Corvus Pharmaceuticals (NASDAQ:CRVS) Trading Down 12.5% – Should You Sell?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s share price fell 12.5% during mid-day trading on Thursday . The stock traded as low as $13.51 and last traded at $13.8650. 572,110 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 2,694,258 shares. The stock had previously closed at $15.84.

Wall Street Analysts Forecast Growth

CRVS has been the topic of several recent research reports. Mizuho set a $30.00 price target on Corvus Pharmaceuticals in a research report on Thursday, January 29th. HC Wainwright boosted their price objective on shares of Corvus Pharmaceuticals from $11.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Oppenheimer restated an “outperform” rating and set a $33.00 target price (up from $32.00) on shares of Corvus Pharmaceuticals in a research note on Friday, March 13th. Wall Street Zen downgraded Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Weiss Ratings raised Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, April 29th. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $33.33.

Corvus Pharmaceuticals Stock Down 14.9%

The company has a 50 day simple moving average of $15.33 and a 200-day simple moving average of $13.07. The stock has a market cap of $1.13 billion, a price-to-earnings ratio of -26.27 and a beta of 0.94.

Corvus Pharmaceuticals (NASDAQ:CRVS) last announced its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.01). On average, equities research analysts expect that Corvus Pharmaceuticals, Inc. will post -0.66 EPS for the current fiscal year.

Hedge Funds Weigh In On Corvus Pharmaceuticals

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

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.