Positive Prostate Cancer Results for Lynparza Are Bad News for Clovis Oncology
Investment bank SVB Leerink on Monday downgraded Clovis Oncology (NASDAQ: CLVS) after poring over the latest clinical trial results reported by the biotech's competition. On Friday, AstraZeneca (NYSE: AZN) and Merck (NYSE: MRK) reported positive results from a study of Lynparza involving that same type of prostate cancer patients Clovis would like to treat with a similar drug, Rubraca.
Rubraca is Clovis Oncology's lead drug, but its sales as an approved treatment for certain ovarian cancer patients have been disappointing since its launch in 2016. During the last three months of 2019, Rubraca sales grew to an annualized $157 million which isn't nearly enough to cover operating expenses that climbed to an annualized $524 million over the same period.
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Source Fool.com
