Clovis Oncology (NASDAQ:CLVS) stock is getting a boost on Wednesday as investors react to news of it reaching a two-year clinical supply agreement.
That agreement was signed with Isotopia Molecular Imaging and it supplies Clovis Oncology with lutetium-177. The company is using this in the development of FAP-2286. This is a fibroblast activation protein in development as a therapeutic treatment.
Clovis Oncology is currently testing FAP-2286 in its Phase 1/2 LuMIERE study. This has it using the treatment on patients with advanced solid tumors and acting as an agent to help with imaging of cancerous tumors.
Patrick Mahaffy, president and CEO of Clovis Oncology, said the following in a news release:
“Clovis Oncology is committed to advancing FAP-2286’s clinical development program and emerging as a leader in targeted radionuclide therapy. A critical element to advance this program is ensuring long-term supply of radioisotopes, and this agreement further secures our ability to achieve that goal.”
Retail Investors Will Be Watching CLVS Stock
Clovis Oncology has long been popular with retail traders and today’s news will likely interest them. That, combined with the stock’s penny status, means it might be subject to volatility in the coming days.
So far, movement has been mild with about 700,000 shares on the move. That’s nowhere close to its daily average trading volume of 9.3 million shares. Gains are also moderate with a 4% increase as of Wednesday afternoon.
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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.
