CRVS Short Entry and Cover

NASDAQ:CRVS   Corvus Pharmaceuticals, Inc.
I put an order our premarket to go short CRVS at the 3.50 level at 3.45. With a target half way back to the 3.00 level at 3.21. The reason I made my target half way to the 3.00 support is not entirely clear to me. Something about how the stock is not very extended, and how volume has been low. it felt a bit like it has been consolidating. And I didn't want to push my luck for it to turn and break above 3.50. My target was hit around 1:35pm.
CRVS Has a float of 41.55M, a low short float, a market cap of 154.68M, and a net income of -40.90M. The stock is up 146% in 36 days, over its April break out.
On may 12th the company released press stating "positive" results from a phase 1 study on there drug candidate CP-818, an oral ITK inhibitor, which is currently being evaluated as a single-agent therapy in a phase I/Ib
On May 9th Cantor Fitzgerald Adjusts Price Target on Corvus Pharmaceuticals to $4 From $2, Maintains Overweight Rating.
May 10th was the day of the break out above 1.50, a major price resistance.

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