Corvus Pharmaceuticals (NASDAQ:CRVS) Stock Price Up 8.5% – Should You Buy?

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) shot up 8.5% during mid-day trading on Thursday . The stock traded as high as $8.97 and last traded at $8.94. 516,363 shares changed hands during trading, an increase of 37% from the average session volume of 375,641 shares. The stock had previously closed at $8.24.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on CRVS. LADENBURG THALM/SH SH increased their price target on shares of Corvus Pharmaceuticals from $12.00 to $21.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Oppenheimer increased their target price on Corvus Pharmaceuticals from $8.00 to $14.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 13th. StockNews.com lowered Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. Finally, Mizuho upgraded Corvus Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. One investment 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 stock has an average rating of “Moderate Buy” and a consensus price target of $12.83.

Corvus Pharmaceuticals Stock Performance

The stock has a 50-day moving average of $7.22 and a two-hundred day moving average of $4.29. The company has a market cap of $575.13 million, a P/E ratio of -9.62 and a beta of 1.05.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Virtu Financial LLC bought a new stake in shares of Corvus Pharmaceuticals during the third quarter valued at approximately $83,000. Geode Capital Management LLC boosted its holdings in Corvus Pharmaceuticals by 22.4% in the third quarter. Geode Capital Management LLC now owns 563,009 shares of the company’s stock worth $2,974,000 after purchasing an additional 102,869 shares during the last quarter. XTX Topco Ltd bought a new position in Corvus Pharmaceuticals in the third quarter valued at about $74,000. Jane Street Group LLC bought a new position in Corvus Pharmaceuticals in the third quarter valued at about $265,000. Finally, State Street Corp boosted its position in Corvus Pharmaceuticals by 48.2% in the third quarter. State Street Corp now owns 178,246 shares of the company’s stock worth $941,000 after purchasing an additional 57,943 shares during 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.