Clovis Oncology Stock Down 18% This Week

Despite an almost 60% rise since the start of the year

Get the latest data and insights on Clovis Oncology CLVSQ a biopharmaceutical company developing cancer therapeutics

Clovis Oncology Inc. (CLVS) stock price has fallen by 18% this week, despite an almost 60% rise since the start of the year. The decline comes after the company announced that it would be discontinuing development of its experimental cancer drug, rociletinib.

Rociletinib was being developed as a treatment for non-small cell lung cancer (NSCLC). However, the company said that it had decided to discontinue development after a Phase III trial failed to meet its primary endpoint. The trial was designed to compare rociletinib to the standard of care treatment for NSCLC.

The news of the discontinuation of rociletinib development has sent Clovis Oncology's stock price tumbling. The stock is now trading at around $7.50 per share, down from a high of over $11 per share in January. The decline has wiped out much of the gains that the stock had made since the start of the year.

The discontinuation of rociletinib development is a setback for Clovis Oncology. The company has been relying on the drug to drive growth in the future. However, the company still has other drugs in its pipeline, including its lead drug, Rubraca. Rubraca is a treatment for ovarian cancer that was approved by the FDA in 2016.

Despite the setback, analysts are still optimistic about Clovis Oncology's long-term prospects. The company has a strong pipeline of drugs and is well-positioned to continue to grow in the future.