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Falling Stocks: What is Going on With Corvus Pharmaceuticals Inc (CRVS)?

Corvus Pharmaceuticals Inc (NASDAQ:CRVS) shares have fallen 50% in mid-day trading after the company announced interim results from an ongoing phase 1/1b study demonstrating safety and clinical activity of lead checkpoint inhibitor CPI-444 in patients with advanced cancers. Although the data showed that treatment with CPI-444 as a single agent and in combo with Tecentriq was ‘was well tolerated and resulted in anti-tumor activity in patients with multiple types of advanced solid tumors, including those resistant or refractory to prior treatment with anti-PD-1 or anti-PD-L1 antibodies’, the market evidently didn’t like certain numbers in the study as traders were expecting better results. PI-444 is a selective and potent inhibitor of the adenosine A2A receptor.

What Does The Smart Money Sentiment Say?

At Insider Monkey, we’ve developed an investment strategy that has delivered market-beating returns over the past 12 months. Our strategy identifies the 100 best-performing funds of the previous quarter from among the collection of 700+ successful funds that we track in our database, which we accomplish using our returns methodology. We then study the portfolios of those 100 funds using the latest 13F data to uncover the 30 most popular mid-cap stocks (market caps of between $1 billion and $10 billion) among them to hold until the next filing period. This strategy delivered 39.7% gains over the past 12 months and outperformed the 24.1% gain enjoyed by the S&P 500 ETFs. Our enhanced small-cap hedge fund strategy returned more than 45% over the last 12 months and outperformed SPY by more than 30 percentage points over the last 4.5 years (see details here).

According to our data, the number of elite funds long Corvus Pharmaceuticals Inc (NASDAQ:CRVS) rose by one quarter-over-quarter to 6 at the end of December.

The Bottom Line

Corvus Pharmaceuticals Inc (NASDAQ:CRVS) shares are down after the company released interim results from an ongoing phase 1/1b study. Evidently the market was expecting better results than what actually occurred. For further reading, check out the article, ‘10 Most Popular Stocks Among Hedge Funds‘.

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