Clovis Oncology Inc (NASDAQ: CLVS) is having an incredibly strong start to the trading session in the pre-market hours this morning, and for good reason. The company announced initial data from an ongoing Phase 2 clinical trial that proved to be positive. Of course, the data led to excitement among investors who are now sending the stock on a run for the top. Today, we’ll talk about:
- The clinical data;
- what we’re seeing from CLVS stock as a result; and
- what we’ll be watching for ahead.
CLVS Reports Clinical Data
As mentioned above, Clovis Oncology is having an incredibly strong start to the trading session this morning after announcing positive clinical data. In a press release issued early this morning, the company said that it provided initial data from the ongoing Phase 2 TRITON2 clinical trial of Rubraca. The data was provided at the ESMO 2018 Congress.
In the release, CLVS said that the data show a 44% confirmed objective response rate by investigator assessment. While the median duration of response in these patients has not yet been reached, a 51% confirmed prostate specific antigen response rate was observed in 45 PSA response-evaluable patients with a BRCA1/2 alteration.
The company also said that the TRITON2 results were the basis for the Breakthrough Therapy designation for Rubraca as a monotherapy treatment of adults with BRCA1/2 mutated mCRPC who have received at least one prior androgen receptor-directed therapy and taxane-based chemotherapy. This designation was provided to the company by the FDA on October 2, 2018.
The company said that the data from the trial will be highlighted in a poster presentation. This presentation is expected to be authored by Dr. Wassim Abida, Medical Oncologist at the Memorial Sloan Kettering Cancer Center, and principal investigator in the TRITON2 study.
In a statement, Patrick J. Mahaffy, President and CEO at CLVS, had the following to offer:
We are very encouraged by these initial findings from the TRITON2 study, which demonstrate the potential of Rubraca to treat men with advanced prostate cancer whose disease has progressed after receiving multiple prior lines of therapy… PARP inhibitors are now a validated therapeutic class in oncology in multiple tumor types, and these new data underscore the benefit that Rubraca may provide for men with advanced, BRCA-mutant castration-resistant prostate cancer. Having recently received Breakthrough Therapy designation based on these data, we are committed to the rapid development of Rubraca for men with this very difficult-to-treat disease.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dig into the market is that the news leads to moves. In the case of Clovis Oncology, the news proved to be overwhelmingly positive. After all, the strong data not only lead to Breakthrough Therapy designation, it shows that the company is on track when it comes to the development of Rubraca. So, it comes as no surprise that excited investors are sending the stock on a run for the top. Currently (7:04), CLVS is trading at $32.50 per share after a gain of $2.54 per share or 8.48% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CLVS. In particular, we’re interested in following the story surrounding the company’s continued work to develop and bring Rubraca to market. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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