Zacks Investment Research upgraded shares of Clovis Oncology (NASDAQ:CLVS) from a sell rating to a hold rating in a report released on Thursday.
According to Zacks, “Clovis’ Rubraca has not performed well in 2017 as it registered slower-than-expected sales. 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. A potential approval in Europe and in second-line setting in the United States will give a boost for the company. 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 underperformed the industry in the past six months. Loss estimates have widened ahead of Q1 results. Clovis has a mixed record of earnings surprises in the recent quarters.”
Several other research firms have also issued reports on CLVS. ValuEngine upgraded Clovis Oncology from a sell rating to a hold rating in a research report on Friday, December 29th. Oppenheimer restated a hold rating on shares of Clovis Oncology in a research report on Wednesday, December 20th. JPMorgan Chase restated a buy rating on shares of Clovis Oncology in a research report on Thursday, January 11th. BidaskClub upgraded Clovis Oncology from a strong sell rating to a sell rating in a research report on Friday, January 26th. Finally, Cann assumed coverage on Clovis Oncology in a research report on Friday, March 23rd. They set a hold rating on the stock. Two analysts have rated the stock with a sell rating, five have issued a hold rating and thirteen have issued a buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $87.60.
CLVS opened at $50.17 on Thursday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 7.35 and a current ratio of 7.69. Clovis Oncology has a 1 year low of $45.42 and a 1 year high of $99.45.
Clovis Oncology (NASDAQ:CLVS) last posted its quarterly earnings results on Monday, February 26th. The biopharmaceutical company reported ($1.04) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.29) by $0.25. Clovis Oncology had a negative return on equity of 81.34% and a negative net margin of 624.02%. The business had revenue of $17.04 million for the quarter, compared to analyst estimates of $19.42 million. During the same period last year, the company earned ($1.83) EPS. Clovis Oncology’s revenue for the quarter was up 21746.2% compared to the same quarter last year. sell-side analysts expect that Clovis Oncology will post -4.67 earnings per share for the current year.
In other news, insider Gillian C. Ivers-Read sold 3,000 shares of Clovis Oncology stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $54.09, for a total value of $162,270.00. Following the sale, the insider now directly owns 180,571 shares in the company, valued at approximately $9,767,085.39. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Thorlef Spickschen sold 4,500 shares of Clovis Oncology stock in a transaction that occurred on Thursday, March 8th. The stock was sold at an average price of $61.47, for a total value of $276,615.00. Following the completion of the sale, the director now owns 12,118 shares in the company, valued at $744,893.46. The disclosure for this sale can be found here. Over the last quarter, insiders sold 16,500 shares of company stock worth $978,975. Corporate insiders own 12.50% of the company’s stock.
Several hedge funds have recently modified their holdings of the company. Palo Alto Investors LLC grew its position in shares of Clovis Oncology by 2.2% in the 4th quarter. Palo Alto Investors LLC now owns 3,402,781 shares of the biopharmaceutical company’s stock worth $231,389,000 after buying an additional 73,200 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Clovis Oncology by 13.8% during the fourth quarter. Franklin Resources Inc. now owns 2,634,401 shares of the biopharmaceutical company’s stock valued at $179,138,000 after purchasing an additional 318,931 shares in the last quarter. Redmile Group LLC boosted its position in shares of Clovis Oncology by 32.5% during the fourth quarter. Redmile Group LLC now owns 1,320,027 shares of the biopharmaceutical company’s stock valued at $89,762,000 after purchasing an additional 323,417 shares in the last quarter. Alliancebernstein L.P. boosted its position in shares of Clovis Oncology by 4.3% during the fourth quarter. Alliancebernstein L.P. now owns 1,002,897 shares of the biopharmaceutical company’s stock valued at $68,197,000 after purchasing an additional 41,120 shares in the last quarter. Finally, HealthCor Management L.P. boosted its position in shares of Clovis Oncology by 50.4% during the fourth quarter. HealthCor Management L.P. now owns 973,840 shares of the biopharmaceutical company’s stock valued at $66,221,000 after purchasing an additional 326,420 shares in the last quarter. Hedge funds and other institutional investors own 98.19% of the company’s stock.
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Clovis Oncology Company Profile
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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