Cann Reiterates “Hold” Rating for Clovis Oncology, Inc. (CLVS)

Clovis Oncology, Inc. (NASDAQ:CLVS)‘s stock had its “hold” rating reiterated by Cann in a report released on Monday.

The analysts wrote, “In a presentation on Saturday at the 2017 European Society for Medical Oncology (ESMO) Congress, Clovis Oncology released additional details from the results of the phase III ARIEL3 study of Rucraca. In addition to PFS results, Clovis presented response rate data from an exploratory analysis of investigator-assessed ORR for patients with measurable disease at baseline. These response rate data are consistent with the previously released PFS data.””

A number of other equities research analysts also recently weighed in on the stock. Credit Suisse Group set a $107.00 target price on shares of Clovis Oncology and gave the company a “buy” rating in a research note on Tuesday, July 18th. J P Morgan Chase & Co raised shares of Clovis Oncology from a “neutral” rating to an “overweight” rating and set a $72.00 target price on the stock in a research note on Wednesday, May 17th. Gabelli initiated coverage on shares of Clovis Oncology in a research note on Friday, July 7th. They set a “buy” rating and a $125.00 price target on the stock. Zacks Investment Research raised shares of Clovis Oncology from a “hold” rating to a “buy” rating and set a $105.00 price target on the stock in a research note on Wednesday, July 12th. Finally, ValuEngine downgraded shares of Clovis Oncology from a “hold” rating to a “sell” rating in a research note on Friday, May 19th. Eight investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Clovis Oncology currently has an average rating of “Buy” and a consensus target price of $85.16.

Shares of Clovis Oncology (NASDAQ CLVS) opened at 70.61 on Monday. The firm’s 50-day moving average is $76.27 and its 200-day moving average is $68.61. Clovis Oncology has a 12-month low of $25.50 and a 12-month high of $99.45. The company’s market capitalization is $3.45 billion.

Clovis Oncology (NASDAQ:CLVS) last announced its earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($1.29) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.27) by ($0.02). The company had revenue of $14.62 million for the quarter, compared to analyst estimates of $13.07 million. Clovis Oncology’s quarterly revenue was down 32.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($2.07) earnings per share. On average, equities analysts predict that Clovis Oncology will post ($7.53) EPS for the current year.

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In related news, insider Gillian C. Ivers-Read sold 3,000 shares of Clovis Oncology stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $61.82, for a total value of $185,460.00. Following the transaction, the insider now directly owns 200,583 shares of the company’s stock, valued at $12,400,041.06. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director James C. Blair sold 18,450 shares of Clovis Oncology stock in a transaction on Friday, August 4th. The stock was 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 in the company, valued at $171,762.85. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,450 shares of company stock worth $2,120,645. 17.40% of the stock is owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Frontier Capital Management Co. LLC purchased a new position in shares of Clovis Oncology in the first quarter worth $4,617,000. Greenwood Capital Associates LLC increased its stake in shares of Clovis Oncology by 4.0% in the second quarter. Greenwood Capital Associates LLC now owns 5,485 shares of the biopharmaceutical company’s stock worth $514,000 after buying an additional 212 shares during the period. Sphera Funds Management LTD. purchased a new position in shares of Clovis Oncology in the second quarter worth $8,708,000. Boston Advisors LLC purchased a new position in shares of Clovis Oncology in the second quarter worth $8,332,000. Finally, Jasper Ridge Partners L.P. increased its stake in shares of Clovis Oncology by 100.0% in the first quarter. Jasper Ridge Partners L.P. now owns 9,184 shares of the biopharmaceutical company’s stock worth $585,000 after buying an additional 4,592 shares during the period. 98.94% of the stock is currently owned by institutional investors.

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.

Analyst Recommendations for Clovis Oncology (NASDAQ:CLVS)

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