Clovis Oncology Inc (NASDAQ:CLVS)
Clovis Oncology, Inc. (CLVS), a global biopharmaceutical company yesterday announced positive results from its Phase 3 Ariel 3 trial of rucaparib. Rucaparib is a maintenance therapy used for the treatment of ovarian cancer.
The trial reached its primary endpoints, and rucaparib showed statistical significance over the placebo.
Clovis Oncology, Inc. CEO’s Comments
“We are very pleased with these positive ARIEL3 topline results that strongly demonstrate the potential of rucaparib to help women with platinum-sensitive, advanced ovarian cancer. These results reinforce the potentially foundational role of rucaparib in the management of advanced ovarian cancer, as demonstrated by both investigator review and the blinded independent central review. Most importantly, we are grateful to the patients, caregivers and investigators who participated in this study. We look forward to sharing these data in greater detail at a medical meeting later this year and submitting our sNDA as rapidly as possible, with the ultimate goal of making rucaparib available to more women battling ovarian cancer.” 24/7 Wall St.
CLVS Technical Analysis
CLVS opened trading yesterday at $87.73 which was up from the previous day’s trading close of $59.97 equivalent to a 47% increase. CLVS closed trading yesterday at $87.88 and moved down after market to $86.70. Taking a look at the daily chart we can see the last time CLVS traded above these levels we have to go back to November 13th, 2015 when it traded at $99.43.
Taking a closer look at the daily chart we can see that before the spike up CLVS had already been in an overall upward trend dating back to May 11th when it traded at $45.93. CLVS has a float of 31.22 million shares and traded 8.38 times the normal daily trading volume on Monday.
For trading purposes, I would like to see CLVS open trading on Tuesday above $83.00 and if it does I would be looking to take a long position at the bell. My stop loss would be $0.50 from my entry position fearing anything more than that and the stock would start to fill in the gap up.
Company Profile
Clovis Oncology, Inc., a biopharmaceutical company, focuses on acquiring, developing, and commercializing anti-cancer agents in the United States, Europe, and internationally. Its commercial product includes Rubraca (rucaparib) tablet, an oral and small molecule poly ADP-ribose polymerase inhibitor as monotherapy for the treatment of patients with deleterious breast cancer mutation associated advanced ovarian cancer, who have been treated with two or more chemotherapies, and selected for therapy by an FDA-approved companion diagnostic for Rubraca.
The company is also involved in the ARIEL3 and ARIEL4 confirmatory trials of rucaparib as a potential maintenance therapy and treatment for ovarian cancer; trial of rucaparib in prostate indications (TRITON) 2, a Phase 2 single-arm study in men with metastatic castrate-resistant prostate cancer; and TRITON3, a Phase 3 comparative study in men with mCRPC enrolling BRCA mutant and ATM, as well as engages in the various clinical studies for other indications.
It distributes its product primarily through specialty distributors and pharmacy providers to patients and health care providers. The company has license agreements with Pfizer Inc. (NYSE:PFE), AstraZeneca UK Limited, Advenchen Laboratories LLC, and Celgene Corporation (NASDAQ:CELG); and collaboration and license agreement with Les Laboratoires Servier. Clovis Oncology, Inc. was founded in 2009 and is headquartered in Boulder, Colorado.