Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Down After Earnings Miss

Key Points

• Corvus Pharmaceuticals shares fell after an earnings miss: The stock opened at $12.90 versus a prior close of $13.86 after reporting a quarterly loss of $0.19 per share, missing consensus estimates by $0.03.
• Analyst sentiment remains broadly positive but mixed: Corvus has a “Moderate Buy” consensus rating and a $33.33 average price target, despite recent sell downgrades and a $40 target from Goldman Sachs.
• Insiders and institutions have shown buying interest: A director purchased $250,201 worth of shares, while institutional investors own 46.64% of the company; Corvus is developing immuno-oncology therapies targeting the adenosine pathway.

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report)'s share price gapped down prior to trading on Friday following a weaker than expected earnings announcement. The stock had previously closed at $13.86, but opened at $12.90. Corvus Pharmaceuticals shares last traded at $13.7570, with a volume of 155,733 shares changing hands.

The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.03).

Analyst Ratings Changes

Several analysts have recently weighed in on CRVS shares. Weiss Ratings upgraded Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 28th. Wall Street Zen cut Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. The Goldman Sachs Group assumed coverage on Corvus Pharmaceuticals in a report on Friday, April 17th. They issued a "buy" rating and a $40.00 price target for the company. Finally, LADENBURG THALM/SH SH upgraded Corvus Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, July 30th. One 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 stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $33.33.

Insider Buying and Selling

In related news, Director David Scott Moore acquired 21,700 shares of Corvus Pharmaceuticals stock in a transaction on Thursday, June 11th. The shares were purchased at an average cost of $11.53 per share, for a total transaction of $250,201.00. Following the purchase, the director directly owned 21,700 shares of the company's stock, valued at $250,201. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 19.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of institutional investors have recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Corvus Pharmaceuticals during the second quarter worth about $48,000. OneDigital Investment Advisors LLC bought a new stake in Corvus Pharmaceuticals in the second quarter valued at about $149,000. Hikari Power Ltd bought a new stake in Corvus Pharmaceuticals in the second quarter valued at about $746,000. Global Retirement Partners LLC acquired a new stake in Corvus Pharmaceuticals during the second quarter valued at approximately $30,000. Finally, Bank of New York Mellon Corp acquired a new stake in Corvus Pharmaceuticals during the second quarter valued at approximately $3,027,000. Institutional investors and hedge funds own 46.64% of the company's stock.

Corvus Pharmaceuticals Stock Performance

The business has a fifty day simple moving average of $13.38 and a 200 day simple moving average of $15.35. The company has a market cap of $1.16 billion, a P/E ratio of -26.55 and a beta of 0.87.

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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