Clovis Oncology Inc (NASDAQ:CLVS) announced that it initiated a clinical trial to evaluate a novel combination therapy of Genentech’s investigational cancer immunotherapy atezolizumab (MPDL3280A; anti-PD-L1) and rociletinib for the treatment of advanced EGFR-mutant non-small cell lung cancer (NSCLC). Rociletinib is the Company’s novel, oral targeted covalent (irreversible) mutant-selective inhibitor of EGFR in development for the treatment of NSCLC in patients with initial activating EGFR mutations, as well as the dominant resistance mutation T790M.
The Phase 1b/2 trial of rociletinib in combination with atezolizumab, which is sponsored by Clovis, is designed to assess the safety and activity of the combination in patients with activating EGFR mutation-positive (EGFRm) advanced or metastatic NSCLC. The Phase 1b portion of the trial will evaluate the safety, tolerability and pharmacokinetics of the combination in this population. The Phase 2 portion of the trial will evaluate the activity of the combination in two subgroups of patients with EGFR-mutant advanced or metastatic NSCLC: those who have not previously received an EGFR tyrosine kinase inhibitor (TKI) or chemotherapy, and those who have progressed on a prior EGFR TKI. T790M-negative and T790M-positive patients will be enrolled in the Phase 1b portion of the trial and in the Phase 2 portion of the trial in the subgroup of patients who have progressed on a prior EGFR TKI. While patients’ tumors are not required to express PD-L1 to enroll in the study, PD-L1 expression will be assessed in archival and/or fresh tissue as part of the study.
The University of California in Los Angeles (UCLA) is the first site to initiate the trial, with the first patient expected to be enrolled within a few weeks. Additional patients will begin to enroll in sites throughout the U.S. and E.U., and initial safety and tolerability results from the study are expected at the World Conference on Lung Cancer in the fall of 2016.
“We are pleased to be enrolling patients at UCLA to explore this combination therapy for advanced EGFR-mutant non-small cell lung cancer patients, for whom additional treatment options are needed,” said Dr. Jonathan Goldman, Director, Clinical Trials in Thoracic Oncology, Associate Director of Drug Development at UCLA and Principal Investigator. “We obviously hope to see meaningful synergy and patient benefit by combining the effects of immuno-oncology with a targeted therapy.”
“I am excited to explore this combination with rociletinib to determine if we can bring the promise of long-term benefit of PD-L1 inhibitors seen in other lung cancer sub-types to those patients with mutant EGFR driven tumors”, said Professor Jean-Charles Soria, Professor of Medicine and Medical Oncology at Paris University XI, Cancer Specialist at Gustav Roussy and lead Principal Investigator.
Currently, rociletinib is under review by the U.S. Food and Drug Administration and European Medicines Agency.
“Rociletinib’s activity and safety profile observed in our monotherapy trials suggest that rociletinib may be an attractive agent for combination use,” said Patrick Mahaffy, President and CEO of Clovis Oncology. “We are committed to exploring the potential of rociletinib both as monotherapy and in combination to help patients with lung cancer who may benefit.” (Original Source)
Shares of Clovis Oncology Inc closed yesterday at $22.39. CLVS has a 1-year high of $116.75 and a 1-year low of $19.80. The stock’s 50-day moving average is $29.67 and its 200-day moving average is $69.36.
On the ratings front, Clovis Oncology has been the subject of a number of recent research reports. In a report issued on January 25, Mizuho analyst Peter Lawson reiterated a Hold rating on CLVS, with a price target of $23, which represents a slight upside potential from current levels. Separately, on January 20, Credit Suisse’s Kennen MacKay initiated coverage with a Buy rating on the stock and has a price target of $32.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Peter Lawson and Kennen MacKay have a total average return of -5.9% and 1.9% respectively. Lawson has a success rate of 42.7% and is ranked #3213 out of 3607 analysts, while MacKay has a success rate of 50.0% and is ranked #1553.
Overall, 4 research analysts have assigned a Hold rating and 4 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $23.00 which is 2.7% above where the stock closed yesterday.
Clovis Oncology Inc is a biopharmaceutical company focused on acquiring, developing and commercializing innovative anti-cancer agents in the United States, Europe and additional international markets.