Clovis Oncology Inc (NASDAQ:CLVS) announced that during its regularly scheduled Mid-Cycle Communication Meeting held last week with the U.S. Food and Drug Administration (FDA), the agency requested additional clinical data for use in the efficacy analysis for both the 500mg and 625mg BID dose patient groups for rociletinib. The Company will provide this information in a Major Amendment to the FDA by close of business today.
“We remain confident in rociletinib and its potential to treat patients with mutant EGFR T790M-positive lung cancer, said Patrick J. Mahaffy, President and CEO of Clovis Oncology. “We will continue to work diligently with the FDA on our NDA submission.”
In the Mid-Cycle Communication meeting, the FDA emphasized that its efficacy analysis would focus solely on confirmed responses. The New Drug Application (NDA) submitted by Clovis to the FDA contained immature data sets based on both unconfirmed response rates and confirmed response rates. These data sets were updated in the 90 day efficacy update the Company submitted at the end of October.
As the rociletinib clinical trials were rapidly enrolling, Clovis presented interim data publicly and at medical meetings and these data therefore included a data set based primarily on unconfirmed responses. This was also true of the Company’s Breakthrough Therapy designation submission. In the Company’s NDA submission, both immature confirmed and unconfirmed response analyses were submitted. As the efficacy data have matured, the number of patients with an unconfirmed response who converted to a confirmed response was lower than expected.
In the intent to treat analysis of the 79 patients in the 500mg dose group, the current confirmed response rate is 28 percent, and 34 percent in the 170 patients in the 625mg dose group, with an encouraging duration of response in both doses. The most frequent reasons that patients’ responses were not confirmed in a subsequent scan were due to progression, often due to brain metastasis, and due to subsequent scans not demonstrating tumor shrinkage greater than 30 percent.
The Company anticipates that the review of this additional information will result in a delay of a potential approval. This additional review could lead to an extension of the Company’s March 30, 2016 Prescription Drug User Fee Act (PDUFA) date. (Original Source)
Shares of Clovis Oncology Inc closed last Friday at $99.43. CLVS has a 1-year high of $116.75 and a 1-year low of $45.50. The stock’s 50-day moving average is $96.68 and its 200-day moving average is $89.21.
On the ratings front, Clovis Oncology has been the subject of a number of recent research reports. In a report issued on September 10, WallachBeth Capital LLC analyst Bob Ai assigned a Buy rating on CLVS, with a price target of $134, which represents a potential upside of 34.8% from where the stock is currently trading. Separately, on September 9, Piper Jaffray’s Charles Duncan reiterated a Hold rating on the stock and has a price target of $92.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Bob Ai and Charles Duncan have a total average return of 10.9% and 9.5% respectively. Ai has a success rate of 44.4% and is ranked #1380 out of 3842 analysts, while Duncan has a success rate of 44.6% and is ranked #593.
The street is mostly Bullish on CLVS stock. Out of 4 analysts who cover the stock, 3 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $92.00, which reflects a potential downside of -7.5% from last closing price.
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.