Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Up on Analyst Upgrade

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s stock price gapped up before the market opened on Wednesday after Oppenheimer raised their price target on the stock from $8.00 to $14.00. The stock had previously closed at $8.69, but opened at $9.96. Oppenheimer currently has an outperform rating on the stock. Corvus Pharmaceuticals shares last traded at $9.67, with a volume of 298,948 shares trading hands.

Several other equities research analysts have also recently weighed in on CRVS. LADENBURG THALM/SH SH upped their price target on Corvus Pharmaceuticals from $12.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Mizuho upgraded Corvus Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. Finally, StockNews.com downgraded Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Nwam LLC purchased a new stake in Corvus Pharmaceuticals during the third quarter valued at approximately $53,000. Oppenheimer & Co. Inc. purchased a new position in shares of Corvus Pharmaceuticals during the 3rd quarter valued at about $89,000. Cubist Systematic Strategies LLC bought a new position in shares of Corvus Pharmaceuticals during the 2nd quarter valued at approximately $44,000. Avity Investment Management Inc. grew its stake in shares of Corvus Pharmaceuticals by 138.2% during the 3rd quarter. Avity Investment Management Inc. now owns 27,580 shares of the company’s stock valued at $146,000 after acquiring an additional 16,000 shares during the period. Finally, Marshall Wace LLP purchased a new stake in shares of Corvus Pharmaceuticals in the second quarter worth $136,000. Institutional investors own 46.64% of the company’s stock.

Corvus Pharmaceuticals Stock Performance

The company has a market cap of $532.93 million, a P/E ratio of -9.12 and a beta of 1.05. The firm’s fifty day moving average is $6.66 and its two-hundred day moving average is $3.97.

Corvus Pharmaceuticals Company Profile

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.