Clovis Oncology surges on early drug data

Associated Press

NEW YORK (AP) -- Shares of Clovis Oncology Inc. surged to an all-time high Monday after the company reported promising results from an early study of its drug rucaparib.

The Boulder, Colo., company said the results suggest patients with ovarian cancer will benefit from treatment with rucaparib. Clovis plans to start a late-stage trial in the second half of this year, after it determines a recommended dose for the drug. That late-stage study will involve patients who were not helped by treatment with platinum-based chemotherapy.

Clovis Oncology shares rose $38.01, or 103.9 percent, to close at $74.59. Earlier the stock soared to $86.29.