Clovis Oncology Inc. (CLVS) Sees Large Increase in Short Interest
Clovis Oncology Inc. (NASDAQ:CLVS) was the recipient of a significant increase in short interest in September. As of September 30th, there was short interest totalling 12,649,940 shares, an increase of 15.8% from the September 15th total of 10,926,674 shares. Based on an average trading volume of 5,193,870 shares, the days-to-cover ratio is currently 2.4 days. Currently, 38.2% of the shares of the stock are short sold.
Several research analysts have commented on the company. Piper Jaffray Cos. set a $14.00 target price on Clovis Oncology and gave the stock a “hold” rating in a research note on Thursday, August 18th. JPMorgan Chase & Co. reissued a “hold” rating and set a $13.00 target price on shares of Clovis Oncology in a research note on Tuesday, August 9th. Zacks Investment Research raised Clovis Oncology from a “hold” rating to a “buy” rating and set a $18.00 price objective for the company in a research note on Thursday, August 11th. SunTrust Banks Inc. began coverage on Clovis Oncology in a research note on Friday, August 5th. They issued a “buy” rating and a $25.00 price objective for the company. Finally, Credit Suisse Group AG reaffirmed a “hold” rating on shares of Clovis Oncology in a research note on Tuesday, July 12th. Seven analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company has an average rating of “Buy” and an average price target of $36.39.
A number of hedge funds have recently added to or reduced their stakes in CLVS. Alps Advisors Inc. raised its stake in Clovis Oncology by 25.1% in the second quarter. Alps Advisors Inc. now owns 53,924 shares of the biopharmaceutical company’s stock valued at $740,000 after buying an additional 10,828 shares in the last quarter. Kazazian Asset Management LLC acquired a new stake in Clovis Oncology during the first quarter valued at approximately $282,000. Fox Run Management L.L.C. acquired a new stake in Clovis Oncology during the second quarter valued at approximately $154,000. Bellevue Group AG acquired a new stake in Clovis Oncology during the first quarter valued at approximately $1,008,000. Finally, Schonfeld Strategic Advisors LLC acquired a new stake in Clovis Oncology during the first quarter valued at approximately $233,000. 98.46% of the stock is owned by institutional investors and hedge funds.
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Shares of Clovis Oncology (NASDAQ:CLVS) opened at 33.12 on Friday. The company’s 50-day moving average price is $30.85 and its 200-day moving average price is $19.07. Clovis Oncology has a 52-week low of $11.57 and a 52-week high of $109.18. The stock’s market cap is $1.28 billion.
Clovis Oncology (NASDAQ:CLVS) last released its earnings results on Monday, August 8th. The biopharmaceutical company reported ($2.07) EPS for the quarter, beating the consensus estimate of ($2.13) by $0.06. During the same quarter last year, the business earned ($2.10) EPS. On average, equities research analysts forecast that Clovis Oncology will post ($9.25) 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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