Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Price Down 8.6% – What’s Next?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS)’s share price was down 8.6% on Tuesday . The stock traded as low as $8.73 and last traded at $8.74. Approximately 493,465 shares traded hands during trading, an increase of 40% from the average daily volume of 353,164 shares. The stock had previously closed at $9.56.

Wall Street Analyst Weigh In

A number of brokerages recently 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 report on Monday, September 16th. StockNews.com cut shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report 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. Finally, Mizuho raised shares of Corvus Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. One investment analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Corvus Pharmaceuticals currently has an average rating of “Moderate Buy” and an average target price of $12.83.

Corvus Pharmaceuticals Price Performance

The company has a market cap of $532.93 million, a PE ratio of -9.12 and a beta of 1.05. The company’s 50 day simple moving average is $6.66 and its two-hundred day simple moving average is $3.97.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of institutional investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Corvus Pharmaceuticals by 10.6% during the 1st quarter. Vanguard Group Inc. now owns 1,493,357 shares of the company’s stock valued at $2,658,000 after acquiring an additional 142,724 shares during the period. Towerview LLC boosted its stake in shares of Corvus Pharmaceuticals by 4.6% in the second 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. Samlyn Capital LLC grew its holdings in shares of Corvus Pharmaceuticals by 160.7% in the second 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. Marshall Wace LLP purchased a new stake in Corvus Pharmaceuticals during the 2nd quarter worth approximately $136,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in Corvus Pharmaceuticals during the 2nd quarter worth approximately $44,000. 46.64% of the stock is owned by institutional investors and hedge funds.

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.