7,138,811 Shares in Corvus Pharmaceuticals, Inc. $CRVS Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 7.14 million Corvus Pharmaceuticals shares worth approximately $106.7 million, giving it an 8.49% stake. Overall, institutional investors and hedge funds own 46.64% of CRVS.
• Analyst sentiment is mixed but leans positive: Corvus has an average “Moderate Buy” rating and a consensus price target of $33.33, despite ratings ranging from Strong Buy to Sell.
• CRVS shares opened at $14.16, down 3.8%, while the company reported a quarterly loss of $0.19 per share—$0.03 worse than analyst expectations. Corvus is a clinical-stage biotech focused on immuno-oncology therapies.

BlackRock Inc. acquired a new stake in Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,138,811 shares of the company's stock, valued at approximately $106,654,000. BlackRock Inc. owned about 8.49% of Corvus Pharmaceuticals as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. The Manufacturers Life Insurance Company raised its stake in Corvus Pharmaceuticals by 481.7% during the first quarter. The Manufacturers Life Insurance Company now owns 101,779 shares of the company's stock worth $1,489,000 after acquiring an additional 84,282 shares during the period. Renaissance Technologies LLC acquired a new position in shares of Corvus Pharmaceuticals during the first quarter valued at $1,190,000. Avidity Partners Management LP acquired a new position in Corvus Pharmaceuticals during the 1st quarter valued at about $1,682,000. Seven Fleet Capital Management LP bought a new stake in Corvus Pharmaceuticals during the first quarter worth approximately $1,213,000. Finally, Vivo Capital LLC lifted its holdings in shares of Corvus Pharmaceuticals by 25.6% in the first quarter. Vivo Capital LLC now owns 2,805,816 shares of the company's stock valued at $41,049,000 after buying an additional 571,250 shares during the period. 46.64% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CRVS. Weiss Ratings upgraded Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 28th. LADENBURG THALM/SH SH raised shares of Corvus Pharmaceuticals to a "strong-buy" rating in a research report on Thursday, July 30th. Finally, Wall Street Zen lowered shares of Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $33.33.

Insider Activity

In other news, Director David Scott Moore bought 21,700 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average cost of $11.53 per share, for a total transaction of $250,201.00. Following the purchase, the director owned 21,700 shares of the company's stock, valued at $250,201. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 19.70% of the company's stock.

Corvus Pharmaceuticals Stock Down 3.8%

Shares of CRVS opened at $14.16 on Friday. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -23.21 and a beta of 0.87. The company's fifty day moving average is $14.31 and its 200-day moving average is $14.69. Corvus Pharmaceuticals, Inc. has a 12 month low of $5.34 and a 12 month high of $26.95.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.03). As a group, research analysts predict that Corvus Pharmaceuticals, Inc. will post -0.79 earnings per share for the current fiscal year.

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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