Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Down 8.7% – Here’s Why

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) traded down 8.7% during mid-day trading on Wednesday . The company traded as low as $12.35 and last traded at $12.27. Approximately 278,871 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 1,990,485 shares. The stock had previously closed at $13.44.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Weiss Ratings raised Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 28th. Cantor Fitzgerald reissued an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, September 16th. Finally, LADENBURG THALM/SH SH raised Corvus Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $33.33.

Corvus Pharmaceuticals Price Performance

The company has a fifty day moving average of $13.92 and a 200-day moving average of $14.09. The firm has a market cap of $1.06 billion, a P/E ratio of -20.59 and a beta of 0.87.

Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.16) by ($0.03). On average, sell-side analysts expect that Corvus Pharmaceuticals, Inc. will post -0.79 EPS for the current fiscal year.

Institutional Trading of Corvus Pharmaceuticals

A number of hedge funds have recently bought and sold shares of the business. The Manufacturers Life Insurance Company increased its position in shares of Corvus Pharmaceuticals by 481.7% during the 1st quarter. The Manufacturers Life Insurance Company now owns 101,779 shares of the company’s stock valued at $1,489,000 after purchasing an additional 84,282 shares during the last quarter. DCF Advisers LLC purchased a new position in shares of Corvus Pharmaceuticals in the 2nd quarter worth about $9,524,000. Blue Owl Capital Holdings LP bought a new position in Corvus Pharmaceuticals during the second quarter valued at about $9,092,000. Renaissance Technologies LLC bought a new position in Corvus Pharmaceuticals during the first quarter valued at about $1,190,000. Finally, Seven Fleet Capital Management LP purchased a new stake in Corvus Pharmaceuticals during the second quarter worth about $1,238,377. 46.64% of the stock is currently owned by institutional investors.

Corvus Pharmaceuticals Company Profile

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that regulate the immune system to treat cancer and other serious diseases. The company’s research is centered on small-molecule and antibody-based therapies designed to influence immune-cell activity and improve the body’s ability to respond to disease.

Corvus’ lead investigational product is soquelitinib, also known as CPI-818, an oral, selective inhibitor of interleukin-2-inducible T-cell kinase (ITK).