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Clovis Oncology, maker of ovarian cancer drug Rubraca, has filed for chapter 11 and proposed selling a separate therapy to a Novartis affiliate.
Recent regulatory developments force Clovis (CLVS) to file for bankruptcy. The company inks a stalking horse agreement with Novartis for one of its pipeline candidates.
Clovis Oncology (NASDAQ: CLVS ) stock is on the move Monday as investors react to the pharmaceutical company filing for bankruptcy protection. The first thing that investors need to know about is Clovis Oncology's plan for this bankruptcy.
Clovis Oncology Inc. stock CLVS, -9.94% fell 10% in premarket trade Monday, after the biotech filed for Chapter 11 bankruptcy and said it would sell assets. The company has a commitment for up to $75 million in debtor-in-possession financing to provide the liquidity needed to restructure in bankruptcy and pay its vendors and customers.
Investors in Clovis Oncology (NASDAQ: CLVS ) stock will want to prepare for a bankruptcy filing following a warning from the pharmaceutical company. According to a filing with the U.S. Securities and Exchange Commission (SEC), the company is expecting to file for Chapter 11 bankruptcy protection.
Clovis Oncology (CLVS) tanks in the past six months following the possibility of a bankruptcy filing in the near term.
Clovis (CLVS) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term.
Once again, I drew the short (no pun intended) end of the stick and must discuss stocks to sell right now. Understandably a sensitive topic and one that arouses myriad emotions, I'm just going to stick with the hard numbers.
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