According to Zacks, “Clovis is a development-stage company focused on the development of treatments for cancer. We are encouraged by Clovis' progress with its lead pipeline candidate, rucaparib (ovarian cancer). It is currently under FDA’s priority review with a response expected by Feb 23, 2017. Rucaparib most likely will not come up before the FDA’s advisory panel. Clovis is also on track to file for EU approval in the fourth quarter of 2016. Approval would be a huge boost for the company given the immense commercial potential in the target market. However, we remain concerned about Clovis’ dependence on just one candidate. The company has already suffered a huge setback on the regulatory front when it was informed by the FDA that the agency would issue a complete response letter for rociletinib. Based on this, Clovis decided to discontinue investment in rociletinib. Any further regulatory or pipeline setback would hurt the stock adversely.”
A number of other research analysts have also commented on the company. SunTrust Banks Inc. upped their price target on Clovis Oncology from $38.00 to $50.00 and gave the company a buy rating in a research report on Friday, September 23rd. Janney Montgomery Scott downgraded Clovis Oncology from a buy rating to a neutral rating and upped their target price for the stock from $35.00 to $36.00 in a report on Wednesday, September 21st. Stifel Nicolaus upped their target price on Clovis Oncology from $30.00 to $45.00 and gave the stock a buy rating in a report on Wednesday, September 21st. Credit Suisse Group AG upgraded Clovis Oncology from a neutral rating to an outperform rating and upped their target price for the stock from $19.00 to $41.00 in a report on Wednesday, September 21st. Finally, Piper Jaffray Cos. reiterated a neutral rating and set a $14.00 target price on shares of Clovis Oncology in a report on Thursday, August 25th. Seven analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. Clovis Oncology currently has a consensus rating of Buy and an average price target of $34.06.
Shares of Clovis Oncology (NASDAQ:CLVS) traded up 4.55% during mid-day trading on Tuesday, reaching $36.34. The company had a trading volume of 1,889,682 shares. The company’s market capitalization is $1.40 billion. The company has a 50 day moving average price of $27.98 and a 200 day moving average price of $18.36. Clovis Oncology has a one year low of $11.57 and a one year high of $109.18.
Clovis Oncology (NASDAQ:CLVS) last released its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($2.07) EPS for the quarter, beating analysts’ consensus estimates of ($2.13) by $0.06. During the same period in the prior year, the business posted ($2.10) EPS. On average, analysts anticipate that Clovis Oncology will post ($9.32) EPS for the current year.
A number of hedge funds have recently modified their holdings of the stock. Boxer Capital LLC acquired a new stake in shares of Clovis Oncology during the second quarter valued at approximately $6,174,000. Palo Alto Investors LLC increased its stake in shares of Clovis Oncology by 9.9% in the second quarter. Palo Alto Investors LLC now owns 3,804,088 shares of the biopharmaceutical company’s stock valued at $52,192,000 after buying an additional 342,723 shares in the last quarter. State Street Corp increased its stake in shares of Clovis Oncology by 21.2% in the first quarter. State Street Corp now owns 1,797,874 shares of the biopharmaceutical company’s stock valued at $34,525,000 after buying an additional 313,893 shares in the last quarter. Norges Bank acquired a new stake in shares of Clovis Oncology during the fourth quarter valued at approximately $7,790,000. Finally, Vanguard Group Inc. increased its stake in shares of Clovis Oncology by 7.7% in the second quarter. Vanguard Group Inc. now owns 2,405,468 shares of the biopharmaceutical company’s stock valued at $33,003,000 after buying an additional 171,047 shares in the last quarter. Institutional investors and hedge funds own 98.46% of the company’s stock.
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 is developing approximately three product candidates: Rociletinib, Rucaparib and Lucitanib. Rociletinib is an oral epidermal growth factor receptor (EGFR), mutant-selective covalent inhibitor that is under review with the United States and European regulatory authorities for the treatment of non-small cell lung cancer (NSCLC) in patients with activating EGFR mutations, as well as the resistance mutation, T790M.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Clovis Oncology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Clovis Oncology Inc. and related companies with MarketBeat.com's FREE daily email newsletter.