Clovis continues selloff, down after Goldman cuts target

Buyers in Clovis Oncology (CLVS -9.2%) are a scarce commodity. Shares are down on below-average volume in early trade after Goldman Sachs cut its fair value target to $3 (from $13).

The stock has been in a steady down trend since early March, shedding almost 90% of its value along the way.

Per a presentation at ESMO last week, the company says it expects to file a U.S. marketing application this quarter for Rubraca (rucaparib) for BRCA-mutant prostate cancer, a subset of metastatic castration-resistant prostate cancer patients representing ~12% of total cases. The overall response rate (ORR) in these patients in the Phase 2 TRITON2 study was 43.9% (n=25/57).

https://seekingalpha.com/news/3504470-clovis-continues-selloff-9-percent-goldman-cuts-target