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Clovis Oncology (
CLVS) is a biopharmaceutical company focused on acquiring, developing and commercializing innovative anti-cancer agents in the U.S., Europe and additional international markets. This stock closed up 12.4% at $37.11 on Wednesday.
Wednesday's Volume: 495,000
Average Volume: 108,446
Volume % Change: 272%
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From a technical perspective, CLVS soared higher here right off some near-term support at $32.22 with heavy upside volume. This surge in price for CLVS is coming after the stock recently sold off from around $38 to $32.22. Shares of CLVS are now quickly moving within range of triggering a near-term breakout trade. That trade will hit if CLVS manages to take out some near-term overhead resistance at $38 and then once it clears its 52-week and all-time high at $39.63 with high volume.
Traders should now look for long-biased trades in CLVS as long as it's trending above $35 and then once it sustains a move or close above those breakout levels with volume that hits near or above 108,446 shares. If that breakout triggers soon, then CLVS will set up to enter new all-time high territory above $39.63, which is bullish technical price action. Some possible upside targets off that move are $43 to $45 in the near future.