Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Crosses Below 50-Day Moving Average – Time to Sell?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) passed below its fifty day moving average during trading on Wednesday . The stock has a fifty day moving average of $14.36 and traded as low as $11.36. Corvus Pharmaceuticals shares last traded at $11.60, with a volume of 1,601,990 shares.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on CRVS. Weiss Ratings raised shares of Corvus Pharmaceuticals from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, April 29th. Oppenheimer reaffirmed an “outperform” rating and issued a $33.00 price target (up from $32.00) on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Corvus Pharmaceuticals in a report on Friday, March 13th. The Goldman Sachs Group began coverage on shares of Corvus Pharmaceuticals in a research note on Friday, April 17th. They set a “buy” rating and a $40.00 price objective for the company. Finally, Wall Street Zen downgraded shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Saturday, May 9th. Six investment analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $33.33.

Corvus Pharmaceuticals Trading Down 0.8%

The firm’s 50-day moving average is $14.36 and its two-hundred day moving average is $13.56. The stock has a market cap of $975.44 million, a price-to-earnings ratio of -22.31 and a beta of 0.84.

Corvus Pharmaceuticals (NASDAQ:CRVS) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.15) earnings per share for the quarter, missing the consensus estimate of ($0.14) by ($0.01). On average, analysts predict that Corvus Pharmaceuticals, Inc. will post -0.7 earnings per share for the current year.

Hedge Funds Weigh In On Corvus Pharmaceuticals

A number of hedge funds have recently made changes to their positions in CRVS. Geode Capital Management LLC boosted its position in shares of Corvus Pharmaceuticals by 130.7% during the 2nd quarter. Geode Capital Management LLC now owns 1,361,740 shares of the company’s stock worth $5,448,000 after purchasing an additional 771,454 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Corvus Pharmaceuticals by 541.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 30,420 shares of the company’s stock worth $122,000 after purchasing an additional 25,681 shares during the period. Rhumbline Advisers boosted its position in shares of Corvus Pharmaceuticals by 9,501.8% during the 2nd quarter. Rhumbline Advisers now owns 75,950 shares of the company’s stock worth $304,000 after purchasing an additional 75,159 shares during the period. Hsbc Holdings PLC purchased a new position in shares of Corvus Pharmaceuticals during the 2nd quarter worth approximately $332,000. Finally, New York State Common Retirement Fund purchased a new position in shares of Corvus Pharmaceuticals during the 2nd quarter worth approximately $95,000. Hedge funds and other institutional investors own 46.64% of the company’s stock.

Corvus Pharmaceuticals Company Profile

Corvus Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of next-generation immuno-oncology therapies. The company’s research efforts are centered on harnessing both the innate and adaptive immune systems to counteract tumor-driven immunosuppression. By targeting key pathways that regulate immune cell function, Corvus aims to create novel agents that can be combined with existing cancer treatments to improve patient outcomes.

Corvus’s lead pipeline candidates include small-molecule and antibody therapies designed to inhibit the adenosine pathway, a known mediator of tumor immune escape.