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Clovis Oncology Shares Higher After Breast Cancer Drug News

Stock for Clovis Oncology (CLVS) opened today at $43.70 and traded as high as $49.30 on higher-than-normal volume. Trading today ranged between $35.33 and $93.33 over the past 52 weeks.

In after-hours trading yesterday, stock for Clovis Oncology, Inc. was up 10%, thanks to the announcement that its first patient in the Phase II study of the drug lucitanib has been enrolled. Lucitanib is being developed specifically to treat fibroblast growth factor (FGF)-aberrant breast cancer and ultimately, approximately 160 patients with FGFR1 or 11-q amplified breast cancer will be studied.

Clovis Oncology, Inc. is a biopharmaceutical company that plans to evaluate survival rate of patients without any progression of the disease after being administered 10 to 15 milligrams of llucitanib daily. The trial is also designed to analyze other metrics to include response rate and overall timing, safety, and tolerability.

As a whole, Clovis Oncology, Inc. focuses on acquiring, developing, and commercializing anti-cancer agents in the United States and Europe, as well as other foreign markets. In addition, they work on developing treatments specific to subsets of cancer populations.

Of all cancer types, breast cancer is the most common, causing roughly 41,000 deaths in the US each year. However, survival rate in developed countries is at around 80% but just 40% in low-income countries, primarily because of a lack of early detection.

The drug, lucitanib is an oral inhibitor of “tyrosine kinase activity”, which is caused by FGFR1 and FGFR2, as well as various other growth factor receptors to include Vascular Endothelial Growth Factor receptors (VEGFR 1-3) and Platelet-Derived Growth Factor receptors (PDGFR α-ß).

What makes this particular treatment unique is its capability of benefiting patients with “minimal off-target activity through the inhibition of receptors known to cause tumor development using multiple pathways”.

This new study will complement another Clovis endeavor called the Servier-sponsored FINESSE” study that will evaluate both efficacy and safety of lucitanib as a mono-therapy. Phase II is scheduled to start soon and from pipeline products expected to launch in the market for fiscal year 2014, Clovis Oncology expects to generate $13.6 million. However, according to analysts with Bloomberg, revenue is likely to drop $3.5 million.

The 12-month target price of stock for Clovis Oncology, Inc. (CLVS)  is $83.8, an 84% increase from the current price, based on growth potential of pipeline products.

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