Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Crosses Below 50-Day Moving Average – Time to Sell?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s share price passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $14.36 and traded as low as $11.36. Corvus Pharmaceuticals shares last traded at $11.60, with a volume of 1,601,990 shares.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on CRVS shares. The Goldman Sachs Group started coverage on shares of Corvus Pharmaceuticals in a report on Friday, April 17th. They set a “buy” rating and a $40.00 target price on the stock. Cantor Fitzgerald reiterated an “overweight” rating on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. Weiss Ratings upgraded shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, April 29th. Wall Street Zen lowered shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Oppenheimer restated 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. Six analysts have rated the stock with a Buy rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $33.33.

Corvus Pharmaceuticals Stock Performance

The stock’s 50-day moving average is $14.36 and its 200 day moving average is $13.56. The stock has a market capitalization of $975.44 million, a PE ratio of -22.31 and a beta of 0.84.

Corvus Pharmaceuticals (NASDAQ:CRVS) last posted its earnings results on Thursday, May 7th. The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). Analysts expect that Corvus Pharmaceuticals, Inc. will post -0.7 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. grew its position in Corvus Pharmaceuticals by 26.0% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,629 shares of the company’s stock worth $28,000 after purchasing an additional 748 shares during the last quarter. Quarry LP purchased a new position in Corvus Pharmaceuticals during the 3rd quarter worth $27,000. Russell Investments Group Ltd. purchased a new position in Corvus Pharmaceuticals during the 3rd quarter worth $49,000. Teachers Retirement System of The State of Kentucky purchased a new position in Corvus Pharmaceuticals during the 1st quarter worth $117,000. Finally, Truvestments Capital LLC grew its position in Corvus Pharmaceuticals by 86.1% during the 4th quarter. Truvestments Capital LLC now owns 10,257 shares of the company’s stock worth $79,000 after purchasing an additional 4,744 shares during the last quarter. 46.64% of the stock is 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.