Shares of Clovis Oncology Inc (NASDAQ:CLVS) more than doubled within hours after the Boulder, Colorado-based biotech company reported positive results in the preliminary testing phase of its ovarian cancer drug. That’s a much bigger gain in share prices for a preliminary result as the drug still has to go through Phase II and Phase III clinical trials.

Clovis Oncology

Clovis Oncology Inc (NASDAQ:CLVS) shares were up 101.34 percent to $73.65 at 2:48 PM EDT. It’s the biggest intra-day gain for Clovis Oncology Inc. since the company went public in November 2011. Currently, the company has a market value of $1.94 billion.

Clovis Oncology Clinical Trial Results

During the American Society of Clinical Oncology meeting, Clovis Oncology Inc (NASDAQ:CLVS) said that preliminary results from two separate studies show that its potential cancer drugs rucaparib and CO-1686 have been well-tolerated by patients. The biotech company said that the ongoing Phase I/II clinical trials are assessing rucaparib for the treatment of ovarian cancer, while CO-1686 is being evaluated for the treatment of non-small cell lung cancer.

The Phase I results for the dose-escalation portion indicate that rucaparib is predictably absorbed and well-tolerated. Clovis Oncology Inc (NASDAQ:CLVS) said 89 percent of patients showed clinical benefits after taking the drug. So far, 37 patients have been treated with rucaparib. 10 of them had ovarian cancer, 21 had breast cancer, according to the Wall Street Journal.

Meanwhile, CO-1686 was tested successfully on 42 patients in once-a-day and twice-a-day doses of up to 900 mg. The drug showed clear evidence of activity in patients despite the company having established its own maximum tolerated dose.

Analysts’ Opinion

JPMorgan analyst Cory Kasimov said that both the drugs are still in early stages but the results seem promising. The results for CO-1686 are so impressive that JPMorgan expects it to receive FDA Breakthrough status. JPMorgan reiterates overweight rating on the stock.

Credit Suisse analysts have increased their price target for the company to $73 with an outperform rating. Clovis Oncology Inc (NASDAQ:CLVS) shares last traded up 98.58 percent to $72.45 at 3:18 PM EDT.