Neurotrope is getting hammered after poor Alzheimer's drug results
U.S. stocks are higher this afternoon, with the Nasdaq win streak on pace to extend through another session. However, biotech names Neurotrope Inc (NASDAQ:NTRP), Galapagos NV (ADR) (NASDAQ:GLPG), and AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) are sitting out the broad-market advance, with all three stocks sharply lower this afternoon. Here's a quick look at what's moving shares of NTRP, GLPG, and ACRX.
Disappointing Drug Data Sends Neurotrope Stock Spiraling
Neurotrope stock is down 17% to trade at $6.26 -- among the worst performers on the Nasdaq today -- as traders slam unimpressive mid-stage trial results for the company's Alzheimer's disease drug. Earlier in the session, the stock hit an all-time low of $5.55.
Shares of NTRP are currently short-sale restricted, which has triggered a relative surge in options trading on the under-the-radar biotech. So far, 169 NTRP put options have crossed the tape, representing eight times the typical intraday volume.
Price Target Cut Eats Into Galapagos Stock
Galapagos stock is down 3% to trade at $75.20, pressured by positive trial results from rival Vertex Pharma. Piling on, Morgan Stanley cut its price target for GLPG to $87 from $93.
It's been a rough stretch for GLPG shares since they peaked at $94.88 just over three months ago. GLPG is now down 20% from that record high, with its 30-day moving average rejecting a few minor rallies in the meantime.
Most analysts remain optimistic, however. Four out of six analysts rate GLPG a "buy" or better, with the average 12-month price target arriving at $90.
AcelRx Stock Slips as Company Names New CFO
AcelRx stock is down 4% to trade at $2.97 after the company appointed Raffi Asadorian as its new chief financial officer. AcelRx has been on the search for a new CFO since June 5, when Timothy Morris resigned.
ACRX stock snapped out of a four-month slump on Monday, with the stock gapping higher after Jefferies initiated coverage with a "buy" rating. Despite today's drop, ACRX is still on track for a weekly close above its 10-week and 20-week moving averages for the first time since March 31.