Why Clovis Oncology Tumbled 13.5% Today

After disclosing that it's entered into a pact with Bristol-Myers Squibb (NYSE: BMY) on its cancer-fighting drug Rubraca, shares in Clovis Oncology (NASDAQ: CLVS) lost 13.5% of their value Monday.

While teaming up with biopharma giant Bristol-Myers Squibb would normally be viewed as a good thing, investors had sent shares soaring ahead of today's announcement in hopes of an acquisition. Thus, they walked away today disappointed.

IMAGE SOURCE: GETTY IMAGES.

Source: Fool.com