Here's Why Clovis Oncology Lost as Much as 11.8% Today
Shares of Clovis Oncology (NASDAQ: CLVS) tumbled as much as 11.8% today as investors nervously await the company's fourth-quarter and full-year 2019 earnings report after the market closes. The stock has been in a near-continuous fall for the last three years thanks to disappointing sales figures for its lead product, the oncology drug Rubraca. Only brief tailwinds, spurred by speculation the company could be a buyout candidate, have provided any relief.
Investors appear to be bracing for a disappointing update. While Clovis Oncology has already told investors that fourth-quarter 2019 revenue for Rubraca is expected to be between $38.3 million and $39.3 million, guidance for the year ahead is likely to be the focus of the earnings report.
As of 12:23 p.m. EST, the pharma stock had settled to an 11.5% loss.
Source Fool.com
