Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Price Down 8.7% - Here's Why

Key Points

• Corvus Pharmaceuticals shares fell 8.7% to $12.27, with trading volume down 86% from the average session.
• Analysts remain broadly optimistic, with a consensus “Moderate Buy” rating and an average price target of $33.33, despite the company missing quarterly EPS estimates.
• Institutional ownership stands at 46.64%, with hedge funds including Braidwell and Tidal Investments increasing their positions during the second quarter.

Shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) were down 8.7% during trading on Wednesday . The company traded as low as $12.35 and last traded at $12.27. Approximately 278,871 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 1,990,485 shares. The stock had previously closed at $13.44.

Wall Street Analysts Forecast Growth

CRVS has been the subject of a number of analyst reports. LADENBURG THALM/SH SH raised shares of Corvus Pharmaceuticals to a "strong-buy" rating in a research report on Thursday, July 30th. Cantor Fitzgerald reiterated an "overweight" rating on shares of Corvus Pharmaceuticals in a research note on Wednesday, September 16th. Finally, Weiss Ratings upgraded Corvus Pharmaceuticals from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday, July 28th. One 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's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $33.33.

Corvus Pharmaceuticals Stock Performance

The stock has a market capitalization of $1.06 billion, a price-to-earnings ratio of -20.59 and a beta of 0.87. The business has a fifty day simple moving average of $13.92 and a 200 day simple moving average of $14.09.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last announced its earnings results 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). On average, sell-side analysts forecast that Corvus Pharmaceuticals, Inc. will post -0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in CRVS. Tidal Investments LLC lifted its stake in shares of Corvus Pharmaceuticals by 26.4% in the 2nd quarter. Tidal Investments LLC now owns 136,276 shares of the company's stock valued at $2,036,000 after acquiring an additional 28,501 shares during the last quarter. Engineers Gate Manager LP bought a new stake in Corvus Pharmaceuticals during the 2nd quarter worth $538,000. Integrated Wealth Concepts LLC acquired a new position in Corvus Pharmaceuticals in the 2nd quarter worth about $122,000. Arizona State Retirement System bought a new position in Corvus Pharmaceuticals in the second quarter valued at about $260,000. Finally, Braidwell LP raised its position in 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 purchasing an additional 373,500 shares during the last quarter. 46.64% of the stock is currently owned by institutional investors and hedge funds.

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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