Clovis Oncology Inc (NASDAQ:CLVS) shares were down 6.1% on Wednesday after an insider sold shares in the company. The stock traded as low as $70.65 and last traded at $70.98, with a volume of 2,122,165 shares. The stock had previously closed at $75.60.

Specifically, Director James C. Blair sold 18,450 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $78.61, for a total value of $1,450,354.50. Following the completion of the sale, the director now owns 2,185 shares of the company’s stock, valued at $171,762.85. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Gillian C. Ivers-Read sold 3,000 shares of the firm’s stock in a transaction on Monday, July 17th. The shares were sold at an average price of $91.56, for a total value of $274,680.00. Following the completion of the sale, the insider now directly owns 197,583 shares of the company’s stock, valued at approximately $18,090,699.48. The disclosure for this sale can be found here. In the last three months, insiders sold 27,450 shares of company stock valued at $2,052,665. 17.40% of the stock is owned by corporate insiders.

A number of equities research analysts have commented on CLVS shares. Morgan Stanley reissued an “overweight” rating and issued a $79.00 target price on shares of Clovis Oncology in a report on Tuesday, May 2nd. ValuEngine raised Clovis Oncology from a “sell” rating to a “hold” rating in a report on Friday, June 2nd. Cann reaffirmed a “hold” rating on shares of Clovis Oncology in a research note on Monday, July 31st. Credit Suisse Group reaffirmed an “outperform” rating and set a $88.00 price target on shares of Clovis Oncology in a research note on Friday, June 16th. Finally, Zacks Investment Research raised Clovis Oncology from a “hold” rating to a “buy” rating and set a $105.00 price target for the company in a research note on Wednesday, July 12th. Eight equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $81.59.

The company has a 50 day moving average price of $87.51 and a 200-day moving average price of $66.24. The company’s market capitalization is $3.17 billion.

Clovis Oncology (NASDAQ:CLVS) last announced its earnings results on Wednesday, August 2nd. The biopharmaceutical company reported ($1.29) EPS for the quarter, missing the consensus estimate of ($1.27) by $0.02. Clovis Oncology had a negative net margin of 1,199.63% and a negative return on equity of 271.61%. The company had revenue of $14.62 million for the quarter, compared to analysts’ expectations of $13.07 million. During the same period in the prior year, the company earned ($2.07) earnings per share. The company’s revenue for the quarter was down 32.5% on a year-over-year basis. On average, equities analysts expect that Clovis Oncology Inc will post ($7.15) earnings per share for the current year.

Large investors have recently made changes to their positions in the stock. FMR LLC increased its stake in shares of Clovis Oncology by 271.4% in the first quarter. FMR LLC now owns 1,816,859 shares of the biopharmaceutical company’s stock valued at $115,679,000 after buying an additional 1,327,703 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Clovis Oncology by 10,143.6% in the first quarter. Wellington Management Group LLP now owns 1,331,669 shares of the biopharmaceutical company’s stock valued at $84,788,000 after buying an additional 1,318,669 shares in the last quarter. Jennison Associates LLC increased its stake in shares of Clovis Oncology by 222.5% in the second quarter. Jennison Associates LLC now owns 1,185,177 shares of the biopharmaceutical company’s stock valued at $110,968,000 after buying an additional 817,677 shares in the last quarter. Alliancebernstein L.P. increased its stake in shares of Clovis Oncology by 1,538.0% in the first quarter. Alliancebernstein L.P. now owns 754,122 shares of the biopharmaceutical company’s stock valued at $48,015,000 after buying an additional 708,082 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in shares of Clovis Oncology by 25.3% in the first quarter. Vanguard Group Inc. now owns 3,285,195 shares of the biopharmaceutical company’s stock valued at $209,169,000 after buying an additional 662,969 shares in the last quarter. 90.67% of the stock is owned by institutional investors and hedge funds.

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About Clovis Oncology

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’s product candidates include Rociletinib, Rubraca (Rucaparib) and Lucitanib. Rucaparib is an oral, small molecule poly adenosine diphosphate (ADP)-ribose polymerase (PARP) inhibitor of PARP1, PARP2 and PARP3 approved as a monotherapy for the treatment of patients with deleterious breast cancer (BRCA) (human genes associated with the repair of damaged deoxyribonucleic acid (DNA)) mutation (germline and/or somatic) associated advanced ovarian cancer.

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