Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Sees Large Increase in Short Interest

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) was the recipient of a significant growth in short interest in May. As of May 15th, there was short interest totalling 7,230,000 shares, a growth of 25.3% from the April 30th total of 5,770,000 shares. Based on an average daily volume of 1,010,000 shares, the days-to-cover ratio is currently 7.2 days. Approximately 16.4% of the shares of the stock are sold short.

Hedge Funds Weigh In On Corvus Pharmaceuticals

A number of institutional investors and hedge funds have recently made changes to their positions in CRVS. Sowell Financial Services LLC purchased a new position in Corvus Pharmaceuticals in the first quarter worth about $38,000. Virtus ETF Advisers LLC bought a new stake in shares of Corvus Pharmaceuticals in the 4th quarter valued at approximately $47,000. PKS Advisory Services LLC bought a new stake in shares of Corvus Pharmaceuticals in the 4th quarter valued at approximately $56,000. Alpine Global Management LLC purchased a new position in shares of Corvus Pharmaceuticals in the 4th quarter worth approximately $62,000. Finally, ExodusPoint Capital Management LP bought a new position in shares of Corvus Pharmaceuticals during the 4th quarter valued at approximately $72,000. 46.64% of the stock is owned by hedge funds and other institutional investors.

Corvus Pharmaceuticals Price Performance

NASDAQ CRVS remained flat at $3.91 during trading on Friday. The company's stock had a trading volume of 757,443 shares, compared to its average volume of 747,808. The firm has a market capitalization of $266.54 million, a P/E ratio of -4.20 and a beta of 0.57. Corvus Pharmaceuticals has a fifty-two week low of $1.75 and a fifty-two week high of $10.00. The company has a 50-day moving average of $3.47 and a 200-day moving average of $4.81.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.13) earnings per share for the quarter, hitting the consensus estimate of ($0.13). Equities analysts forecast that Corvus Pharmaceuticals will post -0.63 EPS for the current fiscal year.

Wall Street Analyst Weigh In

CRVS has been the topic of a number of research analyst reports. Wall Street Zen cut Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Tuesday, May 20th. Oppenheimer reissued an "outperform" rating and issued a $17.00 target price (up previously from $15.00) on shares of Corvus Pharmaceuticals in a report on Friday, May 9th. HC Wainwright restated a "buy" rating and set a $11.00 target price on shares of Corvus Pharmaceuticals in a research report on Wednesday, March 26th. Finally, Mizuho set a $11.00 price target on shares of Corvus Pharmaceuticals and gave the company an "outperform" rating in a report on Tuesday, May 20th. One equities research analyst has rated the stock with a sell rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $15.00.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of immune modulator product candidates to treat solid cancers, T cell lymphomas, autoimmune, allergic, and infectious diseases. Its lead product candidate is soquelitinib (CPI-818), a selective covalent inhibitor of interleukin 2 inducible T cell kinase (ITK), which is in a multi-center Phase 1/1b clinical trial for the treatment of peripheral T cell lymphoma, solid tumors, and atopic dermatitis.