Svb Leerink Downgrades Clovis Oncology (NASDAQ:CLVS) to Market Perform

Svb Leerink cut shares of Clovis Oncology (NASDAQ:CLVS) from an outperform rating to a market perform rating in a research note released on Tuesday, BenzingaRatingsTable reports. The firm currently has $10.00 price objective on the biopharmaceutical company’s stock, down from their previous price objective of $22.00. Svb Leerink also issued estimates for Clovis Oncology’s Q3 2019 earnings at ($2.10) EPS, Q4 2019 earnings at ($2.02) EPS, FY2019 earnings at ($8.03) EPS, FY2020 earnings at ($5.61) EPS, FY2021 earnings at ($3.71) EPS, FY2022 earnings at ($2.33) EPS and FY2023 earnings at ($0.72) EPS.

CLVS has been the topic of a number of other reports. Piper Jaffray Companies restated a neutral rating on shares of Clovis Oncology in a research report on Thursday, August 1st. JPMorgan Chase & Co. restated a hold rating and set a $27.00 target price on shares of Clovis Oncology in a research report on Monday, June 3rd. Gabelli restated a buy rating on shares of Clovis Oncology in a research report on Friday, August 2nd. Goldman Sachs Group downgraded shares of Clovis Oncology from a neutral rating to a sell rating and cut their target price for the company from $17.00 to $15.00 in a research report on Wednesday, May 29th. Finally, Barclays set a $36.00 target price on shares of Clovis Oncology and gave the company a buy rating in a research report on Friday, August 2nd. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and seven have issued a buy rating to the stock. Clovis Oncology currently has a consensus rating of Hold and an average target price of $22.17.

Shares of NASDAQ CLVS opened at $4.00 on Tuesday. The firm’s 50-day simple moving average is $5.42 and its 200 day simple moving average is $14.59. The company has a market cap of $218.64 million, a price-to-earnings ratio of -0.57 and a beta of 1.91. The company has a quick ratio of 3.32, a current ratio of 3.57 and a debt-to-equity ratio of 8.04. Clovis Oncology has a 12-month low of $3.97 and a 12-month high of $34.63.

Clovis Oncology (NASDAQ:CLVS) last issued its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($2.27) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 firm’s quarterly revenue was up 38.8% on a year-over-year basis. During the same quarter last year, the company earned ($1.94) EPS. On average, equities analysts expect that Clovis Oncology will post -7.56 earnings per share for the current year.

In other news, Director James C. Blair purchased 40,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 20th. The shares were acquired at an average cost of $5.84 per share, for a total transaction of $233,600.00. Following the transaction, the director now directly owns 33,439 shares of the company’s stock, valued at approximately $195,283.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thorlef Spickschen purchased 8,600 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The stock was purchased at an average price of $5.67 per share, for a total transaction of $48,762.00. Following the completion of the transaction, the director now directly owns 58,176 shares in the company, valued at $329,857.92. The disclosure for this purchase can be found here. Over the last 90 days, insiders have acquired 107,800 shares of company stock worth $612,094 and have sold 1,706 shares worth $8,755. Corporate insiders own 8.30% of the company’s stock.

Large investors have recently made changes to their positions in the stock. Ropes Wealth Advisors LLC acquired a new stake in shares of Clovis Oncology in the 2nd quarter valued at approximately $27,000. Aperio Group LLC acquired a new stake in shares of Clovis Oncology in the 2nd quarter valued at approximately $48,000. Quantamental Technologies LLC acquired a new stake in shares of Clovis Oncology in the 2nd quarter valued at approximately $53,000. Bank of Montreal Can raised its position in shares of Clovis Oncology by 55.8% in the 2nd quarter. Bank of Montreal Can now owns 9,652 shares of the biopharmaceutical company’s stock valued at $143,000 after acquiring an additional 3,457 shares during the period. Finally, US Bancorp DE raised its position in shares of Clovis Oncology by 24.6% in the 2nd quarter. US Bancorp DE now owns 10,991 shares of the biopharmaceutical company’s stock valued at $164,000 after acquiring an additional 2,171 shares during the period. Institutional investors and hedge funds own 91.69% 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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