Corvus Pharmaceuticals (NASDAQ:CRVS) Hits New 52-Week High – Still a Buy?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) reached a new 52-week high during mid-day trading on Friday . The stock traded as high as $9.38 and last traded at $9.1220, with a volume of 440382 shares changing hands. The stock had previously closed at $8.81.

Analysts Set New Price Targets

CRVS has been the subject of a number of research analyst reports. Mizuho set a $13.00 target price on Corvus Pharmaceuticals in a research note on Wednesday, October 29th. Weiss Ratings restated a “sell (d-)” rating on shares of Corvus Pharmaceuticals in a research note on Wednesday, October 8th. Barclays assumed coverage on Corvus Pharmaceuticals in a report on Monday, October 13th. They set an “overweight” rating and a $16.00 target price for the company. Finally, Wall Street Zen upgraded shares of Corvus Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, November 8th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Corvus Pharmaceuticals presently has an average rating of “Moderate Buy” and an average target price of $14.25.

Corvus Pharmaceuticals Price Performance

The company has a market cap of $680.56 million, a price-to-earnings ratio of -17.09 and a beta of 0.64. The firm has a 50 day simple moving average of $7.84 and a 200-day simple moving average of $5.76.

Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its quarterly earnings data on Tuesday, November 4th. The company reported ($0.12) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.02. Research analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.63 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CRVS. Orbimed Advisors LLC raised its holdings in shares of Corvus Pharmaceuticals by 3.2% in the 2nd quarter. Orbimed Advisors LLC now owns 7,165,006 shares of the company’s stock valued at $28,660,000 after buying an additional 221,352 shares during the period. Vanguard Group Inc. grew its position in Corvus Pharmaceuticals by 5.8% in the 3rd quarter. Vanguard Group Inc. now owns 3,471,925 shares of the company’s stock valued at $25,588,000 after acquiring an additional 191,216 shares in the last quarter. Foresite Capital Management VI LLC increased its stake in Corvus Pharmaceuticals by 9.5% during the second quarter. Foresite Capital Management VI LLC now owns 1,731,233 shares of the company’s stock worth $6,925,000 after purchasing an additional 150,000 shares during the period. Perceptive Advisors LLC purchased a new stake in Corvus Pharmaceuticals during the second quarter worth about $5,754,000. Finally, Geode Capital Management LLC lifted its position in shares of Corvus Pharmaceuticals by 130.7% during the second quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company’s stock worth $5,448,000 after purchasing an additional 771,454 shares in the last quarter. 46.64% of the stock is currently owned by institutional investors and hedge funds.

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.