The stock of Clovis Oncology, Inc. (NASDAQ:CLVS) is now priced at $6.25 and the shares are 0.11 points up or 1.79% higher compared to its previous closing price of $6.14. The stock had 3.476 million contracts set over the past session. CLVS shares’ daily volume is compared to its average trading volume at 6.246 million shares. However, it has a float of 69.72 million and although its performance was 1.63% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CLVS share price recently placing at $6.1062 to $6.42. However, some brokerage firms have priced the stock below the average, including one that has called $4.
The shorts are climbing into the Clovis Oncology, Inc. stock, with the latest data on short interest released on July 15, 2020, showing that short interest numbers in the CLVS shares have risen. Short interest in the stock represents just 46.83% of its float, but the volume has raised by 2408789. The volume of shorted shares rised to 32.654 million from 30.245 million shares over the last two weeks. The average intraday trading volume has been 3.148 million shares, which means that days to cover moved to roughly 10.373758.
In the last trading session, Clovis Oncology, Inc. (NASDAQ:CLVS) raised by $0.1 over the week and lost -$0.33 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $17.37. The stock recorded its established 52-week high on 12/02/19.
Since 10/28/19, the stock has traded to a low of $2.93 at 113.31%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.41. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Clovis Oncology, Inc.’s two-week RSI is 47.7. This suggests that the stock is neutral at the moment and that CLVS shares’ price movement remains stable. The stochastic readings are equally revealing at 28.18% meaning the CLVS share price is currently in overbought territory.
The technical chart shows that the CLVS stock will likely settle at between $6.41 and $6.57 per share. However, if the stock dips below $6.1, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $5.94.
Currently, the stock is trading in the red of MACD, with a reading of -0.1. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at H.C. Wainwright though raised target price of CLVS stock from $29 to $33 but maintained Buy recommendation in their May 18 review. SVB Leerink analysts downgraded their recommendation of the stock from Mkt Perform to Underperform while keeping its target price at $5 in a flash note released to investors on April 27. BofA/Merrill seeing the stock struggling downgraded it from Neutral to Underperform on April 09 placing it at $6.
The average rating for the CLVS equity is 3 and is currently gathering a bullish momentum. Of 10 analysts tracking Clovis Oncology, Inc. polled by Reuters, 4 rated CLVS as a hold. The remaining 6 analysts were split evenly. However, the split wasn’t equal as a majority (3) rated it as a buy or strong buy. 3 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Clovis Oncology, Inc. (NASDAQ:CLVS) will decrease by about -99.9%, which will see them reach $44.65 million. The company’s full-year revenues are, however, expected to increase by about 34.99%, up from $143 million to $193 million. CLVS’s expected adjusted earnings should drop almost -54.19% to end up at -$1.04 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -43.2% to record -$4.22/share.