Over the past week, a few biotech companies made absolutely massive runs. In the past year, the health care sector was on fire from positive trials, U.S. Food and Drug Administration (FDA) approvals and mergers and acquisitions.
The companies 24/7 Wall St. has picked stood out from the rest with incredible gains or losses over the course of the past week. We have included information about each company, as well as recent trading activity and the consensus price target.
Clovis Oncology
Clovis Oncology Inc. (NASDAQ: CLVS) announced that during its regularly scheduled Mid-Cycle Communication Meeting held last week with the U.S. Food and Drug Administration (FDA), for use in the efficacy analysis for both the 500 mg and 625 mg BID dose patient groups for rociletinib. Perhaps the most important part of this story is that Clovis anticipates that the review of this additional information will result in a delay of a potential approval. This additional review could lead to an extension of its March 30, 2016, Prescription Drug User Fee Act (PDUFA) date.
Shares were trading at $26.41 late on Friday’s close, down sharply from the $99.43 close the prior Friday. The consensus analyst price target is $49.67, and the 52-week trading range is $25.91 to $116.75.
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