Zacks Investment Research cut shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) from a buy rating to a sell rating in a research note issued to investors on Tuesday morning.
According to Zacks, “Corvus Pharmaceuticals, Inc. is a biopharmaceutical company. It focuses on the development and commercialization of immuno-oncology therapies to harness the immune system to attack cancer cells. Its products include CPI-444, Adenosine production inhibitor, Adenosine A2B antagonist and Interleukin-2 (IL-2)-inducible T cell kinase (ITK) inhibitors. Corvus Pharmaceuticals, Inc. is based in Burlingame, California. “
A number of other research firms have also recently commented on CRVS. Credit Suisse Group upgraded shares of Corvus Pharmaceuticals from an underperform rating to a neutral rating and set a $14.00 price target on the stock in a report on Wednesday, August 23rd. Wedbush started coverage on shares of Corvus Pharmaceuticals in a report on Wednesday, August 2nd. They issued an outperform rating and a $26.00 price target on the stock. Finally, Cowen and Company restated a buy rating on shares of Corvus Pharmaceuticals in a report on Tuesday, June 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Corvus Pharmaceuticals presently has a consensus rating of Hold and an average target price of $20.75.
Shares of Corvus Pharmaceuticals (NASDAQ:CRVS) opened at 17.02 on Tuesday. The stock’s market capitalization is $356.30 million. Corvus Pharmaceuticals has a 52-week low of $13.01 and a 52-week high of $17.77. The stock has a 50 day moving average of $17.10 and a 200 day moving average of $14.53.
Corvus Pharmaceuticals (NASDAQ:CRVS) last posted its quarterly earnings results on Thursday, August 3rd. The company reported ($0.73) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.76) by $0.03. Analysts forecast that Corvus Pharmaceuticals will post ($3.18) earnings per share for the current year.
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In other Corvus Pharmaceuticals news, major shareholder Holdings A/S Novo acquired 20,000 shares of the stock in a transaction that occurred on Friday, June 23rd. The stock was bought at an average cost of $10.95 per share, with a total value of $219,000.00. Following the completion of the purchase, the insider now directly owns 3,244,046 shares in the company, valued at $35,522,303.70. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.
A number of large investors have recently added to or reduced their stakes in the stock. TD Asset Management Inc. lifted its stake in Corvus Pharmaceuticals by 8.1% in the first quarter. TD Asset Management Inc. now owns 24,049 shares of the company’s stock worth $499,000 after acquiring an additional 1,805 shares during the period. Russell Investments Group Ltd. lifted its stake in Corvus Pharmaceuticals by 29.3% in the second quarter. Russell Investments Group Ltd. now owns 9,286 shares of the company’s stock worth $112,000 after acquiring an additional 2,105 shares during the period. TIAA CREF Investment Management LLC lifted its stake in Corvus Pharmaceuticals by 43.3% in the first quarter. TIAA CREF Investment Management LLC now owns 7,181 shares of the company’s stock worth $149,000 after acquiring an additional 2,170 shares during the period. California State Teachers Retirement System lifted its stake in Corvus Pharmaceuticals by 121.2% in the second quarter. California State Teachers Retirement System now owns 14,967 shares of the company’s stock worth $181,000 after acquiring an additional 8,200 shares during the period. Finally, New York State Common Retirement Fund lifted its stake in Corvus Pharmaceuticals by 2,269.1% in the second quarter. New York State Common Retirement Fund now owns 9,500 shares of the company’s stock worth $115,000 after acquiring an additional 9,099 shares during the period. 83.63% of the stock is owned by institutional investors.
About Corvus Pharmaceuticals
Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company. The Company is focused on the development and commercialization of immuno-oncology therapies. The Company is developing drugs and antibodies that block crucial immune checkpoints and reprogram immune T-cells. The Company has a pipeline of four immuno-oncology programs, three of which focus on the adenosine-cancer axis to modulate an immune response.
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