Analyst Update: OvaScience, Bristol-Myers Squibb, Cepheid

Analysts adjusted their ratings on OVAS, BMY, and CPHD

by Josh Selway

Published on Dec 18, 2014 at 2:07 PM
Updated on Jun 29, 2020 at 2:53 PM

Analysts are weighing in today on fertility concern OvaScience Inc (NASDAQ:OVAS), pharmaceutical firm Bristol-Myers Squibb Co (NYSE:BMY), and molecular diagnostics company Cepheid (NASDAQ:CPHD). Here's a quick look at today's brokerage notes on OVAS, BMY, and CPHD.

  • OVAS gapped up to touch an all-time high of $49.94 this morning after news that it achieved its 2014 corporate goals by advancing three of its fertility treatments. The announcement prompted no fewer than six brokerage firms to raise their outlook on the equity, including H.C. Wainwright, which raised its price target to $100 from $40, while reaffirming a "buy" rating. There's room for additional bullish brokerage notes to send the shares even higher, as 50% of covering analysts maintain a tepid "hold" recommendation. Plus, OvaScience Inc has easily surpassed its consensus 12-month price target of $34.20, meaning potential price-target hikes could add fuel to the stock's fire. The stock has added 40% today to trade at $48.81, putting its year-to-date advance over 436%.

  • Credit Suisse weighed in on several pharmaceutical companies today, including BMY. The brokerage firm raised its price target on the stock by $1 to $66, while reiterating its "outperform" rating. Bristol-Myers Squibb Co has since added 1.8% to its current perch at $60.22. With eight of the 17 covering firms maintaining a "hold" or worse recommendation, the equity could see more bullish brokerage notes if it adds to its 13.3% year-to-date gain. Like OvaScience Inc, BMY is trading above its average 12-month price target, suggesting it could be poised for additional price-target increases. Elsewhere, the security's Schaeffer's put/call open interest ratio (SOIR) of 1.05 is only 2 percentage points from an annual extreme, meaning short-term speculators have rarely been as put-focused in the past year. The stock could be pushed higher by an unwinding among option bears.

  • BofA-Merrill Lynch raised its price target on CPHD to $60 from $56, while increasing its rating to "buy" from "neutral" based on higher growth potential and gains in market share. The stock has benefited from the positive note by adding 7.8% today to its current price of $53.70. Cepheid's success on the charts may not be finished, considering six out of the 17 analysts covering it rate it a "hold." What's more, nearly 11% of the security's float is sold short, and would take almost 18 sessions to buy back, at its average daily pace of trading. CPHD could see a boost from analyst upgrades and/or a short-squeeze situation.

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