Corvus Pharmaceuticals (NASDAQ:CRVS) Announces Earnings Results

Corvus Pharmaceuticals (NASDAQ:CRVS) issued its earnings results on Thursday. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01), FiscalAI reports.

Corvus Pharmaceuticals Stock Performance

Shares of NASDAQ:CRVS traded down $0.89 during midday trading on Thursday, hitting $16.01. 1,167,502 shares of the stock were exchanged, compared to its average volume of 3,994,892. The company has a market capitalization of $1.34 billion, a PE ratio of -30.21 and a beta of 0.78. The business’s fifty day simple moving average is $16.13 and its two-hundred day simple moving average is $10.43. Corvus Pharmaceuticals has a 52-week low of $2.54 and a 52-week high of $26.95.

Institutional Trading of Corvus Pharmaceuticals

Several hedge funds have recently added to or reduced their stakes in the business. Orbimed Advisors LLC boosted its stake in Corvus Pharmaceuticals by 3.2% during the second quarter. Orbimed Advisors LLC now owns 7,165,006 shares of the company’s stock worth $28,660,000 after buying an additional 221,352 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Corvus Pharmaceuticals by 5.8% in the third quarter. Vanguard Group Inc. now owns 3,471,925 shares of the company’s stock worth $25,588,000 after acquiring an additional 191,216 shares during the last quarter. State Street Corp increased its stake in shares of Corvus Pharmaceuticals by 177.1% in the 4th quarter. State Street Corp now owns 2,788,223 shares of the company’s stock valued at $21,469,000 after buying an additional 1,781,904 shares during the period. MPM Bioimpact LLC acquired a new stake in Corvus Pharmaceuticals during the 4th quarter worth $21,126,000. Finally, Geode Capital Management LLC lifted its stake in Corvus Pharmaceuticals by 1.1% in the fourth quarter. Geode Capital Management LLC now owns 1,473,026 shares of the company’s stock valued at $11,345,000 after buying an additional 16,498 shares during the period. Institutional investors own 46.64% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CRVS. Barclays raised their price objective on shares of Corvus Pharmaceuticals from $16.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, January 21st. Cantor Fitzgerald restated an “overweight” rating on shares of Corvus Pharmaceuticals in a report on Thursday, December 11th. Mizuho set a $30.00 target price on Corvus Pharmaceuticals in a research report on Thursday, January 29th. Finally, HC Wainwright raised their price objective on Corvus Pharmaceuticals from $11.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $31.80.

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.