Zacks Investment Research upgraded shares of Clovis Oncology, Inc. (NASDAQ:CLVS) from a hold rating to a buy rating in a research report sent to investors on Wednesday, July 12th. Zacks Investment Research currently has $105.00 target price on the biopharmaceutical company’s stock.
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 will help expand Rubraca’s label, thereby improving the commercial uptake of the drug. Clovis’ heavy dependence on Rubraca, the only approved product, for growth is concerning. Rubraca is 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.”
Other analysts also recently issued reports about the company. Credit Suisse Group restated an outperform rating and issued a $74.00 price target on shares of Clovis Oncology in a research note on Tuesday, April 18th. Cann began coverage on Clovis Oncology in a research note on Thursday, June 22nd. They issued a market perform rating for the company. BidaskClub upgraded Clovis Oncology from a hold rating to a buy rating in a research note on Wednesday, June 21st. J P Morgan Chase & Co upgraded Clovis Oncology from a neutral rating to an overweight rating and set a $72.00 price target for the company in a research note on Wednesday, May 17th. Finally, Chardan Capital upgraded Clovis Oncology from a sell rating to a neutral rating and boosted their price target for the company from $36.00 to $50.00 in a research note on Monday, June 19th. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company has a consensus rating of Buy and a consensus target price of $82.47.
Shares of Clovis Oncology (NASDAQ:CLVS) traded up 2.01% on Wednesday, reaching $70.99. The company had a trading volume of 1,287,020 shares. The firm’s market capitalization is $3.47 billion. Clovis Oncology has a 52-week low of $16.58 and a 52-week high of $99.45. The company’s 50-day moving average price is $87.18 and its 200-day moving average price is $67.07.
Clovis Oncology (NASDAQ:CLVS) last released its quarterly 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 during the quarter, compared to analyst estimates of $13.07 million. Clovis Oncology’s revenue for the quarter was down 32.5% compared to the same quarter last year. During the same period in the previous year, the business earned ($2.07) EPS. On average, analysts predict that Clovis Oncology will post ($7.51) earnings per share for the current year.
In related news, insider Gillian C. Ivers-Read sold 3,000 shares of the stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $61.82, for a total transaction of $185,460.00. Following the completion of the sale, the insider now directly owns 200,583 shares of the company’s stock, valued at $12,400,041.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director James C. Blair sold 18,450 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $78.61, for a total value of $1,450,354.50. Following the sale, the director now directly owns 2,185 shares of the company’s stock, valued at $171,762.85. The disclosure for this sale can be found here. Insiders have sold 27,450 shares of company stock valued at $2,052,665 over the last ninety days. 17.40% of the stock is currently owned by company insiders.
A number of hedge funds have recently added to or reduced their stakes in CLVS. FMR LLC increased its stake in Clovis Oncology by 271.4% in the first quarter. FMR LLC now owns 1,816,859 shares of the biopharmaceutical company’s stock worth $115,679,000 after buying an additional 1,327,703 shares in the last quarter. Wellington Management Group LLP increased its stake in Clovis Oncology by 10,143.6% in the first quarter. Wellington Management Group LLP now owns 1,331,669 shares of the biopharmaceutical company’s stock worth $84,788,000 after buying an additional 1,318,669 shares in the last quarter. Jennison Associates LLC increased its stake in Clovis Oncology by 222.5% in the second quarter. Jennison Associates LLC now owns 1,185,177 shares of the biopharmaceutical company’s stock worth $110,968,000 after buying an additional 817,677 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Clovis Oncology by 1,538.0% in the first quarter. Alliancebernstein L.P. now owns 754,122 shares of the biopharmaceutical company’s stock valued at $48,015,000 after buying an additional 708,082 shares during the period. Finally, Franklin Resources Inc. boosted its position in shares of Clovis Oncology by 70.3% in the second quarter. Franklin Resources Inc. now owns 1,665,200 shares of the biopharmaceutical company’s stock valued at $155,913,000 after buying an additional 687,300 shares during the period. 90.67% of the stock is 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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