Palo Alto Investors Eyeing Opportunity in Clovis Oncology (CLVS); Pandora Media (P) Lifts Outlook

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Clovis Oncology Inc. (Nasdaq:CLVS) shares climbed to touch a new 52-week high of $54.38 in intraday trading Thursday, finally closing at $53.49, up $4.16 (or +8.43%) with a total volume of 3.46M shares traded.

After the closing bell, hedge fund Palo Alto Investors, LLC disclosed in a regulatory filing ( SC 13G/A ) with the U.S. Securities and Exchange Commission (SEC) a 9.86% passive stake (3,804,088 shares) in the biopharmaceutical company.

Clovis Oncology, which focuses on acquiring, developing, and commercializing anti-cancer agents, has 44.33M shares outstanding, market capitalization (intraday) of $2.33B and CLVS stock one-year range is now from $48.25 to $54.38 per share.

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Shares of Pandora Media Inc. (NYSE:P) surged more than 7% in after-hours trading Thursday as the company said that, due to strong advertising performance, now expects – for the fourth quarter 2016 – revenue to exceed its previously reported guidance range of $362 million to $374 million and an improvement from its prior adjusted EBITDA guidance of a loss of between ($51) million and ($39) million.

Wall Street analysts are expecting Pandora to post revenue of $368.22 million for the period.

P stock closed the regular session in positive territory by 0.93% (or +$0.11) at $12.00

Pandora Media, which provides Internet music streaming services, has 224.97M shares outstanding, market capitalization (intraday) of $2.72B and P stock 52-week range is between $7.10 and $14.98 per share.

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