Shares of Clovis (CLVS -10.9%) are down on higher volume after the company fumbled how it presented data on CO-1686 at ASCO. The BTD-designated EGFR inhibitor is being studied for the treatment of non-small cell lung cancer.
Positive buzz was generated by a presentation of interim Phase 2 data by a Harvard Medical School Professor that implies progression-free survival of 12 months.
The stumble occurred later during an off-site analyst meeting where the company disclosed that "three or four" patients had to initiate insulin therapy after becoming resistant to metformin. The way the firm chose to disclose a potential hyperglycaemia risk prompted some observers to question its transparency.