Clovis Oncology hits over 6-month high as investors reject reverse stock split

Clovis Oncology

08/07/2022 16:54

** Shares of Clovis Oncology  CLVS.O  soar as much as 50% to
hit an over six-month high of $3.25 in morning trade 
    ** Late Thursday, co in a filing said its shareholders
rejected a reverse stock split (https://bit.ly/3ABjgwW)
    ** Reverse stock splits usually follow a substantial fall in
value and signal a company in distress, which investors often
interpret as a sign to sell
    ** Session's gain lifts shares into green for the year,
stock now up 15.5% YTD compared with a 14.5% decline in the
Nasdaq Biotechnology index  .NBI 

 (Reporting by Leroy Leo in Bengaluru)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))