Morgan Stanley Starts Clovis Oncology (CLVS) at Overweight
Get Alerts CLVS Hot Sheet
Rating Summary:
7 Buy, 7 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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Morgan Stanley initiates coverage on Clovis Oncology (NASDAQ: CLVS) with a Overweight rating and a price target of $68.00.
Analyst Andrew Berens comments "Despite being used downstream from Tesaro's niraparib, as well as having a more restrictive initial label, we think Clovis is likely to successfully navigate the nuances of the ovarian cancer market to carve out a durable niche for Rubraca. We also believe the company is likely to expand the label in ovarian cancer and into other tumor types. Key to our CLVS OW investment thesis is that the IP for Rubraca may benefit from the lack of a full approval in ovarian cancer, which could delay formal challenges for the key '072 patent, which an external legal consultant has viewed as an Achilles heel for the 2031 IP expiry (see "Key CLVS Value Lever: When Is Rubraca IP Likely to be Challenged?" section of this report for details). We estimate each additional year of exclusivity beyond our assumed 2028 exclusivity could add ~$4-$8 in risk-adjusted NPV per share."
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 $53.49 yesterday.
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