Clovis Oncology (NASDAQ:CLVS) stock is in the news Thursday as shares rocket higher thanks to positive data from a recent clinical trial.
That data comes from the company’s Phase 3 ATHENA-MONO Trial. This trial saw it testing the effects of Rubraca monotherapy against a placebo in treating women with advanced ovarian cancer. Its use came after treatment with platinum-based chemotherapy.
The big news for Clovis Oncology is that the Phase 3 clinical trial met its primary endpoint. That includes benefits “in both primary efficacy analyses of newly-diagnosed patients with advanced ovarian cancer.”
Patrick Mahaffy, president and CEO of Clovis Oncology, said the following about the clinical trial data boosting CLVS stock today.
“The results from the ATHENA-MONO study of Rubraca in first-line maintenance treatment ovarian cancer exceeded our expectations in terms of significant improvement in PFS versus placebo in each of the primary efficacy populations, including the all-comers or intent-to-treat population.”
What does Clovis Oncology plan to do now? The company will submit a supplemental New Drug Application to the U.S. Food and Drug Administration (FDA) in the second quarter of 2022. A Type II Variation will be sent to the European Medicines Agency in the third quarter of the year.
Massive trading is taking place today alongside the news boosting CLVS stock higher. As of this writing, more than 125 million shares of the company’s stock have changed hands. That’s an incredible increase over its daily average trading volume of about 5 million shares.
CLVS stock is up 57.3% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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