Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Stock Has Average Target Price of $33.33

Key Points

• Analyst sentiment is moderately bullish: Eight brokerages give Corvus Pharmaceuticals a consensus “Moderate Buy” rating, with six buys, one strong buy and one sell. The average 12-month price target is $33.33.
• CRVS shares were reported up 6.0%, opening at $10.65, while trading below their 50-day and 200-day moving averages. The company reported a quarterly loss of $0.19 per share, missing the $0.16 consensus estimate.
• Institutional investors own 46.64% of Corvus Pharmaceuticals, and several funds recently initiated positions. The clinical-stage biotech is developing immune-modulating cancer therapies, including its lead candidate soquelitinib for T-cell malignancies.

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) has been given a consensus recommendation of "Moderate Buy" by the eight brokerages that are covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, six have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $33.33.

A number of research firms have recently commented on CRVS. Weiss Ratings upgraded shares of Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 28th. LADENBURG THALM/SH SH raised shares of Corvus Pharmaceuticals to a "strong-buy" rating in a report on Thursday, July 30th. Finally, Cantor Fitzgerald reiterated an "overweight" rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, September 16th.

Corvus Pharmaceuticals Trading Up 6.0%

CRVS stock opened at $10.65 on Friday. The firm has a 50 day moving average of $12.47 and a 200-day moving average of $13.44. Corvus Pharmaceuticals has a 12 month low of $6.39 and a 12 month high of $26.95. The firm has a market capitalization of $895.88 million, a P/E ratio of -17.46 and a beta of 1.44.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last issued 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). Sell-side analysts predict that Corvus Pharmaceuticals will post -0.79 EPS for the current year.

Hedge Funds Weigh In On Corvus Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in CRVS. Global Retirement Partners LLC purchased a new stake in shares of Corvus Pharmaceuticals in the 2nd quarter valued at about $30,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Corvus Pharmaceuticals during the 2nd quarter valued at about $48,000. State of Wyoming purchased a new position in shares of Corvus Pharmaceuticals during the second quarter worth about $71,000. Meeder Asset Management Inc. purchased a new position in shares of Corvus Pharmaceuticals during the second quarter worth about $90,000. Finally, Teachers Retirement System of The State of Kentucky purchased a new position in shares of Corvus Pharmaceuticals during the first quarter worth about $117,000. 46.64% of the stock is currently owned by institutional investors.

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.

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