Although clinical trials are in an early stage, the market showed quite a bit of confidence in Corvus this week. Note the brief report in the 09 April Barrons (which was not picked up on the Yahoo news feed):
Corvus Pharmaceuticals (CRVS)
OrbiMed Advisors disclosed ownership of 5,258,450 shares (25.6%) after the purchase of 550,000 shares in the March 29 initial public offering at the IPO price of $15 per share. OrbiMed did not, however, reveal specific plans or proposals.
Google "13D FILINGS David Sokol Sizes Up Middleburg Financial" to verify the above.
This will impact the next quarter's results. I guess yahoo deletes any post with url's but you can google the above title, and here are some excerpts:
Credit Suisse CEO Tidjane Thiam says his bank will report a bad first quarter, in part because of poor decisions his traders made without consulting senior leaders.
"This wasn't clear to me — it wasn't clear to my CFO and to many people inside the bank," Thiam said in an interview with Bloomberg TV.
He said that his traders had racked up distressed debt and other illiquid positions and that he was not aware of it until January.
He spoke after the release of a strategy update on plans to accelerate his cost-cutting and restructuring plan.
The strategy update read: "Global Markets performance deteriorated in 2015 with a disappointing 4Q15 and continued pressure in 1Q16. This resulted from outsized positions in activities not in line with the Global Markets strategy."
The firm said it expected first-quarter markets revenues to decline 40% to 45%. It expects write-downs of $258 million for the first quarter because of positions in securitized products, distressed credit, and leveraged finance underwriting.
Credit Suisse also announced that it was cutting an additional 2,000 jobs in the global markets business.
It is pulling out of distressed credit, European securitized products trading, and long-term illiquid financing altogether, and it is cutting in businesses including flow credit, US securitized products trading, and equity derivatives.
As for the traders' behavior, Thiam said there needed to be a "cultural change" at his bank.
"If your costs are too high and you're not taking them down, you will lead a revenue-driven strategy," Thiam said. "A lot of our problems in the investment bank has been that people are trying to generate revenue at all costs, if I may say so, because you want just cover your fixed cost."
I am selling puts. I could sell May 20 with strike price of 17.5 for $2.65 (12 total) and June 20 with strike price of 10 for $1.09 (20 total). Those are great premiums, lots of panic. Now, these might not execute, but you can do the math and in that case I will pocket $5000+.
If I had more confidence about where this is all going to shake out, I would do like you and place a buy order.
There is something I am not getting. Fidelity is offering me the chance to buy additional BXLT tomorrow for under $40 (secondary, additional shares of Baxter being sold). All estimates place the value of the conversion deal with Shire as $40. Why would anyone not subscribe for all the shares one could get? (except for the fact that deals sometimes fall through and any buyout premium in the price could deflate)
If this keeps up, we may reach the IPO price. Meanwhile, the yield is nice.
Even better, $1.24 as you know by now. I've been long since shortly after the IPO, maybe it will finally reach that price again.
Despite all sorts of high profile recommendations (see Barrons Roundtable) the stock is dramatically selling off today (-4.4% at 23.22). I've added a few shares. Any thoughts on the drop?