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

Corvus Pharmaceuticals (NASDAQ:CRVS) posted its quarterly earnings data 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 Stock Up 6.6%

Shares of CRVS stock traded up $0.96 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 stock has a market capitalization of $1.31 billion, a PE ratio of -29.90 and a beta of 0.94. Corvus Pharmaceuticals has a one year low of $3.38 and a one year high of $26.95. The business’s 50-day moving average is $15.52 and its 200 day moving average is $12.83.

Wall Street Analyst Weigh In

CRVS has been the subject of several recent analyst reports. Weiss Ratings raised shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, April 29th. Wall Street Zen raised shares of Corvus Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Saturday, April 25th. HC Wainwright increased their target price on shares of Corvus Pharmaceuticals from $11.00 to $27.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Jefferies Financial Group increased their target price on shares of Corvus Pharmaceuticals from $13.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Finally, Oppenheimer reissued an “outperform” rating and issued a $33.00 target price (up from $32.00) on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. Seven equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Corvus Pharmaceuticals currently has a consensus rating of “Moderate Buy” and a consensus target price of $33.33.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in CRVS. Quarry LP acquired a new position in shares of Corvus Pharmaceuticals in the third quarter valued at approximately $27,000. Russell Investments Group Ltd. acquired a new position in shares of Corvus Pharmaceuticals in the third quarter valued at approximately $49,000. Sender Co & Partners Inc. acquired a new position in shares of Corvus Pharmaceuticals in the second quarter valued at approximately $52,000. Bayesian Capital Management LP acquired a new position in shares of Corvus Pharmaceuticals in the second quarter valued at approximately $70,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Corvus Pharmaceuticals in the second quarter valued at approximately $76,000. Institutional investors and hedge funds own 46.64% of the company’s stock.

Corvus Pharmaceuticals Company Profile

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.