Clovis Oncology, Inc. (NASDAQ:CLVS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, July 13th.
According to Zacks, “Clovis got a huge boost with the FDA granting accelerated approval to its advanced ovarian cancer treatment, Rubraca in Dec 2016. Rubraca has bright prospects, given the tremendous demand for PARP inhibitors. Successful commercialization will significantly boost Clovis’ sales. Rubraca is also under review in the EU for a comparable indication. Several studies on Rubraca, targeting different types of ovarian cancer patients, are currently underway. Promising progression-free survival and safety results from the ARIEL3 maintenance study is expected to help expand Rubraca’s label. However, with just one approved product in the portfolio, Clovis is heavily dependent on Rubraca for growth, which concerns us. Rubraca is also set to face intense competition from currently marketed PARP inhibitors. Loss estimates have widened lately ahead of the Q2 results. Clovis has a mixed earnings surprise record in the recent quarters.”
Several other research analysts have also recently issued reports on the stock. Cann started coverage on shares of Clovis Oncology in a report on Thursday, June 22nd. They set a “market perform” rating for the company. J P Morgan Chase & Co raised shares of Clovis Oncology from a “neutral” rating to an “overweight” rating and set a $72.00 target price for the company in a report on Wednesday, May 17th. Gabelli started coverage on shares of Clovis Oncology in a report on Friday, July 7th. They set a “buy” rating and a $125.00 target price for the company. Chardan Capital reissued a “sell” rating and set a $36.00 target price on shares of Clovis Oncology in a report on Thursday, March 16th. Finally, ValuEngine cut shares of Clovis Oncology from a “hold” rating to a “sell” rating in a report on Friday, May 19th. Eight investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $82.47.
Clovis Oncology (CLVS) traded up 2.01% during midday trading on Thursday, hitting $70.99. The company’s stock had a trading volume of 1,287,020 shares. Clovis Oncology has a 52-week low of $15.87 and a 52-week high of $99.45. The company’s market cap is $3.47 billion. The stock has a 50 day moving average of $87.91 and a 200 day moving average of $66.98.
Clovis Oncology (NASDAQ:CLVS) last issued its earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($1.29) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.27) by $0.02. The company had revenue of $14.62 million for the quarter, compared to analysts’ expectations of $13.07 million. During the same period in the previous year, the business posted ($2.07) earnings per share. Clovis Oncology’s revenue was down 32.5% compared to the same quarter last year. On average, equities analysts expect that Clovis Oncology will post ($7.51) EPS for the current year.
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In other Clovis Oncology news, insider Gillian C. Ivers-Read sold 3,000 shares of the business’s stock in a transaction dated Monday, July 17th. The shares were sold at an average price of $91.56, for a total value of $274,680.00. Following the transaction, the insider now directly owns 197,583 shares in the company, valued at approximately $18,090,699.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James C. Blair sold 18,450 shares of the business’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $78.61, for a total transaction of $1,450,354.50. Following the completion of the transaction, the director now owns 2,185 shares in the company, valued at $171,762.85. The disclosure for this sale can be found here. Insiders sold a total of 27,450 shares of company stock worth $2,052,665 over the last quarter. 17.40% of the stock is currently owned by company insiders.
Several large investors have recently added to or reduced their stakes in the stock. Ladenburg Thalmann Financial Services Inc. increased its stake in Clovis Oncology by 20.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,400 shares of the biopharmaceutical company’s stock worth $107,000 after buying an additional 400 shares during the period. First Mercantile Trust Co. bought a new stake in Clovis Oncology during the first quarter worth about $115,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Clovis Oncology by 71.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,819 shares of the biopharmaceutical company’s stock worth $116,000 after buying an additional 758 shares during the period. Advisors Asset Management Inc. increased its stake in Clovis Oncology by 160.7% in the second quarter. Advisors Asset Management Inc. now owns 1,895 shares of the biopharmaceutical company’s stock worth $177,000 after buying an additional 1,168 shares during the period. Finally, PNC Financial Services Group Inc. increased its stake in Clovis Oncology by 3.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,800 shares of the biopharmaceutical company’s stock worth $179,000 after buying an additional 100 shares during the period. 90.67% of the stock is currently owned by institutional investors and hedge funds.
About Clovis Oncology
Clovis Oncology, Inc is a biopharmaceutical company focused on acquiring, developing and commercializing anti-cancer agents in the United States, Europe and other international markets. The Company’s product candidates include Rociletinib, Rubraca (Rucaparib) and Lucitanib. Rucaparib is an oral, small molecule poly adenosine diphosphate (ADP)-ribose polymerase (PARP) inhibitor of PARP1, PARP2 and PARP3 approved as a monotherapy for the treatment of patients with deleterious breast cancer (BRCA) (human genes associated with the repair of damaged deoxyribonucleic acid (DNA)) mutation (germline and/or somatic) associated advanced ovarian cancer.
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