Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Rating Cut to Strong Sell at Wall Street Zen

Key Points

• Wall Street Zen downgraded Corvus Pharmaceuticals from “sell” to “strong sell.” Despite the downgrade, MarketBeat data show a “Moderate Buy” consensus rating and an average price target of $32.83.
• Corvus reported a quarterly loss of $0.22 per share, missing analysts’ estimate of a $0.19 loss; analysts forecast a loss of $0.79 per share for the current year.
• CRVS opened at $10.54, compared with a 12-month trading range of $6.39 to $26.95. Institutional investors and hedge funds own 46.64% of the company’s stock.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "sell" rating to a "strong sell" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

CRVS has been the topic of several other research reports. Mizuho set a $27.00 price objective on Corvus Pharmaceuticals in a research note on Thursday, October 29th. LADENBURG THALM/SH SH upgraded Corvus Pharmaceuticals to a "strong-buy" rating in a report on Thursday, July 30th. Weiss Ratings reissued a "sell (d-)" rating on shares of Corvus Pharmaceuticals in a research report on Monday, October 26th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, September 16th. One equities 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 data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $32.83.

Corvus Pharmaceuticals Stock Up 8.3%

NASDAQ CRVS opened at $10.54 on Friday. Corvus Pharmaceuticals has a 12 month low of $6.39 and a 12 month high of $26.95. The company has a 50-day moving average of $11.50 and a 200-day moving average of $14.36.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.22) earnings per share for the quarter, missing analysts' consensus estimates of ($0.19) by ($0.03). On average, sell-side analysts forecast that Corvus Pharmaceuticals will post -0.79 EPS for the current year.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of institutional investors have recently modified their holdings of CRVS. The Manufacturers Life Insurance Company boosted its stake in Corvus Pharmaceuticals by 481.7% in the first quarter. The Manufacturers Life Insurance Company now owns 101,779 shares of the company's stock valued at $1,489,000 after acquiring an additional 84,282 shares during the last quarter. DCF Advisers LLC bought a new position in shares of Corvus Pharmaceuticals in the 2nd quarter valued at about $9,524,000. Blue Owl Capital Holdings LP acquired a new stake in Corvus Pharmaceuticals in the 2nd quarter valued at about $9,092,000. Renaissance Technologies LLC acquired a new stake in shares of Corvus Pharmaceuticals in the first quarter valued at approximately $1,190,000. Finally, Bank of America Corp DE acquired a new stake in Corvus Pharmaceuticals during the second quarter worth approximately $11,322,000. Institutional investors and hedge funds own 46.64% of the company's stock.

Corvus Pharmaceuticals Company Profile

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.

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