Clovis Up on Priority Review Status for Ovarian Cancer Therapy -- Biotech Mover

 | Dec 06, 2017 | 9:30 AM EST
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Shares of Clovis Oncology Inc. (CLVS) rose 2.3% to $58.99 in premarket trading on Wednesday, Dec. 6, after the U.S. Food and Drug Administration has accepted the Boulder, Colo.-based firm's supplemental New Drug Application (sNDA) for ovarian cancer therapy rucaparib and granted priority review status to the application.

Clovis was given a Prescription Drug User Fee Act date of April 6, 2018.

"While this was expected by most investors, we still think this news could help to improve sentiment on CLVS shares which has been negative following 3Q earnings," wrote Leerink's Michael Schmidt in a note Wednesday morning.

"CLVS shares are currently trading below pre-ARIEL3 data levels, representing a potential attractive entry point in our view," he added.

Clovis is seeking the agency's nod for rucaparib as a maintenance therapy for women with recurrent ovarian cancer that are platinum sensitive, and in complete or partial response to platinum chemotherapy, with no requirement for diagnostic testing.

Leerink has a $90 price target on the stock, which has already increase almost 40% year-to-date.

Among the other biotech stock movers was Minerva Neurosciences Inc. (NERV) , up 4.6% to $5.40. The Waltham, Mass.-based firm said it has enrolled the first patient in its Phase 2b study of seltorexant (MIN-202) as a treatment for insomnia disorder.

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