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Apparently, gout drugs are the new black. Just a day after Savient Pharmaceuticals (SVNT) grabbed headlines with the FDA's Krystexxa approval, BioCryst Pharmaceuticals, Inc. (BCRX) is on the upswing with its own gout-related developments. Meanwhile, in a completely different sector of the economy, Tesla Motors Inc. (TSLA) scored a bullish analyst note, and fellow transportation concern UAL Corporation (UAUA) predicted healthy third-quarter revenue growth. Here's a quick look at a few of today's stocks on the move.
- First up, BCRX has added more than 2% after unveiling positive study results for its experimental gout treatment. The drug, used in combination with allopurinol, showed superior effectiveness in reducing uric acid levels in blood during a mid-stage trial. With more than 18% of BCRX's float sold short, today's news could be making the weaker bearish hands a little uneasy; however, the stock remains pinned beneath resistance at its 50-day moving average, located near $5.40.
- TSLA snagged a bullish brokerage endorsement today, as Dougherty & Company started coverage with a "buy" rating and a $30 price target. Zacks reports just one "strong buy" rating on the electric car company, compared to two "holds" and zero "sells." Despite the upbeat analyst note, TSLA is down nearly 3% this afternoon to trade at $21.34.
- Finally, UAUA revealed in a regulatory filing late Wednesday that it expects third-quarter unit revenue to improve 18.5% to 19.5% on a year-over-year basis. JPMorgan analyst Jamie Baker noted that the updated guidance "paints a third-quarter earnings outcome modestly ahead of our own forecast." UAUA is up 1.6% at last check, adding to its year-to-date rally of 68.2%. The stock's positive momentum has slowed a bit in recent months, but UAUA continues to find support at its 120-day and 160-day moving averages.