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

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s share price gapped up before the market opened on Wednesday . The stock had previously closed at $12.83, but opened at $13.57. Corvus Pharmaceuticals shares last traded at $13.1970, with a volume of 301,395 shares traded.

Analysts Set New Price Targets

Several analysts have recently commented on CRVS shares. The Goldman Sachs Group started coverage on Corvus Pharmaceuticals in a report on Friday, April 17th. They issued a “buy” rating and a $40.00 price target for the company. Wall Street Zen cut Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Cantor Fitzgerald reissued an “overweight” rating on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. Mizuho set a $30.00 price target on Corvus Pharmaceuticals in a report on Thursday, January 29th. Finally, Weiss Ratings raised Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, April 29th. Six investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $33.33.

Corvus Pharmaceuticals Price Performance

The firm has a market cap of $1.07 billion, a PE ratio of -24.54 and a beta of 0.94. The stock has a 50-day moving average price of $14.63 and a 200 day moving average price of $13.38.

Corvus Pharmaceuticals (NASDAQ:CRVS) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). As a group, equities research analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.7 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Vivo Capital LLC lifted its stake in shares of Corvus Pharmaceuticals by 25.6% in the first quarter. Vivo Capital LLC now owns 2,805,816 shares of the company’s stock worth $41,049,000 after acquiring an additional 571,250 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Corvus Pharmaceuticals by 481.7% in the first quarter. The Manufacturers Life Insurance Company now owns 101,779 shares of the company’s stock worth $1,489,000 after acquiring an additional 84,282 shares in the last quarter. Quantinno Capital Management LP acquired a new position in shares of Corvus Pharmaceuticals in the first quarter worth about $336,000. Commodore Capital LP acquired a new position in shares of Corvus Pharmaceuticals in the first quarter worth about $33,045,000. Finally, Spruce Street Capital LP acquired a new position in shares of Corvus Pharmaceuticals in the first quarter worth about $3,388,000. Institutional investors and hedge funds 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.