Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Down 6.5% After Earnings Miss

Shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) fell 6.5% during mid-day trading on Friday following a weaker than expected earnings announcement. The company traded as low as $15.12 and last traded at $14.9750. 286,811 shares traded hands during trading, a decline of 93% from the average session volume of 3,917,681 shares. The stock had previously closed at $16.01.

The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01).

Wall Street Analyst Weigh In

A number of research firms have recently commented on CRVS. HC Wainwright increased their target price on Corvus Pharmaceuticals from $11.00 to $27.00 and gave the company a “buy” rating in a research report on Tuesday, January 20th. Jefferies Financial Group boosted their price target on shares of Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Cantor Fitzgerald reiterated an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Friday. Oppenheimer lifted their price objective on shares of Corvus Pharmaceuticals from $15.00 to $32.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Finally, Barclays boosted their target price on shares of Corvus Pharmaceuticals from $16.00 to $28.00 and gave the stock an “overweight” rating in a report on Tuesday, January 20th. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.80.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Several large investors have recently modified their holdings of CRVS. MPM Bioimpact LLC purchased a new stake in Corvus Pharmaceuticals during the 4th quarter valued at $21,126,000. State Street Corp boosted its stake in Corvus Pharmaceuticals by 177.1% during the fourth quarter. State Street Corp now owns 2,788,223 shares of the company’s stock worth $21,469,000 after buying an additional 1,781,904 shares during the period. Perceptive Advisors LLC purchased a new position in Corvus Pharmaceuticals during the second quarter worth $5,754,000. Geode Capital Management LLC increased its position 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 last quarter. Finally, DCF Advisers LLC bought a new position in Corvus Pharmaceuticals during the fourth quarter valued at $5,613,000. Institutional investors own 46.64% of the company’s stock.

Corvus Pharmaceuticals Stock Down 6.2%

The firm has a market cap of $1.26 billion, a PE ratio of -28.25 and a beta of 0.78. The company’s 50 day moving average price is $16.30 and its two-hundred day moving average price is $10.47.

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.