Corvus Pharmaceuticals (NASDAQ:CRVS) Issues Earnings Results, Beats Expectations By $0.02 EPS

Corvus Pharmaceuticals (NASDAQ:CRVS) released its quarterly earnings data on Tuesday. The company reported ($0.12) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02, Zacks reports.

Corvus Pharmaceuticals Stock Down 0.5%

Shares of NASDAQ:CRVS traded down $0.04 during trading on Tuesday, reaching $7.64. The stock had a trading volume of 1,206,615 shares, compared to its average volume of 821,420. The business has a fifty day moving average price of $6.67 and a 200-day moving average price of $5.00. The stock has a market cap of $569.26 million, a P/E ratio of -7.56 and a beta of 0.56. Corvus Pharmaceuticals has a fifty-two week low of $2.54 and a fifty-two week high of $10.00.

Wall Street Analyst Weigh In

CRVS has been the subject of a number of research reports. Wall Street Zen cut shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Weiss Ratings restated a “sell (d-)” rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, October 8th. Mizuho set a $13.00 target price on shares of Corvus Pharmaceuticals in a research report on Wednesday, October 29th. Finally, Barclays initiated coverage on shares of Corvus Pharmaceuticals in a research report on Monday, October 13th. They set an “overweight” rating and a $16.00 target price for the company. Four 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 has a consensus rating of “Moderate Buy” and an average target price of $14.25.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Institutional investors have recently modified their holdings of the company. Marshall Wace LLP increased its position in Corvus Pharmaceuticals by 30.3% during the second quarter. Marshall Wace LLP now owns 201,651 shares of the company’s stock worth $807,000 after purchasing an additional 46,880 shares during the last quarter. Bank of America Corp DE increased its position in Corvus Pharmaceuticals by 34.7% during the second quarter. Bank of America Corp DE now owns 132,729 shares of the company’s stock worth $531,000 after purchasing an additional 34,180 shares during the last quarter. Raymond James Financial Inc. increased its position in Corvus Pharmaceuticals by 15.1% during the second quarter. Raymond James Financial Inc. now owns 124,496 shares of the company’s stock worth $498,000 after purchasing an additional 16,379 shares during the last quarter. Hsbc Holdings PLC acquired a new position in Corvus Pharmaceuticals during the second quarter worth approximately $332,000. Finally, Rhumbline Advisers increased its position in Corvus Pharmaceuticals by 9,501.8% during the second quarter. Rhumbline Advisers now owns 75,950 shares of the company’s stock worth $304,000 after purchasing an additional 75,159 shares during the last quarter. Institutional investors and hedge funds own 46.64% of the company’s stock.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of immune modulator product candidates to treat solid cancers, T cell lymphomas, autoimmune, allergic, and infectious diseases. Its lead product candidate is soquelitinib (CPI-818), a selective covalent inhibitor of interleukin 2 inducible T cell kinase (ITK), which is in a multi-center Phase 1/1b clinical trial for the treatment of peripheral T cell lymphoma, solid tumors, and atopic dermatitis.