Analyst Upgrades: BIND Therapeutics, Inc., Celladon Corporation, and Splunk Inc.

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

by Griffin Kruse

Published on Apr 7, 2015 at 9:17 AM
Updated on Apr 20, 2015 at 5:32 PM

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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