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

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) gapped up before the market opened 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 changing hands.

Several other analysts have also recently issued reports on the stock. LADENBURG THALM/SH SH upped their target price 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. StockNews.com downgraded Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Finally, Mizuho raised Corvus Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. One research analyst has rated the stock with a sell rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $12.83.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CRVS. Samlyn Capital LLC increased its position in shares of Corvus Pharmaceuticals by 160.7% during the second quarter. Samlyn Capital LLC now owns 6,123,021 shares of the company’s stock worth $11,144,000 after acquiring an additional 3,774,658 shares during the period. Point72 Asset Management L.P. purchased a new position in Corvus Pharmaceuticals during the 2nd quarter worth $10,855,000. Vanguard Group Inc. raised its position 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 purchasing an additional 142,724 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Corvus Pharmaceuticals in the 2nd quarter worth $136,000. Finally, Cubist Systematic Strategies LLC bought a new position in shares of Corvus Pharmaceuticals during the 2nd quarter worth $44,000. Hedge funds and other institutional investors own 46.64% of the company’s stock.

Corvus Pharmaceuticals Stock Down 3.9 %

The firm has a 50 day moving average price of $6.66 and a 200 day moving average price of $3.97. The stock has a market cap of $532.93 million, a PE ratio of -9.12 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.