Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Up – Here’s What Happened

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) shares gapped up prior to trading on Wednesday . The stock had previously closed at $12.83, but opened at $13.57. Corvus Pharmaceuticals shares last traded at $13.1970, with a volume of 301,395 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Mizuho set a $30.00 price objective on Corvus Pharmaceuticals in a report on Thursday, January 29th. Wall Street Zen downgraded Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Oppenheimer reiterated an “outperform” rating and issued a $33.00 price objective (up from $32.00) on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. The Goldman Sachs Group assumed coverage on Corvus Pharmaceuticals in a report on Friday, April 17th. They issued a “buy” rating and a $40.00 price objective on the stock. Finally, Weiss Ratings upgraded Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, April 29th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $33.33.

Corvus Pharmaceuticals Stock Performance

The stock has a market capitalization of $1.07 billion, a price-to-earnings ratio of -24.54 and a beta of 0.94. The business has a 50-day moving average of $14.63 and a 200-day moving average of $13.38.

Corvus Pharmaceuticals (NASDAQ:CRVS) last announced its earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). On average, research analysts predict that Corvus Pharmaceuticals, Inc. will post -0.7 earnings per share for the current fiscal year.

Institutional Trading of Corvus Pharmaceuticals

A number of hedge funds have recently added to or reduced their stakes in CRVS. Quarry LP acquired a new stake in Corvus Pharmaceuticals during the 3rd quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. lifted its position in 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 worth $28,000 after acquiring an additional 748 shares during the period. Russell Investments Group Ltd. acquired a new stake in Corvus Pharmaceuticals during the 3rd quarter worth approximately $49,000. Sender Co & Partners Inc. acquired a new stake in Corvus Pharmaceuticals during the 2nd quarter worth approximately $52,000. Finally, Bayesian Capital Management LP acquired a new stake in Corvus Pharmaceuticals during the 2nd quarter worth approximately $70,000. 46.64% of the stock is owned by institutional investors and hedge funds.

About Corvus Pharmaceuticals

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.