I agree on institutions with this volume. I have wondered whether Corvus cancelling their shelf with Jeffries was part of something deeper going on. Maybe they got wind of Jeffries manipulating the stock downward, or maybe they felt Jeffries simply was not capable of supporting the price properly for an offering, so Corvus signed on with another investment firm to handle an upcoming placement. Part of the deal was for the firm(s) involved to bring the price up to an acceptable level first.
If I were Corvus and the board, I would be working behind the scenes on something like that. Combine institutional support with 818 news and talk of an upcoming phase 3 discussion with the FDA, and suddenly you're able to sell 20 million shares at $5 instead of 75 cents.
News 
Market Data 
Discover 
