Bank of America Lowers Clovis Oncology (NASDAQ:CLVS) to Neutral

Clovis Oncology (NASDAQ:CLVS) was downgraded by stock analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued on Tuesday, MarketBeat reports. They currently have a $7.00 price target on the biopharmaceutical company’s stock, down from their previous price target of $13.00. Bank of America‘s target price would indicate a potential upside of 28.97% from the company’s previous close.

A number of other equities analysts have also weighed in on CLVS. G.Research reissued a “buy” rating on shares of Clovis Oncology in a research note on Friday, August 2nd. Zacks Investment Research lowered Clovis Oncology from a “buy” rating to a “hold” rating in a research note on Monday, May 13th. BidaskClub lowered Clovis Oncology from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 27th. Gabelli reissued a “buy” rating on shares of Clovis Oncology in a research note on Friday, August 2nd. Finally, JPMorgan Chase & Co. reissued a “hold” rating and set a $27.00 price objective on shares of Clovis Oncology in a research note on Monday, June 3rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and eight have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $25.09.

Shares of CLVS opened at $5.43 on Tuesday. The company has a debt-to-equity ratio of 8.04, a current ratio of 3.57 and a quick ratio of 3.32. Clovis Oncology has a one year low of $5.20 and a one year high of $37.27. The stock has a market capitalization of $309.90 million, a PE ratio of -0.77 and a beta of 1.86. The stock’s 50 day moving average price is $11.26.

Clovis Oncology (NASDAQ:CLVS) last issued its quarterly earnings results on Thursday, August 1st. The biopharmaceutical company reported ($2.27) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($1.70) by ($0.57). Clovis Oncology had a negative return on equity of 372.68% and a negative net margin of 332.18%. The firm had revenue of $32.98 million for the quarter, compared to analysts’ expectations of $34.92 million. During the same quarter in the previous year, the firm posted ($1.94) earnings per share. The firm’s revenue for the quarter was up 38.8% compared to the same quarter last year. Sell-side analysts predict that Clovis Oncology will post -7.49 EPS for the current year.

In other Clovis Oncology news, insider Lindsey Rolfe sold 1,728 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $14.70, for a total transaction of $25,401.60. Following the transaction, the insider now owns 23,319 shares of the company’s stock, valued at $342,789.30. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 2,452 shares of company stock worth $36,261 in the last three months. 8.30% of the stock is currently owned by corporate insiders.

Institutional investors have recently made changes to their positions in the company. Pearl River Capital LLC acquired a new position in shares of Clovis Oncology in the 1st quarter valued at $40,000. Ropes Wealth Advisors LLC acquired a new position in Clovis Oncology during the 2nd quarter worth about $27,000. Aperio Group LLC acquired a new position in Clovis Oncology during the 2nd quarter worth about $48,000. Quantamental Technologies LLC acquired a new position in Clovis Oncology during the 2nd quarter worth about $53,000. Finally, Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in Clovis Oncology during the 1st quarter worth about $192,000. 91.54% of the stock is currently owned by institutional investors and hedge funds.

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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