Piper Jaffray analyst Steven Breazzano believes AstraZeneca's (AZN) SOLO-2 results reinforce the importance of the clinical trial design rather than differences in the profile of the individual drugs. He sees the data as further supporting his view that the PARP inhibitors are largely similar. The less frequent scans, namely every 24 weeks for AstraZeneca's Lynparza versus every 12 weeks for TESARO's niraparib, played a meaningful role in the reported progression-free survival results, Breazzano tells investors in a research note. He points out that Clovis Oncology's (CLVS) trial, with results expected mid-year, scans every 12 weeks, meaning the benefit will likely be more in line with the 15 months reported by TESARO. The analyst reiterates an Overweight rating on Clovis.

Consensus $4.56. Backs FY24 revenue view up low double-digit to low teens percentage, consensus $50.95B. Sees FY24 core tax rate 18%-22%.

Bearish flow noted in AstraZeneca with 3,362 puts trading, or 1.7x expected. Most active are 4/26 weekly 70 puts and May-24 70 calls, with total volume in those strikes near 3,600 contracts. The Put/Call Ratio is 1.72, while ATM IV is up nearly 2 points on the day. Earnings are expected on April 25th.