Corvus Pharmaceuticals (NASDAQ:CRVS) Share Price Passes Above Fifty Day Moving Average After Earnings Miss

Key Points

• Corvus Pharmaceuticals’ stock moved above its 50-day moving average during Friday trading, reaching as high as $15.80 before last trading at $15.55.
• The company reported quarterly EPS of ($0.15), which missed analyst expectations by $0.01, even as the shares reacted positively to the earnings update.
• Wall Street sentiment remains constructive, with analysts assigning a Moderate Buy consensus and an average price target of $33.33, while institutional ownership stands at 46.64%.

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report)'s stock price crossed above its 50-day moving average during trading on Friday following a better than expected earnings announcement. The stock has a 50-day moving average of $15.52 and traded as high as $15.80. Corvus Pharmaceuticals shares last traded at $15.55, with a volume of 980,529 shares traded.

The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.01).

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRVS. Wall Street Zen raised shares of Corvus Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday, April 25th. Barclays raised their target price on shares of Corvus Pharmaceuticals from $16.00 to $28.00 and gave the company an "overweight" rating in a research note on Tuesday, January 20th. Weiss Ratings raised shares of Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Wednesday, April 29th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. Finally, HC Wainwright raised their price objective on shares of Corvus Pharmaceuticals from $11.00 to $27.00 and gave the company a "buy" rating in a research note on Tuesday, January 20th. Seven equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $33.33.

Institutional Investors Weigh In On Corvus Pharmaceuticals

Several hedge funds and other institutional investors have recently bought and sold shares of CRVS. GSA Capital Partners LLP grew its stake in shares of Corvus Pharmaceuticals by 25.9% in the 3rd quarter. GSA Capital Partners LLP now owns 401,407 shares of the company's stock worth $2,958,000 after purchasing an additional 82,675 shares during the last quarter. NEOS Investment Management LLC acquired a new stake in Corvus Pharmaceuticals during the third quarter valued at approximately $436,000. SEB Asset Management AB acquired a new stake in Corvus Pharmaceuticals during the first quarter valued at approximately $3,319,000. Teachers Retirement System of The State of Kentucky bought a new stake in Corvus Pharmaceuticals during the first quarter worth approximately $117,000. Finally, SG Americas Securities LLC grew its position in Corvus Pharmaceuticals by 76.9% in the first quarter. SG Americas Securities LLC now owns 35,420 shares of the company's stock worth $518,000 after buying an additional 15,399 shares during the last quarter. 46.64% of the stock is currently owned by institutional investors.

Corvus Pharmaceuticals Price Performance

The company has a market cap of $1.31 billion, a P/E ratio of -29.90 and a beta of 0.94. The company has a fifty day simple moving average of $15.52 and a 200-day simple moving average of $12.83.

About Corvus Pharmaceuticals

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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