Analyst Upgrades: BIND, Celladon Corp, Splunk Inc.

Analysts upwardly revised their ratings on BIND Therapeutics Inc (BIND), Celladon Corp (CLDN), and Splunk Inc (SPLK)

Griffin Kruse
Apr 7, 2015 at 9:17 AM
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Analysts are weighing in today on biotech firms BIND Therapeutics Inc (NASDAQ:BIND) and Celladon Corp (NASDAQ:CLDN), as well as software provider Splunk Inc (NASDAQ:SPLK). Here's a quick roundup of today's bullish brokerage notes on BIND, CLDN, and SPLK.

  • Oppenheimer initiated coverage on BIND with an "outperform" rating and a $14 price target (representing a 146.9% premium to the stock's current perch at $5.67), sending the shares up about 11.3% in pre-market trading. On the charts, BIND Therapeutics Inc has been a technical underperformer, with the shares down 41.7% year-over-year. Furthermore, the stock notched an all-time low of $4.89 on March 12. However, the company yesterday extended a deal with Pfizer Inc. (NYSE:PFE), lifting the shares north of their 10-day and 20-day moving averages for the first time since March 24. The brokerage bunch is unanimously bullish on BIND, though, as 100% of all covering analysts rate the equity a "strong buy."

  • The shares of CLDN are pointed 4% higher in electronic trading, after H.C. Wainwright started coverage on the security with a "buy" rating and a $31 price target, which represents a 74.3% premium to yesterday's close of $17.79. The brokerage firm said it expects CLDN to report positive mid-stage trial results of Mydicar, its experimental treatment for gene therapy, expected late this month. The shares of Celladon Corp have fallen 37% from their March 20 all-time high of $28.25, but recently bounced off their 200-day moving average. Short sellers have taken an interest in the security, as short interest increased by over 130% during the past two reporting periods -- and now accounts for about 11.6% of CLDN's available float. Looking elsewhere, the brokerage bunch is firmly optimistic on the stock, as all three covering analysts rate it a "strong buy."

  • Piper Jaffray raised its opinion on SPLK to "overweight" from "neutral," boosting the shares 3% higher ahead of the bell. Looking back, the shares of Splunk Inc have been sliding, down 19.6% from their Feb. 27 annual high of $74.88 to close Monday at $60.18. Accordingly, puts have been prominent in the options pits, as SPLK's 10-day International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) put/call volume ratio of 0.68 stands higher than 70% of all equivalent readings taken over the past year.

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