Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Up – Here’s Why

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) gapped up before the market opened on Wednesday . The stock had previously closed at $12.83, but opened at $13.57. Corvus Pharmaceuticals shares last traded at $13.1970, with a volume of 301,395 shares trading hands.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on CRVS. The Goldman Sachs Group assumed coverage on shares of Corvus Pharmaceuticals in a research report on Friday, April 17th. They issued a “buy” rating and a $40.00 price target for the company. Weiss Ratings raised shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, April 29th. Mizuho set a $30.00 price objective on shares of Corvus Pharmaceuticals in a research report on Thursday, January 29th. Cantor Fitzgerald restated an “overweight” rating on shares of Corvus Pharmaceuticals in a research note on Friday, March 13th. Finally, Oppenheimer reiterated an “outperform” rating and set a $33.00 price objective (up from $32.00) on shares of Corvus Pharmaceuticals in a research note on Friday, March 13th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Corvus Pharmaceuticals Trading Down 1.9%

The firm has a market cap of $1.03 billion, a price-to-earnings ratio of -23.88 and a beta of 0.94. The company has a fifty day moving average price of $14.51 and a 200-day moving average price of $13.45.

Corvus Pharmaceuticals (NASDAQ:CRVS) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01). As a group, research analysts forecast that Corvus Pharmaceuticals, Inc. will post -0.7 earnings per share for the current fiscal year.

Institutional Trading of Corvus Pharmaceuticals

Several institutional investors have recently bought and sold shares of the business. Quarry LP acquired a new position in shares of Corvus Pharmaceuticals during the 3rd quarter worth approximately $27,000. Mirae Asset Global Investments Co. Ltd. lifted its holdings in Corvus Pharmaceuticals by 26.0% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,629 shares of the company’s stock valued at $28,000 after purchasing an additional 748 shares in the last quarter. Russell Investments Group Ltd. acquired a new stake in shares of Corvus Pharmaceuticals in the third quarter valued at about $49,000. Sender Co & Partners Inc. purchased a new stake in shares of Corvus Pharmaceuticals during the second quarter worth about $52,000. Finally, Bayesian Capital Management LP purchased a new position in Corvus Pharmaceuticals in the 2nd quarter valued at about $70,000. 46.64% of the stock is 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.