Bank of America Corp DE Acquires New Shares in Corvus Pharmaceuticals, Inc. $CRVS

Key Points

• Bank of America acquired 757,798 Corvus Pharmaceuticals shares during the second quarter, valued at approximately $11.3 million and representing about 0.90% of the company.
• Institutional ownership reached 46.64%, with several other investors also initiating or increasing positions in Corvus Pharmaceuticals.
• Corvus reported a quarterly loss of $0.19 per share, missing estimates by $0.03. Analysts maintain a “Moderate Buy” consensus rating with an average price target of $33.33.

Bank of America Corp DE purchased a new position in Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 757,798 shares of the company's stock, valued at approximately $11,322,000. Bank of America Corp DE owned about 0.90% of Corvus Pharmaceuticals at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. ProShare Advisors LLC increased its stake in Corvus Pharmaceuticals by 7.7% in the 4th quarter. ProShare Advisors LLC now owns 13,764 shares of the company's stock worth $106,000 after buying an additional 979 shares in the last quarter. Global Retirement Partners LLC purchased a new position in shares of Corvus Pharmaceuticals in the 2nd quarter worth $30,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in Corvus Pharmaceuticals during the second quarter worth approximately $48,000. Avity Investment Management Inc. increased its position in shares of Corvus Pharmaceuticals by 11.9% during the 2nd quarter. Avity Investment Management Inc. now owns 37,150 shares of the company's stock valued at $555,000 after purchasing an additional 3,950 shares during the last quarter. Finally, State of Wyoming purchased a new stake in shares of Corvus Pharmaceuticals in the second quarter valued at $71,000. 46.64% of the stock is currently owned by institutional investors.

Corvus Pharmaceuticals Stock Performance

CRVS opened at $11.62 on Friday. The stock has a market capitalization of $977.47 million, a PE ratio of -19.05 and a beta of 0.87. Corvus Pharmaceuticals, Inc. has a one year low of $6.39 and a one year high of $26.95. The business's 50 day moving average price is $13.76 and its 200 day moving average price is $14.02.

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

Wall Street Analyst Weigh In

CRVS has been the topic of a number of research reports. Cantor Fitzgerald reissued an "overweight" rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, September 16th. LADENBURG THALM/SH SH raised shares of Corvus Pharmaceuticals to a "strong-buy" rating in a report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $33.33.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that regulate the immune system to treat cancer and other serious diseases. The company's research is centered on small-molecule and antibody-based therapies designed to influence immune-cell activity and improve the body's ability to respond to disease.

Corvus' lead investigational product is soquelitinib, also known as CPI-818, an oral, selective inhibitor of interleukin-2-inducible T-cell kinase (ITK).

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