Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Price Down 8.7% – Should You Sell?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) was down 8.7% during trading on Wednesday. The company traded as low as $12.35 and last traded at $12.27. 278,871 shares changed hands during trading, a decline of 86% from the average session volume of 1,990,485 shares. The stock had previously closed at $13.44.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on CRVS shares. Cantor Fitzgerald restated an “overweight” rating on shares of Corvus Pharmaceuticals in a report on Wednesday, September 16th. LADENBURG THALM/SH SH upgraded shares of Corvus Pharmaceuticals to a “strong-buy” rating in a research report on Thursday, July 30th. Finally, Weiss Ratings raised shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, July 28th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, Corvus Pharmaceuticals has an average rating of “Moderate Buy” and a consensus price target of $33.33.

Corvus Pharmaceuticals Stock Down 5.9%

The stock has a market cap of $992.62 million, a P/E ratio of -19.34 and a beta of 0.87. The company has a 50-day simple moving average of $13.83 and a two-hundred day simple moving average of $14.04.

Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its earnings results on Thursday, August 6th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.16) by ($0.03). As a group, sell-side analysts forecast that Corvus Pharmaceuticals, Inc. will post -0.79 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corvus Pharmaceuticals

Hedge funds have recently modified their holdings of the company. Tidal Investments LLC boosted its holdings in shares of Corvus Pharmaceuticals by 26.4% during the second quarter. Tidal Investments LLC now owns 136,276 shares of the company’s stock worth $2,036,000 after purchasing an additional 28,501 shares during the period. Engineers Gate Manager LP purchased a new position in Corvus Pharmaceuticals during the 2nd quarter valued at about $538,000. Integrated Wealth Concepts LLC bought a new position in Corvus Pharmaceuticals during the 2nd quarter valued at approximately $122,000. Arizona State Retirement System bought a new position in Corvus Pharmaceuticals during the 2nd quarter valued at approximately $260,000. Finally, Braidwell LP lifted its holdings in Corvus Pharmaceuticals by 21.3% in the 2nd quarter. Braidwell LP now owns 2,126,298 shares of the company’s stock worth $31,767,000 after buying an additional 373,500 shares during the period. Hedge funds and other institutional investors own 46.64% of the company’s stock.

About Corvus Pharmaceuticals

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on developing medicines that regulate the immune system to treat cancer and other serious diseases. The company’s research is centered on small-molecule and antibody-based therapies designed to influence immune-cell activity and improve the body’s ability to respond to disease.

Corvus’ lead investigational product is soquelitinib, also known as CPI-818, an oral, selective inhibitor of interleukin-2-inducible T-cell kinase (ITK).