UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Clovis Oncology on Growing Optimism

In a report published Monday, J.P. Morgan reiterated its Overweight rating on Clovis Oncology

, and raised its price target from $18.00 to $33.00. J.P. Morgan noted, “We are reiterating our OW rating on CLVS and bumping our target to $33 (from $18) post the recent 4Q report as well as a detailed follow-up call with management. Based on this discussion, we are increasingly optimistic that both of the company's clinical stage oncology candidates – CO-1686 and rucaparib – will have encouraging updates at ASCO this year, as well as at other medical conferences this Fall. With an eventful 2013 upcoming and the potential to have two fully owned oncology assets in pivotal programs within 12-15 months, we recommend investors remain buyers of CLVS.” Clovis Oncology closed on Friday at $26.05.