Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Up on Insider Buying Activity

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s share price gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $11.90, but opened at $12.40. Corvus Pharmaceuticals shares last traded at $12.0630, with a volume of 156,640 shares.

Specifically, Director David Scott Moore acquired 21,700 shares of the stock in a transaction that occurred on Thursday, June 11th. The shares were bought at an average cost of $11.53 per share, for a total transaction of $250,201.00. Following the acquisition, the director owned 21,700 shares in the company, valued at approximately $250,201. This represents a ? increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.

Analysts Set New Price Targets

Several research analysts recently commented on the company. Cantor Fitzgerald reissued an “overweight” rating on shares of Corvus Pharmaceuticals in a research note on Friday, March 13th. Wall Street Zen cut shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. The Goldman Sachs Group assumed coverage on shares of Corvus Pharmaceuticals in a report on Friday, April 17th. They set a “buy” rating and a $40.00 target price for the company. Oppenheimer reissued an “outperform” rating and issued a $33.00 price target (up from $32.00) on shares of Corvus Pharmaceuticals in a research note on Friday, March 13th. Finally, Weiss Ratings upgraded shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, April 29th. Six investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Corvus Pharmaceuticals has an average rating of “Moderate Buy” and a consensus target price of $33.33.

Corvus Pharmaceuticals Stock Up 0.6%

The company has a market cap of $1.01 billion, a PE ratio of -23.07 and a beta of 0.84. The stock has a 50-day simple moving average of $13.95 and a 200 day simple moving average of $13.71.

Corvus Pharmaceuticals (NASDAQ:CRVS) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). As a group, research analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.7 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Geode Capital Management LLC boosted its stake in Corvus Pharmaceuticals by 130.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company’s stock worth $5,448,000 after purchasing an additional 771,454 shares during the period. JPMorgan Chase & Co. boosted its stake in shares of Corvus Pharmaceuticals by 541.9% during the second quarter. JPMorgan Chase & Co. now owns 30,420 shares of the company’s stock worth $122,000 after buying an additional 25,681 shares during the period. Rhumbline Advisers boosted its stake in shares of Corvus Pharmaceuticals by 9,501.8% during the second quarter. Rhumbline Advisers now owns 75,950 shares of the company’s stock worth $304,000 after buying an additional 75,159 shares during the period. Hsbc Holdings PLC purchased a new position in shares of Corvus Pharmaceuticals during the second quarter worth about $332,000. Finally, New York State Common Retirement Fund acquired a new position in Corvus Pharmaceuticals in the 2nd quarter valued at about $95,000. Institutional investors and hedge funds own 46.64% of the company’s stock.

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.