Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Up 9.5% - What's Next?

Key Points

• Shares rose 9.5% intraday to about $17.02, but the rally came on very light volume (266,204 shares vs. a 2.99M average, down ~91%).
• Analyst sentiment turned bullish: multiple firms raised price targets (Jefferies to $42, HC Wainwright to $27) and Goldman Sachs initiated coverage with a $40 buy; consensus is a "Moderate Buy" with an average target of $33.33 (7 buys, 1 sell).
• Fundamentals remain pre-revenue/clinical: Corvus is a clinical-stage immuno-oncology company with a $1.4B market cap, reported a -$0.15 EPS miss last quarter, and analysts expect about -$0.73 EPS for the year.

Shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) shot up 9.5% during trading on Tuesday . The stock traded as high as $16.80 and last traded at $17.0190. 266,204 shares were traded during mid-day trading, a decline of 91% from the average session volume of 2,988,266 shares. The stock had previously closed at $15.54.

Analyst Ratings Changes

Several brokerages have commented on CRVS. HC Wainwright boosted their price target on shares of Corvus Pharmaceuticals from $11.00 to $27.00 and gave the stock a "buy" rating in a research note on Tuesday, January 20th. Jefferies Financial Group boosted their price target on shares of Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a "buy" rating in a research note on Thursday, January 22nd. Wall Street Zen cut shares of Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, March 14th. The Goldman Sachs Group began coverage on shares of Corvus Pharmaceuticals in a research note on Friday. They issued a "buy" rating and a $40.00 price target on the stock. Finally, Mizuho set a $30.00 price target on shares of Corvus Pharmaceuticals in a research note on Thursday, January 29th. Seven 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, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $33.33.

Corvus Pharmaceuticals Trading Up 7.4%

The firm's 50-day moving average price is $16.04 and its 200-day moving average price is $12.16. The stock has a market capitalization of $1.40 billion, a PE ratio of -33.52 and a beta of 0.97.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last announced its earnings results on Thursday, March 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.01). On average, equities research analysts predict that Corvus Pharmaceuticals, Inc. will post -0.73 earnings per share for the current fiscal year.

Institutional Trading of Corvus Pharmaceuticals

Several hedge funds have recently made changes to their positions in CRVS. Quarry LP purchased a new stake in shares of Corvus Pharmaceuticals during the 3rd quarter valued at about $27,000. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Corvus Pharmaceuticals by 26.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,629 shares of the company's stock valued at $28,000 after buying an additional 748 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Corvus Pharmaceuticals during the 3rd quarter valued at about $49,000. Sender Co & Partners Inc. bought a new position in Corvus Pharmaceuticals during the 2nd quarter valued at about $52,000. Finally, Bayesian Capital Management LP bought a new position in Corvus Pharmaceuticals during the 2nd quarter valued at about $70,000. 46.64% of the stock is currently owned by hedge funds and other institutional investors.

Corvus Pharmaceuticals Company Profile

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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