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Why Clovis Oncology's Stock Is Trading Lower Today

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Clovis Oncology, Inc. (NASDAQ: CLVS) shares are trading lower on Tuesday.

Late Monday, the company announced a common stock offering of $85 million. The company announced the pricing of 11 million shares of its common stock in an underwritten public offering at a price to the public of $8.05 per share.

Clovis Oncology is a biopharmaceutical company. It is focused on acquiring, developing and commercializing innovative anti-cancer agents in the U.S., the EU, and additional international markets. The firm targets its development programs for the treatment of specific subsets of cancer populations.

Clovis Oncology shares were trading down 13.39% at $7.76 on Tuesday. The stock has a 52-week high of $17.61 and a 52-week low of $2.93.

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