Corvus Pharmaceuticals (NASDAQ:CRVS) Share Price Passes Above Fifty Day Moving Average After Earnings Miss

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s stock price passed above its fifty day moving average during trading on Friday following a stronger than expected earnings report. The stock has a fifty day moving average of $15.52 and traded as high as $15.80. Corvus Pharmaceuticals shares last traded at $15.55, with a volume of 980,529 shares.

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

Analyst Ratings Changes

Several analysts have issued reports on the company. Wall Street Zen upgraded Corvus Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. 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 target on shares of Corvus Pharmaceuticals in a report on Thursday, January 29th. Barclays raised their price objective on shares of Corvus Pharmaceuticals from $16.00 to $28.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 20th. Finally, Jefferies Financial Group lifted their price objective 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. Seven investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Institutional Trading of Corvus Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the business. Quarry LP acquired a new position in shares of Corvus Pharmaceuticals during the 3rd quarter worth $27,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Corvus Pharmaceuticals by 26.0% in the 4th 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 during the last quarter. Russell Investments Group Ltd. bought a new stake in Corvus Pharmaceuticals in the third quarter worth $49,000. Sender Co & Partners Inc. bought a new stake in Corvus Pharmaceuticals in the second quarter worth $52,000. Finally, Bayesian Capital Management LP acquired a new position in Corvus Pharmaceuticals during the second quarter worth $70,000. 46.64% of the stock is currently owned by institutional investors and hedge funds.

Corvus Pharmaceuticals Stock Up 6.6%

The company’s 50-day simple moving average is $15.52 and its 200 day simple moving average is $12.83. The stock has a market capitalization of $1.31 billion, a price-to-earnings ratio of -29.90 and a beta of 0.94.

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.