SunTrust analyst Peter Lawson attributes yesterday's afternoon rally in shares of Clovis Oncology (CLVS) to speculation of unconfirmed takeover interest from Eli Lilly (LLY). Clovis is a "pure play in one of the hottest areas of oncology" and could take the lead in the treatment setting in ovarian cancer for PARP inhibitors, Lawson tells investors in a research note. He expects launch of Clovis PARP inhibitor rucaparib in early 2017. The company is well positioned for upside and as a potential takeover target, Lawson contends. He finds market commentary around the PARP inhibitor companies, such as Clovis and TESARO (TSRO), as not surprising. The analyst has a Buy rating on Clovis with a $38 price target. Credit Suisse this morning upgraded the shares to Outperform citing the potential for a buyout.
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