Zacks Investment Research lowered shares of Clovis Oncology (NASDAQ:CLVS) from a hold rating to a sell rating in a research report report published on Tuesday morning.
According to Zacks, “The FDA’s accelerated approval to Clovis’ ovarian cancer treatment, Rubraca in December 2016 was a huge boost for the company. Rubraca registered slower-than- expected sales in the third quarter. Nonetheless, Rubraca has bright prospects, given the tremendous demand for PARP inhibitors. Clovis is focused on continued approval for the drug. Rubraca is under review in EU for the same indication. Several studies evaluating Rubraca in different types of ovarian cancer patients are ongoing. Clovis is looking for label expansion in second line or later maintenance treatment for advanced ovarian cancer. 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 in the past year. Loss estimates have widened ahead of Q4 earnings. The company has a mixed record of earnings surprises in the recent quarters.”
CLVS has been the topic of a number of other research reports. Oppenheimer restated a hold rating on shares of Clovis Oncology in a report on Tuesday, October 10th. Barclays started coverage on Clovis Oncology in a report on Monday, October 23rd. They issued an overweight rating and a $105.00 price target on the stock. Leerink Swann restated a buy rating and issued a $107.00 price target on shares of Clovis Oncology in a report on Monday, September 18th. Morgan Stanley lowered their price target on Clovis Oncology from $89.00 to $86.00 and set an overweight rating on the stock in a report on Thursday, November 2nd. Finally, Stifel Nicolaus restated a buy rating and issued a $125.00 price target on shares of Clovis Oncology in a report on Friday, November 3rd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and an average price target of $90.43.
Shares of Clovis Oncology (NASDAQ CLVS) traded up $0.89 during mid-day trading on Tuesday, hitting $56.76. The stock had a trading volume of 842,616 shares, compared to its average volume of 1,397,531. The stock has a market cap of $2,780.00, a P/E ratio of -6.86 and a beta of 1.38. Clovis Oncology has a fifty-two week low of $45.42 and a fifty-two week high of $99.45. The company has a current ratio of 3.19, a quick ratio of 3.16 and a debt-to-equity ratio of 0.94.
Clovis Oncology (NASDAQ:CLVS) last issued its earnings results on Wednesday, November 1st. The biopharmaceutical company reported ($1.24) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.18) by ($0.06). The business had revenue of $16.81 million for the quarter, compared to analysts’ expectations of $21.12 million. Clovis Oncology had a negative return on equity of 122.06% and a negative net margin of 947.47%. During the same period last year, the company posted ($1.70) earnings per share. analysts expect 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 the stock in a transaction on Monday, January 8th. The stock was sold at an average price of $64.97, for a total transaction of $292,365.00. Following the sale, the director now owns 21,118 shares in the company, valued at approximately $1,372,036.46. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Gillian C. Ivers-Read sold 3,000 shares of the 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. In the last quarter, insiders have sold 18,000 shares of company stock worth $1,123,425. 12.50% of the stock is owned by insiders.
Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Clovis Oncology by 10.2% during the second quarter. Vanguard Group Inc. now owns 3,618,843 shares of the biopharmaceutical company’s stock worth $338,831,000 after purchasing an additional 333,648 shares during the last quarter. Orbimed Advisors LLC boosted its holdings in shares of Clovis Oncology by 13.5% during the third quarter. Orbimed Advisors LLC now owns 2,388,670 shares of the biopharmaceutical company’s stock worth $196,826,000 after purchasing an additional 284,300 shares during the last quarter. State Street Corp boosted its holdings in shares of Clovis Oncology by 4.3% during the second quarter. State Street Corp now owns 1,943,480 shares of the biopharmaceutical company’s stock worth $181,966,000 after purchasing an additional 80,171 shares during the last quarter. Farallon Capital Management LLC boosted its holdings in shares of Clovis Oncology by 662.5% during the second quarter. Farallon Capital Management LLC now owns 610,000 shares of the biopharmaceutical company’s stock worth $57,114,000 after purchasing an additional 530,000 shares during the last quarter. Finally, Samlyn Capital LLC boosted its holdings in shares of Clovis Oncology by 131.8% during the second quarter. Samlyn Capital LLC now owns 567,700 shares of the biopharmaceutical company’s stock worth $53,154,000 after purchasing an additional 322,800 shares during 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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