Corvus Pharmaceuticals (NASDAQ:CRVS) stock is rising higher on Friday despite a lack of news from the company.
Let’s take a look at what traders need to know about today’s movement.
- It looks like a short-squeeze is behind today’s movement for CRVS stock.
- Searching through social media today shows traders are hyping up the stock as it rises higher on heavy trading volume.
- Just how heavy you ask? Consider that more than 110 million shares of CRVS stock have changed hands as of this writing.
- Now weigh that against the company’s daily average trading volume of only about 245,000 shares.
- With trading volume like that, it’s no surprise that CRVS stock is rocketing higher today.
- However, that doesn’t mean traders will want to jump right in.
- Corvus Pharmaceuticals is well into its rally today as it trades at around $3.80, as compared to its closing price of $2.26 from Thursday.
- The stock peaked at $4.32 earlier today and has dipped to its current price.
- There are two schools of thought at this point.
- Traders can avoid CRVS as it has already reached its high for the day and will only go lower, or they can jump in on this dip as a second burst in price could be just around the corner.
- Corvus Pharmaceuticals is an immunology-focused biopharmaceutical company.
- It’s currently developing drugs and antibodies that target the most “critical cellular elements of the immune system.”
Investors that do decide to try their luck with CRVS stock today will want to be extra careful. Corvus Pharmaceuticals is the pure definition of a penny stock, which opens it up to easy manipulation. That means one wrong move could have traders seeing red instead of green.
CRVS stock was up 67.9% as of Friday morning.
We’ve got more hot stock news from today below!
InvestorPlace offers daily coverage of the stock market and we’re not slacking just because it’s Friday. Instead, we’ve got stories about Ginkgo Bioworks (NYSE:DNA), SmileDirectClub (NASDAQ:SDC), and Lucid (NASDAQ:LCID) to dive into today. You can find those at the following links!
More Friday Stock Market News
- SRNG, DNA: 14 Things to Know About Ginkgo Bioworks and the Soaring Eagle SPAC Merger
- Short-Squeeze Watch: What to Know as Investors Push SmileDirectClub (SDC) Stock Higher
- LCID Stock: What Lucid Motors Investors Are Saying Today Following the Big EPA Range Rating News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks. Read More: Penny Stocks — How to Profit Without Getting Scammed