Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Break Below Fifty Day Moving Average - Here's Why

Key Points

• Corvus Pharmaceuticals shares fell below their 50-day moving average of $12.66, trading as low as $9.65 before last changing hands at $10.23 on volume of about 1.07 million shares.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $33.33 price target, despite one Sell rating.
• The company reported quarterly EPS of $(0.19), missing the $(0.16) consensus estimate, while institutional investors own approximately 46.64% of the stock.

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report)'s stock price passed below its 50-day moving average during trading on Tuesday. The stock has a 50-day moving average of $12.66 and traded as low as $9.65. Corvus Pharmaceuticals shares last traded at $10.23, with a volume of 1,066,872 shares traded.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on CRVS shares. Weiss Ratings upgraded shares of Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 28th. LADENBURG THALM/SH SH upgraded shares of Corvus Pharmaceuticals to a "strong-buy" rating in a research report on Thursday, July 30th. Finally, Cantor Fitzgerald restated an "overweight" rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, September 16th. One equities research 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 company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $33.33.

Corvus Pharmaceuticals Stock Up 6.0%

The firm has a market capitalization of $860.55 million, a PE ratio of -16.77 and a beta of 1.44. The business's fifty day moving average price is $12.66 and its 200 day moving average price is $13.50.

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

Institutional Investors Weigh In On Corvus Pharmaceuticals

Several hedge funds have recently modified their holdings of the stock. The Manufacturers Life Insurance Company increased its position in shares of Corvus Pharmaceuticals by 481.7% in the 1st quarter. The Manufacturers Life Insurance Company now owns 101,779 shares of the company's stock worth $1,489,000 after purchasing an additional 84,282 shares during the last quarter. DCF Advisers LLC acquired a new position in Corvus Pharmaceuticals in the second quarter worth $9,524,000. Blue Owl Capital Holdings LP acquired a new position in Corvus Pharmaceuticals in the second quarter worth $9,092,000. Renaissance Technologies LLC bought a new stake in Corvus Pharmaceuticals during the first quarter valued at $1,190,000. Finally, Seven Fleet Capital Management LP bought a new stake in Corvus Pharmaceuticals during the second quarter valued at $1,238,377. 46.64% of the stock is currently owned by hedge funds and other institutional investors.

Corvus Pharmaceuticals Company Profile

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that modulate the immune system to treat cancer and other serious diseases. The company's research is centered on therapies designed to influence immune-cell signaling and activity, with the goal of improving the body's ability to respond to disease.

Corvus' leading investigational product is soquelitinib, formerly known as CPI-818. It is an oral, selective inhibitor of inducible T-cell kinase (ITK) being studied for the treatment of T-cell lymphomas and potentially other cancers.

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