Clovis Oncology Inc (NASDAQ: CLVS) is making a run for the top in the market this morning, trading on gains of more than 18%. The gains come after the company provided its third quarter operational results. Here’s what’s going on:
CLVS Stock Pops After Releasing Q3 Operational Results
As mentioned above, Clovis Oncology is having a strong start to the trading session after announcing its operational results for the third quarter. Here’s what we saw from the report:
First and foremost, Rubraca is proving to be an important asset. During the quarter, CLVS generated $37.6 million in net product revenue for the drug, showing an increase of 65% on a year over year basis. Net product revenue also increased 14% sequentially over Q2 with United States sales seeing a sequential increase of 12%.
Due to the strong quarter, the company increased its net product revenue guidance for the full year. The company now expects to generate between $141 million and $147 million in revenue for the year.
Importantly, the company is producing vast reduction in its cash burn. During the quarter, cash burn was down by 42% with net cash birn reduced to $45 million. As of the close of the quarter, the company had about $354.1 million in cash, cash equivalents and marketable securities on hand.
While the financial data is great, investors may be more focused on the company’s operational results. First and foremost, CLVS said that it intends on filing the sNDA for Rubraca by the end of the year. The Application aims for a label expansion to include patients with BRCA1/2-mutant advanced prostate cancer to be filed before year end.
Clovis reached a few other milestones in the quarter as well:
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