CLVS - Why Clovis Oncology Stock Trounced the Market Today
Clovis Oncology (NASDAQ: CLVS) had a fine Tuesday, with its share price rising by almost 5% to beat the performance of many other biotech stocks, not to mention the S&P 500 index. A new deal announced by a partner of the company that will, hopefully, advance a top Clovis pipeline therapy was behind the stock's pop today.
That client, privately held NorthStar Medical Radioisotopes, announced Tuesday morning that it has signed a long-term supply agreement with Clovis. NorthStar will provide its actinium-225 (Ac-225) therapeutic medical radioisotope to Clovis.
This supply will be used by Clovis in its pipeline drug candidate FAP-2286. This is described by the company as "a peptide-targeted radionuclide therapy (PTRT) and imaging agent targeting fibroblast activation protein (FAP)."
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Why Clovis Oncology Stock Trounced the Market Today