CHICAGO ( TheStreet) -- There's some confusion over the spark that's causing Clovis Oncology (CLVS) shares to double in value today. The company has presentations on two cancer drugs at the big American Society of Clinical Oncology (ASCO) annual meeting but it's the lung cancer drug -- CO-1686 -- which has set Wall Street heart fluttering.
J.P. Morgan analyst Cory Kasimov told clients this morning that the CO-1686 data were "extremely impressive."
In our first real look at Phase 1/2 efficacy data for the irreversible EGFRm inhibitor, the drug showed 4 confirmed partial responses (PRs) in heavily pre-treated T790M+ NSCLC pts, and they may not yet even be close to the maximum tolerated dose (MTD). In addition, 3/4 evaluable T790M+ patients treated at 900 mg BID (highest dose to date) achieved PRs. There were no clear investor expectations going in, but we strongly believe this is better than anyone's best case. Indeed, we see this as unprecedented activity in this patient population (and at what may still be a suboptimal dose).
Clovis shares are up $37.98, or 104%, to $74.56 in afternoon trading.Clovis is also developing rucaparib, a PARP inhibitor. Phase I data in ovarian and breast cancer were presented at ASCO today. Biomarin (BMRN) and Tesaro (TSRO) have competing PARP inhibitors in clinical trials. Rucaparib is playing a role in Clovis' big stock move today, but the real push is due to CO-1686 because there is no currently approved treatments for lung cancer patients with the T790M mutation. -- Reported by Adam Feuerstein in Boston. Follow Adam Feuerstein on Twitter.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV