Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Up – Here’s What Happened

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) gapped up before the market opened on Friday . The stock had previously closed at $15.04, but opened at $16.87. Corvus Pharmaceuticals shares last traded at $17.1150, with a volume of 310,536 shares traded.

Analyst Ratings Changes

CRVS has been the subject of several research reports. Wall Street Zen lowered shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, March 14th. Jefferies Financial Group lifted their price target on Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a “buy” rating in a research note on Thursday, January 22nd. Oppenheimer reiterated an “outperform” rating and issued a $33.00 price objective (up from $32.00) on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. The Goldman Sachs Group started coverage on Corvus Pharmaceuticals in a research report on Friday. They set a “buy” rating and a $40.00 price objective on the stock. Finally, Mizuho set a $30.00 price objective on Corvus Pharmaceuticals in a report on Thursday, January 29th. Seven research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $33.33.

Corvus Pharmaceuticals Stock Up 11.3%

The stock has a market cap of $1.41 billion, a P/E ratio of -33.48 and a beta of 0.97. The company has a 50-day simple moving average of $16.14 and a two-hundred day simple moving average of $12.06.

Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its earnings results on Thursday, March 12th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.14) by ($0.01). As a group, sell-side analysts forecast 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 large investors have recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. raised its stake 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 valued at $28,000 after acquiring an additional 748 shares during the last quarter. ProShare Advisors LLC grew its stake in shares of Corvus Pharmaceuticals by 7.7% in the fourth quarter. ProShare Advisors LLC now owns 13,764 shares of the company’s stock worth $106,000 after purchasing an additional 979 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Corvus Pharmaceuticals by 5.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,105 shares of the company’s stock valued at $263,000 after purchasing an additional 1,696 shares during the period. JPMorgan Chase & Co. increased its holdings 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. Finally, Shelton Wealth Management LLC raised its position in Corvus Pharmaceuticals by 13.8% during the 4th quarter. Shelton Wealth Management LLC now owns 15,638 shares of the company’s stock valued at $120,000 after purchasing an additional 1,896 shares during the last quarter. Institutional investors own 46.64% of the company’s stock.

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.