Clovis Oncology Inc (NASDAQ:CLVS) seems to be on a rollercoaster ride as of late. After some discouraging news on Tuesday that the company would be involved in a class action suit, the stock has seen plenty of buyers in early trading this morning.
On Wednesday, the stock was up 3.5% after Hayman Capital reported that they believed that the company’s stock had taking too large of a hit for its cancer drug failure.
Clovis Oncology currently has 3 product candidates in clinical development, providing shareholders with ample hope for future movement.
The stock is up 9.73% or $2.84 after the news, hitting $32 per share. About 936,447 shares traded hands. CLVS has declined 68.31% since April 24, 2015 and is downtrending. It has underperformed by 67.19% the S&P500.
Out of 5 analysts covering Clovis Oncology (NASDAQ:CLVS), 1 rate it “Buy”, 0 “Sell”, while 4 “Hold”. This means 20% are positive. $134 is the highest target while $28 is the lowest. The $33.75 average target is 5.47% above today’s ($32) stock price. Clovis Oncology was the topic in 8 analyst reports since September 10, 2015 according to StockzIntelligence Inc. WallachBeth Capital downgraded the stock on November 17 to “Hold” rating. Mizuho downgraded the shares of CLVS in a report on November 16 to “Neutral” rating.
The institutional sentiment increased to 1.34 in Q2 2015. Its up 0.17, from 1.17 in 2015Q1. The ratio increased, as 23 funds sold all Clovis Oncology Inc shares owned while 50 reduced positions. 42 funds bought stakes while 56 increased positions. They now own 31.45 million shares or 1.34% more from 31.03 million shares in 2015Q1.
Palo Alto Investors Llc holds 9.38% of its portfolio in Clovis Oncology Inc for 2.40 million shares. Partner Fund Management L.P. owns 2.71 million shares or 6.04% of their US portfolio. Moreover, Partner Investment Management L.P. has 5.8% invested in the company for 46,974 shares. The California-based Redmile Group Llc has invested 5.47% in the stock. Clifton Park Capital Management Llc, a Delaware-based fund reported 826,919 shares.
Since March 5, 2015, the stock had 0 buys, and 6 selling transactions for $1.75 million net activity. Ivers-Read Gillian C sold 3,000 shares worth $275,730. Rolfe Lindsey sold 4,000 shares worth $372,159. Mast Erle T sold 3,000 shares worth $238,518. Spickschen Thorlef sold 4,309 shares worth $366,270. The insider Barrett M James sold 2,424 shares worth $224,039.
Clovis Oncology, Inc. is a biopharmaceutical firm focused on acquiring, developing and commercializing anti-cancer agents in the United States, Europe and additional international markets. The company has a market cap of $1.23 billion. The Firm is developing three product candidates: Rociletinib, Rucaparib and Lucitanib. It currently has negative earnings. 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.