Clovis Oncology (NASDAQ:CLVS) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Tuesday.
According to Zacks, “The FDA’s accelerated approval to Clovis’ ovarian cancer treatment, Rubraca in December 2016 was a huge boost for the company. Rubraca registered slower-than- expected sales in the third quarter. 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. 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 outperformed the industry in the past year. Loss estimates have widened ahead of Q4 earnings. The company has a mixed record of earnings surprises in the recent quarters.”
A number of other research firms also recently commented on CLVS. ValuEngine raised shares of Clovis Oncology from a “sell” rating to a “hold” rating in a report on Friday, December 29th. BidaskClub raised shares of Clovis Oncology from a “strong sell” rating to a “sell” rating in a report on Saturday, December 9th. Oppenheimer reaffirmed a “hold” rating on shares of Clovis Oncology in a report on Tuesday, October 10th. Stifel Nicolaus reissued a “buy” rating and set a $125.00 price target on shares of Clovis Oncology in a report on Friday, November 3rd. Finally, Morgan Stanley reduced their price target on shares of Clovis Oncology from $89.00 to $86.00 and set an “overweight” rating for the company in a report on Thursday, November 2nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $90.43.
Clovis Oncology (NASDAQ:CLVS) last released its quarterly earnings data on Wednesday, November 1st. The biopharmaceutical company reported ($1.24) EPS for the quarter, missing analysts’ consensus estimates of ($1.18) by ($0.06). The business had revenue of $16.81 million during the quarter, compared to analyst estimates of $21.12 million. Clovis Oncology had a negative return on equity of 122.06% and a negative net margin of 947.47%. During the same period in the prior year, the firm earned ($1.70) EPS. research analysts predict that Clovis Oncology will post -7.65 EPS for the current year.
In related news, insider Gillian C. Ivers-Read sold 3,000 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $63.70, for a total value of $191,100.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Thorlef Spickschen sold 4,500 shares of the company’s stock in a transaction dated Monday, January 8th. The stock was sold at an average price of $64.97, for a total transaction of $292,365.00. Following the completion of the sale, the director now directly owns 21,118 shares of the company’s stock, valued at approximately $1,372,036.46. The disclosure for this sale can be found here. In the last three months, insiders have sold 18,000 shares of company stock valued at $1,123,425. Corporate insiders own 12.50% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the stock. Schwab Charles Investment Management Inc. lifted its holdings in Clovis Oncology by 5.3% in the fourth quarter. Schwab Charles Investment Management Inc. now owns 220,924 shares of the biopharmaceutical company’s stock worth $15,023,000 after purchasing an additional 11,030 shares during the period. Neuberger Berman Group LLC acquired a new stake in Clovis Oncology in the third quarter worth about $906,000. California Public Employees Retirement System lifted its holdings in Clovis Oncology by 11.7% in the third quarter. California Public Employees Retirement System now owns 33,384 shares of the biopharmaceutical company’s stock worth $2,751,000 after purchasing an additional 3,484 shares during the period. Janney Montgomery Scott LLC acquired a new stake in Clovis Oncology in the third quarter worth about $638,000. Finally, Bamco Inc. NY lifted its holdings in Clovis Oncology by 94.1% in the third quarter. Bamco Inc. NY now owns 29,147 shares of the biopharmaceutical company’s stock worth $2,402,000 after purchasing an additional 14,132 shares during the period.
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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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