Piper Jaffray analyst Joseph Catanzaro raised his price target for Clovis Oncology to $23 after the company reported earnings and provided a pipeline update. No guidance was provided for 2019 Rubraca sales, but Clovis suggested that the current consensus estimate of ~$150M is achievable, Catanzaro tells investors in a research note. The analyst believes the 2019 Rubraca consensus is reasonable, but has concerns around the company's competitive positioning in first-line ovarian maintenance, longer term estimates and the burn rate ahead of projected profitability. He keeps a Neutral rating on Clovis.