A month has gone by since the last earnings report for Clovis Oncology . Shares have lost about 55.2% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Clovis due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Clovis Q1 Loss Wider Than Expected, Revenues Miss
Clovis reported first-quarter 2022 net loss of 44 cents per share, narrower than the year-ago period’s loss of 64 cents. However, the bottom line was wider than the Zacks Consensus Estimate of a loss of 43 cents per share.
Net revenues — entirely from Clovis’ only marketed drug PARP inhibitor Rubraca — were down 10% year over year to $34.2 million, missing the Zacks Consensus Estimate of $37.0 million.
Quarter in Detail
Sales of Rubraca in the United States were $24.5 million, down 22.7% year over year. Ex-U.S. market sales were $9.7 million for the first quarter, up 51.6% year over year. Lower sales were due to COVID-19 impacts as fewer patients were treated for ovarian cancer amid the pandemic.
For the first quarter, research & development expenses decreased 20% year over year to $42.3 million, primarily owing to lower spending on Rubraca clinical studies.
Selling, general and administrative expenses declined 2% year over year to $29.2 million.
Clovis ended the quarter with $122.2 million of cash equivalents and available-for-sale securities compared with $143.4 million on Dec 31, 2021.
The company expects to raise additional capital to support its operations for at least next 12 months and beyond.
How Have Estimates Been Moving Since Then?
It turns out, estimates review flatlined during the past month.
The consensus estimate has shifted 13.89% due to these changes.
VGM Scores
At this time, Clovis has an average Growth Score of C, a grade with the same score on the momentum front. However, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Clovis has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Why Is Clovis (CLVS) Down 55.2% Since Last Earnings Report?
A month has gone by since the last earnings report for Clovis Oncology . Shares have lost about 55.2% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Clovis due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers.
Clovis Q1 Loss Wider Than Expected, Revenues Miss
Clovis reported first-quarter 2022 net loss of 44 cents per share, narrower than the year-ago period’s loss of 64 cents. However, the bottom line was wider than the Zacks Consensus Estimate of a loss of 43 cents per share.
Net revenues — entirely from Clovis’ only marketed drug PARP inhibitor Rubraca — were down 10% year over year to $34.2 million, missing the Zacks Consensus Estimate of $37.0 million.
Quarter in Detail
Sales of Rubraca in the United States were $24.5 million, down 22.7% year over year. Ex-U.S. market sales were $9.7 million for the first quarter, up 51.6% year over year. Lower sales were due to COVID-19 impacts as fewer patients were treated for ovarian cancer amid the pandemic.
For the first quarter, research & development expenses decreased 20% year over year to $42.3 million, primarily owing to lower spending on Rubraca clinical studies.
Selling, general and administrative expenses declined 2% year over year to $29.2 million.
Clovis ended the quarter with $122.2 million of cash equivalents and available-for-sale securities compared with $143.4 million on Dec 31, 2021.
The company expects to raise additional capital to support its operations for at least next 12 months and beyond.
How Have Estimates Been Moving Since Then?
It turns out, estimates review flatlined during the past month.
The consensus estimate has shifted 13.89% due to these changes.
VGM Scores
At this time, Clovis has an average Growth Score of C, a grade with the same score on the momentum front. However, the stock was allocated a grade of F on the value side, putting it in the bottom 20% quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Clovis has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.