Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Up 6.1% - Should You Buy?

Key Points

• Corvus Pharmaceuticals shares increased by 6.1% during mid-day trading, reaching a last traded price of $7.01, with a significant drop in trading volume.
• The company received an upgrade from Wall Street Zen from a "sell" to a "hold" rating, with three analysts currently giving it a Buy rating and a target price of $13.00.
• Corvus Pharmaceuticals reported an earnings per share (EPS) of ($0.10), exceeding the consensus estimate by $0.03, and is expected to post a -0.63 EPS for the fiscal year.

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) shares shot up 6.1% during mid-day trading on Friday . The company traded as high as $7.00 and last traded at $7.01. 316,495 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 779,278 shares. The stock had previously closed at $6.61.

Analyst Upgrades and Downgrades

Separately, Wall Street Zen upgraded shares of Corvus Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Three analysts have rated the stock with a Buy rating, According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus target price of $13.00.

Corvus Pharmaceuticals Stock Performance

The stock has a market cap of $550.63 million, a PE ratio of -7.32 and a beta of 0.52. The firm's 50-day moving average is $5.24 and its 200 day moving average is $4.27.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.03. On average, sell-side analysts predict that Corvus Pharmaceuticals, Inc. will post -0.63 EPS for the current fiscal year.

Institutional Trading of Corvus Pharmaceuticals

A number of institutional investors have recently bought and sold shares of CRVS. China Universal Asset Management Co. Ltd. raised its stake in shares of Corvus Pharmaceuticals by 20.2% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 15,488 shares of the company's stock worth $62,000 after buying an additional 2,599 shares during the last quarter. Squarepoint Ops LLC increased its holdings in Corvus Pharmaceuticals by 37.0% during the 2nd quarter. Squarepoint Ops LLC now owns 138,462 shares of the company's stock valued at $554,000 after acquiring an additional 37,430 shares in the last quarter. Sender Co & Partners Inc. purchased a new stake in shares of Corvus Pharmaceuticals in the second quarter valued at about $52,000. Perceptive Advisors LLC acquired a new stake in shares of Corvus Pharmaceuticals in the second quarter valued at approximately $5,754,000. Finally, Bridgeway Capital Management LLC increased its stake in shares of Corvus Pharmaceuticals by 61.5% during the 2nd quarter. Bridgeway Capital Management LLC now owns 66,700 shares of the company's stock worth $267,000 after purchasing an additional 25,400 shares in the last quarter. 46.64% of the stock is currently owned by hedge funds and other institutional investors.

Corvus Pharmaceuticals Company Profile

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.

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