Spruce Street Capital LP Invests $3.39 Million in Corvus Pharmaceuticals, Inc. $CRVS

Spruce Street Capital LP purchased a new stake in Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 231,585 shares of the company’s stock, valued at approximately $3,388,000. Corvus Pharmaceuticals comprises 0.8% of Spruce Street Capital LP’s investment portfolio, making the stock its 27th largest position. Spruce Street Capital LP owned about 0.28% of Corvus Pharmaceuticals at the end of the most recent reporting period.

A number of other institutional investors also recently made changes to their positions in CRVS. Quarry LP acquired a new stake in shares of Corvus Pharmaceuticals in the 3rd quarter valued at about $27,000. Mirae Asset Global Investments Co. Ltd. grew its position 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 worth $28,000 after acquiring an additional 748 shares in the last quarter. Russell Investments Group Ltd. bought a new position in Corvus Pharmaceuticals during the third quarter worth $49,000. Sender Co & Partners Inc. bought a new position in Corvus Pharmaceuticals during the second quarter worth $52,000. Finally, Bayesian Capital Management LP acquired a new position in Corvus Pharmaceuticals in the second quarter worth $70,000. 46.64% of the stock is owned by institutional investors and hedge funds.

Corvus Pharmaceuticals Stock Down 4.5%

Shares of Corvus Pharmaceuticals stock opened at $13.07 on Friday. The stock’s fifty day moving average is $13.21 and its 200-day moving average is $14.88. The firm has a market capitalization of $1.10 billion, a PE ratio of -25.13 and a beta of 0.82. Corvus Pharmaceuticals, Inc. has a 12-month low of $3.96 and a 12-month high of $26.95.

Corvus Pharmaceuticals (NASDAQ:CRVS) last announced its earnings results on Thursday, May 7th. The company reported ($0.15) EPS for the quarter, missing the consensus estimate of ($0.14) by ($0.01). Analysts expect that Corvus Pharmaceuticals, Inc. will post -0.7 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CRVS. The Goldman Sachs Group assumed coverage on Corvus Pharmaceuticals in a research note on Friday, April 17th. They issued a “buy” rating and a $40.00 target price for the company. Weiss Ratings cut shares of Corvus Pharmaceuticals from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday, July 10th. Finally, Wall Street Zen downgraded shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Six 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 company presently has an average rating of “Moderate Buy” and a consensus target price of $33.33.

Insider Buying and Selling

In other news, Director David Scott Moore acquired 21,700 shares of Corvus Pharmaceuticals stock in a transaction on Thursday, June 11th. The stock was bought at an average cost of $11.53 per share, with a total value of $250,201.00. Following the completion of the purchase, the director owned 21,700 shares of the company’s stock, valued at $250,201. This represents a ? increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 19.70% of the company’s stock.

Corvus Pharmaceuticals 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.