Clovis skyrockets on Phase I ASCO data

Shares of Clovis Oncology Inc. (NASDAQ:CLVS) more than doubled on Monday after the company presented preliminary Phase I data for two cancer candidates at the American Society of Clinical Oncology meeting in Chicago. The company closed up $38.01 (104%) to $74.59 on the day, hitting an all-time high since going public in 2011.

In six previously treated patients with metastatic or unresectable recurrent non-small cell lung cancer (NSCLC) and dominant EGFR resistance mutation T790M, twice-daily CO-1686 produced four partial responses and led to tumor shrinkage of 20% or greater in two patients. The patients were enrolled in the dose-escalation Phase I portion of an open-label Phase I/II trial. Clovis said it plans to start a registration trial in second-line T790M-positive NSCLC patients in 2H14. The company has rights to the small molecule that inhibits the T790M EGFR mutant and the initial activating EGFR mutations from Avila Therapeutics Inc., which Celgene Corp. (NASDAQ:CELG) acquired. Celgene was off $2.76 to $120.89 on Monday. ...