Clovis Oncology Inc(NASDAQ:CLVS) Drops As Some Patients Develop High Blood Sugar In Lung Cancer Study

Clovis Oncology Inc(NASDAQ:CLVS) dropped following the release of updated data from Phase 1 and early Phase 2 of CO-1686, which showed 22% of patients developed hyperglycemia and required a prescription to manage this symptom.

The biotech company’s CO-1686 is an oral targeted irreversible inhibitor of mutant forms of epidermal growth factor receptor (EGFR) for the treatment of non-small cell lung cancer in patients with initial activating EGFR mutations as well as dominant resistance mutation T790M.

Lecia V. Sequist, MD, MPH and lead investigator said, “The initial experience with CO-1686 provides hope that we are finally entering an era where we may be able to successfully target resistance to EGFR inhibitors.” Thus far there are no approved treatments for EGFR patients with acquired resistance to targeted therapy.

Analysts have a consensus price target of $89 on Clovis Oncology Inc(NASDAQ:CLVS) which indicates a 74% upside. The consensus rating of the stock is a BUY with a score of 2.57. There are currently 4 Buy ratings on the stock, and 3 Hold ratings. A recent analyst action consisted of WallachBeth Capital reiterating their Buy rating with a $85 price target on the stock.

Clovis (CLVS) last reported earnings on May 8th, posting actual EPS of ($.91) and revenue of $13.6 million. The stock has a 50 day moving average of $53 and a 200 day average of $63. The company has a market cap of $1.55 billion and a current quarter EPS consensus estimate of $-3.78.



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