Corvus Pharmaceuticals (CRVS) Raised to Strong-Buy at Zacks Investment Research

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Zacks Investment Research upgraded shares of Corvus Pharmaceuticals (NASDAQ:CRVS) from a hold rating to a strong-buy rating in a research report released on Wednesday. They currently have $8.75 price target on the stock.

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. “

Other research analysts have also issued reports about the stock. Cowen reaffirmed a buy rating on shares of Corvus Pharmaceuticals in a research note on Friday, November 2nd. Credit Suisse Group raised shares of Corvus Pharmaceuticals from a neutral rating to a buy rating and lifted their price objective for the stock from $11.00 to $15.00 in a research note on Wednesday, August 15th. BidaskClub raised shares of Corvus Pharmaceuticals from a sell rating to a hold rating in a research note on Saturday, September 1st. Finally, Wedbush reaffirmed an outperform rating on shares of Corvus Pharmaceuticals in a research note on Wednesday, August 8th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $13.58.

NASDAQ CRVS traded down $0.08 on Wednesday, hitting $7.91. 60,547 shares of the stock were exchanged, compared to its average volume of 69,645. The firm has a market capitalization of $231.33 million, a price-to-earnings ratio of -2.91 and a beta of -0.57. Corvus Pharmaceuticals has a 52-week low of $6.81 and a 52-week high of $13.91.

Corvus Pharmaceuticals (NASDAQ:CRVS) last posted its quarterly earnings data on Thursday, November 1st. The company reported ($0.36) EPS for the quarter, topping the consensus estimate of ($0.48) by $0.12. As a group, research analysts anticipate that Corvus Pharmaceuticals will post -1.77 EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the company. Trexquant Investment LP purchased a new stake in shares of Corvus Pharmaceuticals during the third quarter valued at $107,000. Rhumbline Advisers purchased a new stake in shares of Corvus Pharmaceuticals during the second quarter valued at $147,000. Acadian Asset Management LLC boosted its stake in shares of Corvus Pharmaceuticals by 129.3% during the second quarter. Acadian Asset Management LLC now owns 21,494 shares of the company’s stock valued at $236,000 after purchasing an additional 12,119 shares during the period. Hikari Power Ltd purchased a new stake in shares of Corvus Pharmaceuticals during the third quarter valued at $275,000. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Corvus Pharmaceuticals by 48.0% during the second quarter. Schwab Charles Investment Management Inc. now owns 25,900 shares of the company’s stock valued at $285,000 after purchasing an additional 8,400 shares during the period. 88.72% of the stock is owned by hedge funds and other institutional investors.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of immuno-oncology therapies that are designed to harness the immune system to attack cancer cells. Its lead product candidate is CPI-444, an oral, small molecule antagonist of the A2A receptor that is in Phase I/Ib clinical trial for adenosine, an immune checkpoint.

Further Reading: Why do company’s buyback their stock?

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