J.P. Morgan analyst Cory Kasimov maintained a Hold rating on Clovis Oncology (CLVS) yesterday and set a price target of $27. The company’s shares closed yesterday at $26.05.
Kasimov said:
“Clovis’ 4Q report was as expected following the top-line pre-announcement at The J.P. Morgan Healthcare Conference. Importantly, all key Rubraca clinical trials remain on track with the next material data updates likely at ESMO in September. In the meantime, we expect investors to continue to focus on the strategic value of the company, particularly in the wake of the GSK/TSRO deal. We are also increasingly asked about CLVS’s cash outlook given an accelerating operating spend and a first round of converts due in 2021 (~$284M). While these questions are likely to persist, we anticipate they will be secondary to the company’s strategic potential.”
According to TipRanks.com, Kasimov is a 3-star analyst with an average return of 0.9% and a 42.2% success rate. Kasimov covers the Healthcare sector, focusing on stocks such as ACADIA Pharmaceuticals Inc, Allogene Therapeutics Inc, and Global Blood Therapeutics.
Currently, the analyst consensus on Clovis Oncology is a Moderate Buy with an average price target of $31, representing a 19.0% upside. In a report released today, Piper Jaffray also maintained a Hold rating on the stock with a $23 price target.
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The company has a one-year high of $65.24 and a one-year low of $11.50. Currently, Clovis Oncology has an average volume of 2.49M.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is negative on the stock. Last month, Thorlef Spickschen, a Director at CLVS bought 32,758 shares for a total of $28,740.
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Clovis Oncology, Inc. is a commercial stage biotechnology company, which engages in the acquisition, development, and commercialization of cancer treatments in the United States, Europe, and other markets. Its product development programs target specific subsets of cancer, and simultaneously develop, with partners, diagnostic tools intended to direct a compound in development to the patients most likely to benefit from its use. The company 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.
