Seeking Alpha

Clovis trades up on Leerink chatter but AstraZeneca drug may be threat

  • Clovis Oncology (CLVS +1.9%) reverses opening losses to trade higher.
  • There's chatter that a late breaker European Cancer Congress abstract for AstraZeneca's (AZN -0.6%) EGFR inhibitor AZD9291 is bad news for CLVS' CO-1686 (see also ARIA's AP26113).
  • However, an upbeat note out of Leerink seems to be driving bullish sentiment. The firm apparently thinks CLVS is worth between $96-140/share (so a really narrow range there) even without a takeout premium.
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