Valeant stock continues to trade higher
The Dow is on pace to close a volatile week with a second straight win. Among specific stocks on the move are athletic apparel retailer Foot Locker, Inc. (NYSE:FL), biotech Amicus Therapeutics, Inc. (NASDAQ:FOLD), and drug stock Valeant Pharmaceuticals Intl Inc (NYSE:VRX). Here's a quick look at what's moving shares of FL, FOLD, and VRX.
FL Stock Sells Off After Earnings
Foot Locker stock is getting hammered this morning, after the company reported disappointing first-quarter earnings. FL shares have dropped 16% to trade at $59.21, territory not seen since last August. Short-term FL options traders look well-positioned for the pullback, though. This is based on FL stock's Schaeffer's put/call open interest ratio (SOIR) of 1.11, which ranks in the 94th percentile of its annual range, pointing toward an unusual put-skew among options set to expire in three months or less.
FOLD Shares Extend 2017 Rally
FOLD stock is up 2.7% at $7.95, after the company said it is on track to report updates for its
ESSENCE study in the third quarter. It's been a good year for Amicus Therapeutics shares, which have added 60% year-to-date -- though they've struggled to overcome the $8 level. Analysts are certainly expecting extended upside for FOLD stock. At the moment, all six of the brokerage firms covering FOLD shares rate them a "strong buy."
VRX Stock Stays Hot
VRX is up 0.1% at $13.49, on news the European Medicines Agency has recommended the approval of the company's psoriasis drug, Brodalumab. Plus, Deutsche Bank reiterated its $18 price target on the drug stock -- territory not seen since late November -- saying it is "warming up" to the shares.
Valeant Pharmaceuticals is now up 62% since its multi-year low of $8.31 from April 24, and VRX options traders have been buying to open calls over puts at a faster-than-usual clip. VRX stock has a 10-day call/put volume ratio of 3.30 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), which ranks in the 92nd annual percentile.