Technology  January 21, 2015

Clovis co-founder sells nearly half of his company holdings

BOULDER – Clovis Oncology Inc. co-founder Andrew Allen sold nearly $5.3 million in company stock last week, according to a filing made with the Securities and Exchange Commission Wednesday.

The Boulder-based pharmaceutical company’s chief medical officer and executive vice president of clinical and pre-clinical development sold nearly 80,000 shares in three separate transactions. The average price per share on each transaction ranged from $65 to $65.88.

The filing shows that Allen still owns 101,919 shares.

Clovis senior director of investor relations Anna Sussman said Wednesday that nothing has changed with regard to Allen’s role in the company, and that she couldn’t comment on why he sold such a large number of shares. But she did note that he has sold very few shares since the company was founded in 2009.

The sales were conducted as part of a SEC Rule 10b5-1 trading plan, which allow insiders of publicly traded companies to sell set numbers of shares at predetermined times to help avoid accusations of insider trading. Allen’s plan to sell stock was put in place June 10, 2014.

Clovis (Nasdaq: CLVS) is developing drugs to treat multiple types of cancer, including lung, breast and ovarian.

The company’s stock has had a couple of major swings this year, dropping from a high of $93.33 last March to a summer swoon that went as low as $35.33. The share price has climbed steadily since August, closing at $66.54 Wednesday, down $1.95 from the previous day.

Analysts overall have rated the stock a buy of late, with price targets ranging from $55 to $100 per share, according to Thomson/First Call data.

In November, the company reported a loss of $39.6 million, or $1.17 per share, as it continues to burn through cash in the development of its various drug candidates.

BOULDER – Clovis Oncology Inc. co-founder Andrew Allen sold nearly $5.3 million in company stock last week, according to a filing made with the Securities and Exchange Commission Wednesday.

The Boulder-based pharmaceutical company’s chief medical officer and executive vice president of clinical and pre-clinical development sold nearly 80,000 shares in three separate transactions. The average price per share on each transaction ranged from $65 to $65.88.

The filing shows that Allen still owns 101,919 shares.

Clovis senior director of investor relations Anna Sussman said Wednesday that nothing has changed with regard to Allen’s role in the company, and that she couldn’t comment on…

Sign up for BizWest Daily Alerts