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Clovis Oncology Stock up 102 Percent

Clovis Oncology stock was up 102 percent today on news of favorable Phase II data from two of its cancer drugs.

It’s not everyday that a stock doubles in one trading session but Clovis Oncology (NASDAQ: CLVS), a biotech company specializing in cancer research, did just that.

One of its compounds, Rucaparib, was tested on 37 patients. 21 had breast cancer, 10 had ovarian cancer, and six had various types of solid tumors. The data from the trial showed that the drug provided an 89 percent clinical benefit to patients with ovarian cancer.

Another compound, CO-1686, showed favorable results in three of four patients with dominant resistance mutation T790M.

But the story lies in Rucaparib. An 89 percent clinical benefit for patients with ovarian cancer is an exciting announcement for those suffering with the disease. Investors will watch closely as the company plans Phase III trials scheduled to start as early as this year. Assuming the data remains positive without severe side effects, expect the drug to be in front of the FDA as early as next year.

Bloomberg reported this quote from Clovis CEO, Patrick Mahaffey:

“There are no approved treatment options for patients with non-small cell lung cancer who have developed the T790M resistance mutation. We are extremely encouraged by these initial results.”

[stock-tools exchange="NASDAQ" symbol="CLVS" image_height="180" image_width="300"]

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