Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Price Down 8.3% - Here's Why

Key Points

• Shares fell 8.3% to $14.33 midday on Wednesday on light trading, with 467,552 shares changing hands (about 84% below the average session volume).
• Analysts are largely positive — the consensus rating is “Moderate Buy” with an average target of $33.33 (seven Buy ratings vs. one Sell), and Jefferies has raised its target to $42.
• Corvus is a clinical-stage immuno-oncology company with a market cap of about $1.21 billion and a negative P/E; it reported Q1 EPS of -$0.15, missing estimates by $0.01.

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) shares traded down 8.3% during mid-day trading on Wednesday . The company traded as low as $14.48 and last traded at $14.3280. 467,552 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 2,896,770 shares. The stock had previously closed at $15.62.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Cantor Fitzgerald reiterated an "overweight" rating on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. Wall Street Zen upgraded Corvus Pharmaceuticals from a "sell" rating to a "hold" rating in a report on Saturday. Jefferies Financial Group increased their target price on Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a "buy" rating in a report on Thursday, January 22nd. Oppenheimer reiterated an "outperform" rating and issued a $33.00 target price (up from $32.00) on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Corvus Pharmaceuticals in a report on Wednesday, January 21st. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Corvus Pharmaceuticals has a consensus rating of "Moderate Buy" and an average target price of $33.33.

Corvus Pharmaceuticals Stock Performance

The firm has a 50 day simple moving average of $15.76 and a two-hundred day simple moving average of $12.55. The firm has a market capitalization of $1.21 billion, a P/E ratio of -28.82 and a beta of 0.97.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last issued its quarterly earnings data on Thursday, March 12th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01). Sell-side analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.66 earnings per share for the current year.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Several large investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. lifted its stake in 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 acquiring an additional 748 shares in the last quarter. ProShare Advisors LLC lifted its stake in Corvus Pharmaceuticals by 7.7% during the 4th quarter. ProShare Advisors LLC now owns 13,764 shares of the company's stock valued at $106,000 after acquiring an additional 979 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Corvus Pharmaceuticals by 5.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,105 shares of the company's stock valued at $263,000 after acquiring an additional 1,696 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Corvus Pharmaceuticals by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 32,232 shares of the company's stock valued at $238,000 after acquiring an additional 1,812 shares in the last quarter. Finally, Shelton Wealth Management LLC lifted its stake in Corvus Pharmaceuticals by 13.8% during the 4th quarter. Shelton Wealth Management LLC now owns 15,638 shares of the company's stock valued at $120,000 after acquiring an additional 1,896 shares in the last quarter. 46.64% of the stock is currently owned by 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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