Stock analysts at Mizuho assumed coverage on shares of Corvus Pharmaceuticals (NASDAQ:CRVS) in a research report issued to clients and investors on Wednesday, The Fly reports. The brokerage set a “buy” rating and a $7.00 price target on the stock. Mizuho’s target price would indicate a potential upside of 68.67% from the stock’s current price.
The analysts wrote, “We initiate coverage of CRVS at $7 PT. We like the adenosine (ADO)-A2AR pathway and believe there is promise in combination therapy. The shares have struggled due to, in our view, underwhelming ciforadenant monotherapy data but we see CPI-006 as the opportunity to reset expectations.””
Other research analysts have also recently issued research reports about the stock. Roth Capital initiated coverage on shares of Corvus Pharmaceuticals in a report on Wednesday, May 29th. They issued a “buy” rating and a $6.00 price objective for the company. Zacks Investment Research raised shares of Corvus Pharmaceuticals from a “sell” rating to a “hold” rating in a report on Monday, July 15th. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $7.19.
Corvus Pharmaceuticals (NASDAQ:CRVS) last released its quarterly earnings data on Thursday, August 1st. The company reported ($0.44) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.42) by ($0.02). Sell-side analysts predict that Corvus Pharmaceuticals will post -1.59 earnings per share for the current fiscal year.
In related news, insider Richard A. Md Miller bought 7,500 shares of the business’s stock in a transaction dated Wednesday, August 7th. The stock was acquired at an average price of $3.56 per share, with a total value of $26,700.00. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Orbimed Advisors Llc bought 142,656 shares of the business’s stock in a transaction dated Tuesday, August 6th. The shares were bought at an average cost of $3.51 per share, with a total value of $500,722.56. The disclosure for this purchase can be found here. Insiders have bought 840,423 shares of company stock valued at $3,082,705 in the last three months. Corporate insiders own 40.40% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in the company. Orbimed Advisors LLC increased its stake in shares of Corvus Pharmaceuticals by 10.0% during the second quarter. Orbimed Advisors LLC now owns 6,565,685 shares of the company’s stock worth $24,556,000 after purchasing an additional 598,101 shares in the last quarter. Paloma Partners Management Co purchased a new stake in shares of Corvus Pharmaceuticals during the second quarter worth about $149,000. Vanguard Group Inc. increased its stake in shares of Corvus Pharmaceuticals by 6.1% during the second quarter. Vanguard Group Inc. now owns 487,636 shares of the company’s stock worth $1,824,000 after purchasing an additional 28,239 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Corvus Pharmaceuticals during the second quarter worth about $223,000. Finally, Parametric Portfolio Associates LLC purchased a new stake in shares of Corvus Pharmaceuticals during the second quarter worth about $50,000. 82.83% of the stock is owned by institutional investors and hedge funds.
Corvus Pharmaceuticals Company Profile
Corvus Pharmaceuticals, Inc, a clinical stage biopharmaceutical company, focuses on the development and commercialization of immuno-oncology therapies. 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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