Tesaro Comes Roaring Back From Much Lower Open

TESARO Inc TSRO shares are trading lower by $2.31 at $142 in Monday's session. The catalyst for the much lower open was the announcement that rival Clovis Oncology Inc CLVS reported positive results for its cancer, which is in direct competition with a treatment Tesaro has in the pipeline.

After a much lower open, it continued in that direction before bottoming in the first minute of the session at $129.04 and embarked on a vicious rebound. So far, the ensuing rally has taken the issue beyond the lower-end of Friday's range ($142.63) as $143.30 stands as the current high of the day. If the rally continues beyond that high, there may be additional resistance at the pair of closes from Thursday ($144.23) and Friday ($144.31).