Analyst Update: Novavax, Halozyme, Organovo Holdings

• After the closing bell yesterday and before the open today, NVAX hit the Street with two scoops of good news. First, Novavax, Inc. reported a second-quarter loss of 8 cents per share, versus an expected loss of 9 cents per share. Quarterly revenue came in at $14 million, far better than the consensus estimate for $9.9 million. The company also announced that its vaccine to protect against respiratory syncytial virus (RSV) was effective. This combination of news set brokerages in motion, with Janney raising NVAX's price target to $18 from $16, Wedbush upping its outlook to $14 from $13, and J.P. Morgan Securities raising its target price to $14 from $10. Technically, the stock has performed well of late, and gapped up to a new 13-year high of $15.01 today. Although the equity has performed admirably, gaining 133% year-to-date to trade at $13.81, option players are still skeptical. NVAX's Schaeffer's put/call open interest ratio (SOIR) of 1.11 ranks in the 93rd annual percentile, suggesting pessimism could unwind and help push the stock even higher.

• HALO is 3.3% higher this afternoon at $21.80 -- and has more than doubled in value in 2015 -- after the company announced its quarterly earnings after yesterday's close. The biotech concern earned 2 cents per share during the second quarter on revenue of $43.4 million, topping estimates. In response to this news, JMP Securities raised its target price on Halozyme Therapeutics, Inc. to $22 from $21, and reiterated an "outperform" rating. The stock could be on the cusp of a short-covering rally. Currently, 15% of HALO's float is sold short. If short sellers start buying back their pessimistic positions, the shares could continue to benefit. At the equity's average trading volume, it would take nearly 12 days to cover the shorted shares.  


• Finally, ONVO has fallen 21% this afternoon to trade at $2.70, thanks to the company's latest quarterly earnings report. Organovo Holdings Inc reported a fiscal first-quarter loss of 10 cents per share, meeting expectations, but revenue came up shy of the Street's consensus projection. In response, Cantor Fitzgerald lowered its rating to a "hold," and cut its price target on ONVO to $3.50 from $6. Shares of the drug company tagged a new two-year low of $2.49 earlier. To say ONVO is in the midst of a rough patch would be an understatement. In fact, the stock has shed nearly 63% year-to-date. What's more, while the equity is currently on the short-sale restricted list, one-quarter of ONVO's float is already sold short, representing over two weeks' worth of trading activity, at typical volumes.

For other stocks in analysts' crosshairs, read Analyst Upgrades: Google Inc, Facebook Inc, and Shake Shack Inc and Analyst Downgrades: Apple Inc., Intrexon Corp, and Gap Inc .