Credit Suisse Sees Up to a $7 Cut in Target Price to Clovis (CLVS) if Platinum Resistant/Refractory Removed; M&A Thesis Intact
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Credit Suisse analyst Kennen MacKay reiterated an Outperform rating and $41 price target on Clovis Oncology (NASDAQ: CLVS) after the company presented data from their NDA submission package in 3L+ BRCA+ ovarian cancer. The 0% ORR in platinum-refractory patients and 25% ORR in platinum-resistant patients were disappointing, though commentary focused on disease control rate in these patients, and the reviewer remained positive towards approval in patients with all platinum statuses.
MacKay said removing platinum-refractory from our model would lead to a (-$2) reduction in our TP of $41, while removing both platinum-resistant and –refractory would lead to a (-$7) TP reduction.
"We await a decision from the FDA, but continue to see potential for FDA approval with the applied-for-label in 3L+ g/sBRCA+ patients regardless of platinum status based on the disease control rate, which could lead to increases in survival," the analyst said.
The firm said their M&A thesis remains intact.
Shares of Clovis Oncology closed at $35.77 yesterday.
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