Corvus Pharmaceuticals (NASDAQ:CRVS) Announces Quarterly Earnings Results, Misses Expectations By $0.01 EPS

Corvus Pharmaceuticals (NASDAQ:CRVS) announced its quarterly earnings results on Thursday. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01), FiscalAI reports.

Corvus Pharmaceuticals Trading Up 6.6%

Shares of NASDAQ CRVS traded up $0.96 during mid-day trading on Friday, reaching $15.55. The company had a trading volume of 980,529 shares, compared to its average volume of 1,343,632. The business’s 50-day moving average is $15.52 and its 200-day moving average is $12.83. The stock has a market cap of $1.31 billion, a price-to-earnings ratio of -29.90 and a beta of 0.94. Corvus Pharmaceuticals has a 52 week low of $3.38 and a 52 week high of $26.95.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in CRVS. Geode Capital Management LLC grew its holdings in shares of Corvus Pharmaceuticals by 130.7% in 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 during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Corvus Pharmaceuticals by 541.9% in the second quarter. JPMorgan Chase & Co. now owns 30,420 shares of the company’s stock worth $122,000 after purchasing an additional 25,681 shares during the last quarter. Rhumbline Advisers grew its holdings in shares of Corvus Pharmaceuticals by 9,501.8% in the second quarter. Rhumbline Advisers now owns 75,950 shares of the company’s stock worth $304,000 after purchasing an additional 75,159 shares during the last quarter. Hsbc Holdings PLC bought a new position in shares of Corvus Pharmaceuticals in the second quarter worth about $332,000. Finally, New York State Common Retirement Fund bought a new position in shares of Corvus Pharmaceuticals in the second quarter worth about $95,000. 46.64% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

CRVS has been the topic of a number of analyst reports. Jefferies Financial Group boosted their price objective on shares of Corvus Pharmaceuticals from $13.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, January 22nd. Oppenheimer reiterated an “outperform” rating and set a $33.00 price objective (up from $32.00) on shares of Corvus Pharmaceuticals in a research report on Friday, March 13th. The Goldman Sachs Group initiated coverage on shares of Corvus Pharmaceuticals in a research report on Friday, April 17th. They set a “buy” rating and a $40.00 price objective on the stock. Weiss Ratings upgraded shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, April 29th. Finally, Mizuho set a $30.00 price objective on shares of Corvus Pharmaceuticals in a research report on Thursday, January 29th. Seven analysts have rated the stock with a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Corvus Pharmaceuticals presently has a consensus rating of “Moderate Buy” and an average price target of $33.33.

About Corvus Pharmaceuticals

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.