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

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s stock price passed 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 trading hands.

Wall Street Analysts Forecast Growth

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

Corvus Pharmaceuticals Stock Performance

The stock has a market capitalization of $895.80 million, a price-to-earnings ratio of -14.96 and a beta of 1.57. The business has a fifty day simple moving average of $11.26 and a 200 day simple moving average of $14.10.

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

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of CRVS. Voya Investment Management LLC boosted its position in Corvus Pharmaceuticals by 59.6% during the 3rd quarter. Voya Investment Management LLC now owns 196,918 shares of the company’s stock worth $2,268,000 after buying an additional 73,539 shares during the period. ACT Capital Partners L.P. acquired a new position in Corvus Pharmaceuticals in the 3rd quarter valued at approximately $311,000. Fisher Asset Management LLC bought a new position in shares of Corvus Pharmaceuticals during the third quarter valued at $11,988,000. Three Bridge Wealth Advisors LLC bought a new position in shares of Corvus Pharmaceuticals during the third quarter valued at $96,000. Finally, Alps Advisors Inc. raised its stake in shares of Corvus Pharmaceuticals by 30.6% during the third quarter. Alps Advisors Inc. now owns 111,459 shares of the company’s stock valued at $1,284,000 after acquiring an additional 26,119 shares during the last quarter. 46.64% of the stock is currently owned by institutional investors and hedge funds.

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.