Clovis Oncology Inc. (NASDAQ: CLVS) shares rose in early trade today on lower trade volume than normal after a number of analysts weighed in on the investing value of the stock and reiterated thier respective ratings.
Meanwhile stocks opened fat this morning as investors wait on the minutes from the Federal Reserve’s latest policy meeting, which may confirm expectations for a December rate hike.
The S&P 500 was up 2 points, or 0.1%, to 2,138. The Dow Jones Industrial Average was flat at 18,128. The Nasdaq Composite began the session unchanged at 5,247.
Analysts at Piper Jaffray Cos. reiterated a Neutral rating on shares of Clovis Oncology Inc. (NASDAQ: CLVS) in a reserach note to investors, making it one of the more actively watched stocks on Wall Street. With a rating of Neutral on the stock, Clovis Oncology Inc. has a 52-week high of $109.18. The one-year price target of $35.43 is higher than the opening price of $32.53, that has caused a fair amount of other analysts to comment on the company recently. Stock prices often trend to the upside on recommendations and new price targets of professional analysts.
Shares of Clovis Oncology Inc. (NASDAQ: CLVS) opened at $32.53 yesterday trading between $32.27 and $33.74, and last traded at $33.71, which is an increase of $1.13 or 0.03 compared to the previous closing price.
Clovis Oncology Inc. (NASDAQ: CLVS) currently has a market cap of 1.30B.
Clovis Oncology Inc.Trading Volume
466,787 shares traded hands yesterday, lower than normal, out of a total float 18,074,000. Momentum traders often use increases in trading volume to pinpoint large volume growth or circulation by institutional investors, so look for trading volume to pick up in the coming days.
However, a single day of high volume buy side trading is not enough to assert a trend. As such, market traders will continue to look for institutional sponsorship as a signal that financial institutions are moving forward.
Institutional sponsorship commonly refers to ownership of a stock by mutual funds, banks, pension funds and other large institutions.
These instituitional investors retain substantial teams of analysts researching thousands of stocks. So watching their interests is a good way to ensure you are buying the right stocks.
Clovis Oncology Inc. Moving Averages
A moving average can also act as support or resistance. In an uptrend a 50-day, 100-day or 200-day moving average may act as a support level, as shown in the figure below.
This is because the average acts like a floor (support), so the price bounces up off of it.
In a downtrend a moving average may act as resistance; like a ceiling, the price hits it and then starts to drop again.
Traders can make more effective decisions on trades when they follow the trading habits of professional investors.
With that in mind, Clovis Oncology Inc. (NASDAQ: CLVS) now has a 50-day MA of $30.27 and 200-day MA of $18.87. It has traded in a 52-week range between $11.57 – 109.1800 and today’s last price is 0.69% lower than the 52 week high of $109.18.
Earnings growth is a critical factor to consider when investing in stocks and investors seek companies that have raised their earnings at least 25% or more over 3 consecutive years.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of the website. Readers should not consider statements made by the author as formal recommendations and should consult their financial adviser before making any investment decisions. To read our full disclosure, please see our terms and conditions page.