Clovis Oncology (NASDAQ:CLVS) Stock Rating Lowered by Bank of America

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Clovis Oncology (NASDAQ:CLVS) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a report released on Tuesday, Marketbeat reports. They presently have a $7.00 target price on the biopharmaceutical company’s stock, down from their prior target price of $13.00. Bank of America‘s price target would indicate a potential upside of 28.97% from the company’s previous close.

Several other brokerages have also commented on CLVS. Goldman Sachs Group lowered Clovis Oncology from a “neutral” rating to a “sell” rating and decreased their price target for the company from $17.00 to $15.00 in a research note on Wednesday, May 29th. Gabelli reaffirmed a “buy” rating on shares of Clovis Oncology in a research note on Friday, August 2nd. JPMorgan Chase & Co. reaffirmed a “hold” rating and issued a $27.00 price target on shares of Clovis Oncology in a research note on Monday, June 3rd. BidaskClub lowered Clovis Oncology from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 27th. Finally, Credit Suisse Group reaffirmed a “buy” rating and issued a $29.00 price target on shares of Clovis Oncology in a research note on Wednesday, May 15th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and eight have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $25.09.

NASDAQ CLVS opened at $5.43 on Tuesday. The stock’s fifty day moving average is $11.26. The firm has a market capitalization of $309.90 million, a price-to-earnings ratio of -0.77 and a beta of 1.86. The company has a debt-to-equity ratio of 8.04, a current ratio of 3.57 and a quick ratio of 3.32. Clovis Oncology has a fifty-two week low of $5.20 and a fifty-two week high of $37.27.

Clovis Oncology (NASDAQ:CLVS) last released its quarterly earnings data on Thursday, August 1st. The biopharmaceutical company reported ($2.27) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.70) by ($0.57). The company had revenue of $32.98 million for the quarter, compared to analyst estimates of $34.92 million. Clovis Oncology had a negative return on equity of 372.68% and a negative net margin of 332.18%. The business’s quarterly revenue was up 38.8% on a year-over-year basis. During the same period last year, the firm posted ($1.94) EPS. On average, equities research analysts predict that Clovis Oncology will post -7.49 earnings per share for the current fiscal year.

In other news, insider Lindsey Rolfe sold 1,728 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $14.70, for a total value of $25,401.60. Following the transaction, the insider now owns 23,319 shares of the company’s stock, valued at approximately $342,789.30. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In the last ninety days, insiders sold 2,452 shares of company stock worth $36,261. Corporate insiders own 8.30% of the company’s stock.

Several hedge funds have recently bought and sold shares of CLVS. Dimensional Fund Advisors LP acquired a new stake in Clovis Oncology in the fourth quarter worth about $5,641,000. Legal & General Group Plc boosted its holdings in Clovis Oncology by 29.9% in the fourth quarter. Legal & General Group Plc now owns 20,457 shares of the biopharmaceutical company’s stock worth $368,000 after acquiring an additional 4,711 shares in the last quarter. Millennium Management LLC boosted its holdings in Clovis Oncology by 258.4% in the fourth quarter. Millennium Management LLC now owns 29,109 shares of the biopharmaceutical company’s stock worth $523,000 after acquiring an additional 20,988 shares in the last quarter. Norges Bank acquired a new stake in Clovis Oncology in the fourth quarter worth about $8,351,000. Finally, Virtu Financial LLC acquired a new stake in Clovis Oncology in the first quarter worth about $215,000. Hedge funds and other institutional investors own 91.54% of the company’s stock.

About Clovis Oncology

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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Analyst Recommendations for Clovis Oncology (NASDAQ:CLVS)

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