Brokers Issue Forecasts for Clovis Oncology, Inc.’s Q3 2017 Earnings (CLVS)
Clovis Oncology, Inc. (NASDAQ:CLVS) – Stock analysts at Leerink Swann upped their Q3 2017 EPS estimates for Clovis Oncology in a report released on Thursday. Leerink Swann analyst M. Schmidt now anticipates that the biopharmaceutical company will earn ($1.11) per share for the quarter, up from their previous estimate of ($1.16). Leerink Swann currently has a “Outperform” rating and a $114.00 target price on the stock. Leerink Swann also issued estimates for Clovis Oncology’s Q4 2017 earnings at ($1.04) EPS, FY2018 earnings at ($3.23) EPS, FY2019 earnings at ($1.39) EPS, FY2020 earnings at $1.22 EPS and FY2021 earnings at $4.23 EPS.
Clovis Oncology (NASDAQ:CLVS) last announced its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($1.29) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.27) by $0.02. The firm had revenue of $14.62 million during the quarter, compared to the consensus estimate of $13.07 million. Clovis Oncology’s quarterly revenue was down 32.5% compared to the same quarter last year. During the same period last year, the firm earned ($2.07) EPS.
Other equities research analysts also recently issued reports about the stock. Janney Montgomery Scott raised shares of Clovis Oncology from a “neutral” rating to a “buy” rating in a research report on Tuesday, June 20th. Bank of America Corporation decreased their target price on shares of Clovis Oncology from $103.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, June 20th. J P Morgan Chase & Co set a $72.00 target price on shares of Clovis Oncology and gave the stock a “buy” rating in a research report on Thursday, June 1st. Stifel Nicolaus boosted their target price on shares of Clovis Oncology from $86.00 to $125.00 and gave the stock a “buy” rating in a research report on Monday, June 19th. Finally, BidaskClub raised shares of Clovis Oncology from a “hold” rating to a “buy” rating in a research report on Wednesday, June 21st. Eight investment analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus price target of $81.59.
Clovis Oncology (NASDAQ:CLVS) opened at 78.50 on Monday. The company’s market cap is $3.50 billion. Clovis Oncology has a one year low of $14.62 and a one year high of $99.45. The stock has a 50 day moving average price of $87.51 and a 200 day moving average price of $66.24.
In other news, insider Gillian C. Ivers-Read sold 3,000 shares of the stock in a transaction that occurred on Monday, July 17th. The shares were sold at an average price of $91.56, for a total transaction of $274,680.00. Following the completion of the transaction, the insider now directly owns 197,583 shares of the company’s stock, valued at approximately $18,090,699.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold a total of 9,000 shares of company stock valued at $602,310 over the last three months. Insiders own 17.40% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Palo Alto Investors LLC increased its position in Clovis Oncology by 2.4% in the first quarter. Palo Alto Investors LLC now owns 3,894,963 shares of the biopharmaceutical company’s stock worth $247,992,000 after buying an additional 90,875 shares in the last quarter. Vanguard Group Inc. increased its position in Clovis Oncology by 25.3% in the first quarter. Vanguard Group Inc. now owns 3,285,195 shares of the biopharmaceutical company’s stock worth $209,169,000 after buying an additional 662,969 shares in the last quarter. FMR LLC increased its position in Clovis Oncology by 271.4% in the first quarter. FMR LLC now owns 1,816,859 shares of the biopharmaceutical company’s stock worth $115,679,000 after buying an additional 1,327,703 shares in the last quarter. Wellington Management Group LLP increased its position in Clovis Oncology by 10,143.6% in the first quarter. Wellington Management Group LLP now owns 1,331,669 shares of the biopharmaceutical company’s stock worth $84,788,000 after buying an additional 1,318,669 shares in the last quarter. Finally, Jennison Associates LLC increased its position in Clovis Oncology by 222.5% in the second quarter. Jennison Associates LLC now owns 1,185,177 shares of the biopharmaceutical company’s stock worth $110,968,000 after buying an additional 817,677 shares in the last quarter. 90.67% of the stock is owned by hedge funds and other institutional investors.
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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