After TESARO (TSRO) announced positive trial data for niraparib in the treatment of ovarian cancer, Piper Jaffray analyst Steven Breazzano called the drug's results in the gBRCA population "impressive" and said the data seem to bode well for the broader PARP class. TESARO's data set a "high PFS bar" for Clovis (CLVS), according to Breazzano, who said he looks forward to additional data from them, TESARO and AstraZeneca (AZN) in order to better compare the profile of their program in a "more apples to apples fashion." Piper keeps a Neutral rating on Clovis, with Breazzano setting a $14 price target on the stock.

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.