Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Down 9.3% – Here’s What Happened

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) dropped 9.3% on Monday . The stock traded as low as $21.82 and last traded at $22.7710. Approximately 1,364,709 shares were traded during trading, a decline of 84% from the average daily volume of 8,520,810 shares. The stock had previously closed at $25.10.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the company. Mizuho set a $20.00 price target on Corvus Pharmaceuticals in a report on Tuesday, January 20th. HC Wainwright boosted their target price on Corvus Pharmaceuticals from $11.00 to $27.00 and gave the stock a “buy” rating in a research note on Tuesday, January 20th. Oppenheimer increased their target price on shares of Corvus Pharmaceuticals from $15.00 to $32.00 and gave the stock an “outperform” rating in a report on Wednesday, January 21st. Jefferies Financial Group lifted their price target on shares of Corvus Pharmaceuticals from $13.00 to $42.00 and gave the company a “buy” rating in a report on Thursday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Corvus Pharmaceuticals in a research report on Wednesday. Six research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $29.80.

Corvus Pharmaceuticals Stock Performance

The stock’s fifty day simple moving average is $9.21 and its two-hundred day simple moving average is $7.17. The stock has a market capitalization of $1.72 billion, a P/E ratio of -43.42 and a beta of 0.70.

Corvus Pharmaceuticals (NASDAQ:CRVS) last released its quarterly earnings results on Tuesday, November 4th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.02. As a group, analysts expect that Corvus Pharmaceuticals, Inc. will post -0.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of institutional investors have recently made changes to their positions in CRVS. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Corvus Pharmaceuticals by 26.0% during the fourth 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 during the last quarter. JPMorgan Chase & Co. increased its position in Corvus Pharmaceuticals by 6.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 32,232 shares of the company’s stock valued at $238,000 after purchasing an additional 1,812 shares during the period. China Universal Asset Management Co. Ltd. raised its holdings in Corvus Pharmaceuticals by 20.2% during the 2nd quarter. China Universal Asset Management Co. Ltd. now owns 15,488 shares of the company’s stock worth $62,000 after purchasing an additional 2,599 shares during the last quarter. Palumbo Wealth Management LLC lifted its position in shares of Corvus Pharmaceuticals by 11.2% in the 4th quarter. Palumbo Wealth Management LLC now owns 26,255 shares of the company’s stock worth $202,000 after purchasing an additional 2,641 shares during the period. Finally, Quarry LP bought a new stake in shares of Corvus Pharmaceuticals in the 3rd quarter valued at $27,000. Institutional investors 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.