Corvus Pharmaceuticals (CRVS) Lifted to “Strong-Buy” at Zacks Investment Research

Corvus Pharmaceuticals (NASDAQ:CRVS) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $8.75 price target on the stock. Zacks Investment Research‘s price objective would indicate a potential upside of 10.76% from the stock’s previous close.

According to Zacks, “Corvus Pharmaceuticals, Inc. is a biopharmaceutical company. It focuses on the development and commercialization of immuno-oncology therapies to harness the immune system to attack cancer cells. Its products include CPI-444, Adenosine production inhibitor, Adenosine A2B antagonist and Interleukin-2 (IL-2)-inducible T cell kinase (ITK) inhibitors. Corvus Pharmaceuticals, Inc. is based in Burlingame, California. “

A number of other equities research analysts have also issued reports on CRVS. BidaskClub lowered Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research note on Tuesday, July 31st. Wedbush reissued an “outperform” rating on shares of Corvus Pharmaceuticals in a research note on Wednesday, August 8th. Credit Suisse Group raised Corvus Pharmaceuticals from a “neutral” rating to a “buy” rating and raised their price target for the stock from $11.00 to $15.00 in a research note on Wednesday, August 15th. Finally, Cowen reissued a “buy” rating on shares of Corvus Pharmaceuticals in a research note on Friday, November 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. Corvus Pharmaceuticals currently has a consensus rating of “Buy” and an average price target of $13.58.

Shares of CRVS stock traded up $0.33 on Wednesday, reaching $7.90. 194,300 shares of the company’s stock were exchanged, compared to its average volume of 95,411. Corvus Pharmaceuticals has a 52 week low of $6.81 and a 52 week high of $13.91. The firm has a market capitalization of $241.58 million, a P/E ratio of -2.90 and a beta of -0.57.

Corvus Pharmaceuticals (NASDAQ:CRVS) last issued its quarterly earnings results on Thursday, November 1st. The company reported ($0.36) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.48) by $0.12. On average, equities research analysts anticipate that Corvus Pharmaceuticals will post -1.98 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of CRVS. Schwab Charles Investment Management Inc. raised its position in Corvus Pharmaceuticals by 48.0% during the 2nd quarter. Schwab Charles Investment Management Inc. now owns 25,900 shares of the company’s stock valued at $285,000 after purchasing an additional 8,400 shares in the last quarter. Bank of New York Mellon Corp raised its position in Corvus Pharmaceuticals by 35.8% during the 2nd quarter. Bank of New York Mellon Corp now owns 37,099 shares of the company’s stock valued at $407,000 after purchasing an additional 9,782 shares in the last quarter. Acadian Asset Management LLC raised its position in Corvus Pharmaceuticals by 129.3% during the 2nd quarter. Acadian Asset Management LLC now owns 21,494 shares of the company’s stock valued at $236,000 after purchasing an additional 12,119 shares in the last quarter. Rhumbline Advisers bought a new stake in Corvus Pharmaceuticals during the 2nd quarter valued at $147,000. Finally, Dimensional Fund Advisors LP raised its position in Corvus Pharmaceuticals by 16.4% during the 2nd quarter. Dimensional Fund Advisors LP now owns 156,471 shares of the company’s stock valued at $1,718,000 after purchasing an additional 22,035 shares in the last quarter. 88.72% 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 immuno-oncology therapies that are designed to harness the immune system to attack cancer cells. Its lead product candidate is CPI-444, an oral, small molecule antagonist of the A2A receptor that is in Phase I/Ib clinical trial for adenosine, an immune checkpoint.

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