Why Clovis Oncology Stock Is Trading Lower Today

Clovis Oncology CLVS shares are trading lower after the company announced a $75 million at-the-market equity offering program.

Clovis Oncology intends to use the net proceeds from any sales of its common stock under the ATM Program for general corporate purposes, including funding of its development programs, sales and marketing expenses associated with Rubraca, repayment, repurchase or refinance of its debt obligations, payment of milestones pursuant to its license agreements, general and administrative expenses, acquisition or licensing of additional product candidates or businesses and working capital.

Clovis Oncology Inc is a biopharmaceutical company. It is focused on acquiring, developing and commercializing innovative anti-cancer agents in the United States, the EU, and additional international markets.

The stock was trading 4.43% lower at $5.61 at the time of writing. The stock has a 52-week high of $11.10 and a 52-week low of $4.08.