Citi on Clovis; Rates It As High Risk

In a research note released Monday, Citi analyst Yaron Werber Downgraded Clovis Oncology

to Neutral/High Risk. Additionally, the firm has issued a new price target of $53/share. Citi rated Clovis Neutral/High Risk because the firm is less optimistic on the outlook both of its drugs, due to increased competition in both of them. The firm rated Clovis high risk because as with most stocks in its industry it faces the usual development, regulatory, commercial and competitive risks. The firm said that in particular it believes that both are facing stiff competition.