Zacks Investment Research Downgrades Clovis Oncology Inc. (CLVS) to Hold
Clovis Oncology Inc. (NASDAQ:CLVS) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Clovis is a development-stage company focused on the development of treatments for cancer. We are encouraged by Clovis' progress with its lead pipeline candidate, rucaparib (ovarian cancer). It is currently under FDA’s priority review with a response expected by Feb 23, 2017. Rucaparib most likely will not come up before the FDA’s advisory panel. Clovis is also on track to file for EU approval in the fourth quarter of 2016. Approval would be a huge boost for the company given the immense commercial potential in the target market. However, we remain concerned about Clovis’ dependence on just one candidate. The company has already suffered a huge setback on the regulatory front when it was informed by the FDA that the agency would issue a complete response letter for rociletinib. Based on this, Clovis decided to discontinue investment in rociletinib. Any further regulatory or pipeline setback would hurt the stock adversely.”
Other equities analysts have also recently issued reports about the stock. Vetr cut shares of Clovis Oncology from a “buy” rating to a “hold” rating and set a $17.66 price objective for the company. in a research report on Tuesday, June 7th. Piper Jaffray Cos. set a $14.00 price target on shares of Clovis Oncology and gave the stock a “hold” rating in a research report on Thursday, August 18th. JPMorgan Chase & Co. reaffirmed a “hold” rating and set a $13.00 price target on shares of Clovis Oncology in a research report on Tuesday, August 9th. SunTrust Banks Inc. started coverage on shares of Clovis Oncology in a research report on Friday, August 5th. They set a “buy” rating and a $25.00 price target on the stock. Finally, Credit Suisse Group AG reaffirmed a “hold” rating on shares of Clovis Oncology in a research report on Tuesday, July 12th. Seven analysts have rated the stock with a hold rating, four have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $34.06.
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Shares of Clovis Oncology (NASDAQ:CLVS) opened at 29.41 on Tuesday. The stock’s market cap is $1.13 billion. The firm has a 50-day moving average price of $29.42 and a 200-day moving average price of $18.69. Clovis Oncology has a one year low of $11.57 and a one year high of $109.18.
Clovis Oncology (NASDAQ:CLVS) last posted 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 earned ($2.10) earnings per share. Analysts anticipate that Clovis Oncology will post ($9.25) earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the stock. Legal & General Group Plc raised its stake in shares of Clovis Oncology by 56.8% in the first quarter. Legal & General Group Plc now owns 8,483 shares of the biopharmaceutical company’s stock valued at $164,000 after buying an additional 3,072 shares during the last quarter. Parametric Portfolio Associates LLC purchased a new stake in shares of Clovis Oncology during the second quarter valued at approximately $144,000. Fox Run Management L.L.C. purchased a new stake in shares of Clovis Oncology during the second quarter valued at approximately $154,000. CIBC World Markets Inc. raised its stake in shares of Clovis Oncology by 7.8% in the first quarter. CIBC World Markets Inc. now owns 11,680 shares of the biopharmaceutical company’s stock valued at $224,000 after buying an additional 850 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC purchased a new stake in shares of Clovis Oncology during the first quarter valued at approximately $233,000. Institutional investors own 98.46% of the company’s stock.
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 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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