Versant Venture Management LLC cut its position in Clovis Oncology, Inc. (NASDAQ:CLVS) by 75.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 101,855 shares of the biopharmaceutical company’s stock after selling 305,561 shares during the period. Clovis Oncology comprises approximately 7.5% of Versant Venture Management LLC’s portfolio, making the stock its 5th largest position. Versant Venture Management LLC owned about 0.23% of Clovis Oncology worth $9,543,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Frontier Capital Management Co. LLC bought a new stake in shares of Clovis Oncology during the first quarter valued at $4,617,000. Norges Bank bought a new stake in shares of Clovis Oncology during the fourth quarter valued at $13,155,000. Boston Advisors LLC bought a new stake in shares of Clovis Oncology during the second quarter valued at $8,332,000. Jasper Ridge Partners L.P. increased its stake in shares of Clovis Oncology by 100.0% in the first quarter. Jasper Ridge Partners L.P. now owns 9,184 shares of the biopharmaceutical company’s stock valued at $585,000 after buying an additional 4,592 shares in the last quarter. Finally, Shell Asset Management Co. bought a new stake in shares of Clovis Oncology during the first quarter valued at $489,000. Institutional investors own 90.67% of the company’s stock.
Shares of Clovis Oncology, Inc. (NASDAQ:CLVS) opened at 70.99 on Friday. The firm’s market cap is $3.47 billion. Clovis Oncology, Inc. has a 12 month low of $16.58 and a 12 month high of $99.45. The firm has a 50-day moving average of $87.18 and a 200 day moving average of $67.07.
Clovis Oncology (NASDAQ:CLVS) last issued its quarterly earnings data on Wednesday, August 2nd. The biopharmaceutical company reported ($1.29) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($1.27) by $0.02. The company had revenue of $14.62 million during the quarter, compared to analyst estimates of $13.07 million. During the same quarter last year, the firm earned ($2.07) earnings per share. The business’s quarterly revenue was down 32.5% compared to the same quarter last year. On average, equities research analysts anticipate that Clovis Oncology, Inc. will post ($7.51) EPS for the current fiscal year.
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Several analysts have recently weighed in on the stock. Bank of America Corporation reduced their price objective on shares of Clovis Oncology from $103.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday, June 20th. J P Morgan Chase & Co reaffirmed an “overweight” rating and issued a $111.00 target price (up from $72.00) on shares of Clovis Oncology in a report on Tuesday, June 20th. Zacks Investment Research cut shares of Clovis Oncology from a “buy” rating to a “hold” rating in a report on Thursday, July 13th. Janney Montgomery Scott raised shares of Clovis Oncology from a “neutral” rating to a “buy” rating in a research note on Tuesday, June 20th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $79.00 price objective on shares of Clovis Oncology in a research note on Tuesday, June 20th. Eight analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $82.47.
In related news, Director James C. Blair sold 18,450 shares of the firm’s stock in a transaction that occurred 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 transaction, the director now directly owns 2,185 shares of the company’s stock, valued at approximately $171,762.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Gillian C. Ivers-Read sold 3,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $61.82, for a total value of $185,460.00. Following the completion of the transaction, the insider now directly owns 200,583 shares in the company, valued at $12,400,041.06. The disclosure for this sale can be found here. Insiders sold a total of 27,450 shares of company stock worth $2,052,665 over the last three months. 17.40% of the stock is owned by company insiders.
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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