Clovis Oncology, Inc. (CLVS) Stock Rating Lowered by Zacks Investment Research
Clovis Oncology, Inc. (NASDAQ:CLVS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Tuesday.
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. Rubraca is also likely to face intense competition from currently marketed PARP inhibitors. Clovis’ shares have outperformed the industry so far this year.”
A number of other equities analysts also recently commented on CLVS. Leerink Swann started coverage on shares of Clovis Oncology in a research note on Tuesday, June 13th. They issued an “outperform” rating and a $85.00 target price on the stock. Credit Suisse Group reaffirmed an “outperform” rating and set a $88.00 price target on shares of Clovis Oncology in a research note on Friday, June 16th. Chardan Capital raised shares of Clovis Oncology from a “sell” rating to a “neutral” rating and lifted their price target for the stock from $36.00 to $50.00 in a research note on Monday, June 19th. Stifel Nicolaus lifted their price target on shares of Clovis Oncology from $86.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 19th. Finally, Morgan Stanley reaffirmed an “overweight” rating and set a $79.00 price target on shares of Clovis Oncology in a research note on Tuesday, June 20th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and twelve have assigned a buy rating to the company. Clovis Oncology has a consensus rating of “Buy” and an average target price of $87.09.
Clovis Oncology (NASDAQ:CLVS) traded down 0.84% during mid-day trading on Tuesday, hitting $81.29. The stock had a trading volume of 295,299 shares. Clovis Oncology has a one year low of $25.50 and a one year high of $99.45. The company’s market cap is $3.97 billion. The company has a 50 day moving average price of $74.44 and a 200-day moving average price of $70.23.
Clovis Oncology (NASDAQ:CLVS) last issued its earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($1.29) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.27) by ($0.02). The firm had revenue of $14.62 million for the quarter, compared to analyst estimates of $13.07 million. During the same quarter in the previous year, the company posted ($2.07) earnings per share. The company’s revenue for the quarter was down 32.5% on a year-over-year basis. Equities analysts expect that Clovis Oncology will post ($7.56) earnings per share for the current fiscal year.
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In other news, insider Gillian C. Ivers-Read sold 3,000 shares of Clovis Oncology stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $69.50, for a total value of $208,500.00. Following the completion of the transaction, the insider now directly owns 191,583 shares of the company’s stock, valued at approximately $13,315,018.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director James C. Blair sold 18,450 shares of Clovis Oncology stock in a transaction dated Friday, August 4th. The shares were sold at an average price of $78.61, for a total transaction of $1,450,354.50. Following the completion of the transaction, the director now directly owns 2,185 shares of the company’s stock, valued at $171,762.85. The disclosure for this sale can be found here. Insiders sold a total of 27,450 shares of company stock valued at $2,143,685 over the last ninety days. Company insiders own 12.50% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of CLVS. Phocas Financial Corp. acquired a new position in shares of Clovis Oncology in the 2nd quarter valued at about $112,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Clovis Oncology by 71.4% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,819 shares of the biopharmaceutical company’s stock valued at $116,000 after buying an additional 758 shares during the period. Advisors Asset Management Inc. boosted its holdings in shares of Clovis Oncology by 160.7% in 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 period. PNC Financial Services Group Inc. boosted its holdings in shares of Clovis Oncology by 3.7% in 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 period. Finally, Quantbot Technologies LP acquired a new position in shares of Clovis Oncology in the 1st quarter valued at about $185,000. 99.03% of the stock is owned by institutional investors and hedge funds.
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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