Oppenheimer Initiates a Hold Rating on Clovis Oncology

By Jason Carr

In a report released today, Leah R. Cann from Oppenheimer initiated coverage with a Hold rating on Clovis Oncology (NASDAQ: CLVS). The company’s shares opened today at $94.80, close to its 52-week high of $96.49.

R. Cann observed:

“We are initiating coverage of Clovis Oncology, a recently commercial-stage biotechnology company, with a Perform rating. We anticipate Clovis will continue to develop its commercial drug, Rubraca (already approved for third-line ovarian cancer), in additional indications. Rubraca (rucaparib) is a PARP inhibitor for the treatment of ovarian cancer. As a therapeutic class, PARP inhibitors—including FDA-approved Lynparza (olaparib) and Zejula (niraparib)—are designed to exploit a synthetically lethal situation in tumors that lack proper DNA repair mechanisms.”

According to TipRanks.com, Cann is a 4-star analyst with an average return of 9.6% and a 78.4% success rate. Cann covers the Healthcare sector, focusing on stocks such as CytomX Therapeutics Inc, Syros Pharmaceuticals, and Seattle Genetics.

Currently, the analyst consensus on Clovis Oncology is Strong Buy and the average price target is $84, representing a -11.4% downside.

In a report issued on June 19, Chardan Capital also upgraded the stock to Hold with a $50 price target.

Based on Clovis Oncology’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $7.05 million and GAAP net loss of $58.46 million. In comparison, last year the company earned revenue of $0 and had a GAAP net loss of $83.4 million.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

Clovis Oncology, Inc. is a biopharmaceutical company which focuses on acquiring, developing and commercializing cancer treatments in the United States, Europe and other international markets. The company has three product candidates in its clinical development pipeline: Rociletinib, Rucaparib and Lucitani. Clovis Oncology was founded by Andrew R. Allen, Gillian C. Ivers-Read, Patrick J. Mahaffy and Erle T. Mast on April 20, 2009 and is headquartered in Boulder, CO.,07NMCN-E