Goldman Sachs analyst Paul Choi lowered his price target for Clovis Oncology to $3 from $13 and reiterates a Sell rating on the shares. The analyst sees risk to longer term consensus estimates as he believes they embed "meaningful growth" driven from Rubraca use in prostate cancer and frontline/combo use with PD-1s. Choi reduced his peak Rubraca sales by ~25% on lower expected share in prostate and in ovarian cancers. High cash burn and its convertible debt burden will continue to be overhangs on Clovis shares, the analyst tells investors in a research note.