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

Shares of Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report) gapped up prior to trading 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 traded.

Several other research analysts have also commented on CRVS. StockNews.com lowered Corvus Pharmaceuticals from a "hold" rating to a "sell" rating in a research report on Thursday, October 31st. Mizuho upgraded shares of Corvus Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a report on Tuesday, October 22nd. Finally, LADENBURG THALM/SH SH raised their price target on shares of Corvus Pharmaceuticals from $12.00 to $21.00 and gave the company a "buy" rating in a report on Monday, September 16th. One research analyst has rated the stock with a sell rating, three have issued a buy rating and one has issued 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 $12.83.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Point72 Asset Management L.P. purchased a new position in shares of Corvus Pharmaceuticals in the 2nd quarter valued at approximately $10,855,000. Samlyn Capital LLC increased its stake in 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. raised its holdings in shares of Corvus Pharmaceuticals by 10.6% in the first quarter. Vanguard Group Inc. now owns 1,493,357 shares of the company's stock worth $2,658,000 after buying an additional 142,724 shares during the last quarter. Marshall Wace LLP acquired a new stake in shares of Corvus Pharmaceuticals during the second quarter worth $136,000. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its stake in shares of Corvus Pharmaceuticals by 64.7% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 137,031 shares of the company's stock worth $724,000 after buying an additional 53,809 shares during the period. 46.64% of the stock is owned by institutional investors and hedge funds.

Corvus Pharmaceuticals Price Performance

The stock has a market capitalization of $554.82 million, a PE ratio of -9.54 and a beta of 1.05. The business's fifty day moving average price is $6.66 and its two-hundred day moving average price is $3.97.

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.