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Fly News Breaks for April 13, 2016
CLVS
Apr 13, 2016 | 06:20 EDT
JPMorgan analyst Cory Kasimov downgraded Clovis Oncology to Neutral after an FDA panel voted 12-1 in favor of waiting for TIGER-3 data, thereby removing accelerated approval for rociletinib. There may be a path for the drug in the refractory setting, but clarity will take a while, Kasimov tells investors in a research note. He lowered his price target for Clovis shares to $15 from $42 after completely removing rociletinib from his valuation model.
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