Why Clovis Oncology Stock Went Into Retreat Mode This Week

Shares of commercial-stage biotech Clovis Oncology (NASDAQ: CLVS) fell by a noteworthy 14.9% through the first four days of trading this week, according to data provided by S&P Global Market Intelligence. This move lower stands out for two reasons:

Why is Clovis' stock sinking while biotechs at large hold steady? The long and short of it is that there is a ton of uncertainty surrounding the company's long-term outlook right now.

Speaking to this point, Clovis is currently attempting to tack on additional high-value indications for its Food and Drug Administration-approved cancer drug known as Rubraca. The FDA, however, has already told Clovis that it would prefer more mature overall survival data before the company submits a label expansion application for Rubraca as a maintenance treatment for advanced ovarian cancer.

Source Fool.com