Clovis Oncology Inc CLVS shares are trading higher by $5.30 (7.7 percent) at $74.76 in Monday's session. The catalyst for the rally may be unconfirmed takeover chatter that circulated Wall Street earlier today.
The company declined comment on the speculation and told Benzinga it "remains focused on bringing Rubraca (rucaparib) to women with ovarian cancer and eventually to patients with solid tumors that may be addressed by PARP inhibitors."
After a flat open, Clovis had a brief retreat but found support just under Friday's close ($69.46) at $69.20 and began to move higher. So far, the ensuing rally took the stock to $76.99 and has backed off that high. That marks the highest level for the stock since it peaked on September 6 at $78.30.
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