Clovis Oncology Inc. (NASDAQ:CLVS)’s share price dropped 2.6% during trading on Wednesday . The stock traded as low as $16.58 and last traded at $17.01, with a volume of 510,531 shares trading hands. The stock had previously closed at $17.46.

CLVS has been the topic of several research reports. SunTrust Banks Inc. initiated coverage on shares of Clovis Oncology in a report on Friday, August 5th. They issued a “buy” rating and a $25.00 price objective on the stock. Piper Jaffray Cos. reiterated a “hold” rating and issued a $14.00 price objective on shares of Clovis Oncology in a report on Wednesday, June 29th. Vetr upgraded shares of Clovis Oncology from a “buy” rating to a “strong-buy” rating and set a $17.71 price objective on the stock in a report on Thursday, June 9th. Credit Suisse Group AG restated a “hold” rating on shares of Clovis Oncology in a research note on Tuesday, July 12th. Finally, Zacks Investment Research upgraded shares of Clovis Oncology from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a research note on Thursday, August 11th. Six equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Buy” and a consensus price target of $28.98.

The stock has a 50 day moving average price of $15.01 and a 200 day moving average price of $16.18. The stock’s market cap is $662.22 million.

Clovis Oncology (NASDAQ:CLVS) last issued its quarterly earnings results on Monday, August 8th. The biopharmaceutical company reported ($2.07) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($2.13) by $0.06. During the same period in the prior year, the business earned ($2.10) EPS. Analysts predict that Clovis Oncology Inc. will post ($9.33) EPS for the current fiscal year.

Several large investors have modified their holdings of the company. Trexquant Investment LP acquired a new stake in shares of Clovis Oncology during the fourth quarter worth about $3,170,000. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Clovis Oncology during the fourth quarter worth about $1,172,000. Finally, Rhumbline Advisers raised its stake in shares of Clovis Oncology by 6.6% in the fourth quarter. Rhumbline Advisers now owns 30,237 shares of the biopharmaceutical company’s stock worth $1,058,000 after buying an additional 1,880 shares in the last quarter.

Clovis Oncology, Inc is a biopharmaceutical company focused on acquiring, developing and commercializing anti-cancer agents in the United States, Europe and other international markets. The Company is developing approximately three product candidates: Rociletinib, Rucaparib and Lucitanib. Rociletinib is an oral epidermal growth factor receptor (EGFR), mutant-selective covalent inhibitor that is under review with the United States and European regulatory authorities for the treatment of non-small cell lung cancer (NSCLC) in patients with activating EGFR mutations, as well as the resistance mutation, T790M.

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