Clovis weak after AstraZeneca presents early-stage NSCLC data

|About: Clovis Oncology (CLVS)|By:, SA News Editor

Clovis Oncology (CLVS -4.2%) adds to Friday's losses and is now down some 20% since last Tuesday, when Bloomberg reported that the company had found no takers after hiring Credit Suisse to pursue a sale.

CLVS said Sunday at the ECC that its PARP inhibitor rucaparib is showing promise in a Phase 1 ovarian cancer study. The company says it has seen "significant clinical activity with one complete response in breast cancer and six partial responses in ovarian, breast and pancreatic cancers to date, and a disease control rate in patients with germline BRCA mutant ovarian (platinum-sensitive and platinum-resistant) cancer of 100% and 63% at 12 and 24 weeks, respectively." (PR)

As we tipped Friday however, preliminary results from a Phase 1 study of AstraZeneca's (AZN +0.7%) AZD9291 may be weighing on CLVS shares, as AZN's treatment for NSCLC patients with the T790M mutation is a competitor for CLVS' CO-1686.