CLVS - Clovis Oncology extends two-day rally after trial win for ovarian cancer therapy

The commercial-stage biotech Clovis Oncology (CLVS +9.0%) continues to trade higher on Monday extending the recent rally to third consecutive session following the positive late-stage results announced by the company last week for Rubraca in ovarian cancer. The announcement that the monotherapy arm of the Phase 3 ATHENA trial met the primary endpoint for Rubraca as maintenance treatment propelled beaten-down Clovis (NASDAQ:CLVS) shares last week. While the stock had managed to keep one Buy rating on Wall Street over the past 12 months, its shares had dropped more than 73% during the period, as shown in this graph. Arguing that ATHENA-MONO data justified last week’s gains, Seeking Alpha contributor, Edmund Ingham issued a Hold rating on Clovis (CLVS).

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Clovis Oncology extends two-day rally after trial win for ovarian cancer therapy