Biotech stocks continue to remain in focus this week, and Clovis Oncology Inc (NASDAQ:CLVS) is no exception. The fact that it is all set to report its financial report for 4Q2016 has made it more volatile and the interest is clearly seen in its trading volume. Clovis will report its fourth quarter and year-end 2016 financial report on February 22, 2017, after market hours.
In addition to the financial release news, the biotech stock recorded strong gains on Monday after AstraZeneca plc (ADR)(NYSE:AZN) reported that its Lynparza medication, used for breast cancer cure, recorded positive report in phase three clinical studies. Analysts noted that the gain was probably thanks to the fact that both TESARO Inc (NASDAQ:TSRO) and Clovis have assets that aim tumors utilizing PARP inhibitors, like AstraZeneca’s Lynparza does.
Clovis shares price has doubled in a span of just one year. Meanwhile, Tesaro value has tripled during same period. Astrazeneca stock, though, wasn’t much impacted by the update. Both biotech stocks, Tesaro and Clovis are broadly noted as prospective targets for takeover. Reports came earlier this month that Tesaro is discussing with investment banks, counting Citigroup, about a prospective deal. The reports stated that Tesaro is not yet looking for a sale, however, it’s vital to record that engaging with bankers is probably the first step in Mergers & Acquisition process.
Sanofi SA (ADR)(NYSE:SNY) has been rumored as a buyer for Tesaro. However, the firm has denied these statements. As for Clovis, the firm went public in January, following months of stories that it could be bought. Still, Eli Lilly and Co (NYSE:LLY) and Merck & Co., Inc. (NYSE:MRK) have been noted as acquirers for Clovis, in part as neither one was able to close an agreement with Medivation Inc (NASDAQ:MDVN), which was bought by Pfizer Inc. (NYSE:PFE) for $14 billion last year.