Why Clovis Oncology Stock Is Blasting Off Today

Shares of Clovis Oncology (NASDAQ: CLVS) headed for the moon on Tuesday after the company reported positive interim phase 1/2 clinical trial results for one of its therapies on June 14, with its shares up by more than 65% as of 11 a.m. ET today before pulling back slightly.

Of the nine patients dosed with the company's FAP-2286 radiotherapy drug for solid tumors, one exhibited a partial response to treatment, and there weren't any instances of people withdrawing from the study or cutting back dosing due to side effects.

Clovis currently has one product approved, a pill called Rubraca that's an adjunct and maintenance therapy for certain types of ovarian and prostate cancer, but it isn't profitable.

Source Fool.com