In the latest Clovis Oncology (NASDAQ:CLVS), the company’s stock took a major hit as one of its trials for a drug designed to treat cancer has been halted suddenly.
The Boulder, Colorado-brand said on Friday that it would no longer continue the phase two trial of its rucaparib treatment that was designed to help patients with bladder cancer, a report close to the matter said. The company decided to stop the trial after a recommendation from an independent monitoring committee was sent its way, the Dow Jones said.
Clovis Oncology added that the committee recommendation was not the result of a “safety profile” of the treatment, Dow Jones added. CLVS stock was down roughly 14% after the bell on Friday following the company’s announcement.
Shares then fell about 11.9% on Monday, sending the price of its stock to now be at $20.69 per share. At the beginning of the year, the stock was trading at $19.39 per share, which means that it has still managed to increase by about 6.7% throughout 2019.
Clovis Oncology was founded about 10 years ago in the aforementioned mountain town, where it is currently headquartered. It is listed in the NASDAQ Biotechnology Index and it has several products in its product pipeline.
These include rociletinib, which is designed to treat non-small cell lung cancer, with a phase III trial of the drug completed in April 2016. Rucaparib is designed to treat ovarian cancer, while lucitanib treats advanced solid tumors.