Clovis Oncology (CLVS) Downgraded by Zacks Investment Research to Sell

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Zacks Investment Research downgraded shares of Clovis Oncology (NASDAQ:CLVS) from a hold rating to a sell rating in a research note published on Tuesday, Zacks.com reports.

According to Zacks, “Sales of the company’s sole marketed drug Rubraca recovered in the fourth quarter of 2018 on the back of awareness programs. However, the drug faced challenges in its adoption, which may continue going forward. Moreover, Rubraca faces strong competition from other PARP inhibitors in the market, Lynparza and Zejula. Meanwhile, several studies on Rubraca, targeting different types of ovarian cancer patients, are currently underway. Successful development is likely to bolster the prospect of the drug. The company is actively working on expanding the label of Rubraca as monotherapy or combination therapy in and beyond ovarian cancer. Clovis’ shares have underperformed the industry in the past six months. Clovis’ shares have outperformed the industry so far this year. Loss estimates have been stable ahead of the company’s Q1 earnings release. The company has a dismal record of earnings surprises in the recent quarters.”

CLVS has been the topic of a number of other reports. BidaskClub cut shares of Clovis Oncology from a hold rating to a sell rating in a research note on Wednesday, March 20th. ValuEngine lowered shares of Clovis Oncology from a hold rating to a sell rating in a report on Wednesday, January 2nd. JPMorgan Chase & Co. restated a hold rating on shares of Clovis Oncology in a report on Sunday, April 7th. Piper Jaffray Companies reduced their target price on shares of Clovis Oncology from $23.00 to $21.00 and set a neutral rating on the stock in a report on Sunday. Finally, SunTrust Banks reduced their target price on shares of Clovis Oncology to $28.00 and set a buy rating on the stock in a report on Monday. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the company. The company presently has an average rating of Hold and an average target price of $43.44.

Shares of NASDAQ CLVS opened at $21.21 on Tuesday. The stock has a market capitalization of $1.09 billion, a P/E ratio of -3.00 and a beta of 2.07. Clovis Oncology has a 52 week low of $11.50 and a 52 week high of $55.15. The company has a debt-to-equity ratio of 3.93, a quick ratio of 4.34 and a current ratio of 4.55.

Clovis Oncology (NASDAQ:CLVS) last issued its quarterly earnings data on Tuesday, February 26th. The biopharmaceutical company reported ($1.88) EPS for the quarter, missing the Zacks’ consensus estimate of ($1.68) by ($0.20). The business had revenue of $30.40 million during the quarter, compared to analyst estimates of $30.46 million. Clovis Oncology had a negative net margin of 385.80% and a negative return on equity of 147.39%. Clovis Oncology’s revenue was up 78.4% on a year-over-year basis. During the same period in the previous year, the company posted ($1.04) earnings per share. As a group, equities research analysts expect that Clovis Oncology will post -7.06 earnings per share for the current year.

In other news, insider Lindsey Rolfe sold 1,731 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $29.29, for a total transaction of $50,700.99. Following the completion of the sale, the insider now owns 16,497 shares of the company’s stock, valued at $483,197.13. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director James C. Blair sold 17,056 shares of Clovis Oncology stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $27.79, for a total transaction of $473,986.24. Following the completion of the transaction, the director now directly owns 13,439 shares of the company’s stock, valued at approximately $373,469.81. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 20,782 shares of company stock worth $576,755. 10.20% of the stock is owned by insiders.

A number of institutional investors have recently added to or reduced their stakes in CLVS. Vanguard Group Inc lifted its stake in Clovis Oncology by 2.4% in the third quarter. Vanguard Group Inc now owns 4,445,064 shares of the biopharmaceutical company’s stock valued at $130,551,000 after buying an additional 104,655 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Clovis Oncology by 2.4% during the third quarter. Vanguard Group Inc. now owns 4,445,064 shares of the biopharmaceutical company’s stock valued at $130,551,000 after purchasing an additional 104,655 shares in the last quarter. Orbimed Advisors LLC raised its stake in shares of Clovis Oncology by 23.2% during the fourth quarter. Orbimed Advisors LLC now owns 2,752,200 shares of the biopharmaceutical company’s stock valued at $49,430,000 after purchasing an additional 517,630 shares in the last quarter. Samlyn Capital LLC bought a new stake in shares of Clovis Oncology during the fourth quarter valued at about $18,054,000. Finally, Macquarie Group Ltd. raised its stake in shares of Clovis Oncology by 27.1% during the third quarter. Macquarie Group Ltd. now owns 878,530 shares of the biopharmaceutical company’s stock valued at $25,802,000 after purchasing an additional 187,071 shares in the last quarter.

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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