Corvus Pharmaceuticals (NASDAQ:CRVS) Trading 8.4% Higher - Time to Buy?

Key Points

• Shares of Corvus Pharmaceuticals jumped about 8.4% intraday to roughly $14.26, but volume was ~85% below the average session, indicating the move occurred on light trading.
• Analysts have been raising targets — Jefferies lifted its price target from $13 to $42, Barclays and Mizuho also raised targets, and the consensus rating is a Moderate Buy with an average price target of $32.
• Corvus is a clinical‑stage immuno‑oncology company focused on the adenosine pathway, with a market cap of about $1.19B and continuing losses (recent quarterly EPS -$0.15 missed estimates; FY EPS expected around -$0.63).

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) traded up 8.4% on Wednesday . The company traded as high as $14.27 and last traded at $14.2550. 550,268 shares changed hands during mid-day trading, a decline of 85% from the average session volume of 3,613,761 shares. The stock had previously closed at $13.15.

Analysts Set New Price Targets

A number of research firms have recently weighed in on CRVS. Jefferies Financial Group boosted their target price on Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a "buy" rating in a research report on Thursday, January 22nd. Wall Street Zen lowered Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Saturday, March 14th. Mizuho set a $30.00 price objective on Corvus Pharmaceuticals in a report on Thursday, January 29th. Barclays upped their target price on shares of Corvus Pharmaceuticals from $16.00 to $28.00 and gave the company an "overweight" rating in a research report on Tuesday, January 20th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Corvus Pharmaceuticals in a research note on Friday, March 13th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Corvus Pharmaceuticals has an average rating of "Moderate Buy" and an average price target of $32.00.

Corvus Pharmaceuticals Stock Up 7.8%

The firm has a market capitalization of $1.19 billion, a price-to-earnings ratio of -28.28 and a beta of 0.78. The stock's fifty day moving average is $17.50 and its two-hundred day moving average is $11.02.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last issued its earnings results on Thursday, March 12th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.01). As a group, analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.63 EPS for the current year.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in CRVS. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Corvus Pharmaceuticals by 26.0% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,629 shares of the company's stock valued at $28,000 after purchasing an additional 748 shares in the last quarter. ProShare Advisors LLC increased its position in Corvus Pharmaceuticals by 7.7% during the 4th quarter. ProShare Advisors LLC now owns 13,764 shares of the company's stock worth $106,000 after purchasing an additional 979 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Corvus Pharmaceuticals by 5.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,105 shares of the company's stock valued at $263,000 after purchasing an additional 1,696 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Corvus Pharmaceuticals by 6.0% in the 3rd quarter. JPMorgan Chase & Co. now owns 32,232 shares of the company's stock valued at $238,000 after purchasing an additional 1,812 shares during the last quarter. Finally, Shelton Wealth Management LLC lifted its stake in Corvus Pharmaceuticals by 13.8% in the 4th quarter. Shelton Wealth Management LLC now owns 15,638 shares of the company's stock valued at $120,000 after purchasing an additional 1,896 shares during the last quarter. 46.64% of the stock is currently owned by institutional investors and hedge funds.

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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