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Clovis Oncology stock soars after ovarian cancer treatment meets primary endpoint

Shares of Clovis Oncology Inc.
CLVS,
-6.99%

shot up 17.1% in premarket trading Friday, after the biopharmaceutical company said data from a Phase 3 trial demonstrated that its oral Rubraca “significantly improves” progression-free survival (PFS) compared with standard chemotherapy in patients with advanced, relapsed ovarian cancer. The company said the ARIEL4 study met its primary endpoint of PFS survival, and the safety observed in the study was “highly consistent” with the product labels. Clovis’s stock has advanced 10.8% year to date through Thursday, while the iShares Nasdaq Biotechnology ETF
IBB,
-3.10%

has tacked on 1.2% and the S&P 500
SPX,
-1.48%

has gained 4.2%.

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