Clovis Oncology (NASDAQ:CLVS) Shares Down 6%

Clovis Oncology (NASDAQ:CLVS)’s stock price dropped 6% on Wednesday . The stock traded as low as $5.16 and last traded at $5.02, approximately 102,104 shares traded hands during mid-day trading. A decline of 96% from the average daily volume of 2,801,949 shares. The stock had previously closed at $5.34.

CLVS has been the topic of several research analyst reports. HC Wainwright reaffirmed a “buy” rating on shares of Clovis Oncology in a research note on Wednesday, July 3rd. Bank of America lowered Clovis Oncology from a “buy” rating to a “neutral” rating and cut their price target for the company from $13.00 to $7.00 in a research note on Tuesday, August 13th. Barclays set a $36.00 price target on Clovis Oncology and gave the company a “buy” rating in a research note on Friday, August 2nd. Piper Jaffray Companies reissued a “neutral” rating on shares of Clovis Oncology in a research note on Thursday, August 1st. Finally, BidaskClub lowered Clovis Oncology from a “sell” rating to a “strong sell” rating in a research note on Saturday, July 27th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $25.09.

The firm has a market capitalization of $285.16 million, a P/E ratio of -0.71 and a beta of 1.92. The stock has a fifty day simple moving average of $6.43 and a two-hundred day simple moving average of $15.81. 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 (NASDAQ:CLVS) last issued its earnings results on Thursday, August 1st. The biopharmaceutical company reported ($2.27) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.70) by ($0.57). The business had revenue of $32.98 million during the quarter, compared to the consensus estimate of $34.92 million. Clovis Oncology had a negative return on equity of 372.68% and a negative net margin of 332.18%. The company’s revenue for the quarter was up 38.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($1.94) earnings per share. As a group, sell-side analysts expect that Clovis Oncology will post -7.51 EPS for the current fiscal year.

In related news, Director James C. Blair purchased 40,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The stock was bought at an average price of $5.84 per share, for a total transaction of $233,600.00. Following the completion of the transaction, the director now owns 33,439 shares in the company, valued at approximately $195,283.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Lindsey Rolfe sold 1,728 shares of Clovis Oncology stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $14.70, for a total value of $25,401.60. Following the completion of the transaction, the insider now owns 23,319 shares of the company’s stock, valued at approximately $342,789.30. The disclosure for this sale can be found here. Over the last ninety days, insiders bought 107,800 shares of company stock worth $612,094 and sold 2,597 shares worth $30,139. Insiders own 8.30% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. First Trust Advisors LP purchased a new stake in shares of Clovis Oncology during the 2nd quarter worth about $723,000. Gabelli Funds LLC lifted its holdings in shares of Clovis Oncology by 143.6% in the second quarter. Gabelli Funds LLC now owns 108,900 shares of the biopharmaceutical company’s stock valued at $1,619,000 after purchasing an additional 64,200 shares in the last quarter. Bourgeon Capital Management LLC purchased a new stake in shares of Clovis Oncology in the second quarter valued at about $186,000. Sector Gamma AS raised its position in shares of Clovis Oncology by 13.6% in the second quarter. Sector Gamma AS now owns 431,425 shares of the biopharmaceutical company’s stock valued at $6,415,000 after buying an additional 51,648 shares during the last quarter. Finally, Pictet Asset Management Ltd. raised its position in shares of Clovis Oncology by 49.5% in the first quarter. Pictet Asset Management Ltd. now owns 145,800 shares of the biopharmaceutical company’s stock valued at $3,619,000 after buying an additional 48,300 shares during the last quarter. Institutional investors own 91.69% of the company’s stock.

About Clovis Oncology (NASDAQ:CLVS)

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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