Shares of Clovis Oncology closed up 8.82 percent Monday as the company received early approval for its advanced ovarian cancer drug Rubraca (rucaparib).
The stock was initially up 15 percent to $42.86 before being halted for volatility. After reopening, it continued to climb and jumped as much as 22 percent before paring its gains and finishing the day up less than 9 percent.
The U.S. Food and Drug Administration’s decision was not expected until February, but was expedited through its accelerated approval program. Specifically, the process allows early approval of a drug to treat a serious or life-threatening disease based on clinical data.
