Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) Sees Large Increase in Short Interest

Corvus Pharmaceuticals, Inc. (NASDAQ:CRVS) was the target of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 3,510,000 shares, an increase of 6.4% from the November 15th total of 3,300,000 shares. Based on an average daily volume of 771,600 shares, the short-interest ratio is presently 4.5 days.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on CRVS. Mizuho raised Corvus Pharmaceuticals from a “hold” rating to a “strong-buy” rating in a report on Tuesday, October 22nd. Oppenheimer boosted their target price on shares of Corvus Pharmaceuticals from $8.00 to $14.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH lifted their price objective on shares of Corvus Pharmaceuticals from $12.00 to $21.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Finally, StockNews.com downgraded shares of Corvus Pharmaceuticals from a “hold” rating to a “sell” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Corvus Pharmaceuticals currently has an average rating of “Moderate Buy” and a consensus target price of $12.83.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CRVS. Point72 Asset Management L.P. purchased a new position in Corvus Pharmaceuticals in the second quarter valued at about $10,855,000. Samlyn Capital LLC grew its position in Corvus Pharmaceuticals by 160.7% during the second quarter. Samlyn Capital LLC now owns 6,123,021 shares of the company’s stock valued at $11,144,000 after acquiring an additional 3,774,658 shares during the last quarter. Vanguard Group Inc. raised its position in Corvus Pharmaceuticals by 10.6% in the 1st quarter. Vanguard Group Inc. now owns 1,493,357 shares of the company’s stock worth $2,658,000 after purchasing an additional 142,724 shares during the period. Geode Capital Management LLC lifted its stake in shares of Corvus Pharmaceuticals by 22.4% in the 3rd quarter. Geode Capital Management LLC now owns 563,009 shares of the company’s stock valued at $2,974,000 after acquiring an additional 102,869 shares during the last quarter. Finally, Marshall Wace LLP purchased a new stake in shares of Corvus Pharmaceuticals during the second quarter valued at approximately $136,000. 46.64% of the stock is currently owned by hedge funds and other institutional investors.

Corvus Pharmaceuticals Stock Up 2.3 %

CRVS stock traded up $0.16 during trading on Tuesday, reaching $7.06. The stock had a trading volume of 607,634 shares, compared to its average volume of 403,901. The company’s 50 day moving average is $8.15 and its two-hundred day moving average is $5.02. The company has a market capitalization of $453.65 million, a price-to-earnings ratio of -7.26 and a beta of 1.05. Corvus Pharmaceuticals has a one year low of $1.30 and a one year high of $10.00.

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.