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

|By:, SA News Editor

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.