Clovis stock drops almost 16 percent on missed revenue

BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) lost 15.92 percent of its stock price upon missing analyst earnings targets in its quarterly earnings report Thursday.

The Boulder-based cancer therapy company posted revenues of $32.98 million, a year-over-year increase of 38.8 percent, driven by sales of its ovarian cancer treatment Rubraca, but missed analyst consensus estimates by $1.94 million. Its loss-per-share figure was $2.27, far greater than analyst estimates of $1.71 per share.

The company posted an overall net loss of $120.9 million for the quarter, blaming product supply costs and milestone payments. However, the company plans to reduce its cash burn rate in the second half and in 2020 from reducing those payments, and by receiving payments from collaborators for its Phase III trial of a combined Rubraca and Opdivo treatment.

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Clovis stock dropped $1.68 to close trading Thursday at $8.87.