Clovis Oncology (CLVS) Shares Down 12.5% on Analyst Downgrade
Clovis Oncology (NASDAQ:CLVS) shares dropped 12.5% on Monday after SunTrust Banks lowered their price target on the stock to $28.00. SunTrust Banks currently has a buy rating on the stock. Clovis Oncology traded as low as $20.42 and last traded at $20.55. Approximately 4,016,791 shares changed hands during mid-day trading, an increase of 117% from the average daily volume of 1,848,325 shares. The stock had previously closed at $23.48.
Other analysts also recently issued reports about the company. HC Wainwright initiated coverage on Clovis Oncology in a research note on Wednesday, February 13th. They issued a “buy” rating and a $40.00 price target on the stock. Zacks Investment Research upgraded Clovis Oncology from a “sell” rating to a “hold” rating in a research note on Thursday, January 24th. BidaskClub upgraded Clovis Oncology from a “sell” rating to a “hold” rating in a research note on Wednesday, January 9th. JPMorgan Chase & Co. restated a “hold” rating and issued a $27.00 price target on shares of Clovis Oncology in a research note on Wednesday, February 27th. Finally, ValuEngine upgraded Clovis Oncology from a “sell” rating to a “hold” rating in a research note on Monday, April 1st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $43.44.
In other Clovis Oncology news, insider Lindsey Rolfe sold 1,729 shares of the business’s stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $26.13, for a total transaction of $45,178.77. Following the sale, the insider now directly owns 20,953 shares in the company, valued at $547,501.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director James C. Blair sold 17,056 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $27.79, for a total value of $473,986.24. Following the sale, the director now owns 13,439 shares in the company, valued at $373,469.81. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 20,782 shares of company stock worth $576,755. 10.20% of the stock is owned by company insiders.
The company has a debt-to-equity ratio of 3.93, a current ratio of 4.55 and a quick ratio of 4.34. The stock has a market capitalization of $1.26 billion, a P/E ratio of -2.91 and a beta of 2.07.
Clovis Oncology (NASDAQ:CLVS) last released its quarterly earnings results on Tuesday, February 26th. The biopharmaceutical company reported ($1.88) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.72) by ($0.16). Clovis Oncology had a negative return on equity of 147.39% and a negative net margin of 385.80%. The company had revenue of $30.40 million during the quarter, compared to analyst estimates of $30.46 million. During the same period last year, the firm earned ($1.04) earnings per share. The business’s revenue was up 78.4% compared to the same quarter last year. On average, analysts expect that Clovis Oncology will post -7.06 EPS for the current fiscal year.
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About Clovis Oncology (NASDAQ:CLVS)
Clovis Oncology, Inc, a biopharmaceutical company, focuses on acquiring, developing, and commercializing anti-cancer agents in the United States, Europe, and internationally. Its commercial product includes Rubraca (rucaparib) tablet, a small molecule poly ADP-ribose polymerase inhibitor, used as monotherapy for the treatment of patients with deleterious BRCA mutation associated advanced ovarian cancer, who have been treated with two or more chemotherapies, and selected for therapy by an FDA-approved companion diagnostic for Rubraca.
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