As previously reported, SVB Leerink analyst Andrew Berens downgraded Clovis to Market Perform from Outperform on the heels of the company's announcement of an in-licensing deal, which he finds ill-timed given investor concerns about its use of cash and solvency amidst an increasing mountain of convertible debt. While the deal to in-license a radiotherapy for about $12M up front does not seem exorbitant and could eventually add fundamental value, it burdens Clovis with development expenses and milestones at a time when equity investors are increasingly concerned that the company is not aligned with their best interests, he adds. Berens also lowered his price target on the shares to $10 from $22.