What The FDA Gave Clovis Oncology In June 2013, It Has Taken Away

Clovis Oncology Inc CLVS shares are trading lower lower by $67 at $32.43 in Monday's session. The catalyst for the decline is a report that the FDA has requested additional information on its lung cancer drug, Rodlientinib.

Following a sharply lower open ($29.47 vs. Friday's close of $99.43), it continued moving lower until finding intra-day support at $26.05. The current low coincides with March 11, 2013 low at $26.33. Within four months of that low, the issue rocket to as high as $86.29 on June 3,when the company reported early results in trials of it lung and ovarian cancer drugs. It continued to move higher until topping out in September at $116.75.

Since making the low, shorts have been attempting to lock-in profits as the issue traded as high as $35.75 before falling back to its current level.

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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