Piper Jaffray analyst Joseph Catanzaro lowered his price target on Clovis to $18 and kept his Neutral rating while also lowering his FY19 revenue view to $171.7M from $220M and FY19 EPS view to ($5.35) from ($3.96). The analyst cites the company’s Q3 Rubraca sales coming in well below expectations in just its second quarter of reporting since the label expansion, which he suggests may be a sign of difficulty in “penetrating the market opportunity”. Catanzaro adds that while the management intends to launch a new “branding campaign that will highlight Rubraca’s ability to continue tumor shrinkage”, he is “not convinced” that these efforts will be sufficient.
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