Corvus Pharmaceuticals (NASDAQ:CRVS) Trading Down 9.3% – Here’s What Happened

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) dropped 9.3% during mid-day trading on Monday . The company traded as low as $21.82 and last traded at $22.7710. Approximately 1,364,709 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 8,520,810 shares. The stock had previously closed at $25.10.

Analysts Set New Price Targets

CRVS has been the subject of several recent research reports. Cantor Fitzgerald restated an “overweight” rating on shares of Corvus Pharmaceuticals in a report on Thursday, December 11th. Jefferies Financial Group boosted their price target on shares of Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Weiss Ratings restated a “sell (d-)” rating on shares of Corvus Pharmaceuticals in a report on Wednesday, January 21st. HC Wainwright lifted their target price on Corvus Pharmaceuticals from $11.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Finally, Mizuho set a $20.00 price target on Corvus Pharmaceuticals in a research report on Tuesday, January 20th. Six equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $29.80.

Corvus Pharmaceuticals Price Performance

The stock’s 50-day moving average price is $9.98 and its 200-day moving average price is $7.52. The company has a market cap of $1.72 billion, a P/E ratio of -38.75 and a beta of 0.70.

Corvus Pharmaceuticals (NASDAQ:CRVS) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. As a group, analysts expect that Corvus Pharmaceuticals, Inc. will post -0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRVS. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Corvus Pharmaceuticals during the second quarter valued at $672,000. Towerview LLC raised its position in Corvus Pharmaceuticals by 33.3% during the 2nd quarter. Towerview LLC now owns 170,000 shares of the company’s stock worth $680,000 after purchasing an additional 42,500 shares during the last quarter. ProShare Advisors LLC acquired a new position in Corvus Pharmaceuticals during the 2nd quarter worth about $54,000. Geode Capital Management LLC grew its position in shares of Corvus Pharmaceuticals by 130.7% in the 2nd quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company’s stock valued at $5,448,000 after buying an additional 771,454 shares during the last quarter. Finally, Police & Firemen s Retirement System of New Jersey bought a new stake in shares of Corvus Pharmaceuticals in the 2nd quarter valued at about $49,000. Institutional investors own 46.64% of the company’s stock.

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.