Here’s Why Clovis Oncology, Inc. (CLVS) Stock Declined -3.37% Today

The biggest losers of the session on the Wall Street include Clovis Oncology, Inc. (NASDAQ:CLVS), which fell -0.61 points or -3.37% to trade at $17.48 as last check. The stock closed last session at $18.09 and sets an active trading volume day with a reported 947697 contracts so far this session. CLVS shares had a relatively better volume day versus average trading capacity of 1.6 million shares, but with a 51.4 million float and a -7.04% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for CLVS stock indicates that the average analyst price target is $30.2 per share. This means the stock has a potential increase of 72.77% from where the CLVS share price has been trading recently which is between $17.9 and $19.47. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $17.

The shorts are running away from Clovis Oncology, Inc. (CLVS) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in CLVS shares. While short interest still represents only 17.6% of CLVS’s float, the number of shares shorted have fallen by -334726. The number of shares shorted fell to 8711965 shares, down from 9046691 shares during the preceding fortnight. With average daily trading volumes at 1371057 shares, days to cover decreased to about 7.374531 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “Clovis Oncology Announces Presentations at 2019 ASCO Annual Meeting” and dated May 16, 2019.

During the recent trading session for Clovis Oncology, Inc. (NASDAQ:CLVS), the company witnessed their stock drop by $-1.79 over a week and tumble down $-3.39 from the price 20 days ago. When compared to their established 52-week high of $52.15, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 05/18/18. The recent low of $11.5 stood for a -67.57% since 10/31/18, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.85 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Clovis Oncology, Inc., the two-week RSI stands at 32.77. This figure suggests that CLVS stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current CLVS readings is similarly very revealing as it has a stochastic reading of 26.27% at this stage. This figure means that CLVS share price today is being overbought.

Technical chart claims that Clovis Oncology, Inc. (CLVS) would settle between $19.07/share to $20.06/share level. However, if the stock price goes below the $17.5 mark, then the market for Clovis Oncology, Inc. becomes much weaker. If that happens, the stock price might even plunge as low as $16.92 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -0.71. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at H.C. Wainwright lifted target price for shares of CLVS but were stick to Buy recommendation for the stock in their opinion released on April 15. The price target has been raised from $39 to $37. H.C. Wainwright, analysts launched coverage of Clovis Oncology, Inc. (NASDAQ:CLVS) stock with a Buy recommendation, according to their flash note issued to investors on February 13. Analysts at Leerink Partners released an upgrade from Mkt Perform to Outperform for the stock, in a research note that dated back to December 04.

CLVS equity has an average rating of 2, with the figure leaning towards a bullish end. 12 analysts who tracked the company were contacted by Reuters. Amongst them, 3 rated the stock as a hold while the remaining 9 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 9 analysts rated Clovis Oncology, Inc. (NASDAQ:CLVS) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, CLVS stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 8.72 while for the average stock in the same group, the multiple is 42.11.

Clovis Oncology, Inc. (CLVS)’s current-quarter revenues are projected to climb by nearly 49.43% to hit $35.5 million, based on current Zacks Consensus Estimate. The firm’s full-year revenues are expected to expand by over 56.53% from $95.39 million to a noteworthy $149310. At the other end of the current quarter income statement, Clovis Oncology, Inc. is expected to see its adjusted earnings surge by roughly 12.89% to hit $-1.69 per share. For the fiscal year, CLVS’s earnings are projected to climb by roughly 4.53% to hit $-6.75 per share.