Shares of Clovis Oncology Inc. soared 15% Monday to a 13-month high prior to a trading halt, with the Food and Drug Administration approving the company’s treatment for ovarian cancer, Rubraca. A trade resumption time for the stock has not yet been posted. “This indication is approved under accelerated approval based on objective response rate and duration of response,” the FDA said in a statement. “Continued approval for this indication may be contingent upon verification and description of clinical benefit in confirmatory trials.” Prior to the halt, the stock had rallied 22% year to date, while the iShares Nasdaq Biotechnology ETF has tumbled 19% and the S&P 500 has gained 11%.
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