Clovis Oncology (CLVS) Could Trade Up $8-$16 on TRITON2 44% ORR - RBC

RBC Capital analyst Kennen MacKay was out pounding the table on Clovis Oncology (NASDAQ: CLVS) following data from the TRITON2 ESMO poster in line with ESMO’s poster abstract embargo lift.

MacKay notes: "The overall response rate (ORR) in the BRCAmut patients was an impressive 44% (above expectations largely calling for an ORR in the 30's%), and we note the median duration of response (DoR) has promisingly not been reached despite a median treatment duration of 4.4 months, suggesting encouraging DoR. Further, 51% of patients had a confirmed PSA response and promisingly, 81% of patients had bone metastasis (per abstract) suggesting a very severe patient population."

The analyst thinks these results beat expectations while approaching their most bullish view on the St. and anticipate the stock could trade between their best (+$16/sh) and base (+ $8/sh) case scenarios.

Outperformprice target of $73.00

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 $32.59 yesterday.

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