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Leerink Swann Resumes CLOVIS ONCOLOGY (CLVS) at Outperform, Notes High Risk/Reward

September 19, 2012 7:53 AM EDT Send to a Friend
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Price: $42.27 -5.1%

Rating Summary:
    7 Buy, 2 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 21 | Down: 25 | New: 14
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Leerink Swann resumed coverage on CLOVIS ONCOLOGY (NASDAQ: CLVS) with a Outperform rating and price target of $25.00.

"Near term, CLVS is a high risk/reward opportunity," said analyst Marko Kozul.

"Our probability adjusted $25 DCF valuation estimates CO-1686 at ~$15/share and CO-101 at ~$10/share. Positive CO-101 LEAP data in front-line (FL) pancreatic cancer in 4Q:12 could serve as a significant upward catalyst, while negative data would remove its premium from the shares," added Kozul.

Negative LEAP data would lead analysts to value to CLVS at $15/share based on longer-term potential of CO-1686 in NCSLC (assuming 28% probability of success).

Leerink Swann's current 17% probability of success for CO-101 leads to $10/share, but they believe positive LEAP data with a higher probability of success (i.e., 70%) would lead to a DCF valuation of $55.

For an analyst ratings summary and ratings history on CLOVIS ONCOLOGY click here. For more ratings news on CLOVIS ONCOLOGY click here.

Shares of CLOVIS ONCOLOGY closed at $21.10 yesterday.




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