Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Down 6.5% After Earnings Miss

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) shares fell 6.5% during trading on Friday following a weaker than expected earnings announcement. The company traded as low as $15.12 and last traded at $14.9750. 286,811 shares changed hands during trading, a decline of 93% from the average session volume of 3,917,681 shares. The stock had previously closed at $16.01.

The company reported ($0.15) EPS for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01).

Analysts Set New Price Targets

CRVS has been the topic of several recent analyst reports. Barclays raised their price objective on shares of Corvus Pharmaceuticals from $16.00 to $28.00 and gave the company an “overweight” rating in a research report on Tuesday, January 20th. Mizuho set a $30.00 price target on Corvus Pharmaceuticals in a research note on Thursday, January 29th. Jefferies Financial Group raised their price target on Corvus Pharmaceuticals from $13.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Cantor Fitzgerald restated an “overweight” rating on shares of Corvus Pharmaceuticals in a research report on Friday. Finally, Oppenheimer upped their price objective on Corvus Pharmaceuticals from $15.00 to $32.00 and gave the stock an “outperform” rating in a research note on Wednesday, January 21st. Six research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $31.80.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Hedge funds and other institutional investors have recently modified their holdings of the stock. ProShare Advisors LLC purchased a new position in Corvus Pharmaceuticals during the second quarter valued at $54,000. Geode Capital Management LLC lifted its stake in Corvus Pharmaceuticals by 130.7% in the 2nd 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. Police & Firemen s Retirement System of New Jersey purchased a new stake in Corvus Pharmaceuticals in the 2nd quarter worth $49,000. Intech Investment Management LLC bought a new position in shares of Corvus Pharmaceuticals during the 2nd quarter valued at about $103,000. Finally, BML Capital Management LLC bought a new position in shares of Corvus Pharmaceuticals during the 2nd quarter valued at about $475,000. Institutional investors own 46.64% of the company’s stock.

Corvus Pharmaceuticals Price Performance

The stock has a market cap of $1.26 billion, a PE ratio of -28.25 and a beta of 0.78. The stock has a 50-day moving average price of $16.30 and a two-hundred day moving average price of $10.47.

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.