The Manufacturers Life Insurance Company Buys 84,282 Shares of Corvus Pharmaceuticals, Inc. $CRVS

Key Points

• The Manufacturers Life Insurance Company increased its Corvus Pharmaceuticals stake by 481.7% in the first quarter, purchasing 84,282 shares and bringing its holdings to 101,779 shares worth approximately $1.49 million.
• Several institutional investors also expanded their positions, with hedge funds and institutions collectively owning 46.64% of CRVS. A company director separately bought 21,700 shares at an average price of $11.53.
• Corvus reported quarterly EPS of -$0.19, missing the consensus estimate of -$0.16. Despite mixed analyst views, the stock has a “Moderate Buy” consensus rating and an average price target of $33.33 versus its recent price of $13.74.

The Manufacturers Life Insurance Company lifted its stake in shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Free Report) by 481.7% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 101,779 shares of the company's stock after buying an additional 84,282 shares during the period. The Manufacturers Life Insurance Company owned about 0.12% of Corvus Pharmaceuticals worth $1,489,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of CRVS. Geode Capital Management LLC grew its position in Corvus Pharmaceuticals by 130.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company's stock worth $5,448,000 after acquiring an additional 771,454 shares during the last quarter. JPMorgan Chase & Co. raised its position in Corvus Pharmaceuticals by 541.9% in the second quarter. JPMorgan Chase & Co. now owns 30,420 shares of the company's stock valued at $122,000 after purchasing an additional 25,681 shares during the last quarter. Rhumbline Advisers boosted 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 valued at $304,000 after purchasing an additional 75,159 shares in the last quarter. Hsbc Holdings PLC acquired a new stake in shares of Corvus Pharmaceuticals during the second quarter valued at about $332,000. Finally, New York State Common Retirement Fund bought a new stake in shares of Corvus Pharmaceuticals during the second quarter worth about $95,000. Institutional investors and hedge funds own 46.64% of the company's stock.

Corvus Pharmaceuticals Price Performance

CRVS stock opened at $13.74 on Tuesday. The company's 50-day moving average is $13.44 and its 200-day moving average is $15.33. The stock has a market capitalization of $1.16 billion, a PE ratio of -22.52 and a beta of 0.87. Corvus Pharmaceuticals, Inc. has a 1 year low of $4.26 and a 1 year high of $26.95.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last issued its earnings results on Thursday, August 6th. The company reported ($0.19) EPS for the quarter, missing analysts' consensus estimates of ($0.16) by ($0.03). On average, analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.7 earnings per share for the current fiscal year.

Insider Activity at Corvus Pharmaceuticals

In other news, Director David Scott Moore bought 21,700 shares of the stock in a transaction dated Thursday, June 11th. The shares were bought at an average cost of $11.53 per share, with a total value of $250,201.00. Following the completion of the transaction, the director directly owned 21,700 shares of the company's stock, valued at $250,201. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 19.70% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently issued reports on CRVS. LADENBURG THALM/SH SH raised shares of Corvus Pharmaceuticals to a "strong-buy" rating in a research note on Thursday, July 30th. The Goldman Sachs Group started coverage on Corvus Pharmaceuticals in a research report on Friday, April 17th. They issued a "buy" rating and a $40.00 price target on the stock. Wall Street Zen cut Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Finally, Weiss Ratings upgraded Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $33.33.

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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