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Fly News Breaks for August 2, 2019
CLVS
Aug 2, 2019 | 07:25 EDT
As previously reported, Guggenheim analyst Michael Schmidt downgraded Clovis to Neutral from Buy as the company continues to struggle to meaningfully grow Rubraca sales in its approved indication, which is a situation he doesn't believe will improve in the near-term as competitor drugs gain more traction. While Clovis is working toward expanding Rubraca use to other types of cancer, most of these trials won't complete until 2020 and 2021, said Schmidt, who removed his prior $35 price target on the stock.
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