Will This Analyst Downgrade Hurt Clovis Oncology (CLVS) Stock Today? (Update)

Update (9:35 a.m.): Updated with Tuesday market open information.

NEW YORK (TheStreet) -- Citigroup downgraded Clovis Oncology  (CLVS) to "neutral" and set a $53 price target. The firm notes the company could face increased competition from AstraZeneca (AZN).

The stock was down 12.57% to $41.75 at 9:33 a.m. on Tuesday.

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