Buzz Stocks: Ocwen, Bristol-Myers Squibb, Spectrum

U.S. benchmarks are poised to pull back from new highs, as traders keep an eye trained on the Greece situation. Among the equities in focus are loan issuer Ocwen Financial Corp (NYSE:OCN), as well as drugmakers Bristol-Myers Squibb Co (NYSE:BMY) and Spectrum Pharmaceuticals, Inc. (NASDAQ:SPPI).

• OCN is set to soar 7.5% out of the gate, after the firm said it will sell $9.8 billion in residential mortgage servicing rights to Nationstar Mortgage Holdings Inc (NYSE:NSM). OCN has struggled on the charts in 2015, down 36.4% at $9.60, and short-term options players haven't been more put-heavy during the past year; the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.80 sits at an annual high. In the same vein, nearly one-third of Ocwen Financial Corp's float is dedicated to short interest, and just one out of seven analysts deems OCN worthy of a "strong buy."


• BMY is also making M&A waves, after the company said it will buy privately held Flexus Biosciences for up to $1.25 billion. Separately, Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL) is set to soar after announcing a potentially lucrative collaboration with BMY. The shares of Bristol-Myers Squibb Co are sitting at $60.52 -- up 11.8% year-over-year, and just north of support at their 80-day moving average. Analysts are split when it comes to BMY, with eight out of 17 doling out "hold" or worse ratings. Meanwhile, the average 12-month price target of $63.88 sits within striking distance of the stock's current perch. Should BMY extend its steady trend higher, a round of price-target hikes could propel the equity into new-high territory.


• Finally, fellow biotech issue SPPI is bracing for a 25% drop to multi-year lows at the open, after a Nevada court deemed two of its Fusilev patents "invalid" -- a ruling Spectrum Pharmaceuticals, Inc. said it intends to appeal. As a result, analysts at Roth Capital lowered their rating on SPPI to "neutral" from "buy," and more than halved their price target to $7 from $15. There could be more cuts on the way for SPPI, which settled Friday at $7.46, as the stock's consensus 12-month price target sits at $13.25. One group likely celebrating, though: short sellers. Short interest accounts for 33.7% of SPPI's total available float, representing more than four weeks' worth of pent-up buying demand, at the security's average pace of trading.