Clovis Oncology (CLVS) PT Raised to $19 at Credit Suisse as Priority Review/Label Are Best Case Scenario
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, FDA
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