Clovis Oncology (NASDAQ: CLVS) stock reached the highest point this year in February, and then has been running at low levels. The company will release its second quarter 2021 financial results on August 4, 2021, should you buy it now?

Rubraca is the one of the company's products, which is being developed in multiple tumor types, including ovarian and prostate cancers, as monotherapy and in combination with other anti-cancer agents. The company said that the top-line data from the ATHENA phase 3 study in first-line maintenance treatment ovarian cancer setting evaluating Rubraca monotherapy versus placebo are expected in the second-half of 2021.

FAP-2286 is the company's peptide-targeted radionuclide therapy and imaging agent targeting broblast activation protein. Imaging and treatment IND applications cleared by FDA for FAP-2286, a novel peptide-targeted radionuclide therapy, which is currently in phase 1/2 study.

Rubraca in global net product revenue for Q1 2021 was down 11%, compared with the same period last year, due to continued headwinds from COVID-19 in the US and Europe, but this affect will lessen over the course of this year. So, Rubraca revenue may grow in the next few quarters. In addition, if the top-line data from the ATHENA phase 3 study is positive, its stock may rise sharply. Therefore, this is a penny stock that investors should consider watching closely.

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