Shares of Clovis Oncology, Inc. (NASDAQ:CLVS) traded down 6.1% during mid-day trading on Wednesday after an insider sold shares in the company. The stock traded as low as $70.65 and last traded at $70.98, with a volume of 2,122,165 shares. The stock had previously closed at $75.60.
Specifically, Director James C. Blair sold 18,450 shares of the firm’s stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $78.61, for a total transaction of $1,450,354.50. Following the completion of the sale, the director now directly owns 2,185 shares in the company, valued at $171,762.85. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gillian C. Ivers-Read sold 3,000 shares of the firm’s stock in a transaction dated Thursday, June 15th. The shares were sold at an average price of $61.82, for a total value of $185,460.00. Following the sale, the insider now owns 200,583 shares of the company’s stock, valued at $12,400,041.06. The disclosure for this sale can be found here. Insiders have sold 27,450 shares of company stock valued at $2,120,645 over the last 90 days. Insiders own 17.40% of the company’s stock.
CLVS has been the subject of a number of research reports. J P Morgan Chase & Co set a $72.00 price target on Clovis Oncology and gave the stock a “buy” rating in a research note on Thursday, June 1st. Bank of America Corporation reiterated a “buy” rating and issued a $75.00 price target on shares of Clovis Oncology in a research note on Wednesday, May 17th. Stifel Nicolaus lifted their price target on Clovis Oncology from $86.00 to $125.00 and gave the stock a “buy” rating in a research note on Monday, June 19th. Janney Montgomery Scott upgraded Clovis Oncology from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 20th. Finally, BidaskClub upgraded Clovis Oncology from a “hold” rating to a “buy” rating in a research note on Wednesday, June 21st. Nine research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $81.50.
The firm’s market cap is $3.52 billion. The firm’s 50 day moving average price is $84.04 and its 200-day moving average price is $67.44.
Clovis Oncology (NASDAQ:CLVS) last posted its earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($1.29) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($1.27) by $0.02. The firm had revenue of $14.62 million for the quarter, compared to the consensus estimate of $13.07 million. The business’s revenue was down 32.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($2.07) EPS. Equities analysts forecast that Clovis Oncology, Inc. will post ($7.53) EPS for the current year.
Several hedge funds have recently bought and sold shares of CLVS. Tocqueville Asset Management L.P. boosted its stake in Clovis Oncology by 89.1% in the first quarter. Tocqueville Asset Management L.P. now owns 25,950 shares of the biopharmaceutical company’s stock worth $1,652,000 after buying an additional 12,225 shares in the last quarter. Canada Pension Plan Investment Board raised its position in Clovis Oncology by 22.4% in the first quarter. Canada Pension Plan Investment Board now owns 50,300 shares of the biopharmaceutical company’s stock worth $3,203,000 after buying an additional 9,200 shares in the last quarter. Emerald Advisers Inc. PA acquired a new position in Clovis Oncology during the first quarter worth approximately $14,489,000. Emerald Mutual Fund Advisers Trust acquired a new position in Clovis Oncology during the first quarter worth approximately $8,140,000. Finally, Russell Investments Group Ltd. acquired a new position in Clovis Oncology during the first quarter worth approximately $1,890,000. Institutional investors own 92.80% of the company’s stock.
About Clovis Oncology
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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