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March 26, 2014
10:06 EDTCLVSClovis advances ahead of clinical trial update
Shares of Clovis (CLVS) are rising a day before the company is slated to report interim results from a study of its CO-1686 drug. CO-1686 is supposed to treat non-small cell lung cancer. WHAT'S NOTABLE: In a regulatory filing on February 27, Clovis said that it would provide an update on clinical results from a Phase I study of CO-1686. The update will include results from patients treated with the hydrobromide salt formulation that will be used in all clinical studies going forward, the company stated. The results are slated to be presented during a session that will be held between 10 am ET and 11:30 am ET, Clovis reported. CO-1686 is supposed to mutant forms of the epidermal growth factor receptor and the T790M resistance mutation. ANALYST REACTION: In a note to investors earlier today, Leerink Swann analyst Mark Kozul estimated that there is about an 85% chance that the stock will rise following tomorrow's update. The stock could jump more than $15-$20 if the data lowers CO-1686's risk, he predicted. Moreover, there is less than a 15% chance that the stock will drop following the update, and the shares are unlikely to decline more than $10, the analyst predicted. Kozul reiterated a $110 price target and Outperform rating on the stock. PRICE ACTION: In early trading, Clovis climbed $3.70, or 5%, to $77.50.
News For CLVS From The Last 14 Days
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September 29, 2014
07:09 EDTCLVSClovis can remain ahead of competitor, says Stifel
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06:02 EDTCLVSAstraZeneca data raises bar for Clovis, says Mizuho
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September 28, 2014
12:42 EDTCLVSClovis announces preliminary Phase 2 results from the ARIEL2
Clovis Oncology announced preliminary Phase 2 results from the ARIEL2, Assessment of Rucaparib In Ovarian Cancer Trial, study and updated results from the ongoing Phase 1/2 monotherapy study of rucaparib. Rucaparib is the company’s investigational oral, potent, small molecule inhibitor of PARP1 and PARP2 being developed for the treatment of platinum-sensitive ovarian cancer in patients with homologous recombination deficient tumors, defined as those with BRCA mutations and other DNA repair deficiencies. These data are being presented today at the European Society of Medical Oncology 2014 Congress in Madrid. "New treatments are desperately needed for women with ovarian cancer. The data presented for rucaparib in ovarian cancer demonstrate compelling clinical activity and tolerability in patients with BRCA mutations,” said Professor Iain McNeish, Professor of Gynaecological Oncology, Institute of Cancer Sciences, University of Glasgow and one of the two principal investigators of the ARIEL2 study. “Even more encouraging are the preliminary data from ARIEL2, which show that tumor HRD analysis can identify a broader range of patients who may benefit from rucaparib therapy. HRD analysis may be a more robust and precise method to select patients for PARP inhibitor therapy than platinum sensitivity alone. I am delighted to be involved in this study, which may ultimately lead to an additional treatment option, not only for germline BRCA mutation carriers but also for large numbers of ovarian cancer patients, for whom few options exist today.” “We are enthusiastic about the possibility of identifying ovarian cancer patients beyond those with germline BRCA mutations who may benefit from rucaparib therapy with the ARIEL2 study,” said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “And we look forward to sharing the first clinical outcome data at the ENA Symposium in November, which were accepted for an oral plenary session. We believe we are the only company seeking to prospectively demonstrate a PARP inhibitor’s activity in a molecularly-selected ovarian cancer population beyond germline BRCA mutations, and this may have the potential to meaningfully differentiate rucaparib.”

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