Boston, MA 06/04/2013 (wallstreetpr) – The share prices of Clovis Oncology Inc (NASDAQ:CLVS) had surged by more than 100 percent owing to the successful preliminary testing results of its drug for treating ovarian cancer. The shares of the bio pharmaceutical company had increased by 103.91 percent to close at $74.59 per share for the trading session on Monday. The shares of Clovis Oncology Inc (NASDAQ:CLVS) had opened at $50.00 per share and had been trading in the range of $50.00 to $86.29 per share during the day, before closing at $38.01 higher than the previous close on Friday.
Preliminary results of ovarian cancer drug
Clovis Oncology Inc (NASDAQ:CLVS), with its operations based in United States and involved in developing anti cancer drugs, had announced the preliminary results for its development stage drug for treating ovarian cancer. The results of preliminary tests had been highly successful and had thereby pushed the shares of Clovis Oncology Inc (NASDAQ:CLVS) to hit new 52 week high price levels at $86.29 per share. This surge proves to be highly encouraging for the preliminary results, as the drug still has a long way to go on with the Phase I and Phase II clinical trials.
The shares of Clovis Oncology Inc (NASDAQ:CLVS) had witnessed heavy trading volume on Monday with nearly 3.22 million shares being exchanged hands, while the average trading volume of the company is at 197,855 shares per day. The bio pharmaceutical company presently holds 26.27 million shares outstanding in the market and the institutional ownership is at 73 percent of its holdings.
