Spruce Street Capital LP Buys Shares of 231,585 Corvus Pharmaceuticals, Inc. $CRVS

Spruce Street Capital LP bought a new position in Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) in the 1st quarter, HoldingsChannel reports. The fund bought 231,585 shares of the company’s stock, valued at approximately $3,388,000. Corvus Pharmaceuticals makes up 0.8% of Spruce Street Capital LP’s portfolio, making the stock its 27th biggest holding.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Geode Capital Management LLC raised its position in Corvus Pharmaceuticals by 130.7% during the second quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company’s stock valued at $5,448,000 after buying an additional 771,454 shares during the period. JPMorgan Chase & Co. grew its stake in Corvus Pharmaceuticals by 541.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 30,420 shares of the company’s stock valued at $122,000 after acquiring an additional 25,681 shares in the last quarter. Rhumbline Advisers increased its holdings in shares of Corvus Pharmaceuticals by 9,501.8% in the 2nd quarter. Rhumbline Advisers now owns 75,950 shares of the company’s stock valued at $304,000 after purchasing an additional 75,159 shares during the period. Hsbc Holdings PLC acquired a new position in shares of Corvus Pharmaceuticals in the 2nd quarter valued at about $332,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of Corvus Pharmaceuticals in the second quarter worth approximately $95,000. Hedge funds and other institutional investors own 46.64% of the company’s stock.

Insiders Place Their Bets

In other Corvus Pharmaceuticals news, Director David Scott Moore bought 21,700 shares of Corvus Pharmaceuticals stock in a transaction on Thursday, June 11th. The stock was purchased at an average cost of $11.53 per share, for a total transaction of $250,201.00. Following the completion of the purchase, the director directly owned 21,700 shares of the company’s stock, valued at $250,201. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 19.70% of the company’s stock.

Wall Street Analysts Forecast Growth

CRVS has been the subject of several research reports. Wall Street Zen cut shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. The Goldman Sachs Group assumed 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, Weiss Ratings lowered shares of Corvus Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 10th. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, Corvus Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $33.33.

Corvus Pharmaceuticals Price Performance

CRVS opened at $13.07 on Friday. Corvus Pharmaceuticals, Inc. has a fifty-two week low of $3.96 and a fifty-two week high of $26.95. The business has a 50-day moving average of $13.21 and a 200-day moving average of $14.88. The company has a market capitalization of $1.10 billion, a PE ratio of -25.13 and a beta of 0.82.

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

Corvus Pharmaceuticals 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.