Snap is reportedly trying new ways to incentivize advertisers
The Dow looks ready to close higher for a sixth straight day. Among the stocks making big moves are biotech BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX), flash storage specialist Pure Storage Inc (NYSE:PSTG), and Snapchat parent Snap Inc (NYSE:SNAP). Here's a quick look at what's moving shares of BCRX, PSTG, and SNAP.
BCRX Stock Explodes After Positive Drug Update
Positive trial results for the company's oral treatment for hereditary angioedema has BioCryst Pharmaceuticals stock up 34.6% today at $6.91, putting it near the top of the Nasdaq. BCRX stock has more than doubled over the past 12 months, but it's still a favorite among short sellers. For instance, 10.9 million shares of BioCryst are dedicated to short interest, which is 7.5 times the stock's average daily volume.
PSTG Stock Rises Thanks to Strong 1Q Results
Pure Storage stock is also making a big move today, last seen 6.7% higher at $11.53, thanks to the company's smaller-than-expected first-quarter loss. The shares also received a round of price-target cuts, including one to $15 from $13 at BMO. While PSTG stock is back in positive year-to-date territory, it remains below its mid-November 52-week high of $15.14. Meanwhile, PSTG stock has a Schaeffer's put/call open interest ratio (SOIR) of 1.75, which ranks in the 64th annual percentile. In other words, short-term options traders are unusually put-skewed at the moment.
Digiday Report Gives SNAP Stock a Boost
Snap stock is getting a lift today, following a report from Digiday claiming the company is trying to bring in advertisers with coupons and other bonuses. SNAP shares have added 3.7% to trade at $21.28, but still have yet to fill their May 11 post-earnings bear gap. Most analysts have taken a cautious approach on the Snapchat creator, however, with 14 of 25 maintaining a "hold" or "strong sell" rating.