Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Up – Should You Buy?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) gapped up before the market opened on Thursday . The stock had previously closed at $22.15, but opened at $24.30. Corvus Pharmaceuticals shares last traded at $25.28, with a volume of 5,275,320 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CRVS. Mizuho set a $20.00 price objective on shares of Corvus Pharmaceuticals in a research note on Tuesday. HC Wainwright upped their price target on shares of Corvus Pharmaceuticals from $11.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday. Cantor Fitzgerald reiterated an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Thursday, December 11th. Barclays increased their target price on Corvus Pharmaceuticals from $16.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Oppenheimer raised their target price on Corvus Pharmaceuticals from $15.00 to $32.00 and gave the stock an “outperform” rating in a research report on Wednesday. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Corvus Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $29.80.

Corvus Pharmaceuticals Stock Down 1.6%

The company’s 50-day simple moving average is $9.21 and its 200 day simple moving average is $7.12. The company has a market capitalization of $1.87 billion, a P/E ratio of -47.36 and a beta of 0.70.

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

Institutional Investors Weigh In On Corvus Pharmaceuticals

Several institutional investors and hedge funds have recently added to or reduced their stakes in CRVS. Quarry LP bought a new position in shares of Corvus Pharmaceuticals in the third quarter valued at approximately $27,000. Russell Investments Group Ltd. bought a new stake in shares of Corvus Pharmaceuticals during the 3rd quarter worth $49,000. Police & Firemen s Retirement System of New Jersey acquired a new position in Corvus Pharmaceuticals in the 2nd quarter valued at $49,000. BNP Paribas Financial Markets raised its holdings in Corvus Pharmaceuticals by 125.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 12,516 shares of the company’s stock worth $92,000 after acquiring an additional 6,975 shares during the period. Finally, Sender Co & Partners Inc. acquired a new position in Corvus Pharmaceuticals during the 2nd quarter worth $52,000. 46.64% of the stock is currently owned by institutional investors and hedge funds.

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.