Clovis Oncology Inc (NASDAQ:CLVS) announced that the underwriters of its recently announced public offering of its common stock have exercised in full their option to purchase an additional 750,000 shares.
The offering, including the sale of the additional shares, is expected to close on January 9, 2017, subject to customary closing conditions.
Clovis Oncology intends to use the net proceeds of the offering for general corporate purposes, including commercial planning and sales and marketing expenses associated with the launch of Rubraca™ (rucaparib) in the United States and, if approved by the European Medicines Agency (EMA), in Europe, funding of its development programs, general and administrative expenses, acquisition or licensing of additional product candidates or businesses and working capital.
J. P. Morgan Securities LLC and BofA Merrill Lynch are acting as joint book-running managers for the offering. Stifel and SunTrust Robinson Humphrey are acting as co-managers for the offering. (Original Source)
Shares of Clovis Oncology Inc closed yesterday at $44.67, up $1.72 or +4.00%. CLVS has a 1-year high of $46.97 and a 1-year low of $11.57. The stock’s 50-day moving average is $38.96 and its 200-day moving average is $27.52.
On the ratings front, Clovis Oncology Inc (NASDAQ: CLVS) has been the subject of a number of recent research reports. In a report issued on December 23, Piper Jaffray analyst Steven Breazzano reiterated a Hold rating on CLVS, with a price target of $43, which represents a slight downside potential from current levels. Separately, on December 21, WallachBeth Capital LLC’s Caroline Palomeque reiterated a Hold rating on the stock and has a price target of $49.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Steven Breazzano and Caroline Palomeque have a yearly average return of 4.1% and a loss of -9.8% respectively. Breazzano has a success rate of 77% and is ranked #1935 out of 4351 analysts, while Palomeque has a success rate of 33% and is ranked #3369.
Overall, 5 research analysts have assigned a Hold rating and 3 research analysts have given a Buy rating to the stock. When considering if perhaps the stock is under or overvalued, the average price target is $45.50 which is 1.9% above where the stock closed yesterday.
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.