Clovis Oncology (CLVS) Downgraded to Neutral at JPMorgan Chase & Co.

JPMorgan Chase & Co. downgraded shares of Clovis Oncology (NASDAQ:CLVS) from an overweight rating to a neutral rating in a research report sent to investors on Wednesday morning, MarketBeat.com reports. The brokerage currently has $16.00 target price on the biopharmaceutical company’s stock, down from their prior target price of $71.00.

A number of other brokerages have also recently issued reports on CLVS. Guggenheim started coverage on shares of Clovis Oncology in a research note on Monday, September 17th. They issued a buy rating on the stock. Cann reiterated a hold rating on shares of Clovis Oncology in a research note on Friday, October 19th. BidaskClub upgraded shares of Clovis Oncology from a strong sell rating to a sell rating in a research note on Thursday, October 18th. Leerink Swann started coverage on shares of Clovis Oncology in a research note on Monday, September 24th. They issued a market perform rating and a $30.00 price target on the stock. Finally, ValuEngine upgraded shares of Clovis Oncology from a strong sell rating to a sell rating in a research note on Thursday, August 2nd. Three research analysts have rated the stock with a sell rating, five have assigned a hold rating and nine have given a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $56.32.

NASDAQ:CLVS opened at $14.51 on Wednesday. The company has a quick ratio of 9.21, a current ratio of 10.03 and a debt-to-equity ratio of 1.84. Clovis Oncology has a 1-year low of $11.50 and a 1-year high of $74.60.

Clovis Oncology (NASDAQ:CLVS) last released its earnings results on Tuesday, October 30th. The biopharmaceutical company reported ($1.71) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.60) by ($0.11). The business had revenue of $22.76 million during the quarter, compared to analysts’ expectations of $30.11 million. Clovis Oncology had a negative return on equity of 101.04% and a negative net margin of 390.65%. The firm’s quarterly revenue was up 35.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($1.24) earnings per share. As a group, equities research analysts anticipate that Clovis Oncology will post -6.65 earnings per share for the current fiscal year.

A number of institutional investors have recently made changes to their positions in the stock. Redmile Group LLC bought a new position in Clovis Oncology in the 2nd quarter worth about $79,964,000. Macquarie Group Ltd. lifted its stake in Clovis Oncology by 12.3% during the 2nd quarter. Macquarie Group Ltd. now owns 691,459 shares of the biopharmaceutical company’s stock valued at $31,441,000 after acquiring an additional 75,589 shares during the period. Voya Investment Management LLC lifted its stake in Clovis Oncology by 19.4% during the 2nd quarter. Voya Investment Management LLC now owns 641,570 shares of the biopharmaceutical company’s stock valued at $29,172,000 after acquiring an additional 104,114 shares during the period. Northern Trust Corp lifted its stake in Clovis Oncology by 9.5% during the 2nd quarter. Northern Trust Corp now owns 611,459 shares of the biopharmaceutical company’s stock valued at $27,803,000 after acquiring an additional 53,266 shares during the period. Finally, Emerald Advisers Inc. PA lifted its stake in Clovis Oncology by 7.8% during the 3rd quarter. Emerald Advisers Inc. PA now owns 382,705 shares of the biopharmaceutical company’s stock valued at $11,240,000 after acquiring an additional 27,672 shares during the period.

Clovis Oncology Company Profile

Clovis Oncology, Inc, a biopharmaceutical company, focuses on acquiring, developing, and commercializing anti-cancer agents in the United States, Europe, and internationally. Its commercial product includes Rubraca (rucaparib) tablet, a small molecule poly ADP-ribose polymerase inhibitor, used as monotherapy for the treatment of patients with deleterious BRCA mutation associated advanced ovarian cancer, who have been treated with two or more chemotherapies, and selected for therapy by an FDA-approved companion diagnostic for Rubraca.

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Analyst Recommendations for Clovis Oncology (NASDAQ:CLVS)

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