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Stock Market & Financial Investment News

News Breaks
June 3, 2014
11:57 EDTCLVS, AZNClovis tumbles after Citi calls competing drug superior
Shares of cancer drug developer Clovis (CLVS) are tumbling after Citigroup wrote that the company's CO-1686 drug looks inferior to a competing product, AstraZeneca's (AZN) AZD9291. WHAT'S NEW: After analyzing data from AstraZeneca's treatment for certain non-small cell lung cancer patients, AZD9291, Citigroup analyst Yaron Weber wrote that the drug looks better than CO-1686, a competing offering from Clovis. Previous concerns about AZD9291's cardiovascular side effects were unfounded, as it has not shown any cardiotoxicity signals in pre-clinical or human studies, and only a few patients with certain heart problems have been excluded from taking the drug as a standard precaution, the analyst wrote. Meanwhile, AZD9291, unlike CO-1686, does not occasionally produce increases in QTc, Weber indicated. QTc increases can be associated with heart problems that can cause sudden death. AstraZeneca's drug also, unlike CO-1686, does not produce hyperglycemia in some patients, and it can be taken once a day, the analyst indicated. Overall, AZD9291 has "a cleaner profile," according to Weber. The analyst cut his rating on Clovis to Neutral from Buy and slashed his target on the name to $53 from $109. WHAT'S NOTABLE: Clovis CEO Pat Mahaffay told analysts on Saturday night that "three or four" lung cancer patients in the company's ongoing phase I/II study of CO-1686 were taking insulin to control high blood sugar, The Street's Adam Feuerstein reported. The drug is "turning patients into diabetics," Feuerstein warned. PRICE ACTION: In late morning trading, Clovis tumbled 17% to $39.50, while AstraZeneca lost 1% to $72.50.
News For AZN;CLVS From The Last 14 Days
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January 28, 2015
07:39 EDTAZNPfizer CEO says company not in need of big M&A deal, FT reports
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January 27, 2015
12:54 EDTAZNBox, Inc. lands AstraZeneca contract to service 51,000 users, Re/code reports
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January 26, 2015
15:24 EDTAZNTeva confirms U.S. approval of AstraZeneca's Nexium generic
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13:10 EDTCLVSOppenheimer reports 5.23% passive stake in Clovis
January 21, 2015
12:30 EDTAZNGlaxoSmithKline 'admired' by Pfizer CEO, FT reports
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10:16 EDTAZNLeerink biopharma analysts hold an analyst/industry conference call
Analyst Fernandez, along with Dr. Paul Gurbel and Dr. Richard Becker, discuss AstraZeneca's PEGASUS trial and the current use of Brilinta and dual antiplatelet therapy for prevention of CV disease and implications of the recently completed DAPT trial on an Analyst/Industry conference call to be held on January 21 at 1:30 pm.

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