Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Falls 6.9% - Should You Sell?

Key Points

• Corvus Pharmaceuticals shares fell 6.9% to about $9.36, with trading volume 56% below its average. The stock is also trading below its 50-day and 200-day moving averages.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $33.33, despite one Sell rating.
• The company missed its latest quarterly earnings estimate, reporting an adjusted loss of $0.19 per share versus the expected $0.16 loss. Institutional investors own 46.64% of the stock, while analysts expect a full-year loss of $0.79 per share.

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) was down 6.9% during trading on Tuesday. The stock traded as low as $9.40 and last traded at $9.3570. 846,859 shares traded hands during trading, a decline of 56% from the average daily volume of 1,932,094 shares. The stock had previously closed at $10.05.

Wall Street Analyst Weigh In

Several analysts have recently commented on the stock. LADENBURG THALM/SH SH raised shares of Corvus Pharmaceuticals to a "strong-buy" rating in a report on Thursday, July 30th. Weiss Ratings upgraded shares of Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, July 28th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Corvus Pharmaceuticals in a 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 assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $33.33.

Corvus Pharmaceuticals Trading Down 6.6%

The firm has a market cap of $789.30 million, a price-to-earnings ratio of -15.42 and a beta of 1.44. The company has a fifty day moving average price of $13.18 and a 200-day moving average price of $13.69.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last posted its earnings results on Thursday, August 6th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.03). As a group, research 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

Hedge funds and other institutional investors have recently made changes to their positions in the company. Tidal Investments LLC boosted its position in Corvus Pharmaceuticals by 26.4% during the second quarter. Tidal Investments LLC now owns 136,276 shares of the company's stock worth $2,036,000 after purchasing an additional 28,501 shares in the last quarter. Engineers Gate Manager LP acquired a new stake in Corvus Pharmaceuticals in the second quarter valued at approximately $538,000. Integrated Wealth Concepts LLC acquired a new stake in Corvus Pharmaceuticals in the second quarter valued at approximately $122,000. Arizona State Retirement System acquired a new stake in Corvus Pharmaceuticals in the second quarter valued at approximately $260,000. Finally, Braidwell LP increased its position in shares of Corvus Pharmaceuticals by 21.3% in the second quarter. Braidwell LP now owns 2,126,298 shares of the company's stock valued at $31,767,000 after buying an additional 373,500 shares in the last quarter. Institutional investors and hedge funds own 46.64% of the company's stock.

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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