Janney Capital analyst Roy Buchanan downgraded Clovis Oncology (CLVS) to Neutral from Buy with an increased fair value estimate of $36. Clovis is up 17c to $35.00 in late morning trading. In a research note partially titled, "May Be Right, May Be Crazy - M&A Speculation At Fever Pitch," Buchanan says there is a "finite chance" that Clovis will need to market its PARP inhibitor rucaparib by itself. He believes a late-2016 approval for rucaparib is likely. The analyst attributes his increased fair value estimate to "acquisition optionality." Reports of Takeda's (TKPYY) reserving up to $15B for acquisitions and Medivation's (MDVN) takeout have given Clovis shares a lift, Buchanan tells investors. The analyst adds that rumors surfaced yesterday of potential interest in the company from Eli Lilly (LLY).
Get caught up quickly on the top news and calls moving stocks with these five Top Five lists. 1... To see the rest of the story go to thefly.com. See Story Here