Why Clovis Oncology's Stock Spiked Higher Today

Clovis Oncology, Inc. CLVS shares traded higher on Friday afternoon after the company announced the FDA approved its Rubraca tablets for the treatment of adult patients with a deleterious BRCA mutation-associated metastatic castration-resistant prostate cancer.

"Rubraca is the first in a class of drugs to become newly available to patients with mCRPC who harbor a deleterious BRCA mutation. Given the level and duration of responses observed with Rubraca in men with mCRPC and these mutations, it represents an important and timely new treatment option for this patient population," said Wassim Abida, M.D., and Medical Oncologist for the TRITON2 study.

Clovis Oncology is a biopharmaceutical company focused on acquiring, developing and commercializing innovative anti-cancer agents in the U.S., Europe and additional international markets.

Clovis Oncology's stock closed up 2% at $9.69 on Friday; shares spiked higher from the $9.28 level around 2:25 p.m. ET. The company has a 52-week high of $18.09 and a 52-week low of $2.93.