Clovis Oncology falls on $75 mln equity raise plans

Clovis Oncology

17/05/2021 21:58

** Clovis Oncology  CLVS.O  shares down >4% after hours as
co looks to raise equity
    ** Co announces $75 mln at-the-market (ATM) equity sales
program with JP Morgan and BofA  urn:newsml:reuters.com:*:nBw9wxHj1a
    ** CLVS plans to use net offering proceeds from any ATM
sales to fund development programs, sales and marketing expenses
associated with Rubraca (rucaparib), repay debt, among other
uses
    ** On May 5, co said Q1 net product revenues of Rubraca
dropped 11% yr/yr to ~$38 mln, hurt by fewer diagnoses and fewer
patient starts due to ongoing COVID-19 pandemic  urn:newsml:reuters.com:*:nBw9XmkYma
    ** CLVS has ~104.6 mln shares outstanding for ~$614 mln
market cap, per Refinitiv data
    ** Stock on Mon closed flat at $5.87, up 22% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))