Zacks Investment Research Upgrades Clovis Oncology, Inc. (CLVS) to Buy
Clovis Oncology, Inc. (NASDAQ:CLVS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The brokerage currently has a $95.00 target price on the biopharmaceutical company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 20.68% from the stock’s current price.
According to Zacks, “Clovis’ Rubraca registered impressive sales in the second quarter. The FDA’s accelerated approval to ovarian cancer treatment, Rubraca in Dec 2016 was a huge boost for the company. Rubraca has bright prospects, given the tremendous demand for PARP inhibitors. Clovis is focused on achieving continued approval for the drug. 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 in Jun 2017 are positives. However, with just one approved product in the portfolio, Clovis is heavily dependent on Rubraca for growth, which concerns us. Clovis’ shares have outperformed the industry so far this year. Loss Estimates have narrowed ahead of the Q3 earnings results. The company has a mixed record of earnings surprises in recent quarters.”
Other analysts also recently issued research reports about the stock. SunTrust Banks, Inc. reaffirmed a “buy” rating on shares of Clovis Oncology in a research note on Thursday, June 22nd. BidaskClub raised shares of Clovis Oncology from a “hold” rating to a “buy” rating in a research note on Wednesday, June 21st. Janney Montgomery Scott raised shares of Clovis Oncology from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 20th. Bank of America Corporation decreased their price target on shares of Clovis Oncology from $103.00 to $75.00 and set a “buy” rating for the company in a research note on Tuesday, June 20th. Finally, Stifel Nicolaus lifted their price target on shares of Clovis Oncology from $86.00 to $125.00 and gave the company a “buy” rating in a research note on Monday, June 19th. Eight analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $86.47.
Shares of Clovis Oncology (CLVS) traded down 3.042% on Tuesday, hitting $76.325. The stock had a trading volume of 471,421 shares. The company has a 50-day moving average of $77.57 and a 200-day moving average of $71.40. Clovis Oncology has a 52-week low of $25.81 and a 52-week high of $99.45. The company’s market cap is $3.73 billion.
Clovis Oncology (NASDAQ:CLVS) last posted its quarterly earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($1.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.27) by ($0.02). The firm 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 company earned ($2.07) earnings per share. The business’s quarterly revenue was down 32.5% on a year-over-year basis. On average, equities analysts anticipate that Clovis Oncology will post ($7.55) EPS for the current fiscal year.
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In other news, Director James C. Blair sold 18,450 shares of the company’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $78.61, for a total transaction of $1,450,354.50. Following the transaction, the director now directly owns 2,185 shares of the company’s stock, valued at $171,762.85. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Gillian C. Ivers-Read sold 3,000 shares of the company’s stock in a transaction on Friday, September 15th. The stock was sold at an average price of $69.50, for a total value of $208,500.00. Following the transaction, the insider now directly owns 191,583 shares in the company, valued at $13,315,018.50. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,450 shares of company stock worth $2,122,625. Insiders own 12.50% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Phocas Financial Corp. purchased a new stake in shares of Clovis Oncology during the second quarter valued at $112,000. Advisors Asset Management Inc. grew its holdings in shares of Clovis Oncology by 160.7% during the second quarter. Advisors Asset Management Inc. now owns 1,895 shares of the biopharmaceutical company’s stock valued at $177,000 after buying an additional 1,168 shares during the last quarter. Legato Capital Management LLC purchased a new stake in shares of Clovis Oncology during the second quarter valued at $220,000. Bank of Montreal Can grew its holdings in shares of Clovis Oncology by 284.9% during the second quarter. Bank of Montreal Can now owns 2,702 shares of the biopharmaceutical company’s stock valued at $253,000 after buying an additional 2,000 shares during the last quarter. Finally, Stevens Capital Management LP purchased a new stake in shares of Clovis Oncology during the second quarter valued at $257,000. 98.94% of the stock is currently owned by hedge funds and other institutional investors.
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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