Clovis Oncology’s (CLVS) “Buy” Rating Reiterated at JPMorgan Chase & Co.
“2018 Procedure Growth Guidance Should Help Shares ISRG reported preliminary 4Q17 revenue of $892M (18% y/y), above our forecast of $865M and consensus’ estimates of $847M. Procedure growth of 17% came in higher than our 16.2% estimate and the Street’s 15.1% forecast. The sales breakout for 4Q included $457 in instrument revenue, $283 in system sales, and $153 for service, higher than our and Street estimates in each segment. 2018 guidance calls for 11-15% procedure growth, above our 10.9% forecast and in-line with consensus growth of 12.8%. This beat on revenue and procedure growth matched our expectations going into the report. Stellar revenue, strong procedure growth, and in-line 2018 guidance should boost shares today. There were 216 systems shipped in the quarter, well above our 180 unit estimate and the Street’s 187. Of these, 40 were shipped under operating lease agreements. However, implied system ASPs were $1.31M, below our modeled $1.55M and a more than $200Ksequential decline from Q3.”,” the firm’s analyst wrote.
CLVS has been the subject of several other reports. Zacks Investment Research upgraded Clovis Oncology from a hold rating to a buy rating and set a $95.00 target price for the company in a research note on Tuesday, October 17th. Oppenheimer reiterated a hold rating on shares of Clovis Oncology in a research note on Tuesday, October 10th. BidaskClub upgraded Clovis Oncology from a strong sell rating to a sell rating in a research note on Saturday, December 9th. Leerink Swann reiterated an outperform rating and set a $90.00 target price (down from $107.00) on shares of Clovis Oncology in a research note on Wednesday, November 15th. Finally, Barclays initiated coverage on Clovis Oncology in a research note on Monday, October 23rd. They set an overweight rating and a $105.00 target price for the company. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and thirteen have issued a buy rating to the company’s stock. Clovis Oncology presently has a consensus rating of Buy and an average price target of $91.83.
Clovis Oncology (NASDAQ:CLVS) last issued its earnings results on Wednesday, November 1st. The biopharmaceutical company reported ($1.24) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.18) by ($0.06). Clovis Oncology had a negative return on equity of 122.06% and a negative net margin of 947.47%. The business had revenue of $16.81 million for the quarter, compared to the consensus estimate of $21.12 million. During the same quarter in the prior year, the firm posted ($1.70) earnings per share. equities analysts anticipate that Clovis Oncology will post -7.65 earnings per share for the current year.
In other Clovis Oncology news, Director Thorlef Spickschen sold 4,500 shares of Clovis Oncology stock in a transaction on Friday, December 8th. The stock was sold at an average price of $60.00, for a total value of $270,000.00. Following the completion of the transaction, the director now directly owns 25,618 shares of the company’s stock, valued at approximately $1,537,080. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Gillian C. Ivers-Read sold 3,000 shares of Clovis Oncology stock in a transaction on Wednesday, November 15th. The shares were sold at an average price of $63.70, for a total value of $191,100.00. The disclosure for this sale can be found here. Insiders sold a total of 15,000 shares of company stock valued at $945,945 over the last 90 days. 12.50% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in CLVS. Schwab Charles Investment Management Inc. raised its holdings in Clovis Oncology by 8.6% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 189,627 shares of the biopharmaceutical company’s stock valued at $17,755,000 after acquiring an additional 14,961 shares in the last quarter. Legal & General Group Plc raised its holdings in Clovis Oncology by 24.5% in the 2nd quarter. Legal & General Group Plc now owns 15,693 shares of the biopharmaceutical company’s stock valued at $1,462,000 after acquiring an additional 3,090 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in Clovis Oncology by 553.0% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,250 shares of the biopharmaceutical company’s stock valued at $492,000 after acquiring an additional 4,446 shares in the last quarter. Prudential Financial Inc. raised its holdings in Clovis Oncology by 15.5% in the 2nd quarter. Prudential Financial Inc. now owns 4,388 shares of the biopharmaceutical company’s stock valued at $411,000 after acquiring an additional 590 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in Clovis Oncology by 595.2% in the 2nd quarter. Principal Financial Group Inc. now owns 47,385 shares of the biopharmaceutical company’s stock valued at $4,436,000 after acquiring an additional 40,569 shares in the last quarter.
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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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