Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Price Up 8.5% – Time to Buy?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) shares rose 8.5% during trading on Thursday . The stock traded as high as $8.97 and last traded at $8.94. Approximately 516,363 shares changed hands during mid-day trading, an increase of 37% from the average daily volume of 375,641 shares. The stock had previously closed at $8.24.

Analyst Ratings Changes

A number of research firms have recently weighed in on CRVS. Mizuho raised Corvus Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. StockNews.com lowered Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. Oppenheimer lifted their target price on shares of Corvus Pharmaceuticals from $8.00 to $14.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH increased their price target on shares of Corvus Pharmaceuticals from $12.00 to $21.00 and gave the company a “buy” rating in a research report on Monday, September 16th. One research analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.83.

Corvus Pharmaceuticals Price Performance

The stock has a market capitalization of $578.98 million, a PE ratio of -9.67 and a beta of 1.05. The company has a 50 day moving average price of $7.06 and a 200-day moving average price of $4.20.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Samlyn Capital LLC boosted its stake 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 purchasing an additional 3,774,658 shares in the last quarter. Point72 Asset Management L.P. bought a new stake in Corvus Pharmaceuticals during the 2nd quarter valued at approximately $10,855,000. Vanguard Group Inc. grew its holdings in shares of Corvus Pharmaceuticals by 10.6% during the 1st quarter. Vanguard Group Inc. now owns 1,493,357 shares of the company’s stock worth $2,658,000 after acquiring an additional 142,724 shares during the period. Marshall Wace LLP bought a new position in shares of Corvus Pharmaceuticals in the 2nd quarter worth approximately $136,000. Finally, Cubist Systematic Strategies LLC purchased a new position in shares of Corvus Pharmaceuticals in the 2nd quarter valued at approximately $44,000. 46.64% of the stock is owned by hedge funds and other institutional investors.

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.