Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Price Down 9.4% – Here’s Why

Shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) fell 9.4% on Thursday . The company traded as low as $16.15 and last traded at $16.16. 548,776 shares traded hands during trading, a decline of 87% from the average session volume of 4,301,096 shares. The stock had previously closed at $17.84.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRVS. Oppenheimer lifted their target price on Corvus Pharmaceuticals from $15.00 to $32.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Jefferies Financial Group boosted their price target on Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Wall Street Zen raised shares of Corvus Pharmaceuticals from a “sell” rating to a “hold” rating in a research note on Saturday, November 8th. HC Wainwright upped their target price on Corvus Pharmaceuticals from $11.00 to $27.00 and gave the company a “buy” rating in a report on Tuesday, January 20th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Corvus Pharmaceuticals in a research note on Wednesday, January 21st. Six analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Corvus Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus price target of $31.80.

Corvus Pharmaceuticals Stock Down 9.4%

The company has a fifty day simple moving average of $15.26 and a two-hundred day simple moving average of $10.04. The stock has a market capitalization of $1.35 billion, a P/E ratio of -30.49 and a beta of 0.78.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Large investors have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Corvus Pharmaceuticals by 26.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,629 shares of the company’s stock valued at $28,000 after purchasing an additional 748 shares during the last quarter. ProShare Advisors LLC boosted its position in shares of Corvus Pharmaceuticals by 7.7% in the fourth quarter. ProShare Advisors LLC now owns 13,764 shares of the company’s stock worth $106,000 after purchasing an additional 979 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Corvus Pharmaceuticals by 5.2% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 34,105 shares of the company’s stock worth $263,000 after purchasing an additional 1,696 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Corvus Pharmaceuticals by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 32,232 shares of the company’s stock valued at $238,000 after buying an additional 1,812 shares in the last quarter. Finally, Shelton Wealth Management LLC boosted its holdings in Corvus Pharmaceuticals by 13.8% in the 4th quarter. Shelton Wealth Management LLC now owns 15,638 shares of the company’s stock worth $120,000 after buying an additional 1,896 shares during the period. 46.64% of the stock is currently owned by institutional investors.

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.