J.P. Morgan Boosts Price Target for Clovis Oncology Inc (CLVS) on Back of Additional Pipeline Value


J.P. Morgan analyst Cory Kasimov is out with a new research report on shares of Neutral-rated Clovis Oncology Inc (NASDAQ:CLVS), raising the price target to $58 (from $49), after the drug maker released its fourth-quarter results, which provided some early commercial metrics on ovarian cancer drug Rubraca. In addition, ARIEL3 maintenance study data is on track for mid-year, and Kasimov expects this trial to be positive (much like competitive PARPs in this setting).

Clovis Oncology shares are currently trading at $57.88, down $3.31 or -5.41%.

Kasimov noted, “We have updated our model for 4Q results; changes were minimal. Our model currently only breaks out Rubraca sales specifically for ovarian cancer. However, given some of the recent competitive data in the field in other indications in addition to rucaparib’s advancement in multiple tumor types, we’ve adjusted our additional pipeline value to $1B from $500M resulting in the bump in our target.”

According to TipRank, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Cory Kasimov has a yearly average return of -7.5% and a 36% success rate. Kasimov has a -71.2% average return when recommending CLVS, and is ranked #4377 out of 4494 analysts.

Out of the eight analysts polled in the past 12 months, four rate Clovis Oncology stock a Buy, three rate the stock a Hold, while only one recommends to Sell. With a slight downside potential, the stock’s consensus target price stands at $51.27.