Corvus Pharmaceuticals’ (NASDAQ:CRVS) “Outperform” Rating Reaffirmed at Wedbush

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)‘s stock had its “outperform” rating reissued by analysts at Wedbush in a research report issued on Tuesday. They currently have a $26.00 price objective on the stock. Wedbush’s price target would indicate a potential upside of 123.18% from the company’s previous close. Wedbush also issued estimates for Corvus Pharmaceuticals’ Q2 2017 earnings at ($0.80) EPS, Q3 2017 earnings at ($0.85) EPS, Q4 2017 earnings at ($0.62) EPS, FY2017 earnings at ($3.06) EPS, Q1 2018 earnings at ($0.76) EPS, Q2 2018 earnings at ($0.89) EPS, Q3 2018 earnings at ($1.01) EPS, Q4 2018 earnings at ($0.85) EPS, FY2018 earnings at ($3.51) EPS, FY2019 earnings at ($3.49) EPS, FY2020 earnings at ($3.39) EPS and FY2021 earnings at ($3.08) EPS.

CRVS has been the topic of a number of other research reports. Credit Suisse Group downgraded Corvus Pharmaceuticals from a “neutral” rating to an “underperform” rating and set a $10.00 price objective on the stock. in a research note on Monday, May 1st. Zacks Investment Research downgraded Corvus Pharmaceuticals from a “buy” rating to a “hold” rating in a research note on Tuesday, May 23rd. Finally, Cowen and Company reissued a “buy” rating on shares of Corvus Pharmaceuticals in a research note on Tuesday, May 2nd. Five analysts have rated the stock with a buy rating, The company currently has a consensus rating of “Buy” and an average target price of $20.50.

Shares of Corvus Pharmaceuticals (CRVS) traded down 4.27% on Tuesday, hitting $11.65. The stock had a trading volume of 190,903 shares. The company’s 50-day moving average price is $12.07 and its 200 day moving average price is $12.92. Corvus Pharmaceuticals has a 12-month low of $8.27 and a 12-month high of $22.14. The firm’s market cap is $243.88 million.

Corvus Pharmaceuticals (NASDAQ:CRVS) last posted its quarterly earnings data on Thursday, August 3rd. The company reported ($0.73) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.76) by $0.03. On average, equities research analysts forecast that Corvus Pharmaceuticals will post ($3.14) earnings per share for the current fiscal year.

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In other Corvus Pharmaceuticals news, insider Richard A. Md Miller purchased 25,000 shares of the stock in a transaction dated Tuesday, June 13th. The shares were acquired at an average price of $9.88 per share, for a total transaction of $247,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, major shareholder Holdings A/S Novo purchased 20,000 shares of the stock in a transaction dated Friday, June 23rd. The shares were acquired at an average price of $10.95 per share, for a total transaction of $219,000.00. Following the acquisition, the insider now directly owns 3,244,046 shares of the company’s stock, valued at approximately $35,522,303.70. The disclosure for this purchase can be found here.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jennison Associates LLC boosted its position in Corvus Pharmaceuticals by 87.4% in the second quarter. Jennison Associates LLC now owns 1,019,013 shares of the company’s stock valued at $12,330,000 after buying an additional 475,164 shares during the last quarter. Point72 Asset Management L.P. acquired a new position in Corvus Pharmaceuticals during the first quarter valued at about $8,480,000. Renaissance Technologies LLC acquired a new position in Corvus Pharmaceuticals during the first quarter valued at about $1,201,000. Essex Investment Management Co. LLC boosted its position in Corvus Pharmaceuticals by 46.7% in the first quarter. Essex Investment Management Co. LLC now owns 31,225 shares of the company’s stock valued at $649,000 after buying an additional 9,933 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Corvus Pharmaceuticals by 81.6% in the second quarter. Bank of New York Mellon Corp now owns 28,978 shares of the company’s stock valued at $351,000 after buying an additional 13,023 shares during the last quarter. Institutional investors and hedge funds own 82.66% of the company’s stock.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of immuno-oncology therapies. The Company is developing drugs and antibodies that block crucial immune checkpoints and reprogram immune T-cells. The Company has a pipeline of four immuno-oncology programs, three of which focus on the adenosine-cancer axis to modulate an immune response.

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