Commodore Capital LP Buys New Holdings in Corvus Pharmaceuticals, Inc. $CRVS

Key Points

• Commodore Capital LP acquired 2.26 million shares of Corvus Pharmaceuticals in the first quarter, valued at approximately $33.0 million. The position represents 2.69% of Corvus and about 1.9% of Commodore’s portfolio.
• Other institutional investors also initiated or expanded positions, bringing hedge fund and institutional ownership to 46.64%. A Corvus director separately purchased 21,700 shares at an average price of $11.53.
• CRVS opened at $13.07, well below its 52-week high of $26.95, after the company reported a quarterly loss of $0.15 per share versus the $0.14 consensus estimate. Analysts maintain a “Moderate Buy” consensus with an average price target of $33.33.

Commodore Capital LP purchased a new position in Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Free Report) during the first quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,258,735 shares of the company's stock, valued at approximately $33,045,000. Corvus Pharmaceuticals makes up about 1.9% of Commodore Capital LP's investment portfolio, making the stock its 20th largest holding. Commodore Capital LP owned 2.69% of Corvus Pharmaceuticals as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Spruce Street Capital LP bought a new stake in shares of Corvus Pharmaceuticals during the first quarter valued at approximately $3,388,000. Renaissance Technologies LLC purchased a new position in shares of Corvus Pharmaceuticals in the first quarter worth $1,190,000. Sei Investments Co. bought a new position in shares of Corvus Pharmaceuticals during the first quarter worth $890,000. SEB Asset Management AB bought a new position in shares of Corvus Pharmaceuticals during the first quarter worth $3,319,000. Finally, Bank of New York Mellon Corp grew its stake in Corvus Pharmaceuticals by 40.8% during the first quarter. Bank of New York Mellon Corp now owns 185,347 shares of the company's stock valued at $2,712,000 after acquiring an additional 53,719 shares in the last quarter. 46.64% of the stock is owned by hedge funds and other institutional investors.

Corvus Pharmaceuticals Stock Performance

NASDAQ CRVS opened at $13.07 on Monday. The stock has a 50 day moving average price of $13.21 and a 200-day moving average price of $14.94. Corvus Pharmaceuticals, Inc. has a one year low of $3.96 and a one year high of $26.95. The company has a market capitalization of $1.10 billion, a P/E ratio of -25.13 and a beta of 0.82.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last announced 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). As a group, equities analysts predict that Corvus Pharmaceuticals, Inc. will post -0.7 EPS for the current fiscal year.

Insider Activity at Corvus Pharmaceuticals

In other Corvus Pharmaceuticals news, Director David Scott Moore acquired 21,700 shares of the company's stock in a transaction on Thursday, June 11th. The stock was acquired at an average cost of $11.53 per share, with a total value of $250,201.00. Following the purchase, the director directly owned 21,700 shares of the company's stock, valued at approximately $250,201. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. 19.70% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on CRVS. The Goldman Sachs Group assumed coverage on shares of Corvus Pharmaceuticals in a report on Friday, April 17th. They issued a "buy" rating and a $40.00 price target on the stock. Wall Street Zen downgraded shares of Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Finally, Weiss Ratings lowered Corvus Pharmaceuticals from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Friday, July 10th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus 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 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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