Cancer

Clovis Oncology stock surges 50% on positive late-stage cancer trial results

Clovis Oncology Inc. CLVS, +47.25% shares surged 50% in premarket trade Monday after the company said its late-stage trial for a cancer drug met its primary endpoint and a key secondary endpoint. Clovis said it plans to try for Food and Drug Administration approval for the drug, rucaparib, within the next four months for second line and later maintenance treatment for women with platinum-sensitive ovarian cancer who have responded to their most recent platinum therapy. Leerink analyst Michael Schmidt described the latest results as “bull case plays out.” “The outcome looks to be the best-case-scenario for CLVS,” he said, adding…