Spruce Street Capital LP Takes Position in Corvus Pharmaceuticals, Inc. $CRVS

Spruce Street Capital LP bought a new position in Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) in the second quarter, according to the company in its most recent filing with the SEC. The fund bought 231,585 shares of the company’s stock, valued at approximately $3,459,880,000. Corvus Pharmaceuticals accounts for 0.7% of Spruce Street Capital LP’s investment portfolio, making the stock its 29th biggest position.

Other large investors have also recently modified their holdings of the company. Quarry LP purchased a new stake in Corvus Pharmaceuticals during the 3rd quarter valued at $27,000. Mirae Asset Global Investments Co. Ltd. boosted its stake in 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 buying an additional 748 shares during the period. Global Retirement Partners LLC purchased a new position in Corvus Pharmaceuticals during the second quarter worth $30,000. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Corvus Pharmaceuticals during the second quarter worth $48,000. Finally, Russell Investments Group Ltd. bought a new position in Corvus Pharmaceuticals during the third quarter valued at $49,000. Institutional investors own 46.64% of the company’s stock.

Insider Activity

In related news, Director David Scott Moore bought 21,700 shares of the stock in a transaction dated Thursday, June 11th. The stock was purchased 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 trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 19.70% of the company’s stock.

Analyst Upgrades and Downgrades

CRVS has been the topic of several recent analyst reports. Weiss Ratings raised shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 28th. Wall Street Zen cut shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Finally, LADENBURG THALM/SH SH upgraded shares of Corvus Pharmaceuticals to a “strong-buy” rating in a report on Thursday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Corvus Pharmaceuticals Stock Performance

Shares of CRVS stock opened at $14.09 on Tuesday. Corvus Pharmaceuticals, Inc. has a 52-week low of $5.28 and a 52-week high of $26.95. The firm has a market capitalization of $1.19 billion, a P/E ratio of -23.10 and a beta of 0.87. The stock has a 50 day moving average price of $14.10 and a 200 day moving average price of $14.81.

Corvus Pharmaceuticals (NASDAQ:CRVS) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.19) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.03). As a group, sell-side analysts forecast that Corvus Pharmaceuticals, Inc. will post -0.79 EPS for the current year.

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.