Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Price Down 12.5% – Here’s What Happened

Shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) dropped 12.5% during mid-day trading on Thursday . The company traded as low as $13.51 and last traded at $13.8650. Approximately 572,110 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 2,694,258 shares. The stock had previously closed at $15.84.

Wall Street Analysts Forecast Growth

CRVS has been the subject of a number of recent analyst reports. HC Wainwright upped their price objective on shares of Corvus Pharmaceuticals from $11.00 to $27.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Wall Street Zen downgraded shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Weiss Ratings raised shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, April 29th. Jefferies Financial Group upped their price objective on shares of Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $33.00 price objective (up from $32.00) on shares of Corvus Pharmaceuticals in a research report on Friday, March 13th. Seven equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $33.33.

Corvus Pharmaceuticals Trading Down 9.8%

The stock’s 50-day moving average price is $15.14 and its two-hundred day moving average price is $13.11. The stock has a market capitalization of $1.04 billion, a P/E ratio of -23.67 and a beta of 0.94.

Corvus Pharmaceuticals (NASDAQ:CRVS) last released its earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). On average, equities research analysts predict that Corvus Pharmaceuticals, Inc. will post -0.66 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CRVS. MPM Bioimpact LLC bought a new position in shares of Corvus Pharmaceuticals during the 4th quarter valued at approximately $21,126,000. Commodore Capital LP bought a new position in shares of Corvus Pharmaceuticals during the 1st quarter valued at approximately $33,045,000. State Street Corp grew its position in shares of Corvus Pharmaceuticals by 177.1% during the 4th quarter. State Street Corp now owns 2,788,223 shares of the company’s stock valued at $21,469,000 after acquiring an additional 1,781,904 shares during the period. Perceptive Advisors LLC bought a new position in shares of Corvus Pharmaceuticals during the 2nd quarter valued at approximately $5,754,000. Finally, Geode Capital Management LLC grew its position in shares of Corvus Pharmaceuticals by 130.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company’s stock valued at $5,448,000 after acquiring an additional 771,454 shares during the period. 46.64% of the stock is owned by institutional investors.

Corvus Pharmaceuticals Company Profile

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.