As reported earlier, RBC Capital analyst Kennen MacKay upgraded Clovis to Outperform from Sector Perform, saying the positive trend vote from European CHMP on Rubraca is a "clearing event" given its competitive profile relative to other PARPis and the potential for appreciation from other catalysts. MacKay adds that Clovis offers a "compelling valuation" for a commercial oncology company but lowers his price target to $72 from $80 based on the updated model for 2018 Rubraca treatment sales in U.S. and E.U, decreased maintenance ramp, and increases SG&A expense assumptions.