Clovis Oncology Inc (NASDAQ: CLVS) is having an overwhelmingly strong start to the trading session this morning, and for good reason. In a press release issued late in after-hours yesterday, the company announced that it has received a positive vote with regard to regulatory approval in Europe. Today, we’ll talk about the news, what we’re seeing from CLVS, and what we’ll be watching for ahead.
CLVS Gains Big On Regulatory Update
As mentioned above, Clovis Oncology is having an incredibly strong start to the trading session this morning after issuing a press release after the closing bell yesterday. In the press release, the company announced news with regard to rucaparib tablets as a monotherapy for the treatment of a limited population of advanced ovarian cancer patients with deleterious BRCA mutation. According to the release, the Committee for Medical Products for Human Use, or CHMP has communicated a positive trend vote surrounding the company’s Marketing Authorization Application. The CHMP is expected to hold a final vote on the CLVS treatment at their meeting between March 19th and March 22nd, 2018.
In a statement, Patrick J. Mahaffy, President and CEO at CLVS, had the following to offer:
We are pleased with this positive trend vote and the potential for a formal positive vote on the later-line treatment indication next month, especially for a patient population with a significant unmet clinical need… This potential approval also paves the way to a rapid review and potential CHMP vote for the maintenance indication by year-end in an early-line and all-comers population of women with advanced ovarian cancer.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to dabble in the market is that the news causes moves. In the case of Clovis Oncology, the news that was recently released proved to be overwhelmingly positive. After all, the company is one step closer to realizing regulatory approval in Europe. As is normally the case, our partners at Trade Ideas were the first to alert us to the gains. Currently (8:00), CLVS is trading at $59.79 per share after a gain of $4.86 per share or 8.85% 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 work to bring rucaparib to the European market for various indications as the treatment looks like it’s got a strong chance of approval. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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