Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Sees Significant Drop in Short Interest

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totalling 1,400,000 shares, a decrease of 6.0% from the March 15th total of 1,490,000 shares. Based on an average daily volume of 212,900 shares, the short-interest ratio is presently 6.6 days. Currently, 3.8% of the shares of the company are sold short.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Acadian Asset Management LLC increased its stake in shares of Corvus Pharmaceuticals by 72.6% in the 1st quarter. Acadian Asset Management LLC now owns 140,118 shares of the company’s stock worth $228,000 after acquiring an additional 58,952 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Corvus Pharmaceuticals by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 1,267,752 shares of the company’s stock worth $2,079,000 after purchasing an additional 36,002 shares during the period. State Street Corp grew its holdings in shares of Corvus Pharmaceuticals by 12.2% during the 1st quarter. State Street Corp now owns 112,603 shares of the company’s stock worth $185,000 after purchasing an additional 12,203 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Corvus Pharmaceuticals by 6.9% during the 2nd quarter. Renaissance Technologies LLC now owns 962,932 shares of the company’s stock worth $953,000 after purchasing an additional 61,800 shares during the period. Finally, Two Sigma Investments LP grew its holdings in shares of Corvus Pharmaceuticals by 19.0% during the 3rd quarter. Two Sigma Investments LP now owns 429,708 shares of the company’s stock worth $352,000 after purchasing an additional 68,674 shares during the period. 46.64% of the stock is owned by institutional investors and hedge funds.

Corvus Pharmaceuticals Price Performance

Shares of CRVS stock opened at $1.47 on Wednesday. The stock has a 50 day simple moving average of $2.00 and a 200-day simple moving average of $1.76. Corvus Pharmaceuticals has a 1-year low of $0.98 and a 1-year high of $4.19.

Corvus Pharmaceuticals (NASDAQ:CRVS) last posted its quarterly earnings data on Tuesday, March 19th. The company reported ($0.14) EPS for the quarter, meeting the consensus estimate of ($0.14). Analysts expect that Corvus Pharmaceuticals will post -0.47 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Mizuho restated a “neutral” rating and issued a $3.50 price objective on shares of Corvus Pharmaceuticals in a research report on Wednesday, March 27th. Oppenheimer reduced their target price on Corvus Pharmaceuticals from $8.00 to $7.00 and set an “outperform” rating for the company in a research note on Wednesday, March 20th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Corvus Pharmaceuticals in a research note on Monday, April 1st.

Corvus Pharmaceuticals Company Profile

Corvus Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of immuno-oncology therapies. Its lead product candidate is Mupadolimab (CPI-006), an anti-CD73 monoclonal antibody, which is in Phase I/Ib clinical trial for non-small cell lung cancer and head and neck cancers.