J P Morgan Chase & Co Reiterates “Overweight” Rating for Clovis Oncology, Inc. (CLVS)

J P Morgan Chase & Co reaffirmed their overweight rating on shares of Clovis Oncology, Inc. (NASDAQ:CLVS) in a research note published on Tuesday. J P Morgan Chase & Co currently has a $111.00 price target on the biopharmaceutical company’s stock, up from their previous price target of $72.00.

Several other analysts have also recently commented on the stock. Goldman Sachs Group, Inc. (The) reiterated a neutral rating and issued a $90.00 price target (up previously from $67.00) on shares of Clovis Oncology in a research note on Tuesday, June 20th. Janney Montgomery Scott upgraded shares of Clovis Oncology from a neutral rating to a buy rating in a research note on Tuesday, June 20th. Bank of America Corporation decreased their price target on shares of Clovis Oncology from $103.00 to $75.00 and set a buy rating on the stock in a research note on Tuesday, June 20th. Morgan Stanley restated an overweight rating and set a $79.00 target price on shares of Clovis Oncology in a research report on Tuesday, June 20th. Finally, Leerink Swann upped their target price on shares of Clovis Oncology from $85.00 to $114.00 and gave the company an outperform rating in a research report on Monday, June 19th. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $72.40.

Shares of Clovis Oncology (NASDAQ:CLVS) opened at 95.00 on Tuesday. The company has a 50 day moving average price of $56.20 and a 200-day moving average price of $56.21. The stock’s market cap is $4.25 billion. Clovis Oncology has a 12 month low of $11.57 and a 12 month high of $96.70.

Clovis Oncology (NASDAQ:CLVS) last issued its earnings results on Wednesday, May 3rd. The biopharmaceutical company reported ($1.33) earnings per share for the quarter, topping the consensus estimate of ($1.43) by $0.10. The firm had revenue of $7.05 million during the quarter, compared to the consensus estimate of $6.04 million. On average, equities research analysts predict that Clovis Oncology will post ($5.78) earnings per share for the current year.

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In other Clovis Oncology news, insider Gillian C. Ivers-Read sold 3,000 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $61.82, for a total value of $185,460.00. Following the completion of the transaction, the insider now owns 200,583 shares of the company’s stock, valued at $12,400,041.06. The transaction was disclosed in a filing with the SEC, which is available at this link. In the last ninety days, insiders sold 9,000 shares of company stock valued at $495,690. Corporate insiders own 17.40% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of CLVS. Ladenburg Thalmann Financial Services Inc. boosted its position in Clovis Oncology by 20.0% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,400 shares of the biopharmaceutical company’s stock worth $107,000 after buying an additional 400 shares in the last quarter. First Mercantile Trust Co. bought a new position in Clovis Oncology during the first quarter worth about $115,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in Clovis Oncology by 71.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,819 shares of the biopharmaceutical company’s stock worth $116,000 after buying an additional 758 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Clovis Oncology by 3.7% in the first quarter. PNC Financial Services Group Inc. now owns 2,800 shares of the biopharmaceutical company’s stock worth $179,000 after buying an additional 100 shares in the last quarter. Finally, Quantbot Technologies LP bought a new position in Clovis Oncology during the first quarter worth about $185,000. 90.67% of the stock is owned by institutional investors and hedge funds.

Clovis Oncology Company Profile

Clovis Oncology, Inc is a biopharmaceutical company focused on acquiring, developing and commercializing anti-cancer agents in the United States, Europe and other international markets. The Company’s product candidates include Rociletinib, Rubraca (Rucaparib) and Lucitanib. Rucaparib is an oral, small molecule poly adenosine diphosphate (ADP)-ribose polymerase (PARP) inhibitor of PARP1, PARP2 and PARP3 approved as a monotherapy for the treatment of patients with deleterious breast cancer (BRCA) (human genes associated with the repair of damaged deoxyribonucleic acid (DNA)) mutation (germline and/or somatic) associated advanced ovarian cancer.

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