Active Stocks: Clovis Oncology Inc [NASDAQ: CLVS] was a big mover in Friday’s trading session. The stock closed the day at $5.88 representing gains of 36.11%. This followed the company’s Q3 earnings that beat analyst expectations. The company recorded an EPS loss of $1.89 against analysts’ consensus of $1.92. On top of that, the company’s net revenues rose by 65% year over year to hit $37.6 million in the quarter. This was much higher than the analyst consensus estimate of $36.31 million. Sales figures were equally better than what analysts were expecting. The company revenues increase by 14% to hit $22.8 million.
The company’s improved numbers mainly came from a drug called Rubraca, a cancer treatment drug. In the quarter, sales of this drug rose by 12% to hit $36.5 million. Growth in sales was driven by in positive progress from users, and a longer duration of use for the drug. On top of that, the company has been expanding the geographical reach of this drug. In October, it launched this drug in England.
In terms of costs, the company’s R&D costs increased in Q3 to hit $77.9 million. That is a 21.9% increase year-over-year. However, it expects R&D costs to drop in 2020. That’s because, the company’s largest sponsored clinical trials are almost complete, which will lead to a decline in clinical programs related costs.
From the charts, CLVS was in a breakout in Friday’s session. This was after months of trending downwards. Volumes were quite high too and in the day, 36.77 million shares of this stock were traded. In the short-term, the key level to watch will be Friday’s high of $6.25. If it opens and closes above this level, there would be a possibility of further bullish momentum in the very short term.
About Clovis Oncology Inc
Clovis Oncology Inc is a biopharmaceutical company that focuses on acquiring, development and commercialization of anti-cancer agents. The company has its headquarters in Boulder, Colorado.