Clovis Oncology Inc. (CLVS) Downgraded by Zacks Investment Research to Hold
According to Zacks, “Clovis is a development-stage company focused on the development of treatments for cancer. We are encouraged by Clovis' progress with its lead pipeline candidate, rucaparib (ovarian cancer). It is currently under FDA’s priority review with a response expected by Feb 23, 2017. Rucaparib most likely will not come up before the FDA’s advisory panel. Clovis is also on track to file for EU approval in the fourth quarter of 2016. Approval would be a huge boost for the company given the immense commercial potential in the target market. However, we remain concerned about Clovis’ dependence on just one candidate. The company has already suffered a huge setback on the regulatory front when it was informed by the FDA that the agency would issue a complete response letter for rociletinib. Based on this, Clovis decided to discontinue investment in rociletinib. Any further regulatory or pipeline setback would hurt the stock adversely.”
CLVS has been the subject of several other reports. SunTrust Banks Inc. increased their target price on Clovis Oncology from $38.00 to $50.00 and gave the company a buy rating in a research report on Friday, September 23rd. Piper Jaffray Cos. reiterated a neutral rating and issued a $14.00 target price on shares of Clovis Oncology in a research report on Thursday, August 25th. Credit Suisse Group AG upgraded Clovis Oncology from a neutral rating to an outperform rating and increased their target price for the company from $19.00 to $41.00 in a research report on Wednesday, September 21st. Janney Montgomery Scott downgraded Clovis Oncology from a buy rating to a neutral rating and increased their target price for the company from $35.00 to $36.00 in a research report on Wednesday, September 21st. Finally, Stifel Nicolaus increased their target price on Clovis Oncology from $30.00 to $45.00 and gave the company a buy rating in a research report on Wednesday, September 21st. Seven investment analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Clovis Oncology presently has an average rating of Buy and an average target price of $34.06.
Clovis Oncology (NASDAQ:CLVS) traded up 4.55% during trading on Tuesday, hitting $36.34. The stock had a trading volume of 1,889,682 shares. The firm’s market capitalization is $1.40 billion. Clovis Oncology has a one year low of $11.57 and a one year high of $109.18. The stock has a 50 day moving average of $27.98 and a 200 day moving average of $18.36.
Clovis Oncology (NASDAQ:CLVS) last posted its earnings results on Monday, August 8th. The biopharmaceutical company reported ($2.07) EPS for the quarter, beating the consensus estimate of ($2.13) by $0.06. During the same period in the prior year, the company earned ($2.10) earnings per share. Equities research analysts expect that Clovis Oncology will post ($9.32) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Boxer Capital LLC acquired a new stake in shares of Clovis Oncology during the second quarter worth approximately $6,174,000. Palo Alto Investors LLC raised its stake in shares of Clovis Oncology by 9.9% in the second quarter. Palo Alto Investors LLC now owns 3,804,088 shares of the biopharmaceutical company’s stock worth $52,192,000 after buying an additional 342,723 shares during the period. State Street Corp raised its stake in shares of Clovis Oncology by 21.2% in the first quarter. State Street Corp now owns 1,797,874 shares of the biopharmaceutical company’s stock worth $34,525,000 after buying an additional 313,893 shares during the period. Norges Bank acquired a new stake in shares of Clovis Oncology during the fourth quarter worth approximately $7,790,000. Finally, Vanguard Group Inc. raised its stake in shares of Clovis Oncology by 7.7% in the second quarter. Vanguard Group Inc. now owns 2,405,468 shares of the biopharmaceutical company’s stock worth $33,003,000 after buying an additional 171,047 shares during the period. Institutional investors own 98.46% of the company’s stock.
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 is developing approximately three product candidates: Rociletinib, Rucaparib and Lucitanib. Rociletinib is an oral epidermal growth factor receptor (EGFR), mutant-selective covalent inhibitor that is under review with the United States and European regulatory authorities for the treatment of non-small cell lung cancer (NSCLC) in patients with activating EGFR mutations, as well as the resistance mutation, T790M.
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