Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Pass Below Fifty Day Moving Average – What’s Next?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s stock price crossed below its 50-day moving average during trading on Wednesday . The stock has a 50-day moving average of $17.72 and traded as low as $14.35. Corvus Pharmaceuticals shares last traded at $14.43, with a volume of 1,223,212 shares.

Wall Street Analyst Weigh In

Several brokerages have commented on CRVS. Barclays boosted their target price on shares of Corvus Pharmaceuticals from $16.00 to $28.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 20th. Wall Street Zen cut shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, March 14th. Jefferies Financial Group boosted their price objective on shares of Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Mizuho set a $30.00 target price on shares of Corvus Pharmaceuticals in a research report on Thursday, January 29th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. Six research analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $32.00.

Corvus Pharmaceuticals Price Performance

The company has a 50-day moving average price of $17.72 and a 200-day moving average price of $11.33. The firm has a market capitalization of $1.21 billion, a PE ratio of -28.86 and a beta of 0.97.

Corvus Pharmaceuticals (NASDAQ:CRVS) last posted its quarterly earnings data on Thursday, March 12th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). On average, research analysts predict 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 hedge funds and other institutional investors have recently modified their holdings of CRVS. Orbimed Advisors LLC lifted its stake in shares of Corvus Pharmaceuticals by 3.2% during the second quarter. Orbimed Advisors LLC now owns 7,165,006 shares of the company’s stock valued at $28,660,000 after buying an additional 221,352 shares during the period. Vanguard Group Inc. grew its stake in Corvus Pharmaceuticals by 5.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,471,925 shares of the company’s stock worth $25,588,000 after acquiring an additional 191,216 shares during the period. State Street Corp raised its holdings in Corvus Pharmaceuticals by 177.1% in the 4th quarter. State Street Corp now owns 2,788,223 shares of the company’s stock valued at $21,469,000 after acquiring an additional 1,781,904 shares during the last quarter. MPM Bioimpact LLC acquired a new position in Corvus Pharmaceuticals in the 4th quarter valued at $21,126,000. Finally, Geode Capital Management LLC lifted its stake in shares of Corvus Pharmaceuticals by 1.1% during the 4th quarter. Geode Capital Management LLC now owns 1,473,026 shares of the company’s stock worth $11,345,000 after purchasing an additional 16,498 shares during the period. 46.64% of the stock is currently owned by hedge funds and other institutional investors.

Corvus Pharmaceuticals Company 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.