$heff's $tation of $tocks & $olid DD

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Shares of Clovis $CLVS are rising a day before the company is slated to report interim results from a study of its CO-1686 drug. CO-1686 is supposed to treat non-small cell lung cancer. WHAT'S NOTABLE: In a regulatory filing on February 27, Clovis said that it would provide an update on clinical results from a Phase I study of CO-1686. The update will include results from patients treated with the hydrobromide salt formulation that will be used in all clinical studies going forward, the company stated. The results are slated to be presented during a session that will be held between 10 am ET and 11:30 am ET, Clovis reported. CO-1686 is supposed to mutant forms of the epidermal growth factor receptor and the T790M resistance mutation. ANALYST REACTION: In a note to investors earlier today, Leerink Swann analyst Mark Kozul estimated that there is about an 85% chance that the stock will rise following tomorrow's update. The stock could jump more than $15-$20 if the data lowers CO-1686's risk, he predicted. Moreover, there is less than a 15% chance that the stock will drop following the update, and the shares are unlikely to decline more than $10, the analyst predicted. Kozul reiterated a $110 price target and Outperform rating on the stock. PRICE ACTION: In early trading, Clovis climbed $3.70, or 5%, to $77.50.