Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Falls 6.9% – Here’s Why

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s share price fell 6.9% during mid-day trading on Tuesday. The stock traded as low as $9.40 and last traded at $9.3570. Approximately 846,859 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 1,932,094 shares. The stock had previously closed at $10.05.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on CRVS. Weiss Ratings upgraded shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 28th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, September 16th. Finally, LADENBURG THALM/SH SH raised shares of Corvus Pharmaceuticals to a “strong-buy” rating in a research note on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $33.33.

Corvus Pharmaceuticals Trading Up 5.1%

The business’s fifty day moving average price is $13.00 and its 200 day moving average price is $13.62. The company has a market capitalization of $829.00 million, a P/E ratio of -16.13 and a beta of 1.44.

Corvus Pharmaceuticals (NASDAQ:CRVS) last announced its earnings results on Thursday, August 6th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.03). Equities research analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.79 EPS for the current year.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of hedge funds and other institutional investors have recently made changes to their positions in CRVS. BlackRock Inc. purchased a new stake in Corvus Pharmaceuticals in the second quarter worth $106,654,000. Commodore Capital LP bought a new stake in shares of Corvus Pharmaceuticals in the first quarter valued at $33,045,000. Perceptive Advisors LLC lifted its position in shares of Corvus Pharmaceuticals by 231.1% during the 1st quarter. Perceptive Advisors LLC now owns 2,292,441 shares of the company’s stock valued at $33,538,000 after buying an additional 1,600,000 shares during the last quarter. Bank of America Corp DE purchased a new stake in Corvus Pharmaceuticals in the 2nd quarter worth about $11,322,000. Finally, Emerald Advisers LLC bought a new stake in Corvus Pharmaceuticals in the 1st quarter valued at about $10,039,000. 46.64% of the stock is currently owned by institutional investors and hedge funds.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that modulate the immune system to treat cancer and other serious diseases. The company’s research is centered on therapies designed to influence immune-cell signaling and activity, with the goal of improving the body’s ability to respond to disease.

Corvus’ leading investigational product is soquelitinib, formerly known as CPI-818. It is an oral, selective inhibitor of inducible T-cell kinase (ITK) being studied for the treatment of T-cell lymphomas and potentially other cancers.