Zacks Investment Research cut shares of Clovis Oncology (NASDAQ:CLVS – Get Rating) from a buy rating to a hold rating in a research note released on Wednesday morning, Zacks.com reports. Zacks Investment Research currently has $1.00 price objective on the biopharmaceutical company’s stock.
According to Zacks, “Clovis reported wider-than-expected losses for first-quarter 2022 while sales also missed estimates. Adoption of PARP inhibitor drugs like Clovis' sole marketed drug, Rubraca, has been slow in the U.S. market so far. Fewer diagnosis and office visits due to the coronavirus pandemic are adversely impacting Rubraca sales. Nonetheless, the approval of a second-line maintenance setting for ovarian cancer is contributing to sales growth. Further, the successful label expansion of Rubraca for a broader ovarian cancer patient population and other oncology indications will likely boost its prospects. Several data readouts are expected in 2022 which could be catalysts for the stock. Rubraca faces stiff competition from other PARP inhibitors in the market, such as Lynparza and Zejula. The stock has underperformed the industry year to date.”
Other equities analysts have also recently issued reports about the company. StockNews.com started coverage on Clovis Oncology in a report on Thursday, March 31st. They set a hold rating for the company. HC Wainwright cut Clovis Oncology from a buy rating to a neutral rating in a report on Friday, May 6th.
Clovis Oncology (NASDAQ:CLVS – Get Rating) last posted its quarterly earnings results on Wednesday, May 4th. The biopharmaceutical company reported ($0.44) EPS for the quarter, missing the consensus estimate of ($0.43) by ($0.01). During the same quarter last year, the business earned ($0.64) earnings per share. As a group, research analysts forecast that Clovis Oncology will post -1.66 EPS for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Alliancebernstein L.P. raised its holdings in shares of Clovis Oncology by 67.1% in the third quarter. Alliancebernstein L.P. now owns 365,800 shares of the biopharmaceutical company’s stock worth $1,631,000 after acquiring an additional 146,900 shares during the last quarter. UBS Group AG grew its position in shares of Clovis Oncology by 213.9% in the third quarter. UBS Group AG now owns 947,503 shares of the biopharmaceutical company’s stock valued at $4,226,000 after purchasing an additional 645,662 shares during the period. E Fund Management Co. Ltd. purchased a new stake in shares of Clovis Oncology in the third quarter valued at $176,000. Geode Capital Management LLC grew its position in shares of Clovis Oncology by 9.4% in the third quarter. Geode Capital Management LLC now owns 2,020,571 shares of the biopharmaceutical company’s stock valued at $9,011,000 after purchasing an additional 173,838 shares during the period. Finally, Rafferty Asset Management LLC grew its position in shares of Clovis Oncology by 58.4% in the third quarter. Rafferty Asset Management LLC now owns 714,688 shares of the biopharmaceutical company’s stock valued at $3,188,000 after purchasing an additional 263,392 shares during the period. 36.64% of the stock is owned by institutional investors.
About Clovis Oncology (Get Rating)
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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