Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Price Down 8.6% – What’s Next?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) shares dropped 8.6% during mid-day trading on Tuesday . The stock traded as low as $8.73 and last traded at $8.74. Approximately 493,465 shares traded hands during mid-day trading, an increase of 40% from the average daily volume of 353,164 shares. The stock had previously closed at $9.56.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CRVS shares. Oppenheimer lifted their price target on shares of Corvus Pharmaceuticals from $8.00 to $14.00 and gave the stock an “outperform” rating in a research note on Wednesday. Mizuho raised shares of Corvus Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, October 22nd. LADENBURG THALM/SH SH lifted their target price on Corvus Pharmaceuticals from $12.00 to $21.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, StockNews.com cut Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. One analyst has rated the stock with a sell rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Corvus Pharmaceuticals has a consensus rating of “Moderate Buy” and an average target price of $12.83.

Corvus Pharmaceuticals Price Performance

The business’s 50 day simple moving average is $6.66 and its 200 day simple moving average is $3.97. The company has a market capitalization of $532.93 million, a price-to-earnings ratio of -9.12 and a beta of 1.05.

Institutional Investors Weigh In On Corvus Pharmaceuticals

Several hedge funds have recently modified their holdings of CRVS. Vanguard Group Inc. raised its position in Corvus Pharmaceuticals by 10.6% during the 1st quarter. Vanguard Group Inc. now owns 1,493,357 shares of the company’s stock worth $2,658,000 after buying an additional 142,724 shares during the last quarter. Towerview LLC boosted its holdings in shares of Corvus Pharmaceuticals by 4.6% in the second quarter. Towerview LLC now owns 400,000 shares of the company’s stock valued at $728,000 after acquiring an additional 17,500 shares in the last quarter. Samlyn Capital LLC increased its stake in shares of Corvus Pharmaceuticals by 160.7% during the second quarter. Samlyn Capital LLC now owns 6,123,021 shares of the company’s stock worth $11,144,000 after acquiring an additional 3,774,658 shares during the period. Marshall Wace LLP purchased a new position in Corvus Pharmaceuticals during the second quarter worth about $136,000. Finally, Cubist Systematic Strategies LLC acquired a new stake in Corvus Pharmaceuticals in the second quarter valued at about $44,000. 46.64% of the stock is owned by institutional investors and hedge funds.

Corvus Pharmaceuticals Company Profile

Corvus Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of immune modulator product candidates to treat solid cancers, T cell lymphomas, autoimmune, allergic, and infectious diseases. Its lead product candidate is soquelitinib (CPI-818), a selective covalent inhibitor of interleukin 2 inducible T cell kinase (ITK), which is in a multi-center Phase 1/1b clinical trial for the treatment of peripheral T cell lymphoma, solid tumors, and atopic dermatitis.