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CLVS

Clovis

16:01
06/19/17
06/19
16:01
06/19/17
16:01

Clovis files to sell $250M in common stock

J. P. Morgan Securities LLC and BofA Merrill Lynch are acting as joint book-running managers for the offering. Stifel and SunTrust Robinson Humphrey are acting as co-managers for the offering. Clovis Oncology intends to use the net proceeds of the offering for general corporate purposes, including sales and marketing expenses associated with Rubraca in the United States and, if approved by the European Medicines Agency, in Europe, funding of its development programs, general and administrative expenses, acquisition or licensing of additional product candidates or businesses and working capital.

CLVS Clovis

06/19/17
JEFF
06/19/17
NO CHANGE
Target $124
JEFF
Hold
Tesaro worth $80 per share on fundamentals, says Jefferies
Jefferies analyst Eun Yang views Clovis Oncology's (CLVS) data today for rucaparib as "highly competitive" to Tesaro's (TSRO) niraparib. The data from Clovis will likely impact any potential takeover premium for Tesaro, Yang tells investors in a research note. The analyst views Tesaro as being worth $80 per share on a fundamental basis. She has a Hold rating and $124 price target on the shares. Tesaro in early trading is down 5%, or $7.09, to $137.22.
06/19/17
06/19/17
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Biogen (BIIB) upgraded to Neutral from Sell at UBS with analyst Carter Gould saying he sees an improved risk/reward and a positive near-term setup going into the second quarter earnings call and strategic review. 2. Clovis (CLVS) upgraded to Neutral from Sell at Chardan. 3. Cedar Fair (FUN) upgraded to Conviction Buy from Buy at Goldman Sachs with analyst Christopher Prykull saying early season indicators appear strong as several management teams noted ongoing leisure strength at the firm's Lodging, Gaming Restaurant and Leisure Conference. 4. Athene Holding (ATH) upgraded to Outperform from Neutral at Credit Suisse with analyst John Nadel saying he believes the probability is increasing that Athene will use acquisitions to accelerate its balance sheet and earnings growth. 5. Credit Suisse (CS) upgraded to Buy from Hold at Deutsche Bank with analyst Kinner Lakhani saying an inflection in the company's operating results is near following the recent anticipated capital raise. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/19/17
COWN
06/19/17
NO CHANGE
Target $125
COWN
Market Perform
Tesaro price target cut to $125 from $145 at Cowen
Cowen analyst Boris Peaker reduced Tesaro's (TSRO) price target to $125 from $145 following Clovis' report this morning that rucaparib's pivotal ARIEL3 study met its PFS endpoint. The analyst said that all three leading PARPs are largely undifferentiated and trimmed niraparib peak rates across all subgroups. The analyst rates Tesaro shares a Market Perform.
06/19/17
LEER
06/19/17
NO CHANGE
Target $114
LEER
Outperform
Clovis price target raised to $114 from $85 at Leerink
Leerink analyst Michael Schmidt raised his price target for Clovis Oncology (CLVS) to $114 following this morning's top-line Phase III Ariel3 results for Rubraca. The analyst views the data as "very compelling" when compared to competitor PARP inhibitors in ovarian cancer. He expects Rubraca to obtain a broad label in the second line ovarian cancer maintenance setting. As stated earlier today, Schmidt believes Clovis now represents a "prime takeout candidate." The analyst, however, notes that his new price target does not incorporate a takeout valuation. Schmidt keeps an Outperform rating on Clovis.

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