One of the most impressive movers in today’s green market is Clovis Oncology (NASDAQ:CLVS). Today, CLVS stock is up approximately 50% in this afternoon session on continued excitement around previously-announced positive interim Phase one and two results for one of its key therapies.
Indeed, this stock has been one of the most impressive movers in recent weeks. As we pointed out last week, this stock has made an otherwise remarkable move higher. Starting last week around 66 cents per share, CLVS stock now trades around $1.75 per share, providing investors with gains of around 165% in a little more than a week. Such a move is bound to grab investors’ attention.
There’s been a lot going on that’s driven this move. The oncology-focused biotech has garnered attention for its solid tumor drugs, which have shown impressive efficacy based on initial data. Today, some additional data came in which underscored what was previously announced by the company last week.
Let’s dive into what investors are watching with Clovis Oncology right now.
CLVS Stock Soars on a Plethora of Catalysts
- Last week, Clovis announced positive results based on initial data for one of the company’s solid tumor treatments.
- Additionally, it was reported that French biotech Sanofi is also sniffing around Clovis as a potential acquisition target.
- Investors appear to be pricing in a significant premium on the stock based on these two catalysts.
- Notably, the company has another drug targeting certain types of prostate and ovarian cancers.
- However, the company’s FAP-2286 drug is what many investors hope will bring profitability down the line.
- Today’s session saw more than seven times the average daily volume of shares traded.
- Clovis currently holds a market capitalization around $250 million.
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On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.