Oppenheimer Sticks to Their Hold Rating for Clovis Oncology


Oppenheimer analyst Leah R. Cann maintained a Hold rating on Clovis Oncology (NASDAQ: CLVS) yesterday. The company’s shares closed on Friday at $43.74, close to its 52-week low of $41.72.

Cann wrote:

“We believe the current status of the PARP inhibitor market is resulting in less predictable physician adoption than is typical in oncology settings. As a result, we are adjusting our Rubraca sales outlook for 2018-2022. Our outlook for Clovis Oncology is being adjusted to account for changes to our revenue estimates for 2018-2022, as a result of changes to our outlook for Rubraca. We are decreasing our Q2 2018 estimated Rubraca sales to $23.2 million from $44.8 million, and our 2018 estimated Rubraca sales by 27.2% to $126.0 million from our prior estimate of $173.0 million. We are reducing 2019 estimated Rubraca sales by 24.6% to $292.1 million from $387.6 million. We are making modest adjustments to 2020-2022E.”

According to TipRanks.com, Cann is a 5-star analyst with an average return of 24.0% and a 60.9% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.

Clovis Oncology has an analyst consensus of Strong Buy, with a price target consensus of $83.

See today’s analyst top recommended stocks >>

Based on Clovis Oncology’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $77.69 million. In comparison, last year the company had a GAAP net loss of $58.46 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. 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.

Stay Ahead of Everyone Else

Get The Latest Stock News Alerts