Fly News Breaks for January 7, 2020
Jan 7, 2020 | 10:39 EDT
Piper Sandler analyst Joseph Catanzaro noted that Clovis announced Rubraca revenue for Q4 that was in-line with consensus and guidance. Additionally, the company raised capital through an offering to buy back a portion of its 2024 convertible notes, which he believes will "modestly" extend its cash runway and alleviate some of the concerns around the company's debt. While the deal should give Clovis cash to last through the ATHENA rucaparib versus placebo readout, he continues to have concerns around the company's burn, said Catanzaro. He raised his price target on the stock to $5.25 from $4.50 and keeps a Neutral rating on the shares.
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