What Is Going On With Clovis Oncology Today?

Clovis Oncology Inc CLVS is trading higher on Wednesday after the company reported better-than-expected first-quarter earnings.

What Happened: Clovis Oncology reported an earnings loss of 64 cents per share, beating the estimate for a loss of 72 cents per share. Revenue of $38.1 million missed the estimate of $44.55 million. 

“The second quarter of 2021 marks an important moment in our commitment to targeted radionuclide therapies, as the FDA clearance of our INDs for FAP-2286 enables us to initiate the Phase 1 portion of the LuMIERE study this quarter as planned. We are increasingly enthusiastic about FAP-2286 and its potential to treat patients with solid tumors, and about targeted radiotherapeutics as a class,” said Patrick Mahaffy, president and CEO of Clovis Oncology.

Mahaffy is set to present at the Bank of America 2021 Health Care Conference on May 11.

The biopharmaceutical company is focused on acquiring, developing and commercializing innovative anti-cancer agents. The stock is trending on some social media platforms today as investors discuss the upcoming health care event and high short interest in the stock as potential explanations for its volatile price movement.

Price Action: Clovis Oncology traded as high as $11.10 and as low as $4.08 over a 52-week period. The stock sold off on the initial release of the report falling to the $5 range, but has since recovered. It was up 7.7% at $5.95 at last check Wednesday.

Photo courtesy of Clovis Oncology.