Clovis Oncology (NASDAQ:CLVS) Shares Down 5.9%


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Clovis Oncology (NASDAQ:CLVS) shares dropped 5.9% on Wednesday . The stock traded as low as $5.57 and last traded at $5.62. Approximately 6,491,331 shares traded hands during trading, an increase of 28% from the average daily volume of 5,075,279 shares. The stock had previously closed at $5.97.

CLVS has been the subject of several recent analyst reports. ValuEngine raised shares of Clovis Oncology from a “hold” rating to a “buy” rating in a research report on Tuesday, November 10th. Piper Sandler cut their price objective on shares of Clovis Oncology from $6.00 to $5.00 and set a “neutral” rating for the company in a research report on Thursday, November 5th. SVB Leerink cut their price objective on shares of Clovis Oncology from $4.00 to $3.00 and set an “underperform” rating for the company in a research report on Friday, November 6th. BidaskClub cut shares of Clovis Oncology from a “sell” rating to a “strong sell” rating in a research report on Monday, December 28th. Finally, HC Wainwright reissued a “buy” rating on shares of Clovis Oncology in a report on Friday, January 8th. Three research analysts have rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $8.92.

The stock has a market cap of $496.35 million, a P/E ratio of -1.07 and a beta of 2.10. The business’s fifty day moving average price is $4.97 and its 200 day moving average price is $5.49.

Clovis Oncology (NASDAQ:CLVS) last posted its earnings results on Thursday, November 5th. The biopharmaceutical company reported ($0.89) EPS for the quarter, topping analysts’ consensus estimates of ($1.01) by $0.12. The company had revenue of $38.77 million during the quarter, compared to the consensus estimate of $42.34 million. Research analysts expect that Clovis Oncology will post -3.97 EPS for the current year.

A number of hedge funds and other institutional investors have recently modified their holdings of CLVS. Vanguard Group Inc. raised its holdings in Clovis Oncology by 40.1% in the 2nd quarter. Vanguard Group Inc. now owns 6,244,924 shares of the biopharmaceutical company’s stock valued at $42,153,000 after buying an additional 1,787,665 shares during the last quarter. Natixis bought a new position in Clovis Oncology in the 3rd quarter valued at approximately $6,351,000. State Street Corp raised its holdings in Clovis Oncology by 4.4% in the 3rd quarter. State Street Corp now owns 9,646,730 shares of the biopharmaceutical company’s stock valued at $56,240,000 after buying an additional 407,999 shares during the last quarter. Great West Life Assurance Co. Can raised its holdings in Clovis Oncology by 6,836.0% in the 3rd quarter. Great West Life Assurance Co. Can now owns 330,500 shares of the biopharmaceutical company’s stock valued at $718,000 after buying an additional 325,735 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC bought a new position in Clovis Oncology in the 3rd quarter valued at approximately $1,560,000. Institutional investors and hedge funds own 57.83% of the company’s stock.

About Clovis Oncology (NASDAQ:CLVS)

Clovis Oncology, Inc, a biopharmaceutical company, focuses on acquiring, developing, and commercializing anti-cancer agents in the United States, Europe, and internationally. Its commercial product includes Rubraca (rucaparib) tablet, a small molecule poly ADP-ribose polymerase inhibitor, used as monotherapy for the treatment of patients with deleterious BRCA mutation associated advanced ovarian cancer, who have been treated with two or more chemotherapies, and selected for therapy by an FDA-approved companion diagnostic for Rubraca.

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