Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Falls 6.9% – Should You Sell?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s stock price fell 6.9% during mid-day trading on Tuesday. The company traded as low as $9.40 and last traded at $9.3570. 846,859 shares changed hands during trading, a decline of 56% from the average session volume of 1,932,094 shares. The stock had previously closed at $10.05.

Analysts Set New Price Targets

Several brokerages recently commented on CRVS. Weiss Ratings raised shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, July 28th. Cantor Fitzgerald restated an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, September 16th. Finally, LADENBURG THALM/SH SH raised shares of Corvus Pharmaceuticals to a “strong-buy” rating in a report on Thursday, July 30th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $33.33.

Corvus Pharmaceuticals Stock Down 6.6%

The business has a 50-day moving average price of $13.18 and a 200-day moving average price of $13.69. The firm has a market capitalization of $789.30 million, a PE ratio of -15.42 and a beta of 1.44.

Corvus Pharmaceuticals (NASDAQ:CRVS) last posted its quarterly earnings results on Thursday, August 6th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.03). On average, equities research analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.79 earnings per share for the current year.

Institutional Trading of Corvus Pharmaceuticals

Several large investors have recently added to or reduced their stakes in the stock. BlackRock Inc. purchased a new position in shares of Corvus Pharmaceuticals during the 2nd quarter worth $106,654,000. Vivo Capital LLC boosted its position in shares of Corvus Pharmaceuticals by 25.6% during the 1st quarter. Vivo Capital LLC now owns 2,805,816 shares of the company’s stock valued at $41,049,000 after acquiring an additional 571,250 shares during the last quarter. Wellington Management Group LLP boosted its position in shares of Corvus Pharmaceuticals by 17.8% during the 2nd quarter. Wellington Management Group LLP now owns 2,731,632 shares of the company’s stock valued at $40,811,000 after acquiring an additional 413,115 shares during the last quarter. Perceptive Advisors LLC boosted its position in shares of Corvus Pharmaceuticals by 231.1% during the 1st quarter. Perceptive Advisors LLC now owns 2,292,441 shares of the company’s stock valued at $33,538,000 after acquiring an additional 1,600,000 shares during the last quarter. Finally, Commodore Capital LP purchased a new stake in shares of Corvus Pharmaceuticals in the first quarter valued at about $33,045,000. 46.64% of the stock is currently owned by hedge funds and other institutional investors.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that modulate the immune system to treat cancer and other serious diseases. The company’s research is centered on therapies designed to influence immune-cell signaling and activity, with the goal of improving the body’s ability to respond to disease.

Corvus’ leading investigational product is soquelitinib, formerly known as CPI-818. It is an oral, selective inhibitor of inducible T-cell kinase (ITK) being studied for the treatment of T-cell lymphomas and potentially other cancers.