JP Morgan Downgrades Clovis Oncology Inc to Neutral with Price Target $15.00

Brokerage firm JP Morgan Downgrades its rating on Clovis Oncology Inc(NASDAQ:CLVS). In a research note issued to the investors, the brokerage major Lowers the price-target to $15.00 per share. The shares have been rated Neutral. Previously, the analysts had a Overweight rating on the shares. The rating by JP Morgan was issued on Apr 13, 2016.

In a different note, On Apr 4, 2016, Piper Jaffray said it Assumes its rating on Clovis Oncology Inc. The shares have been rated ‘Neutral’ by the firm. Credit Suisse said it Initiates Coverage on Clovis Oncology Inc, according to a research note issued on Jan 20, 2016. In the research note, the firm Announces the price-target to $32 per share. The shares have been rated ‘Outperform’ by the firm.

Clovis Oncology Inc (CLVS) shares turned negative on Fridays trading session with the shares closing down -0.37 points or -2.60% at a volume of 17,77,796. The pessimistic mood was evident in the company shares which never went considerably beyond the level of $14.32. The peak price level was also seen at $14.32 while the days lowest was $13.54. Finally the shares closed at $13.84. The 52-week high of the shares is $116.75 while the 52-week low is $12.25. According to the latest information available, the market cap of the company is $531 M.

Clovis Oncology Inc(CLVS) last announced its earnings results on Feb 25, 2016 for Fiscal Year 2015 and Q4.Earnings per share were $-2.23. Analysts had estimated an EPS of $-2.44.

Several Insider Transactions has been reported to the SEC. On Nov 3, 2015, Erle T Mast (Executive VP and CFO) sold 3,000 shares at $104.18 per share price.Also, On Oct 30, 2015, Lindsey Rolfe (officer ) sold 4,000 shares at $97.80 per share price.On Oct 16, 2015, Gillian C Ivers-read (officer ) sold 3,000 shares at $91.91 per share price, according to the Form-4 filing with the securities and exchange commission.

Clovis Oncology Inc. (Clovis) is a biopharmaceutical company focused on acquiring developing and commercializing anti-cancer agents in the United States Europe and additional international markets. The Company is developing three product candidates: Rociletinib Rucaparib and Lucitanib. Rociletinib an oral epidermal growth factor receptor (EGFR) is a mutant-selective covalent inhibitor that is in advanced clinical development for the treatment of non-small cell lung cancer. Rucaparib an oral inhibitor of poly (ADP-ribose) polymerase (PARP) is in advanced clinical development for the treatment of ovarian cancer. Lucitanib is an oral potent inhibitor of the tyrosine kinase activity of fibroblast growth factor receptors 1-3 (FGFR1-3) vascular endothelial growth factor receptors 1-3 (VEGFR1-3) and platelet-derived growth factor receptors alpha and beta (PDGFR a/B) that is in Phase II development for the treatment of breast and lung cancers.

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