Oppenheimer Remains a Hold on Clovis Oncology (CLVS)

Oppenheimer analyst Leah R. Cann maintained a Hold rating on Clovis Oncology (NASDAQ: CLVS) today. The company’s shares opened today at $31.73, close to its 52-week low of $28.70.

Cann said:

“We have not included any sales or earnings in our outlook from Rubraca in the prostate setting by 2022 due to its stage of development. However, we are encouraged by its receiving Breakthrough Therapy Designation. Our analysis shows that this designation can reduce FDA-approval time by 40%, and only 20% of sponsors receive the designation. Our financial outlook for Clovis’ revenue remains unchanged for 2017-22.”

According to TipRanks.com, Cann is a 5-star analyst with an average return of 16.3% and a 50.3% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Clovis Oncology with a $50.50 average price target, representing a 59.2% upside. In a report issued on September 24, Leerink Partners also initiated coverage with a Hold rating on the stock with a $30 price target.

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Based on Clovis Oncology’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $101 million. In comparison, last year the company had a GAAP net loss of $60.66 million.

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Clovis Oncology, Inc. engages in the acquisition, development, and commercialization of anti-cancer agents. Its marketed product, Rubraca, seeks to treat patients with deleterious BRCA mutation associated advanced ovarian cancer, who have been treated with two or more chemotherapies. It also has product candidates, namely Rociletinib and Lucitanib.