Clovis stock gets a boost from Citadel investment

BOULDER — Clovis Oncology Inc.’s (Nasdaq: CLVS) stock price, which has taken a beating in the last year, jumped about 10 percent in early trading Friday following a disclosure that Citadel Advisors LLC had bought roughly 3.6 million shares. The stock price finished trading Friday at $5.60, up 7.69 percent.

Citadel’s investment represents 7 percent of Clovis’ shares, according to documents filed with the U.S. Securities and Exchange Commission.

Citadel is a Chicago-based investment firm led by CEO Kenneth Griffin. 

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Despite the positive momentum, Clovis’ stock price is still down significantly from its 52-week high of $37.27. The stock has lost roughly 80 percent of its value in the last six months. 

Earlier this month, the company announced $225 million in a private offering. That offering followed a report that Clovis posted a loss-per-share of $2.27 for Q2 2019, far greater than analyst estimates of a loss of $1.71 per share.