Corvus Pharmaceuticals (NASDAQ:CRVS) Trading Down 8.7% - Here's Why

Key Points

• Corvus Pharmaceuticals' shares experienced an 8.7% decline during trading, dropping from a previous close of $7.65 to as low as $6.95.
• Equities analysts have mixed ratings for Corvus, with Wall Street Zen upgrading the stock from "sell" to "hold," while Weiss Ratings maintains a "sell (d-)" rating; Barclays has set an "overweight" rating with a price target of $16.
• Corvus Pharmaceuticals has a market cap of $520.15 million and reported an earnings-per-share (EPS) of ($0.10) for the last quarter, exceeding the estimated EPS of ($0.13).

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) shares traded down 8.7% during mid-day trading on Friday . The company traded as low as $6.95 and last traded at $6.99. 480,960 shares were traded during trading, a decline of 40% from the average session volume of 806,856 shares. The stock had previously closed at $7.65.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on CRVS shares. Wall Street Zen upgraded Corvus Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Saturday, August 9th. Weiss Ratings reissued a "sell (d-)" rating on shares of Corvus Pharmaceuticals in a report on Wednesday, October 8th. Finally, Barclays began coverage on Corvus Pharmaceuticals in a report on Monday. They set an "overweight" rating and a $16.00 price objective on the stock. Four equities research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $13.75.

Corvus Pharmaceuticals Price Performance

The company has a 50 day moving average price of $6.08 and a two-hundred day moving average price of $4.59. The stock has a market cap of $520.15 million, a PE ratio of -6.91 and a beta of 0.57.

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

Institutional Investors Weigh In On Corvus Pharmaceuticals

Several institutional investors have recently bought and sold shares of CRVS. Sowell Financial Services LLC acquired a new position in Corvus Pharmaceuticals in the first quarter valued at approximately $38,000. Police & Firemen s Retirement System of New Jersey acquired a new stake in Corvus Pharmaceuticals in the second quarter valued at about $49,000. Sender Co & Partners Inc. acquired a new stake in Corvus Pharmaceuticals in the second quarter valued at about $52,000. ProShare Advisors LLC purchased a new position in Corvus Pharmaceuticals in the second quarter valued at about $54,000. Finally, China Universal Asset Management Co. Ltd. increased its holdings in Corvus Pharmaceuticals by 20.2% in the second quarter. China Universal Asset Management Co. Ltd. now owns 15,488 shares of the company's stock valued at $62,000 after buying an additional 2,599 shares in the last quarter. 46.64% of the stock is currently owned by institutional investors and hedge funds.

About Corvus Pharmaceuticals

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.