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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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October 30, 2014
07:15 EDTCLVSASCO / ASTRO / IASLC to hold symposium
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October 23, 2014
16:54 EDTCLVSClovis announces first patient enrolled in lucitanib Phase 2 study
Clovis Oncology announced that its global Phase 2 study of lucitanib in patients with FGFR1-amplified squamous non-small cell lung cancer, or NSCLC, has commenced and the first patient has been dosed at a U.S. study site. Lucitanib is the company’s oral, potent inhibitor of the tyrosine kinase activity of fibroblast growth factor receptors 1 through 3 vascular endothelial growth factor receptors 1 through 3 and platelet-derived growth factor receptors alpha and beta. The Phase 2 study will enroll FGFR1-amplified squamous NSCLC patients with advanced disease who have progressed on at least one prior line of therapy. The global study will assess objective response rate, progression-free survival, and duration of response, as well as the safety, tolerability, and pharmacokinetics of lucitanib.

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