Corvus Pharmaceuticals (NASDAQ:CRVS) Share Price Breaks Below Fifty Day Moving Average – Here’s Why

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s stock price crossed below its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of $11.26 and traded as low as $10.59. Corvus Pharmaceuticals shares last traded at $10.62, with a volume of 1,021,066 shares traded.

Analyst Ratings Changes

A number of research firms recently commented on CRVS. Ladenburg Thalmann & Co. Inc. raised Corvus Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, July 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Corvus Pharmaceuticals in a research report on Monday, October 26th. Mizuho set a $27.00 price target on shares of Corvus Pharmaceuticals in a report on Thursday, October 29th. Wall Street Zen lowered shares of Corvus Pharmaceuticals from a “sell” rating to a “strong sell” rating in a report on Saturday, November 7th. Finally, Cantor Fitzgerald restated an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, September 16th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.83.

Corvus Pharmaceuticals Stock Down 7.4%

The stock has a market capitalization of $895.80 million, a P/E ratio of -14.96 and a beta of 1.57. The business’s 50 day simple moving average is $11.26 and its two-hundred day simple moving average is $14.10.

Corvus Pharmaceuticals (NASDAQ:CRVS) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.22) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.19) by ($0.03). Analysts predict that Corvus Pharmaceuticals, Inc. will post -0.80 earnings per share for the current year.

Institutional Trading of Corvus Pharmaceuticals

Large investors have recently bought and sold shares of the company. Global Retirement Partners LLC purchased a new stake in shares of Corvus Pharmaceuticals during the 2nd quarter valued at approximately $30,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Corvus Pharmaceuticals in the 2nd quarter valued at approximately $48,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in Corvus Pharmaceuticals in the 3rd quarter valued at approximately $50,000. State of Wyoming purchased a new position in Corvus Pharmaceuticals in the 2nd quarter valued at approximately $71,000. Finally, Meeder Asset Management Inc. bought a new stake in Corvus Pharmaceuticals during the 2nd quarter valued at $90,000. 46.64% of the stock is owned by hedge funds and other institutional investors.

Corvus Pharmaceuticals Company Profile

Corvus Pharmaceuticals is a clinical-stage biopharmaceutical company focused on developing medicines that target the immune system to treat cancer and immune-related diseases. The company is based in Burlingame, California, and its work centers on therapies in clinical development rather than marketed products. Its lead candidate, soquelitinib (also known as CPI-818), is an oral inhibitor of interleukin-2-inducible T-cell kinase, or ITK. Corvus is developing the drug for T-cell lymphoma and has also explored its potential in inflammatory and autoimmune conditions, including atopic dermatitis.