Why Clovis Oncology Stock Skyrocketed 80% This Week
Shares of Clovis Oncology (NASDAQ: CLVS) jumped 80% this week, according to data from S&P Global Market Intelligence. The stock closed at $1.60 last Friday, then opened on Monday at $1.62. Clovis' big move didn't come until Thursday, however, when the company announced positive data regarding its drug Rubraca (rucaparib). The stock, after closing at $1.65 on Wednesday, opened at $2.33 on Thursday and rose as high as $2.88 in the first hour of trading. It was a big development for the company as its shares had fallen significantly from last year, when it was trading as high as $11 a share early in February.
Clovis said its phase 3 trial found Rubraca extended the progression-free survival rate in ovarian cancer to 20.2 months, compared to an average of 9.2 months in the placebo group.
The drug works by inhibiting poly (ADP-ribose) polymerase (PARP), robbing tumor cells of their ability to repair their DNA. However, it isn't the only PARP inhibitor on the market with Lynparza, sold by AstraZeneca and Merck, earning $2.3 billion in sales in 2021.
Source Fool.com
