Clovis Oncology, Inc. (NASDAQ:CLVS) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday, October 17th. The firm currently has a $95.00 price objective on the biopharmaceutical company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 31.25% from the company’s current price.
According to Zacks, “Clovis’ Rubraca registered impressive sales in the second quarter. The FDA’s accelerated approval to ovarian cancer treatment, Rubraca in Dec 2016 was a huge boost for the company. Rubraca has bright prospects, given the tremendous demand for PARP inhibitors. Clovis is focused on achieving continued approval for the drug. Rubraca is also under review in the EU for a comparable indication. Several studies on Rubraca, targeting different types of ovarian cancer patients, are currently underway. Promising progression-free survival and safety results from the ARIEL3 maintenance study in Jun 2017 are positives. 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 so far this year. Loss Estimates have narrowed ahead of the Q3 earnings results. The company has a mixed record of earnings surprises in recent quarters.”
Other equities analysts also recently issued research reports about the company. Cann reaffirmed a “hold” rating on shares of Clovis Oncology in a research report on Monday, July 31st. Oppenheimer Holdings, Inc. initiated coverage on Clovis Oncology in a research report on Friday, June 23rd. They set a “market perform” rating for the company. SunTrust Banks, Inc. reaffirmed a “buy” rating on shares of Clovis Oncology in a research report on Thursday, June 22nd. Gabelli initiated coverage on Clovis Oncology in a report on Friday, July 7th. They issued a “buy” rating and a $125.00 price objective for the company. Finally, BidaskClub raised Clovis Oncology from a “hold” rating to a “buy” rating in a report on Wednesday, June 21st. Eight equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company’s stock. Clovis Oncology currently has an average rating of “Buy” and a consensus price target of $87.15.
Shares of Clovis Oncology (CLVS) traded down $1.21 during trading hours on Tuesday, reaching $72.38. The company’s stock had a trading volume of 777,387 shares, compared to its average volume of 1,290,000. Clovis Oncology has a 12-month low of $25.81 and a 12-month high of $99.45. The company has a debt-to-equity ratio of 0.94, a current ratio of 3.19 and a quick ratio of 3.16.
Clovis Oncology (NASDAQ:CLVS) last announced its quarterly 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 company had revenue of $16.81 million during the quarter, compared to the consensus estimate of $21.12 million. During the same period last year, the company earned ($1.70) earnings per share. sell-side analysts expect that Clovis Oncology will post -7.61 EPS for the current year.
In other news, insider Gillian C. Ivers-Read sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 15th. The stock was sold at an average price of $69.50, for a total transaction of $208,500.00. Following the completion of the sale, the insider now owns 191,583 shares in the company, valued at $13,315,018.50. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In the last 90 days, insiders have sold 9,000 shares of company stock valued at $672,270. Corporate insiders own 12.50% of the company’s stock.
Hedge funds have recently bought and sold shares of the business. Capital Analysts LLC purchased a new position in Clovis Oncology in the third quarter worth $111,000. Phocas Financial Corp. purchased a new position in shares of Clovis Oncology during the 2nd quarter valued at $112,000. Advisors Asset Management Inc. lifted its position in shares of Clovis Oncology by 160.7% during the 2nd quarter. Advisors Asset Management Inc. now owns 1,895 shares of the biopharmaceutical company’s stock valued at $177,000 after buying an additional 1,168 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Clovis Oncology by 3.7% during the 1st quarter. PNC Financial Services Group Inc. now owns 2,800 shares of the biopharmaceutical company’s stock valued at $179,000 after buying an additional 100 shares during the last quarter. Finally, Teacher Retirement System of Texas purchased a new position in shares of Clovis Oncology during the 1st quarter valued at $204,000.
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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