Zacks Investment Research lowered shares of Corvus Pharmaceuticals (NASDAQ:CRVS) from a hold rating to a sell rating in a report issued on Wednesday, March 7th.
According to Zacks, “Corvus Pharmaceuticals, Inc. is a biopharmaceutical company. It focuses on the development and commercialization of immuno-oncology therapies to harness the immune system to attack cancer cells. Its products include CPI-444, Adenosine production inhibitor, Adenosine A2B antagonist and Interleukin-2 (IL-2)-inducible T cell kinase (ITK) inhibitors. Corvus Pharmaceuticals, Inc. is based in Burlingame, California. “
A number of other analysts have also weighed in on CRVS. Cowen reiterated a buy rating on shares of Corvus Pharmaceuticals in a research note on Friday, March 2nd. ValuEngine lowered shares of Corvus Pharmaceuticals from a sell rating to a strong sell rating in a research note on Friday, February 2nd. Two investment analysts have rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of Hold and an average price target of $20.25.
Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its quarterly earnings results on Thursday, March 1st. The company reported ($0.58) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.76) by $0.18. research analysts forecast that Corvus Pharmaceuticals will post -3.15 earnings per share for the current year.
In other news, major shareholder Adams Street Partners Llc purchased 588,235 shares of the stock in a transaction that occurred on Monday, March 12th. The shares were purchased at an average cost of $8.50 per share, with a total value of $4,999,997.50. Following the completion of the acquisition, the insider now owns 4,420,516 shares of the company’s stock, valued at approximately $37,574,386. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Richard A. Md Miller purchased 100,000 shares of the stock in a transaction that occurred on Monday, March 12th. The shares were purchased at an average cost of $8.50 per share, for a total transaction of $850,000.00. The disclosure for this purchase can be found here. 46.40% of the stock is owned by corporate insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. New York State Common Retirement Fund boosted its holdings in Corvus Pharmaceuticals by 2,269.1% during the second quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock worth $115,000 after buying an additional 9,099 shares in the last quarter. SG Americas Securities LLC purchased a new stake in Corvus Pharmaceuticals during the fourth quarter worth $150,000. Alliancebernstein L.P. purchased a new stake in Corvus Pharmaceuticals during the second quarter worth $175,000. California State Teachers Retirement System boosted its holdings in Corvus Pharmaceuticals by 121.2% during the second quarter. California State Teachers Retirement System now owns 14,967 shares of the company’s stock worth $181,000 after buying an additional 8,200 shares in the last quarter. Finally, Teachers Advisors LLC boosted its holdings in Corvus Pharmaceuticals by 338.4% during the second quarter. Teachers Advisors LLC now owns 15,568 shares of the company’s stock worth $188,000 after buying an additional 12,017 shares in the last quarter. 82.71% of the stock is currently owned by hedge funds and other institutional investors.
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About Corvus Pharmaceuticals
Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of immuno-oncology therapies. The Company is developing drugs and antibodies that block crucial immune checkpoints and reprogram immune T-cells. The Company has a pipeline of four immuno-oncology programs, three of which focus on the adenosine-cancer axis to modulate an immune response.
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