Why Clovis Oncology Stock Was Plummeting This Week

This week has been a tough one for stocks, but it's been especially tough for specialty biotech Clovis Oncology (NASDAQ: CLVS). Following the release of its first-quarter results and operational update, the company's shares traded down sharply, and they have yet to recover. According to data provided by S&P Global Market Intelligence, as of Thursday night they had fallen almost 27% week to date.

Clovis published those results Wednesday morning and while they couldn't be called disastrous, they weren't what shareholders were yearning for. The inaugural quarter of the year saw the company take in just over $34.2 million on the top line.

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Source Fool.com