As previously reported, Janney Capital analyst Debjit Chattopadhyay upgraded Clovis (CLVS) to Buy from Neutral and raised his fair value estimate to $107 from $55 after the ARIEL3 data, which he said addressed the PARP differentiation question. In a note titled "Our Bad, We Missed the ARIEL-3 Bus. Upgrading to Buy 'After-the-Fact'," Chattopadhyay said that even after the post-data rally in Clovis shares there is still a "staggering gap" in valuation versus peer Tesaro (TSRO). Clovis, which has additional upside potential from current levels, "might be the more compelling M&A candidate," the analyst added.