Clovis Oncology Plummets After Rociletinib Approval Rejected

Shares of Clovis Oncology Inc (NASDAQ: CLVS) fell more than 5 percent on Tuesday. The company announced the U.S. Food and Drug Administration Oncologic Drugs Advisory Committee (ODAC) met to discuss approval of the New Drug Application for Rociletinib.

Shares of Clovis Oncology closed Monday's session at $15.06; They were halted in Tuesday's pre-market session before resuming trade at 2:20 p.m. ET.

President and CEO of Clovis Oncology, Patrick J. Mahaffy, stated, “We are disappointed with today's outcome, as we believe in the strength of the data we presented for rociletinib. We will work with the FDA to evaluate the best path forward as it continues to review our application.”

Shares closed down more than 5.4 percent at $14.24.