Why Clovis Oncology Stock Is Taking a Step Backward Today

Shares of the small-cap cancer-treatment company Clovis Oncology (NASDAQ: CLVS) are having a rather volatile session today. The drugmaker's shares dropped by as much as 12.8% immediately out of the gate this morning, but have since clawed their way back. As of 11:05 a.m. ET Thursday morning, Clovis' stock was only down by 2%.

What's particularly interesting about the biotech's struggles today is that the industry as a whole is glowing green. The SPDR S&P Biotech ETF, for instance, is presently up by 3.12% at the time of this writing.

What's causing Clovis' stock to move against the broader upward trend in biotech today? Yesterday, the company filed an 8-K with the Securities and Exchange Commission saying that the Food and Drug Administration (FDA) is recommending that Clovis wait for more mature overall survival data before applying for a label expansion for its ovarian cancer drug rucaparib as a first- line maintenance treatment.

Source Fool.com