UPDATE: Stifel Reiterates On Clovis Oncology Following 3Q14 LPS

In a report published Friday, Stifel analyst Brian Klein reiterated a Buy rating on Clovis Oncology (NASDAQ: CLVS), and raised the price target from $50.00 to $75.00.

In the report, Stifel noted, “Clovis reported a 3Q14 LPS of $(1.17) vs. our estimate of $(1.11); delta due to higher R&D expense. We view the upcoming updated Phase 1/2 data for rociletinib (CO-1686) to be presented at EORTC-AACR-NCI on November 21st as a pivotal data readout for this compound, and believe confirmation of a mature >12 month PFS in the 625-mg cohort will be viewed as highly meaningful for patients, regulators and investors. Due to our expectation in a strong data readout and increased commercial potential, we raise our price target to $75 ahead of the data.”

Clovis Oncology closed on Thursday at $58.57.