Zacks Investment Research upgraded shares of Clovis Oncology, Inc. (NASDAQ:CLVS) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $95.00 price target on the biopharmaceutical company’s stock.
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.”
CLVS has been the subject of a number of other reports. Cann restated a hold rating on shares of Clovis Oncology in a report on Monday, July 31st. Oppenheimer Holdings, Inc. reiterated a hold rating on shares of Clovis Oncology in a report on Tuesday, October 10th. Bank of America Corporation reiterated a buy rating on shares of Clovis Oncology in a report on Thursday, August 3rd. J P Morgan Chase & Co reiterated an overweight rating on shares of Clovis Oncology in a report on Tuesday, August 1st. Finally, Janney Montgomery Scott upgraded Clovis Oncology from a neutral rating to a buy rating in a report on Tuesday, June 20th. Eight analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Clovis Oncology currently has an average rating of Buy and a consensus target price of $86.47.
Clovis Oncology (NASDAQ:CLVS) traded down 2.93% during midday trading on Tuesday, hitting $78.94. The stock had a trading volume of 399,613 shares. The company has a 50-day moving average of $76.90 and a 200-day moving average of $71.06. Clovis Oncology has a 1-year low of $25.81 and a 1-year high of $99.45. The stock’s market cap is $3.86 billion.
Clovis Oncology (NASDAQ:CLVS) last posted its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($1.29) earnings per share for the quarter, missing the Zacks’ 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. The firm’s revenue for the quarter was down 32.5% compared to the same quarter last year. During the same period last year, the firm earned ($2.07) EPS. Equities research analysts forecast that Clovis Oncology will post ($7.55) EPS for the current year.
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In related news, insider Gillian C. Ivers-Read sold 3,000 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $69.50, for a total value of $208,500.00. Following the transaction, the insider now owns 191,583 shares of the company’s stock, valued at approximately $13,315,018.50. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director James C. Blair sold 18,450 shares of the firm’s stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $78.61, for a total transaction of $1,450,354.50. Following the completion of the transaction, the director now directly owns 2,185 shares in the company, valued at approximately $171,762.85. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,450 shares of company stock worth $2,122,625. 12.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Phocas Financial Corp. bought a new position in Clovis Oncology in the 2nd quarter valued at about $112,000. Advisors Asset Management Inc. lifted its position in Clovis Oncology by 160.7% in the 2nd quarter. Advisors Asset Management Inc. now owns 1,895 shares of the biopharmaceutical company’s stock valued at $177,000 after acquiring an additional 1,168 shares in the last quarter. Legato Capital Management LLC bought a new position in Clovis Oncology in the 2nd quarter valued at about $220,000. Bank of Montreal Can lifted its position in Clovis Oncology by 284.9% in the 2nd quarter. Bank of Montreal Can now owns 2,702 shares of the biopharmaceutical company’s stock valued at $253,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Stevens Capital Management LP bought a new position in Clovis Oncology in the 2nd quarter valued at about $257,000. 98.94% of the stock is currently owned by institutional investors and hedge funds.
Clovis Oncology Company Profile
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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