Why Clovis Oncology Stock Fell 10.5% on Monday

It was a strange day for Clovis Oncology (NASDAQ: CLVS) as the stock dropped 10.5% early in the day, only to close the day higher than it opened. The stock closed at $2.28 on Thursday but opened at $2.13 per share on Monday. It fell to as low as $2.04 in the early morning hours before rallying. Shortly before 2 p.m., the stock hit a high of $2.36, and it closed at $2.24. Clovis' shares are down more than 15% for the year.

Image source: Getty Images.

Clovis has a relatively small market cap of $318 million, so wild swings are not surprising. In 2021, the stock ranged from $2.70 to $10.34 per share. Since then, it has come down. A rumor of a buyout offer or the report of a potential short squeeze is enough to move the needle. The company didn't make any big announcement that would lead to the wild swing.

Source Fool.com