Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Passes Below 50 Day Moving Average – Should You Sell?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) shares crossed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $14.36 and traded as low as $11.36. Corvus Pharmaceuticals shares last traded at $11.60, with a volume of 1,601,990 shares changing hands.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. 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. Wall Street Zen downgraded shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Friday, March 13th. The Goldman Sachs Group started coverage on shares of Corvus Pharmaceuticals in a research report on Friday, April 17th. They issued a “buy” rating and a $40.00 target price for the company. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $33.00 target price (up from $32.00) on shares of Corvus Pharmaceuticals in a research report on Friday, March 13th. Six equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $33.33.

Corvus Pharmaceuticals Stock Performance

The firm has a market cap of $935.08 million, a P/E ratio of -21.38 and a beta of 0.84. The business’s 50-day simple moving average is $14.27 and its 200 day simple moving average is $13.56.

Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01). As a group, equities research analysts expect that Corvus Pharmaceuticals, Inc. will post -0.7 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of CRVS. Quarry LP purchased a new position in shares of Corvus Pharmaceuticals during the 3rd quarter worth $27,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Corvus Pharmaceuticals by 26.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,629 shares of the company’s stock worth $28,000 after acquiring an additional 748 shares during the last quarter. Russell Investments Group Ltd. purchased a new position in shares of Corvus Pharmaceuticals during the 3rd quarter worth $49,000. Sender Co & Partners Inc. purchased a new position in shares of Corvus Pharmaceuticals during the 2nd quarter worth $52,000. Finally, Bayesian Capital Management LP purchased a new position in shares of Corvus Pharmaceuticals during the 2nd quarter worth $70,000. 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.