Corvus Pharmaceuticals (NASDAQ:CRVS) Trading Down 10.2% - Here's Why

Key Points

• Shares dropped about 10.2% intraday to roughly $16 (low $15.80) on Thursday, with ~1.2 million shares traded—about 60% below the stock's average daily volume.
• Analysts are largely bullish: seven Buy ratings vs. one Sell, a consensus rating of "Moderate Buy" and a consensus price target of $33.33, with high targets such as Goldman Sachs at $40 and Oppenheimer at $33.
• Fundamentals: Corvus is a clinical‑stage immuno‑oncology company that missed quarterly EPS (-$0.15 vs. -$0.14 expected), is forecast to post -$0.73 EPS for the year, and has a market cap of about $1.32 billion.

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report)'s share price was down 10.2% during mid-day trading on Thursday . The stock traded as low as $15.80 and last traded at $16.0250. Approximately 1,197,414 shares changed hands during mid-day trading, a decline of 60% from the average daily volume of 2,984,312 shares. The stock had previously closed at $17.85.

Analyst Ratings Changes

Several equities research analysts recently commented on CRVS shares. Mizuho set a $30.00 target price on Corvus Pharmaceuticals in a report on Thursday, January 29th. Weiss Ratings reiterated a "sell (d-)" rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, January 21st. Oppenheimer restated an "outperform" rating and issued a $33.00 price objective (up from $32.00) on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. The Goldman Sachs Group initiated coverage on Corvus Pharmaceuticals in a report on Friday, April 17th. They set a "buy" rating and a $40.00 target price on the stock. Finally, 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 report on Tuesday, January 20th. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $33.33.

Corvus Pharmaceuticals Stock Down 11.9%

The company has a market capitalization of $1.32 billion, a price-to-earnings ratio of -31.29 and a beta of 0.97. The business has a 50-day moving average price of $15.96 and a 200-day moving average price of $12.27.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last released its quarterly earnings results on Thursday, March 12th. The company reported ($0.15) earnings per share for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.01). As a group, sell-side analysts predict that Corvus Pharmaceuticals, Inc. will post -0.73 EPS for the current year.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of large investors have recently made changes to their positions in the company. Quarry LP acquired a new position in Corvus Pharmaceuticals in the 3rd quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. grew its position 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 worth $28,000 after purchasing an additional 748 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in Corvus Pharmaceuticals during the 3rd quarter valued at $49,000. Sender Co & Partners Inc. purchased a new stake in shares of Corvus Pharmaceuticals in the second quarter valued at $52,000. Finally, Bayesian Capital Management LP acquired a new stake in shares of Corvus Pharmaceuticals in the second quarter worth $70,000. Institutional investors and hedge funds own 46.64% of the company's stock.

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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