Q2 STOCKS TO BUY

Short Covering Detected on Surging Cancer Stock

CLVS' Rucaparib is available in German to women with relapsed ovarian cancer

Mar 4, 2019 at 9:30 AM
facebook X logo linkedin


The shares of Clovis Oncology Inc (NASDAQ:CLVS) are up 1.3% in electronic trading, on news the pharmaceutical firm's ovarian cancer treatment, rucaparib, is now available in Germany for women with relapsed ovarian cancer. CLVS also plans to launch the drug in other European countries later this year and in 2020.

It's already been a blowout start to the year for CLVS stock, which is up 67% year-to-date through last Friday's close at $29.99. Should today's premarket price action pan out, the shares could log their highest close since early October, though their 200-day moving average looms just overhead -- a trendline that hasn't been surpassed on a daily closing basis since November 2017.

The stock's recent burst higher has short sellers starting to throw in the towel. Short interest edged down 2.7% in the most recent reporting period, yet the 11.93 million shares still dedicated to these bearish bets represent 34.7% of CLVS' available float, or 7.5 times the average daily pace of trading -- indicating theie's plenty of buying power sitting on the sidelines.

Some of these remaining shorts may have initiated an options hedge against any additional upside risk, though. The March 32 call is home to peak open interest on CLVS stock, and data from Trade-Alert suggests buy-to-open activity occurred here last Thursday, Feb. 28.

 
 

“Buy This Stock Now!” - Expert Who Called 11x On TSLA

He called a rare 11x on Tesla…

But now, thanks to Elon & Trump’s new alliance…

He says there’s a new opportunity that could be 1,000x BIGGER than Tesla – and it could completely revolutionize a $23 Trillion market.

It’s trading for less than $5 per share right now…

But it won’t be under the radar for long.

Discover The 1,000x Bigger Elon Opportunity Here

GRAND SLAM COUNTDOWN

 
 

Featured Articles from Trusted Partners:

👀Learn How Dividends Create Passive Income for Life
Receive $200 Off Motley Fool Epic. The Motley Fool Epic $299 discounted offer is based on $499/year list price. Introductory promotion for new members only. Take control of your money and your portfolio with Motley Fool Epic.

💵New Income System Could Pay You $4,243 Monthly
You could collect an average of $4,243 per month starting as early as next week with a new payout system for income investors. New registrations are being accepted for investors who want to be in a position to start with their first payout next week.

🚀Easy 92% Crypto Dividends (No Coins Required)
COIN stock doesn't pay a dividend... But there's actually a new way to collect a massive dividend that's indirectly based on the stock and offers a terrific monthly income (currently yielding nearly 92% on a forward basis).

🤝Free Advisor Match with Wiseradvisor.com
Don't leave your retirement to chance! Get matched with a trusted financial expert for FREE and make the most of your tax refund. Get started now.

⚠️Dennis Quaid's #1 Warning for Americans
Here's the thing: life doesn't come with guarantees. The economy shifts, markets stumble, and years of hard work could slip through your fingers like sand. But it doesn't have to be that way for you. So request a free copy of this Gold & Silver Guide that will arrive right to your doorstep when you act now.

 

 
 

Follow us on X, Follow us on Twitter