Avidity Partners Management LP Invests $1.68 Million in Corvus Pharmaceuticals, Inc. $CRVS

Key Points

• Avidity Partners Management acquired 115,000 Corvus Pharmaceuticals shares valued at approximately $1.68 million, representing about 0.14% of the company.
• Several institutional investors increased or initiated positions, and institutions collectively own 46.64% of CRVS shares. An insider also purchased 21,700 shares for roughly $250,000.
• Analyst sentiment is generally positive, with a “Moderate Buy” consensus and an average price target of $33.33, although the company recently reported an earnings-per-share loss of $0.15 versus the $0.14 expected.

Avidity Partners Management LP acquired a new stake in shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm acquired 115,000 shares of the company's stock, valued at approximately $1,682,000. Avidity Partners Management LP owned approximately 0.14% of Corvus Pharmaceuticals as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC raised its holdings in shares of Corvus Pharmaceuticals by 130.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company's stock valued at $5,448,000 after buying an additional 771,454 shares in the last quarter. JPMorgan Chase & Co. grew its position in Corvus Pharmaceuticals by 541.9% during the second quarter. JPMorgan Chase & Co. now owns 30,420 shares of the company's stock valued at $122,000 after acquiring an additional 25,681 shares during the last quarter. Rhumbline Advisers raised its stake in shares of Corvus Pharmaceuticals by 9,501.8% during the second quarter. Rhumbline Advisers now owns 75,950 shares of the company's stock worth $304,000 after acquiring an additional 75,159 shares in the last quarter. Hsbc Holdings PLC purchased a new position in shares of Corvus Pharmaceuticals during the second quarter worth approximately $332,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Corvus Pharmaceuticals in the 2nd quarter worth approximately $95,000. 46.64% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

CRVS has been the subject of several analyst reports. LADENBURG THALM/SH SH upgraded shares of Corvus Pharmaceuticals to a "strong-buy" rating in a research report on Thursday. Wall Street Zen downgraded Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. The Goldman Sachs Group assumed coverage on Corvus Pharmaceuticals in a research note on Friday, April 17th. They issued a "buy" rating and a $40.00 target price for the company. Finally, Weiss Ratings upgraded Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $33.33.

Corvus Pharmaceuticals Trading Up 0.5%

CRVS stock opened at $13.26 on Friday. The stock's 50 day simple moving average is $13.30 and its 200 day simple moving average is $15.10. Corvus Pharmaceuticals, Inc. has a 12-month low of $3.96 and a 12-month high of $26.95. The stock has a market capitalization of $1.12 billion, a PE ratio of -25.50 and a beta of 0.82.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01). On average, research analysts predict that Corvus Pharmaceuticals, Inc. will post -0.7 earnings per share for the current year.

Insider Activity at Corvus Pharmaceuticals

In related news, Director David Scott Moore purchased 21,700 shares of Corvus Pharmaceuticals stock in a transaction dated Thursday, June 11th. The stock was purchased at an average cost of $11.53 per share, for a total transaction of $250,201.00. Following the completion of the purchase, the director directly owned 21,700 shares of the company's stock, valued at $250,201. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 19.70% of the stock is owned by corporate insiders.

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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