Corvus Pharmaceuticals (NASDAQ:CRVS) Trading Up 6% - Here's Why

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS - Get Free Report)'s share price shot up 6% on Friday . The stock traded as high as $8.19 and last traded at $8.14. 116,020 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 311,085 shares. The stock had previously closed at $7.68.

Analyst Ratings Changes

Several research analysts recently weighed in on CRVS shares. Mizuho raised Corvus Pharmaceuticals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. StockNews.com raised shares of Corvus Pharmaceuticals from a "sell" rating to a "hold" rating in a research note on Wednesday. Finally, LADENBURG THALM/SH SH boosted their target price on shares of Corvus Pharmaceuticals from $12.00 to $21.00 and gave the stock a "buy" rating in a report on Monday, September 16th. One research analyst has rated the stock with a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $10.83.

Corvus Pharmaceuticals Trading Up 8.2 %

The stock has a 50-day moving average of $5.33 and a two-hundred day moving average of $3.23. The firm has a market cap of $519.80 million, a price-to-earnings ratio of -15.92 and a beta of 1.14.

Corvus Pharmaceuticals (NASDAQ:CRVS - Get Free Report) last announced its earnings results on Tuesday, August 6th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.05. During the same quarter last year, the firm earned ($0.14) earnings per share. Sell-side analysts expect that Corvus Pharmaceuticals, Inc. will post -0.45 EPS for the current fiscal year.

Institutional Trading of Corvus Pharmaceuticals

Large investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. acquired a new stake in shares of Corvus Pharmaceuticals in the second quarter worth $10,855,000. Samlyn Capital LLC boosted its position in Corvus Pharmaceuticals by 160.7% during the 2nd 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. Vanguard Group Inc. grew its stake 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 acquiring an additional 142,724 shares in the last quarter. Marshall Wace LLP acquired a new position in shares of Corvus Pharmaceuticals in the 2nd quarter valued at about $136,000. Finally, Cubist Systematic Strategies LLC purchased a new stake in shares of Corvus Pharmaceuticals in the second quarter worth approximately $44,000. 46.64% of the stock is owned by institutional investors and hedge funds.

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.