Schaeffer's Trading Floor Blog

Biggest Movers: Boyd Gaming Corporation, Conatus Pharmaceuticals Inc, and Synaptics, Incorporated

BYD, CNAT, and SYNA are moving sharply in Wednesday's trading

by 6/11/2014 2:10 PM
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In mid-afternoon action, three of the top market movers are casino king Boyd Gaming Corporation (NYSE:BYD), biotech firm Conatus Pharmaceuticals Inc (NASDAQ:CNAT), and interface solutions developer Synaptics, Incorporated (NASDAQ:SYNA). Here's a quick roundup of how this trio of names is performing on the charts so far.

  • BYD has rallied 4.5% today to trade at $11.69, and is finally in positive territory on a year-to-date basis. Sparking the gap higher was a successful Atlantic City tax appeal by Boyd Gaming Corporation subsidiary Marina District Development Co. Nevertheless, the shares are currently running into resistance at their 80-day moving average. Elsewhere, short sellers have flocked to the casino concern, as 14.2% of its float is sold short. In fact, it would take nearly a week for these bearish bettors to buy back their bets, given BYD's average daily trading volume. Some of the short sellers may be picking up long calls as insurance, too; during the last 10 days at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open 3,216 calls versus just six puts.

  • CNAT is up an impressive 42.7% this afternoon, potentially due to leaked results from a clinical trial of its liver disease treatment emricasan. While the shares are now perched at $8.63, they still remain roughly 45% below their Jan. 10 record high of $15.67. Not surprisingly, short interest on Conatus Pharmaceuticals Inc is heavy, with 21% of the equity's float sold short. At CNAT's average daily trading volume, it would take nearly seven sessions to cover these bearish wagers.

  • One other stock that's soaring today is SYNA, which has tacked on almost 28% to trade at $84.98 -- and hit a record high of $86.70 -- after buying display-chip firm Renesas SP Drivers Inc. In fact, with this charge up the charts, the shares have now more than doubled in value on a year-over-year basis. There could be additional room to run, too, given that 27.7% of the equity's float is sold short. This represents 8.1 sessions' worth of pent-up buying demand, at Synaptics, Incorporated's average daily trading volume, meaning the current rally could extend to subsequent sessions.

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