Corvus Pharmaceuticals (NASDAQ:CRVS) Upgraded at The Goldman Sachs Group

Key Points

• The Goldman Sachs Group upgraded Corvus Pharmaceuticals to a "strong-buy", joining several analysts who have raised price targets; the stock's consensus rating is a "Moderate Buy" with an average price target of $33.33.
• Shares jumped about 11.3%, opening at $16.74 (market cap ~$1.41B) with a 12‑month range of $3.15 to $26.95 and 50-/200‑day moving averages of $16.14 and $12.03, respectively.
• Institutional investors are active—several hedge funds increased stakes and institutions now own roughly 46.64% of the company, while Millennium Management established a new ~$5.3M position.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) was upgraded by research analysts at The Goldman Sachs Group to a "strong-buy" rating in a research report issued to clients and investors on Friday, Marketbeat Ratings reports.

A number of other equities analysts also recently issued reports on CRVS. Barclays upped their price target on Corvus Pharmaceuticals from $16.00 to $28.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 20th. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Corvus Pharmaceuticals in a research report on Friday, March 13th. Oppenheimer reaffirmed an "outperform" rating and set a $33.00 price target (up from $32.00) on shares of Corvus Pharmaceuticals in a research report on Friday, March 13th. HC Wainwright upped their price target on Corvus Pharmaceuticals from $11.00 to $27.00 and gave the stock a "buy" rating in a research report on Tuesday, January 20th. Finally, Mizuho set a $30.00 price objective on shares of Corvus Pharmaceuticals in a report on Thursday, January 29th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $33.33.

Corvus Pharmaceuticals Trading Up 11.3%

Shares of CRVS stock opened at $16.74 on Friday. The business's fifty day simple moving average is $16.14 and its 200-day simple moving average is $12.03. The company has a market cap of $1.41 billion, a PE ratio of -33.48 and a beta of 0.97. Corvus Pharmaceuticals has a 12-month low of $3.15 and a 12-month high of $26.95.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last issued its quarterly earnings results on Thursday, March 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.14) by ($0.01). On average, equities analysts forecast that Corvus Pharmaceuticals will post -0.63 earnings per share for the current year.

Institutional Investors Weigh In On Corvus Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC boosted its holdings in Corvus Pharmaceuticals by 76.9% in the first quarter. SG Americas Securities LLC now owns 35,420 shares of the company's stock valued at $518,000 after purchasing an additional 15,399 shares during the last quarter. Invesco Ltd. boosted its holdings in Corvus Pharmaceuticals by 12.7% in the fourth quarter. Invesco Ltd. now owns 43,583 shares of the company's stock valued at $336,000 after purchasing an additional 4,910 shares during the last quarter. Virtus Investment Advisers LLC boosted its holdings in Corvus Pharmaceuticals by 18.4% in the fourth quarter. Virtus Investment Advisers LLC now owns 31,783 shares of the company's stock valued at $245,000 after purchasing an additional 4,946 shares during the last quarter. Wellington Management Group LLP boosted its holdings in Corvus Pharmaceuticals by 74.7% in the fourth quarter. Wellington Management Group LLP now owns 314,683 shares of the company's stock valued at $2,423,000 after purchasing an additional 134,508 shares during the last quarter. Finally, Millennium Management LLC purchased a new stake in Corvus Pharmaceuticals in the fourth quarter valued at $5,304,000. 46.64% of the stock is 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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