Clovis Oncology (CLVS) PT Raised to $19 at Credit Suisse as Priority Review/Label Are Best Case Scenario
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Credit Suisse analyst K. MacKay reiterated a Neutral rating and raised its price target on Clovis Oncology (NASDAQ: CLVS) to $19.00 (from $14.00) announced the FDA has accepted its rucaparib NDA submission in 3L g/sBRCA+ ovarian cancer and has been granted priority review with a Feb 23, 2017 PDUFA date. The firm views the potential label (3L) and priority review status are best case scenarios.
MacKay commented, "his potential indication could put rucaparib ahead of AZN's Lynparza (4L gBRCA+ treatment), though behind TSRO's niraparib (2L maintenance; potential approval in 2017) in the ovarian cancer treatment paradigm. We increase our g/sBRCA+ launch rate and PoS in 3L+ ovarian cancer to 90% from 60%, resulting in our +$5 TP increase. Our calculations suggest an ARIEL2p2 ORR of ~41% in g/sBRCA+ ovarian cancer patients with 3-4 prior therapies below our prior estimates of an ARIEL2p2 BRCA+ ORR of 49%. We estimate a ~31% ORR in platinumresistant/refractory patients in ARIEL2p2. We remain NEUTRAL-rated and await data presentation at ESMO to get a better understanding of rucaparib's competitive profile vs. Lynparza's 34% ORR in patients with greater than or equal to 3 prior therapies (median of 5 prior lines of therapy). We are raising our 2017-2018 EPS estimates to ($5.09)/($3.16) from ($5.27)/($3.69) respectively."
Shares of Clovis Oncology closed at $23.03 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Brean Capital Cuts Price Target on G-III Apparel Group (GIII) Following 3Q Miss
- Oppenheimer Cuts Price Target on Workday (WDAY) Following 3Q; Reiterates Outperform
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA
Related EntitiesCredit Suisse, PDUFA
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!