Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Price Down 7.8% – Here’s Why

Shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) traded down 7.8% during mid-day trading on Monday . The stock traded as low as $8.38 and last traded at $8.38. 264,867 shares changed hands during trading, a decline of 31% from the average session volume of 381,395 shares. The stock had previously closed at $9.09.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Mizuho raised Corvus Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, October 22nd. LADENBURG THALM/SH SH raised their price objective on Corvus Pharmaceuticals from $12.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Oppenheimer raised their price objective on Corvus Pharmaceuticals from $8.00 to $14.00 and gave the company an “outperform” rating in a research note on Wednesday, November 13th. Finally, StockNews.com downgraded shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Corvus Pharmaceuticals presently has an average rating of “Moderate Buy” and an average price target of $12.83.

Corvus Pharmaceuticals Price Performance

The firm’s 50 day moving average price is $7.57 and its 200 day moving average price is $4.57. The stock has a market capitalization of $530.15 million, a P/E ratio of -8.94 and a beta of 1.05.

Institutional Investors Weigh In On Corvus Pharmaceuticals

A number of large investors have recently modified their holdings of CRVS. Point72 Asset Management L.P. bought a new stake in shares of Corvus Pharmaceuticals during the 2nd quarter valued at about $10,855,000. Samlyn Capital LLC boosted its stake in shares of Corvus Pharmaceuticals by 160.7% during the 2nd 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. Vanguard Group Inc. boosted its stake in shares of 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. Geode Capital Management LLC boosted its stake in shares of Corvus Pharmaceuticals by 22.4% during the 3rd quarter. Geode Capital Management LLC now owns 563,009 shares of the company’s stock valued at $2,974,000 after purchasing an additional 102,869 shares in the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Corvus Pharmaceuticals in the 2nd quarter worth about $136,000. Institutional investors own 46.64% of the company’s stock.

Corvus Pharmaceuticals Company Profile

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.