Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Down After Earnings Miss

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s share price gapped down prior to trading on Friday following a dissappointing earnings announcement. The stock had previously closed at $13.86, but opened at $12.90. Corvus Pharmaceuticals shares last traded at $13.7570, with a volume of 155,733 shares changing hands.

The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.03).

Analyst Ratings Changes

CRVS has been the topic of several analyst reports. LADENBURG THALM/SH SH upgraded Corvus Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, July 30th. Weiss Ratings upgraded Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Tuesday, July 28th. Wall Street Zen cut Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, The Goldman Sachs Group started coverage on Corvus Pharmaceuticals in a report on Friday, April 17th. They set a “buy” rating and a $40.00 price target on the stock. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $33.33.

Insider Activity

In related news, Director David Scott Moore acquired 21,700 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were acquired at an average price of $11.53 per share, for a total transaction of $250,201.00. Following the completion of the purchase, the director directly owned 21,700 shares of the company’s stock, valued at $250,201. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. 19.70% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. acquired a new position in Corvus Pharmaceuticals during the second quarter worth about $48,000. OneDigital Investment Advisors LLC bought a new stake in Corvus Pharmaceuticals in the second quarter worth about $149,000. Hikari Power Ltd acquired a new stake in Corvus Pharmaceuticals in the 2nd quarter valued at about $746,000. Global Retirement Partners LLC acquired a new stake in Corvus Pharmaceuticals in the 2nd quarter valued at about $30,000. Finally, Bank of New York Mellon Corp bought a new position in shares of Corvus Pharmaceuticals during the 2nd quarter valued at about $3,027,000. Institutional investors own 46.64% of the company’s stock.

Corvus Pharmaceuticals Trading Down 0.3%

The company’s 50-day moving average price is $13.38 and its two-hundred day moving average price is $15.35. The company has a market cap of $1.16 billion, a P/E ratio of -26.55 and a beta of 0.87.

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.