Corvus Pharmaceuticals (NASDAQ:CRVS) Reaches New 1-Year High - Still a Buy?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report)'s share price reached a new 52-week high on Tuesday . The company traded as high as $9.44 and last traded at $9.39, with a volume of 211193 shares traded. The stock had previously closed at $9.02.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CRVS. LADENBURG THALM/SH SH increased their price objective on shares of Corvus Pharmaceuticals from $12.00 to $21.00 and gave the stock a "buy" rating in a research report on Monday, September 16th. Mizuho raised shares of Corvus Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, October 22nd. Finally, StockNews.com lowered shares of Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Thursday, October 31st. One equities 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 data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $10.83.

Corvus Pharmaceuticals Price Performance

The firm has a market capitalization of $574.84 million, a PE ratio of -20.04 and a beta of 1.05. The stock's 50-day moving average price is $5.98 and its 200 day moving average price is $3.61.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.12) by $0.05. During the same quarter in the previous year, the business earned ($0.14) EPS. Equities research analysts forecast that Corvus Pharmaceuticals, Inc. will post -0.45 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Corvus Pharmaceuticals

A number of institutional investors have recently modified their holdings of CRVS. Avity Investment Management Inc. raised its stake in Corvus Pharmaceuticals by 138.2% in the third quarter. Avity Investment Management Inc. now owns 27,580 shares of the company's stock worth $146,000 after buying an additional 16,000 shares in the last quarter. Cubist Systematic Strategies LLC bought a new position in Corvus Pharmaceuticals in the second quarter worth approximately $44,000. Point72 Asset Management L.P. bought a new position in Corvus Pharmaceuticals in the second quarter worth approximately $10,855,000. Marshall Wace LLP bought a new position in Corvus Pharmaceuticals in the second quarter worth approximately $136,000. Finally, Samlyn Capital LLC raised its stake in Corvus Pharmaceuticals by 160.7% in the second quarter. Samlyn Capital LLC now owns 6,123,021 shares of the company's stock worth $11,144,000 after buying an additional 3,774,658 shares in the last quarter. 46.64% of the stock is owned by hedge funds and other institutional investors.

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.

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