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Fly News Breaks for June 20, 2017
CLVS, TSRO
Jun 20, 2017 | 06:43 EDT
Leerink analyst Seamus Fernandez lowered his price target for Tesaro (TSRO) to $143 after Clovis Oncology (CLVS) reported the results of the Ariel3 trial. The analyst assumes a roughly even market split between Tesaro's Zejula and Clovis' Rubraca in the second-line ovarian cancer maintenance setting. Fernandez's target assumes a 50% probability of an acquisition at $164 per share, down from his previous takeout assumption of $170 per share. He continues to like Tesaro's long-term prospects but keeps a Market Perform rating on the name.
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