Clovis Oncology Inc. (CLVS) shares gained 5.58% in the after-hours on Wednesday, June 16, 2021, and closed at $6.24 per share. in the morning session, CLVS stock gained 2.43% and closed at $5.91 per share. CLVS shares have fallen 19.59% over the last 12 months, and they have moved down 6.34% in the past week. Over the past three months, the stock has gained 3.32%, while over the past six months, it has added 10.88%.
Partial Adjournment of Annual Meeting of Stockholders
On June 11, 2021, Clovis Oncology, Inc announced partial results and the partial Adjournment of the 2021 Annual Meeting of Stockholders.
The Annual Meeting will resume for Proposal 2 at 8:30 a.m. Mountain Time on June 23, 2021, and will continue to be held at the St. Julien Hotel, 900 Walnut Street, Boulder, Colorado 80302.
Participating at 2021 ASCO annual meeting
Clovis Oncology, Inc presented four abstracts featuring data from clinical studies evaluating Rubraca and/or lucitanib and one abstract on real-world data of PARP inhibitor usage at the 2021 American Society of Clinical Oncology (ASCO) Annual Meeting which held virtually on June 4-8, 2021.
Market Equity Offering Program
On May 18, 2021, Clovis Oncology, Inc filed a prospectus supplement with the U.S. Securities and Exchange Commission under which it may offer and sell, from time to time, shares of its common stock having an aggregate offering price of up to $75,000,000 million through an “at-the-market” equity offering program.
Recent financial results
On May 5, 2021, Clovis Oncology, Inc reported financial results for the quarter ended March 31, 2021.
Q1 2021 financial highlights
Clovis reported total revenue of $38.1 million for Q1 2021 compared to revenues of $42.6 million in Q1 2020.
Research and development expenses were $52.8 million for Q1 2021compared to $68.2 million for the comparable period in 2020.
Selling, general and administrative expenses were $29.9 million for Q1 2021compared to $42.6 million for Q1 2020.
Clovis reported a net loss of $66.3 million, or $0.64 per share for Q1 2021 compared to a net loss of $99.3 million, or $1.39 per share in Q1 2020.
As of March 31, 2021, Clovis had $190.9 million in cash and cash equivalents.
In Q1 2021, the company used $61.9 million net cash in operating activities compared to $82.5 million reported in Q1 2020.
Conclusion
As of this writing, there is no latest news so CLVS positive performance on Wednesday is a bit strange but we expect it to continue its momentum in the remaining week.
