Why Clovis Oncology, Marker Therapeutics, Alector Are Rallying Friday

Clovis Oncology, Inc. CLVS, Marker Therapeutics, Inc. MRKR and Alector, Inc. ALEC are among the biggest biotech gainers Friday.

Clovis Jumps On Ovarian Cancer Data: Clovis announced positive results for the Phase 3 study of Rubraca in ovarian cancer. The data is to be presented orally at the Society of Gynecologic Oncology virtual meeting.

Data from the study showed that the investigational treatment significantly improved progression-free survival compared to standard-of-care chemotherapy, including platinum-based chemotherapy, in heavily treated patients with advanced, relapsed ovarian cancer and a deleterious BRCA mutation.

Adverse events were consistent with the known safety profiles of Rubraca and chemotherapy, the company added.

Rubraca has already been approved in the U.S. for treating advanced ovarian cancer, and as maintenance treatment option for recurrent ovarian cancer as well as BRCA1/2-mutant castration-resistant prostate cancer.

Clovis shares were soaring 60% to $8.56.

Marker Draws Strength From Twin Catalysts: Marker shares are reacting to a series of filings by the company that revealed purchases of company's shares by insiders, including CEO Peter Hoang, chief development officer Juan Vera and some of its directors.

The stock is also capitalizing on a positive analyst action. Cantor Fitzgerald analyst Kristen Kluska initiated coverage of shares with an Overweight rating and $6 price target.

Marker was advancing 25.83% to $2.26

Alector's Gains Linked to Publishing of Patent Application: Alector, an immuno-neurology company developing therapies for neurodegenerative diseases, was advancing in reaction to the publication by the U.S. Patent Office, the company's patent application with regard to its Alzheimer's treatment candidates.

Alector shares were rallying 16% to $20.89.