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

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) gapped up before the market opened on Tuesday. The stock had previously closed at $11.87, but opened at $12.37. Corvus Pharmaceuticals shares last traded at $11.8020, with a volume of 159,690 shares traded.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on CRVS shares. Weiss Ratings raised shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 28th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Wednesday, September 16th. Finally, LADENBURG THALM/SH SH raised Corvus Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $33.33.

Corvus Pharmaceuticals Price Performance

The stock has a 50-day moving average of $13.72 and a 200 day moving average of $13.97. The company has a market cap of $989.67 million, a P/E ratio of -19.28 and a beta of 0.87.

Corvus Pharmaceuticals (NASDAQ:CRVS) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.03). Sell-side analysts predict that Corvus Pharmaceuticals, Inc. will post -0.79 EPS for the current year.

Institutional Investors Weigh In On Corvus Pharmaceuticals

Several hedge funds and other institutional investors have recently modified their holdings of CRVS. Tidal Investments LLC raised its holdings in shares of Corvus Pharmaceuticals by 26.4% in the 2nd quarter. Tidal Investments LLC now owns 136,276 shares of the company’s stock worth $2,036,000 after acquiring an additional 28,501 shares during the last quarter. Engineers Gate Manager LP purchased a new stake in shares of Corvus Pharmaceuticals during the 2nd quarter valued at $538,000. Integrated Wealth Concepts LLC bought a new stake in Corvus Pharmaceuticals in the second quarter worth about $122,000. Arizona State Retirement System bought a new stake in shares of Corvus Pharmaceuticals in the 2nd quarter worth approximately $260,000. Finally, Braidwell LP raised its stake in shares of Corvus Pharmaceuticals by 21.3% in the second quarter. Braidwell LP now owns 2,126,298 shares of the company’s stock valued at $31,767,000 after buying an additional 373,500 shares during the period. Institutional investors own 46.64% of the company’s stock.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that regulate the immune system to treat cancer and other serious diseases. The company’s research is centered on small-molecule and antibody-based therapies designed to influence immune-cell activity and improve the body’s ability to respond to disease.

Corvus’ lead investigational product is soquelitinib, also known as CPI-818, an oral, selective inhibitor of interleukin-2-inducible T-cell kinase (ITK).