Investors Purchase High Volume of Put Options on Corvus Pharmaceuticals (NASDAQ:CRVS)

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) was the recipient of some unusual options trading on Wednesday. Stock investors acquired 5,716 put options on the company. This represents an increase of approximately 264% compared to the typical daily volume of 1,570 put options.

Institutional Investors Weigh In On Corvus Pharmaceuticals

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Samlyn Capital LLC grew its stake in shares of Corvus Pharmaceuticals by 160.7% during the second quarter. Samlyn Capital LLC now owns 6,123,021 shares of the company’s stock valued at $11,144,000 after acquiring an additional 3,774,658 shares in the last quarter. Point72 Asset Management L.P. bought a new position in Corvus Pharmaceuticals during the 2nd quarter worth approximately $10,855,000. Vanguard Group Inc. lifted its stake in Corvus Pharmaceuticals by 10.6% during the first quarter. Vanguard Group Inc. now owns 1,493,357 shares of the company’s stock worth $2,658,000 after purchasing an additional 142,724 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Corvus Pharmaceuticals by 22.4% in the 3rd quarter. Geode Capital Management LLC now owns 563,009 shares of the company’s stock valued at $2,974,000 after buying an additional 102,869 shares during the period. Finally, Towerview LLC boosted its stake in Corvus Pharmaceuticals by 4.6% in the second quarter. Towerview LLC now owns 400,000 shares of the company’s stock valued at $728,000 after acquiring an additional 17,500 shares during the period. Hedge funds and other institutional investors own 46.64% of the company’s stock.

Corvus Pharmaceuticals Stock Down 36.4 %

CRVS opened at $4.70 on Thursday. The firm’s 50 day moving average is $8.18 and its 200-day moving average is $5.05. Corvus Pharmaceuticals has a 52-week low of $1.30 and a 52-week high of $10.00. The firm has a market capitalization of $302.01 million, a P/E ratio of -5.05 and a beta of 1.05.

Analyst Ratings Changes

CRVS has been the subject of several research analyst reports. Mizuho upgraded Corvus Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. StockNews.com lowered shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. LADENBURG THALM/SH SH boosted their price objective on shares of Corvus Pharmaceuticals from $12.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Oppenheimer raised their target price on shares of Corvus Pharmaceuticals from $8.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.83.

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.