Courtesy of Benzinga.
TESARO Inc (NASDAQ: TSRO) shares are trading lower by $2.31 at $142 in Monday’s session. The catalyst for the much lower open was the announcement that rival Clovis Oncology Inc (NASDAQ: CLVS) reported positive results for its cancer, which is in direct competition with a treatment Tesaro has in the pipeline.
After a much lower open, it continued in that direction before bottoming in the first minute of the session at $129.04 and embarked on a vicious rebound. So far, the ensuing rally has taken the issue beyond the lower-end of Friday’s range ($142.63) as $143.30 stands as the current high of the day. If the rally continues beyond that high, there may be additional resistance at the pair of closes from Thursday ($144.23) and Friday ($144.31).
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