Clovis sales rebound in Q3

BOULDER — Clovis Oncology Inc. (Nasdaq: CLVS) beat analyst expectations in its third quarter earnings after a brutal early Q2 pummeled its stock price.

The Boulder cancer treatment company posted revenues of $37.6 million for the quarter and a loss of $1.72 per share, according to filings with the U.S. Securities and Exchange Commission this morning. Those figures beat Wall Street consensus estimates by $1.76 million and 17 cents of additional loss per share, according to Seeking Alpha data.

It took a net loss of $94.07 million in the quarter, but reduced its cash burn rate 42 percent from the past quarter to settle at $45 million. That reduction was partially due to decreased milestone payments from Clovis to collaborators and taking in payments from a joint Phase III trial.

The company’s stock was battered in August from its last earnings report, where it posted a $120.9 million net loss and missed earnings per share estimates by 56 cents.

The poor results were followed by the announcement of what would become a $263 million off-market fundraising round to refinance debts and as a cash infusion, warding off investor thoughts that Clovis could be an attractive acquisition target in an active year for pharmaceutical mergers and takeovers. Pfizer Inc. (NYSE: PFE) spread its merger might into the Boulder Valley earlier this year, closing on an $11 billion takeover of Array Biopharma Inc.

Those two events drove Clovis stock down 46 percent in the span of a few days, but regained over the past quarter after large invests from Vanguard Group Inc. and Citadel Advisors LLC.

Clovis stock shot up 24 percent on the pre-market results before falling to a 16 percent gain on the day as of 9:30 a.m. Mountain Time at $4.17 per share.

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