Clovis Oncology is still flying higher. After winning approval on December 19 for rucaparib, a drug for treating ovarian cancer, investors should brace for a secondary offering. The company has only $8.32 per share in cash.Debt is another concern.The debt/equity is nearly 5 times. CLVS clearly has two big financial problems on its hand. The headwinds do not imply short-selling: CLVS is a very attractive takeover target. It needs a bigger firm with more cash and clout on the markets.The soaring CLVS stock price is embarrassing for analysts at Chardon Capital. In October, the group downgraded the stock and assigned a $15 target price.TakeawayCLVS may dip if no buyers emerge, even though chances are good it will receive a buyout offer. Keep this stock on the watch list this year.Related biotech stocksThe value stocks group follows Exelixis (EXEL), Valeant Pharmaceuticals, Ariad Pharma, and Ionis (IONS).