Clovis Oncology (NASDAQ:CLVS)‘s stock had its “buy” rating reissued by analysts at JPMorgan Chase & Co. in a note issued to investors on Thursday.
The analysts wrote, “2018 Procedure Growth Guidance Should Help Shares ISRG reported preliminary 4Q17 revenue of $892M (18% y/y), above our forecast of $865M and consensus’ estimates of $847M. Procedure growth of 17% came in higher than our 16.2% estimate and the Street’s 15.1% forecast. The sales breakout for 4Q included $457 in instrument revenue, $283 in system sales, and $153 for service, higher than our and Street estimates in each segment. 2018 guidance calls for 11-15% procedure growth, above our 10.9% forecast and in-line with consensus growth of 12.8%. This beat on revenue and procedure growth matched our expectations going into the report. Stellar revenue, strong procedure growth, and in-line 2018 guidance should boost shares today. There were 216 systems shipped in the quarter, well above our 180 unit estimate and the Street’s 187. Of these, 40 were shipped under operating lease agreements. However, implied system ASPs were $1.31M, below our modeled $1.55M and a more than $200Ksequential decline from Q3.””
CLVS has been the subject of several other reports. Leerink Swann reiterated an “outperform” rating and issued a $90.00 price objective (down from $107.00) on shares of Clovis Oncology in a research report on Wednesday, November 15th. Zacks Investment Research upgraded Clovis Oncology from a “hold” rating to a “buy” rating and set a $95.00 price objective for the company in a research report on Tuesday, October 17th. Barclays assumed coverage on Clovis Oncology in a research report on Monday, October 23rd. They issued an “overweight” rating and a $105.00 price objective for the company. Morgan Stanley lowered their price objective on Clovis Oncology from $89.00 to $86.00 and set an “overweight” rating for the company in a research report on Thursday, November 2nd. Finally, Oppenheimer reiterated a “hold” rating on shares of Clovis Oncology in a research report on Wednesday, December 20th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and thirteen have given a buy rating to the company. Clovis Oncology currently has an average rating of “Buy” and a consensus target price of $91.83.
Clovis Oncology (NASDAQ:CLVS) last issued its quarterly earnings data on Wednesday, November 1st. The biopharmaceutical company reported ($1.24) earnings per share for the quarter, missing the consensus estimate of ($1.18) by ($0.06). The business had revenue of $16.81 million during 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 quarter in the previous year, the company posted ($1.70) earnings per share. analysts anticipate that Clovis Oncology will post -7.65 EPS for the current fiscal year.
In other news, insider Gillian C. Ivers-Read sold 3,000 shares of the stock in a transaction on Monday, October 16th. The stock was sold at an average price of $84.54, for a total value of $253,620.00. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Thorlef Spickschen sold 4,500 shares of the stock in a transaction on Monday, January 8th. The shares were sold at an average price of $64.97, for a total value of $292,365.00. Following the completion of the sale, the director now owns 21,118 shares in the company, valued at $1,372,036.46. The disclosure for this sale can be found here. Insiders have sold 18,000 shares of company stock worth $1,199,565 over the last 90 days. 12.50% of the stock is owned by insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the company. Rhenman & Partners Asset Management raised its stake in shares of Clovis Oncology by 69.8% in the fourth quarter. Rhenman & Partners Asset Management now owns 73,000 shares of the biopharmaceutical company’s stock valued at $2,555,000 after acquiring an additional 30,000 shares in the last quarter. Verde Servico Internacionais acquired a new stake in shares of Clovis Oncology in the fourth quarter valued at $4,931,000. Cypress Capital Management LLC WY raised its stake in shares of Clovis Oncology by 16.3% in the fourth quarter. Cypress Capital Management LLC WY now owns 22,910 shares of the biopharmaceutical company’s stock valued at $802,000 after acquiring an additional 3,210 shares in the last quarter. Oxford Asset Management raised its stake in shares of Clovis Oncology by 344.0% in the fourth quarter. Oxford Asset Management now owns 93,893 shares of the biopharmaceutical company’s stock valued at $3,304,000 after acquiring an additional 72,748 shares in the last quarter. Finally, Two Sigma Investments LP acquired a new stake in shares of Clovis Oncology in the fourth quarter valued at $953,000.
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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’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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