Clovis Oncology, Inc. (CLVS) stock prices were up by 4.77% as of the market closing on June 8th, 2021, bringing the price per share up to USD$5.71 at the end of the trading day. Subsequent pre-market fluctuations have seen the stock rise by a significant 18.21% bringing it up to USD$6.75.
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Meme Stock Phenomenon
In the absence of significant recent news or changes in fundamentals, CLVS’ fortuitous surge in the value of its equity is largely attributable to the growing meme stock phenomenon that has taken over the market. As users of the social media platform, Reddit, collaborate and target underdog companies with high short interests to artificially drive the prices up, retail investors profit while corporate investors scramble to mitigate drastic losses.
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Net Revenue Reports
The company reported global net product revenues in the amount of USD$38.1 million, generated from the company’s flagship Rubraca, over the course of the first quarter of the fiscal year 2021. Included in this total is USD$31.7 million that were derived from markets in the United States, with the rest accounting for overseas sales from around the world. This represents an 11% year-over-year decrease from the USD$42.6 million reported in net product revenue for Q1 2020.
Explaining the Difference
This year-over-year difference is largely attributable to a lower number of both diagnoses and patients since the onset of the global coronavirus pandemic, which resulted in strict regulations and government-mandated restrictions. Additionally, Q1 2020 was the strongest US Rubraca sales quarter the company had ever reported, so it was an exceptionally high standard that was set. Overall, despite the pandemic continuing to devastate the global economy, CLVS has managed to emerge largely unscathed from the first quarter of fiscal 2021.
Solid Liquidity Position
As of March 31st, 2021, CLVs reported cash and cash equivalents in the amount of USD$190.9 million. In conjunction with the ATHENA clinical trial financing, CLVS expects its solid liquidity position to fund its operations through to early 2023. Concurrently, the company announced having drawn USD$113.6 million from the ATHENA clinical trial financing provided by Sixth Street Partner, LLC. The company had another USD$61.4 million available to be drawn to fund expenditures related to the ATHENA trial as per the agreement.
Pipeline Developments
The company recently announced the clearance of imaging and treatment INDs for FAP-2286, approved by the U.S. Drug and Food Administration as an innovative peptide-targeted radionuclide therapy. CLVS expects Phase 1 and 2 enrollments for the LuMIERE study of FAP-2286 to commence by the second quarter of 2021. Also expected by Q2 2021 is top-line data from Phase 3 ATHENA trial of Rubraca in patients with ovarian cancer as a monotherapy and first-line maintenance treatment.
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Future Outlook for CLVS
Armed with the inflated value of its equity, CLVS is poised to capitalize on this fortuitous opportunity to situate itself for a post-pandemic economy. The company is keen to continue its trajectory of success and use the springboard of the meme stock craze to usher in more organic growth over the future. Current and potential investors are hopeful that management will leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value.
