Clovis Oncology Inc. (CLVS) Sees Large Volume Increase on Analyst Upgrade
Shares of Clovis Oncology Inc. (NASDAQ:CLVS) saw unusually-strong trading volume on Wednesday after Stifel Nicolaus raised their price target on the stock from $30.00 to $45.00. Stifel Nicolaus currently has a buy rating on the stock. Approximately 9,256,575 shares changed hands during mid-day trading, an increase of 104% from the previous session’s volume of 4,537,091 shares.The stock last traded at $34.98 and had previously closed at $34.83.
Several other brokerages also recently weighed in on CLVS. SunTrust Banks Inc. started coverage on shares of Clovis Oncology in a report on Friday, August 5th. They issued a “buy” rating and a $25.00 target price for the company. Piper Jaffray Cos. reaffirmed a “hold” rating and issued a $14.00 target price on shares of Clovis Oncology in a report on Wednesday, June 29th. Vetr raised shares of Clovis Oncology from a “buy” rating to a “strong-buy” rating and set a $17.71 target price for the company in a report on Thursday, June 9th. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Clovis Oncology in a report on Tuesday, July 12th. Finally, Zacks Investment Research raised shares of Clovis Oncology from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a report on Thursday, August 11th. Six investment analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average price target of $32.20.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Parametric Portfolio Associates LLC acquired a new position in shares of Clovis Oncology during the second quarter worth approximately $144,000. Fox Run Management L.L.C. purchased a new stake in Clovis Oncology during the second quarter worth $154,000. Legal & General Group Plc raised its stake in Clovis Oncology by 56.8% in the first quarter. Legal & General Group Plc now owns 8,483 shares of the biopharmaceutical company’s stock worth $164,000 after buying an additional 3,072 shares during the period. CIBC World Markets Inc. raised its stake in Clovis Oncology by 7.8% in the first quarter. CIBC World Markets Inc. now owns 11,680 shares of the biopharmaceutical company’s stock worth $224,000 after buying an additional 850 shares during the period. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in Clovis Oncology during the first quarter worth $233,000. 98.46% of the stock is owned by hedge funds and other institutional investors.
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The firm has a 50 day moving average price of $22.24 and a 200-day moving average price of $17.16. The stock’s market cap is $1.34 billion.
Clovis Oncology (NASDAQ:CLVS) last released its quarterly earnings data on Monday, August 8th. The biopharmaceutical company reported ($2.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($2.13) by $0.06. During the same quarter in the previous year, the firm posted ($2.10) earnings per share. On average, equities research analysts predict that Clovis Oncology Inc. will post ($9.32) earnings per share for the current fiscal year.
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 is developing approximately three product candidates: Rociletinib, Rucaparib and Lucitanib. Rociletinib is an oral epidermal growth factor receptor (EGFR), mutant-selective covalent inhibitor that is under review with the United States and European regulatory authorities for the treatment of non-small cell lung cancer (NSCLC) in patients with activating EGFR mutations, as well as the resistance mutation, T790M.
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