FDA Nod Sends CLVS Stock Skyrocketing

The stock has almost tripled in the past three months

Digital Content Manager
Jan 15, 2020 at 9:12 AM
facebook twitter linkedin


The shares of health care name Clovis Oncology Inc (NASDAQ:CLVS) are surging in electronic trading, following news the U.S. Food and Drug Administration (FDA) granted priority review status to its Rubraca therapy in patients with advanced prostate cancer. The stock is up 26.5% ahead of the bell, set to pop back into double-digit territory. 

On the charts, CLVS has been in cool-down mode since hitting a five-month high just north of the $17 level in early December. The 60-day moving average has swooped in to capture some of these losses, though, and in the last three months, CLVS has nearly tripled -- up 177.7% through last night's close at $8.90. What's more, the security is poised to clear recent resistance at its 20-day moving average today. 

Should today's positive price action continue, a round of analyst upgrades could propel the stock even higher. Right now, five of the six in coverage consider Clovis Oncology a tepid "hold." 

Meanwhile, shorts have firm control of the equity. Despite a slight dip in short interest during the past two reporting periods, the 26.89 million shares still sold short represent a mind-boggling 49.3% of the stock's available float, of 2.6 days of trading, at CLVS' average pace. 

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners