Clovis Oncology (NASDAQ:CLVS) slips 3% premarket
on light volume on the heels of a downgrade to Underperform at SVB
Leerink citing positive overall survival data from a Phase 3 clinical
trial, PROfound,
evaluating AstraZeneca and collaboration partner Merck’s PARP inhibitor
Lynparza (olaparib) in men with treatment-resistant metastatic
castration-resistant prostate cancer.
Leerink believes Lynparza will significantly limit
the opportunity for Clovis’ PARP inhibitor Rubraca (rucaparib) in
prostate cancer and will pressure the company’s ability to service its
debt and fund operations over the next five years without a capital
raise.
Price target trimmed to $5 (45% downside risk) from $10.
https://seekingalpha.com/news/3564518-clovis-down-3-premarket-leerink-cuts-view
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