The cluster is broad and conviction-driven, with both passive and active managers adding. The $250K insider buy adds corroboration. However, the 45-day 13F lag means positions may have been partially unwound. Monitor for a catalyst (e.g., pipeline update) that could explain the shared thesis, and watch for follow-on insider buying or further 13F accumulation in Q3.
Executive Summary
A strong institutional cluster formed in CRVS during 2026-Q2, with 15 buyers accumulating $24.8M in holdings (net +$14.6M) against only 3 sellers trimming $17.1M. The buying was dominated by mega-passive firms (BofA, Wells Fargo, UBS) and active asset managers (Susquehanna, Citigroup) doubling or adding positions, while the selling was concentrated in a single large trim by Morgan Stanley (-$16.5M). The cluster is reinforced by a 13F × Form 4 confluence score of 65/100 ('conviction'), with one insider making a $250K open-market purchase, suggesting shared conviction around a catalyst.
Key Financial Metrics
Institutional Positions
Net institutional flow: -$2.5M
▲ Buyers (15)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| BofA | DOUBLED | +219.7% | $11.3M | $7.9M |
| Susquehanna International Group | DOUBLED | +393.4% | $2.8M | $2.3M |
| Citigroup | DOUBLED | +676.8% | $1.7M | $1.5M |
| UBS | ADD | +37% | $5.9M | $1.7M |
▼ Sellers (3)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Morgan Stanley | TRIM | -46.2% | $36.6M | -$16.5M |
| Td Asset Management | TRIM | -33.2% | $1.8M | -$576.3K |
Key Facts
- 15 institutional buyers vs 3 sellers in 2026-Q2
- Aggregate buyer holdings: $24.8M (net change +$14.6M)
- BofA doubled its position (+219.7%) to $11.3M, the largest buyer
- Susquehanna (+393.4%) and Citigroup (+676.8%) also doubled positions
- Morgan Stanley trimmed 46.2% of its stake, selling $16.5M
- 13F × Form 4 confluence score 65/100 — one insider bought $250K open-market
- 93% of analysts rate the stock Buy or Strong Buy
Financial Impact
15 institutions accumulated $24.8M in CRVS during Q2, with net buying of $14.6M, while 3 sellers reduced holdings by $17.1M (net cluster -$2.5M)
Risk Factors
- 13F data is 45+ days stale; cluster may have already been unwound
- Morgan Stanley's large trim (-$16.5M) offsets much of the buying
- Historical reports on CRVS have a 20% win rate at T+20, suggesting poor timing on prior calls
- Score calibration shows score-6 filings have only ~50% observed probability of up-move at T+20 in this segment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-CRVS-2026-Q2 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 21, 2026 6w ago | Institutional Cluster | $14.46 $12.42 | ▼ −14.11% | ▼ −13.58% | — |
Jul 22, 2026 10w ago | 8-K | $13.68 $14.33 | ▲ +4.75% | ▲ +1.44% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $11.60 $16.20 | ▲ +39.66% | ▲ +37.76% | — |
May 14, 2026 20w ago | 8-K | $13.66 $11.93 | ▼ −12.63% | ▼ −11.77% | — |
May 7, 2026 21w ago | 8-K | $15.55 $11.12 | ▼ −28.49% | ▼ −28.51% | — |
Apr 24, 2026 23w ago | DEFA14A | $15.92 $12.83 | ▼ −19.41% | ▼ −24.37% | — |
Apr 21, 2026 23w ago | Press Release | $17.14 $12.21 | ▼ −28.76% | ▼ −33.68% | — |
Mar 12, 2026 29w ago | Press Release | $15.32 $15.17 | ▼ −0.98% | ▼ −4.57% | — |
Mar 5, 2026 30w ago | Press Release | $15.80 $14.71 | ▼ −6.87% | ▼ −4.82% | — |
US Market Status
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