Clovis (CLVS): Solid Treatment Choice but Maintenance Use Seems Unlikely - Stifel
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Stifel analyst Thomas Shrader reiterated a Buy rating and $45 price target on Clovis Oncology (NASDAQ: CLVS) following data at ESMO 2016 that probably had only two new numbers: a 25% response rate in Pt-resistant patients and a 0% response rate in Pt-refractory patients.
Shrader commented, "These numbers are slightly lower than the 30% and 14% response rates for olaparib, but the very low numbers of patients suggests these numbers are essentially equivalent. The response rate in Pt-resistant patients was good at 66% and very good for patients with exactly 2 prior lines of therapy at 68%. Safety was non-trivial with about 11% of patients experiencing Grade 3/4 liver enzyme elevations. Bilirubin elevations were rare but not zero and sporadic bilirubin elevations are the strongest predictor of significant hepatic issues based on FDA guidelines. However dose reductions of hepatic reasons were rate. Oncology drugs with this type of profile such as Pazopanib, have boxed warnings. All and all, rucaparib looks like a stronger drug than olaparib – especially in earlier line patients – but a drug that may be a little more difficult to use. We expect it to be approved in the treatment setting but to be an unlikely candidate for significant use in the maintenance setting."
Shares of Clovis Oncology closed at $35.77 yesterday.
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