Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Up - Here's What Happened

Key Points

• Corvus shares gapped up premarket, opening at $16.87 vs a prior close of $15.04 and last trading around $17.1150 on volume ~310,536, representing about a 9.3% intraday gain.
• Analyst sentiment is mixed but tilted bullish: seven Buy ratings vs one Sell, a consensus rating of Moderate Buy and an average price target of $33.33, with Jefferies notably raising its target to $42.
• Corvus is a clinical‑stage immuno‑oncology company focused on the adenosine pathway; it has a market cap of about $1.38 billion, reported a quarterly EPS of -$0.15 (missing estimates), and roughly 46.6% of stock held by institutions.

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) shares gapped up prior to trading on Friday . The stock had previously closed at $15.04, but opened at $16.87. Corvus Pharmaceuticals shares last traded at $17.1150, with a volume of 310,536 shares traded.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Corvus Pharmaceuticals in a research note on Wednesday, January 21st. Mizuho set a $30.00 price target on Corvus Pharmaceuticals in a research report on Thursday, January 29th. Wall Street Zen downgraded shares of Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, March 14th. Jefferies Financial Group lifted their target price on shares of Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a "buy" rating in a report on Thursday, January 22nd. Finally, HC Wainwright increased their price target on shares of Corvus Pharmaceuticals from $11.00 to $27.00 and gave the company a "buy" rating in a report on Tuesday, January 20th. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to MarketBeat, Corvus Pharmaceuticals presently has an average rating of "Moderate Buy" and a consensus price target of $33.33.

Corvus Pharmaceuticals Trading Up 9.3%

The firm has a fifty day moving average of $16.21 and a 200 day moving average of $11.96. The company has a market capitalization of $1.38 billion, a P/E ratio of -32.88 and a beta of 0.97.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last announced its quarterly earnings results on Thursday, March 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.01). Sell-side analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.63 EPS for the current fiscal year.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in CRVS. MPM Bioimpact LLC purchased a new position in shares of Corvus Pharmaceuticals in the 4th quarter worth $21,126,000. State Street Corp boosted its position in Corvus Pharmaceuticals by 177.1% in the fourth quarter. State Street Corp now owns 2,788,223 shares of the company's stock worth $21,469,000 after purchasing an additional 1,781,904 shares during the last quarter. Perceptive Advisors LLC bought a new stake in shares of Corvus Pharmaceuticals during the 2nd quarter valued at about $5,754,000. Geode Capital Management LLC grew its stake in shares of Corvus Pharmaceuticals by 130.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company's stock valued at $5,448,000 after purchasing an additional 771,454 shares during the period. Finally, DCF Advisers LLC purchased a new stake in shares of Corvus Pharmaceuticals during the 4th quarter valued at about $5,613,000. 46.64% of the stock is currently owned by hedge funds and other institutional investors.

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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