have recently commented on CRVS shares. Wall Street Zen raised shares of Corvus Pharmaceuticals from a “sell” rating to a “hold” rating in a research report on Saturday, November 8th. Cantor Fitzgerald restated an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Thursday, December 11th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Corvus Pharmaceuticals in a research note on Wednesday, October 8th. Mizuho set a $13.00 price objective on Corvus Pharmaceuticals in a research report on Wednesday, October 29th. Finally, Barclays initiated coverage on shares of Corvus Pharmaceuticals in a report on Monday, October 13th. They issued an “overweight” rating and a $16.00 price objective on the stock. Five equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Corvus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average target price of $14.25.

Corvus Pharmaceuticals Stock Performance

The company has a market capitalization of $578.70 million, a price-to-earnings ratio of -14.55 and a beta of 0.64. The firm has a 50-day simple moving average of $8.10 and a two-hundred day simple moving average of $6.21.

Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.02. As a group, equities analysts forecast that Corvus Pharmaceuticals, Inc. will post -0.63 EPS for the current fiscal year.

Institutional Trading of Corvus Pharmaceuticals

A number of large investors have recently modified their holdings of the stock. Perceptive Advisors LLC acquired a new stake in shares of Corvus Pharmaceuticals in the second quarter valued at $5,754,000. Geode Capital Management LLC raised its position in Corvus Pharmaceuticals by 130.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company’s stock valued at $5,448,000 after purchasing an additional 771,454 shares in the last quarter. Orbimed Advisors LLC boosted its stake in shares of Corvus Pharmaceuticals by 3.2% in the 2nd quarter. Orbimed Advisors LLC now owns 7,165,006 shares of the company’s stock valued at $28,660,000 after buying an additional 221,352 shares during the period. Vanguard Group Inc. grew its position in shares of Corvus Pharmaceuticals by 5.8% during the third quarter. Vanguard Group Inc. now owns 3,471,925 shares of the company’s stock worth $25,588,000 after buying an additional 191,216 shares in the last quarter. Finally, Empirical Financial Services LLC d.b.a. Empirical Wealth Management purchased a new stake in shares of Corvus Pharmaceuticals during the second quarter worth approximately $672,000. Hedge funds and other institutional investors own 46.64% of the company’s stock.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation immuno-oncology therapies. The company’s research efforts are centered on harnessing both the innate and adaptive immune systems to counteract tumor-driven immunosuppression. By targeting key pathways that regulate immune cell function, Corvus aims to create novel agents that can be combined with existing cancer treatments to improve patient outcomes.

Corvus’s lead pipeline candidates include small-molecule and antibody therapies designed to inhibit the adenosine pathway, a known mediator of tumor immune escape.