Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Breaks Below 50 Day Moving Average – Here’s Why

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s stock price passed below its fifty day moving average during trading on Tuesday. The stock has a fifty day moving average of $12.66 and traded as low as $9.65. Corvus Pharmaceuticals shares last traded at $10.23, with a volume of 1,066,872 shares changing hands.

Analysts Set New Price Targets

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

Corvus Pharmaceuticals Stock Up 6.0%

The firm has a fifty day moving average price of $12.47 and a two-hundred day moving average price of $13.44.

Corvus Pharmaceuticals (NASDAQ:CRVS) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.03). As a group, research analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.79 EPS for the current year.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CRVS. Tidal Investments LLC grew its stake in Corvus Pharmaceuticals by 26.4% in the second quarter. Tidal Investments LLC now owns 136,276 shares of the company’s stock worth $2,036,000 after purchasing an additional 28,501 shares in the last quarter. Engineers Gate Manager LP bought a new stake in Corvus Pharmaceuticals during the 2nd quarter valued at $538,000. Integrated Wealth Concepts LLC bought a new stake in Corvus Pharmaceuticals during the 2nd quarter valued at $122,000. Arizona State Retirement System purchased a new stake in shares of Corvus Pharmaceuticals in the 2nd quarter worth $260,000. Finally, Braidwell LP lifted its holdings in shares of Corvus Pharmaceuticals by 21.3% in the 2nd quarter. Braidwell LP now owns 2,126,298 shares of the company’s stock worth $31,767,000 after buying an additional 373,500 shares during the period. Institutional investors own 46.64% of the company’s stock.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that harness the immune system to treat cancer. The company’s research centers on therapies designed to modulate immune-cell activity and address diseases with significant unmet medical needs.

Corvus’ leading product candidate is soquelitinib, formerly known as CPI-818, an oral, selective inhibitor of inducible T-cell kinase (ITK). The company is studying soquelitinib as a potential treatment for T-cell malignancies, including peripheral T-cell lymphoma.