“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.”,” JPMorgan Chase & Co.’s analyst wrote.
CLVS has been the topic of a number of other research reports. Leerink Swann restated an outperform rating and set a $90.00 target price (down previously from $107.00) on shares of Clovis Oncology in a research report on Wednesday, November 15th. Zacks Investment Research upgraded shares of Clovis Oncology from a hold rating to a buy rating and set a $95.00 target price on the stock in a research report on Tuesday, October 17th. Barclays began coverage on shares of Clovis Oncology in a research report on Monday, October 23rd. They set an overweight rating and a $105.00 target price on the stock. Morgan Stanley decreased their target price on shares of Clovis Oncology from $89.00 to $86.00 and set an overweight rating on the stock in a research report on Thursday, November 2nd. Finally, Oppenheimer restated 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 issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average price target of $91.83.
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 the Zacks’ consensus estimate 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 analyst estimates of $21.12 million. During the same quarter last year, the company posted ($1.70) EPS. analysts anticipate that Clovis Oncology will post -7.65 earnings per share for the current year.
In other news, insider Gillian C. Ivers-Read sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, November 15th. The shares were sold at an average price of $63.70, for a total transaction of $191,100.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thorlef Spickschen sold 4,500 shares of the company’s stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $64.97, for a total transaction of $292,365.00. Following the sale, the director now directly owns 21,118 shares of the company’s stock, valued at approximately $1,372,036.46. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,000 shares of company stock valued at $945,945. 12.50% of the stock is currently owned by insiders.
Large investors have recently modified their holdings of the stock. Phocas Financial Corp. bought a new position in Clovis Oncology in the 2nd quarter valued at approximately $112,000. Capital Analysts LLC bought a new position in Clovis Oncology in the 3rd quarter valued at approximately $111,000. Cypress Capital Management LLC WY lifted 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 bought a new position in Clovis Oncology in the 2nd quarter valued at approximately $257,000. Finally, PNC Financial Services Group Inc. lifted 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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