Clovis Oncology Inc (NASDAQ: CLVS)
Clovis Oncology looked like it was off to a relatively normal start to the trading session today. While the stock found itself in the red at the opening bell, it slowly inched its way back into green territory. However, none of the movement was anything worth writing home about. That is, until minutes ago, when the stock started screaming for the top. Below, we’ll talk about what we’re seeing, why, and what we’ll be watching for ahead.
What We’re Seeing From CLVS
As mentioned above, Clovis Oncology is having an overwhelmingly strong day in the market today. However, it didn’t start off so well. On the opening bell, the stock found itself in the red. From there, we saw slow and steady movement upward, eventually bringing it to the green. Nonetheless, minutes ago, the stock started spiking in a big way. At the moment (11:10), CLVS is trading at $42.86 per share after a gain of $5.66 per share (15.22%) thus far today.
Why The Stock Is Climbing
As usual, as soon as the CNA Finance team was notified by Trade Ideas that CLVS was making a run for the top, we decided that it was time to dig up the cause for the movement. In this particular case, there really wasn’t much digging involved. In fact, the story kind of jumped right out at us. The gains are being caused by FDA news.
Minutes ago, a big announcement was made. That announcement was that Clovis Oncology had received word from the FDA with regard to its New Drug Application for rucaparib. According to the announcement, the FDA has approved the treatment for ovarian cancer under the brand name Rubraca.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping a close eye on CLVS. In particular, we’re interested in seeing what the company does following this news. How will commercialization go? Will there be partners? And more! We’ll keep a close eye on the news and update you as it breaks!
Update: The run has caused a halt… CLVS should reopen soon!
Update: It’s been a while since Clovis Oncology was halted. However, we’ve just received the ping that the stock will resume trading at 1:20 PM; get ready – it’s going to be a wild ride!
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