Clovis Oncology (CLVS) - Get Clovis Oncology, Inc. Report and Tesaro (TSRO) - Get TESARO, Inc. Report were soaring Friday after AstraZeneca (AZN) - Get Astrazeneca PLC Sponsored ADR Reportannounced that its Lynparza drug, used for breast cancer treatment, saw positive data in phase three clinical trials.
Analysts noted that the boost was likely thanks to the fact that both Clovis and Tesaro have assets that target tumors using PARP inhibitors, just as AstraZeneca's Lynparza does.
Clovis shares were up 6.35% midday Friday, hitting $65.27 apiece. Clovis shares have doubled since February 2016.
Meanwhile, Tesaro was up 3.7%, hitting $189.31 per share. The company's value has tripled since last year.
Astrazeneca, though, wasn't moved as much by the news. The company's shares were up 1.25% midday, hitting $29.13 apiece.
Both Clovis and Tesaro are broadly seen as potential targets for takeover. Reports surfaced earlier in February that Tesaro is speaking with investment banks, including Citigroup, about a potential deal. The reports noted that Tesaro is not yet seeking a sale, however, it's important to note that engaging with bankers is often the first step in an M&A process.
As for Clovis, the company went public in January, after months of rumors that it could be acquired. Still, Eli Lilly (LLY) - Get Eli Lilly and Company (LLY) Report and Merck (MRK) - Get Merck & Co., Inc. (MRK) Report have been seen as buyers for Clovis, in part because neither one was unable to close a deal with Medivation (MDVN) , which was acquired by Pfizer (PFE) - Get Pfizer Inc. Report for $14 billion just last year.