Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Receives Average Recommendation of "Moderate Buy" from Brokerages

Key Points

• Corvus Pharmaceuticals has a “Moderate Buy” consensus rating from eight analysts: six buys, one strong buy and one sell. The average 12-month price target is $33.33, well above the reported share price of $14.20.
• Institutional investors own 46.64% of the company, with several funds increasing their positions during the second quarter. Director David Scott Moore also purchased 21,700 shares at $11.53 each.
• Corvus reported a quarterly loss of $0.19 per share, missing the $0.16 consensus loss estimate. Analysts expect a full-year loss of $0.79 per share, while the company continues developing immuno-oncology therapies targeting the adenosine pathway.

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) has been given an average rating of "Moderate Buy" by the eight research firms that are currently covering the firm, MarketBeat.com reports. One analyst has rated the stock with a sell recommendation, six have assigned a buy recommendation and one has issued a strong buy recommendation on the company. The average twelve-month price objective among analysts that have covered the stock in the last year is $33.3333.

A number of equities research analysts have recently weighed in on CRVS shares. Weiss Ratings upgraded shares of Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 28th. Wall Street Zen downgraded shares of Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Finally, LADENBURG THALM/SH SH raised Corvus Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, July 30th.

Insider Transactions at Corvus Pharmaceuticals

In related news, Director David Scott Moore purchased 21,700 shares of the firm's stock in a transaction on Thursday, June 11th. The shares were acquired at an average cost of $11.53 per share, with a total value of $250,201.00. Following the purchase, the director directly owned 21,700 shares of the company's stock, valued at approximately $250,201. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. 19.70% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRVS. Geode Capital Management LLC increased its stake in shares of Corvus Pharmaceuticals by 130.7% in the second quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company's stock worth $5,448,000 after buying an additional 771,454 shares during the period. JPMorgan Chase & Co. boosted its position 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 buying an additional 25,681 shares during the period. Rhumbline Advisers boosted its position in Corvus Pharmaceuticals by 9,501.8% during the 2nd quarter. Rhumbline Advisers now owns 75,950 shares of the company's stock valued at $304,000 after buying an additional 75,159 shares during the period. Hsbc Holdings PLC bought a new stake in Corvus Pharmaceuticals in the 2nd quarter worth $332,000. Finally, New York State Common Retirement Fund bought a new stake in Corvus Pharmaceuticals in the 2nd quarter worth $95,000. Institutional investors own 46.64% of the company's stock.

Corvus Pharmaceuticals Price Performance

NASDAQ:CRVS opened at $14.20 on Thursday. The business has a 50 day moving average of $14.40 and a 200 day moving average of $14.54. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -23.28 and a beta of 0.87. Corvus Pharmaceuticals has a 1-year low of $5.58 and a 1-year high of $26.95.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.03). As a group, sell-side analysts anticipate that Corvus Pharmaceuticals will post -0.79 EPS for the current year.

Corvus Pharmaceuticals Company 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.

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