Clovis Oncology (CLVS) Rating Lowered to Sell at Zacks Investment Research
Clovis Oncology (NASDAQ:CLVS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Tuesday.
According to Zacks, “The FDA’s accelerated approval to Clovis’ ovarian cancer treatment, Rubraca in December 2016 was a huge boost for the company. Rubraca registered slower-than- expected sales in the third quarter. Nonetheless, Rubraca has bright prospects, given the tremendous demand for PARP inhibitors. Clovis is focused on continued approval for the drug. Rubraca is under review in EU for the same indication. Several studies evaluating Rubraca in different types of ovarian cancer patients are ongoing. Clovis is looking for label expansion in second line or later maintenance treatment for advanced ovarian cancer. However, with just one approved product in the portfolio, Clovis is heavily dependent on Rubraca for growth, which concerns us. Clovis’ shares have outperformed the industry in the past year. Loss estimates have widened ahead of Q4 earnings. The company has a mixed record of earnings surprises in the recent quarters.”
A number of other equities research analysts also recently commented on CLVS. Leerink Swann reissued a “buy” rating and issued a $107.00 target price on shares of Clovis Oncology in a report on Monday, September 18th. Oppenheimer reissued a “hold” rating on shares of Clovis Oncology in a report on Tuesday, October 10th. Barclays assumed coverage on Clovis Oncology in a report on Monday, October 23rd. They issued an “overweight” rating and a $105.00 target price for the company. Morgan Stanley cut their price target on Clovis Oncology from $89.00 to $86.00 and set an “overweight” rating for the company in a research note on Thursday, November 2nd. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $125.00 price target on shares of Clovis Oncology in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twelve have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $91.83.
Clovis Oncology (NASDAQ:CLVS) last released its earnings results on Wednesday, November 1st. The biopharmaceutical company reported ($1.24) EPS for the quarter, missing analysts’ consensus estimates of ($1.18) by ($0.06). Clovis Oncology had a negative net margin of 947.47% and a negative return on equity of 122.06%. The business had revenue of $16.81 million during the quarter, compared to analyst estimates of $21.12 million. During the same period last year, the business posted ($1.70) EPS. equities analysts anticipate that Clovis Oncology will post -7.65 EPS for the current fiscal year.
In related news, Director Thorlef Spickschen sold 4,500 shares of the business’s stock in a transaction dated 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 transaction, the director now owns 21,118 shares of the company’s stock, valued at approximately $1,372,036.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gillian C. Ivers-Read sold 3,000 shares of the business’s stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $64.16, for a total transaction of $192,480.00. Following the completion of the transaction, the insider now directly owns 182,583 shares of the company’s stock, valued at approximately $11,714,525.28. The disclosure for this sale can be found here. Insiders have sold a total of 15,000 shares of company stock valued at $945,945 in the last ninety days. Corporate insiders own 12.50% of the company’s stock.
Hedge funds have recently made changes to their positions in the stock. Phocas Financial Corp. acquired a new position in Clovis Oncology in the 2nd quarter valued at about $112,000. Capital Analysts LLC acquired a new position in Clovis Oncology in the 3rd quarter valued at about $111,000. Cypress Capital Management LLC WY raised its stake in Clovis Oncology by 272.7% in the 3rd quarter. Cypress Capital Management LLC WY now owns 2,050 shares of the biopharmaceutical company’s stock valued at $169,000 after purchasing an additional 1,500 shares during the last quarter. Stevens Capital Management LP acquired a new position in Clovis Oncology in the 2nd quarter valued at about $257,000. Finally, PNC Financial Services Group Inc. raised its stake in Clovis Oncology by 0.7% in the 2nd quarter. PNC Financial Services Group Inc. now owns 2,820 shares of the biopharmaceutical company’s stock valued at $265,000 after purchasing an additional 20 shares during the last quarter.
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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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