Schaeffer's Trading Floor Blog

Biggest Movers: Yelp Inc, Arrowhead Research Corp, and Express, Inc.

YELP, ARWR, and EXPR are moving sharply in Friday's trading

by 6/13/2014 2:52 PM
Stocks quoted in this article:

In mid-afternoon action, three of the top market movers are business review site Yelp Inc (NYSE:YELP), biopharmaceutical concern Arrowhead Research Corp (NASDAQ:ARWR), and apparel retailer Express, Inc. (NYSE:EXPR). Here's a quick roundup of how this trio of names is performing on the charts so far.

  • YELP has popped 13.7% higher this afternoon to trade at $74.86, thanks to buyout news focused on sector peer OpenTable Inc (NASDAQ:OPEN). With today's bull gap, Yelp Inc shares are finally back in the green on a year-to-date basis. In the options pits, meanwhile, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.03 ranks just 3 percentage points shy of a 52-week high. In other words, short-term traders have rarely been as put-skewed toward YELP as they are now, looking back one year.

  • ARWR has shed close to 10% to land at $12.35, possibly due to fears about a new patent acquired by rival Alnylam Pharmaceuticals, Inc. (NASDAQ:ALNY). In other fundamental news, Arrowhead Research Corp is set to host an analyst day next Thursday, June 19, to discuss its next clinical candidate for combating a rare liver disease. Meanwhile, since hitting a multi-year high of $27.63 in March, the equity has lost more than half of its value. Still, the Street is quite bullish toward ARWR, with five out of six covering analysts doling out a "buy" or better rating. If the shares continue to struggle, a round of downgrades could exacerbate selling pressure.

  • Finally, EXPR gapped higher this morning on news that now-majority stakeholder Sycamore Partners may buy the rest of the retailer. Also helping the shares -- which are currently 21.2% higher at $16.42 -- was an early morning price-target hike to $20 from $16 at Brean Capital. Regardless, Express, Inc. remains seated below year-to-date breakeven, and has underperformed the broader S&P 500 Index (SPX) by nearly 16 percentage points in the last three months. Elsewhere, option buyers have been focused on calls over puts, per the equity's 50-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) call/put volume ratio of 7.06. In fact, this ratio is higher than 98% of comparable readings from the past 12 months. More likely than not, EXPR's intraday rally has some option bulls smiling as they head into the weekend.


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