Investors this morning are seeing a meteoric rise in the price of Clovis Oncology (NASDAQ:CLVS) stock. The biotech’s newest findings regarding its drug Rubraca are responsible for the increased trading volume and spike in value.
A Friday morning press release from Clovis bears great news for the future of ovarian cancer research. In a late-phase study of its drug Rubraca, it found the medication to be more effective at treating late-stage ovarian cancer than standard chemotherapy treatment.
Specifically, Rubraca improves the rate of progression-free survival (PFS) than chemotherapy in patients with late-stage or relapsed ovarian cancers which have mutated. Patients with whom radiation treatments don’t work, or those with advanced-stage cancer, will benefit from a new option for treatment.
Moreover, the medication does not just show promise in treating ovarian cancers. The drug also shows efficacy in fighting prostate cancer that resists other types of treatments. The ovarian study’s positive results incentivize the company to continue its research of the drug in treating other tumor-based cancers.
However, the study did show a few unappealing details. The press release revealed plenty of side effects associated with Rubraca. These adverse effects ranged from nausea and pain to anemia, respiratory infections and pregnancy complications.
This all being said, the announcement does not cover the full details of the study. Leading researcher Dr. Rebecca Kristeleit will present the full data Friday afternoon in a virtual seminar.
CLVS Stock Gains After Press Release
Investors in Clovis are happy with the new findings. The company was rising in pre-market trading, and has seen nearly 150 million shares change hands. Since open, CLVS stock has continued to build momentum.
As of this morning, the stock is up by over 40%. Those who were already bullish on CLVS stock are seeing some healthy gains.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.