Corvus Pharmaceuticals (NASDAQ:CRVS) Shares Gap Up Following Analyst Upgrade

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s share price gapped up prior to trading on Wednesday after Oppenheimer raised their price target on the stock from $8.00 to $14.00. The stock had previously closed at $8.69, but opened at $9.96. Oppenheimer currently has an outperform rating on the stock. Corvus Pharmaceuticals shares last traded at $9.67, with a volume of 298,948 shares traded.

A number of other equities analysts have also commented on CRVS. LADENBURG THALM/SH SH lifted their price objective on Corvus Pharmaceuticals from $12.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. StockNews.com downgraded Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a report on Thursday, October 31st. Finally, Mizuho raised Corvus Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.83.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the stock. Samlyn Capital LLC raised its position in shares of Corvus Pharmaceuticals by 160.7% during the 2nd 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 during the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Corvus Pharmaceuticals in the 2nd quarter valued at $10,855,000. Vanguard Group Inc. lifted its stake in shares of Corvus Pharmaceuticals by 10.6% in the 1st quarter. Vanguard Group Inc. now owns 1,493,357 shares of the company’s stock valued at $2,658,000 after purchasing an additional 142,724 shares during the period. Towerview LLC lifted its stake in shares of Corvus Pharmaceuticals by 4.6% in the 2nd quarter. Towerview LLC now owns 400,000 shares of the company’s stock valued at $728,000 after purchasing an additional 17,500 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Corvus Pharmaceuticals by 64.7% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 137,031 shares of the company’s stock valued at $724,000 after purchasing an additional 53,809 shares during the period. Institutional investors own 46.64% of the company’s stock.

Corvus Pharmaceuticals Stock Performance

The stock’s 50-day moving average is $6.47 and its 200 day moving average is $3.88. The firm has a market cap of $611.11 million, a P/E ratio of -21.71 and a beta of 1.05.

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.