Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Pass Below Fifty Day Moving Average – Here’s What Happened

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s share price passed below its 50 day moving average during trading on Wednesday . The stock has a 50 day moving average of $17.72 and traded as low as $14.35. Corvus Pharmaceuticals shares last traded at $14.43, with a volume of 1,223,212 shares.

Analysts Set New Price Targets

Several research analysts have recently commented on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. Weiss Ratings reissued 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 note on Tuesday, January 20th. Barclays upped their target price on Corvus Pharmaceuticals from $16.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, January 20th. Finally, Jefferies Financial Group increased their price target on Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Corvus Pharmaceuticals Stock Performance

The firm has a market cap of $1.23 billion, a price-to-earnings ratio of -29.38 and a beta of 0.97. The stock’s fifty day moving average is $17.51 and its two-hundred day moving average is $11.35.

Corvus Pharmaceuticals (NASDAQ:CRVS) last posted its earnings results on Thursday, March 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). Sell-side analysts predict that Corvus Pharmaceuticals, Inc. will post -0.63 earnings per share for the current year.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Several hedge funds and other institutional investors have recently made changes to their positions in CRVS. MPM Bioimpact LLC acquired a new stake in Corvus Pharmaceuticals in the 4th quarter valued at approximately $21,126,000. State Street Corp boosted its position in Corvus Pharmaceuticals by 177.1% during the 4th quarter. State Street Corp now owns 2,788,223 shares of the company’s stock worth $21,469,000 after acquiring an additional 1,781,904 shares during the period. Perceptive Advisors LLC bought a new position in shares of Corvus Pharmaceuticals in the second quarter worth $5,754,000. Geode Capital Management LLC grew its stake in shares of Corvus Pharmaceuticals by 130.7% in the second quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company’s stock worth $5,448,000 after purchasing an additional 771,454 shares in the last quarter. Finally, DCF Advisers LLC acquired a new position in shares of Corvus Pharmaceuticals during the fourth quarter valued at $5,613,000. 46.64% of the stock is currently owned by institutional investors and hedge funds.

Corvus Pharmaceuticals Company Profile

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.