Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Up Following Insider Buying Activity

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s share price gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $11.90, but opened at $12.40. Corvus Pharmaceuticals shares last traded at $12.0630, with a volume of 156,640 shares changing hands.

Specifically, Director David Scott Moore bought 21,700 shares of Corvus Pharmaceuticals stock in a transaction that occurred on Thursday, June 11th. The stock was purchased at an average price of $11.53 per share, with a total value of $250,201.00. Following the completion of the acquisition, the director directly owned 21,700 shares in the company, valued at approximately $250,201. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Wall Street Zen lowered shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Oppenheimer reissued an “outperform” rating and issued a $33.00 price objective (up from $32.00) on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. The Goldman Sachs Group initiated coverage on Corvus Pharmaceuticals in a report on Friday, April 17th. They set a “buy” rating and a $40.00 target price on the stock. Weiss Ratings upgraded Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, April 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. Six 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.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $33.33.

Corvus Pharmaceuticals Stock Performance

The stock has a market cap of $1.01 billion, a PE ratio of -23.07 and a beta of 0.84. The company has a 50 day moving average of $13.95 and a two-hundred day moving average of $13.71.

Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.01). As a group, equities research analysts anticipate that Corvus Pharmaceuticals, Inc. will post -0.7 EPS for the current year.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of institutional investors have recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings 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 acquiring an additional 771,454 shares in the last quarter. JPMorgan Chase & Co. lifted its holdings in Corvus Pharmaceuticals by 541.9% during the second quarter. JPMorgan Chase & Co. now owns 30,420 shares of the company’s stock valued at $122,000 after purchasing an additional 25,681 shares in the last quarter. Rhumbline Advisers grew its position 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 valued at $304,000 after purchasing an additional 75,159 shares during the period. Hsbc Holdings PLC acquired a new stake in shares of Corvus Pharmaceuticals in the second quarter valued at about $332,000. Finally, New York State Common Retirement Fund purchased a new stake in shares of Corvus Pharmaceuticals during the second quarter worth about $95,000. Institutional investors and hedge funds own 46.64% of the company’s stock.

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.