Analyst Update: Aerie Pharmaceuticals Inc, Bristol-Myers Squibb Co, and Clovis Oncology Inc

Analysts are weighing in on Aerie Pharmaceuticals Inc (AERI), Bristol-Myers Squibb Co (BMY), and Clovis Oncology Inc (CLVS)

Sep 20, 2016 at 2:04 PM

Analysts are weighing in on biotech stocks Aerie Pharmaceuticals Inc (NASDAQ:AERI), Bristol-Myers Squibb Co (NYSE:BMY), and Clovis Oncology Inc (NASDAQ:CLVS). Here's a quick roundup of today's brokerage notes on AERI, BMY, and CLVS.

AERI is up 13.2% to $38.62 -- and fresh off yet another all-time high of $38.75 -- after H.C. Wainwright initiated coverage on the stock with an upbeat "buy" rating and a $66 price target, representing a nearly 71% premium over the shares' current levels. Aerie Pharmaceuticals Inc surged higher last week on a pair of fundamental scores, and short sellers are likely sweating. These pessimistic bets account for more than one-third of AERI's total float. At the stock's typical daily volumes, it would take almost three weeks for bears to cover all the shorted shares.

BMY has added 1.5% to $55.93, after the firm announced the European Medicines Agency (EMA) validated a type II variation application for Opdivo, a treatment for an advanced form of bladder cancer. The news has overshadowed a price-target cut to $70 from $75 at Citigroup. Bristol-Myers Squibb Co hit an annual low of $55.02 on Monday, continuing a downward slide that begin with an early August bear gap. Analysts have low expectations for the stock at the moment, too. Of the 17 brokerage firms providing coverage, 12 rate BMY a "hold" or a "strong sell."

CLVS is 1.9% higher at $31.50, after a price-target hike to $38 from $30 at SunTrust Robinson. The shares have finally been gaining some traction in recent weeks, but are still down a painful 70% year-over-year. More than half of Clovis Oncology Inc's available float is wrapped up in short interest, but options traders have been busy picking up calls at a faster-than-usual rate. Specifically, CLVS' 10-day call/put volume ratio on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits at a top-heavy 16.71 -- higher than 82% of all readings in the past year.

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