Analyst Update: Evoke Pharma, Skyworks, Autodesk

Analysts adjusted their ratings on Evoke Pharma Inc (EVOK), Skyworks Solutions Inc (SWKS), and Autodesk, Inc. (ADSK)

Oct 1, 2015 at 1:39 PM

Analysts are weighing in today on pharmaceutical firm Evoke Pharma Inc (NASDAQ:EVOK), chipmaker Skyworks Solutions Inc (NASDAQ:SWKS), and software firm Autodesk, Inc. (NASDAQ:ADSK). Here's a quick roundup of today's brokerage notes on EVOK, SWKS, and ADSK.

EVOK is 15% higher this afternoon, trading at $3.41, after Rodman & Renshaw started coverage on the stock with a "buy" rating and $27 price target. The brokerage made the move because it feels the company's gastroparesis drug is "substantially risk-mitigated." Technically, EVOK has been just as volatile as many of its sector peers, dropping 59% since its annual high of $8.32 in January. Don't expect upgrades to help push the stock higher, as the only two analysts following Evoke Pharma Inc rate it a "strong buy."

SWKS is 2.2% lower at $82.33 this afternoon. Shares of Skyworks Solutions Inc are struggling, despite Citigroup initiating coverage with a "buy" rating and $115 price target. This price target represents a nearly 40% gain from current levels, and would be a new all-time high for SWKS. In June, the shares hit a record mark of $112.88, but have fallen 27% since. Amid this poor performance, option players have been stocking up on puts over calls at a faster-than-normal pace. In fact, the security's Schaeffer's put/call open interest ratio (SOIR) of 1.01 is higher than all but 5% of the readings taken during the past 52 weeks. By contrast, take a look at SWKS' analyst coverage, as 15 of 17 brokerages rate it a "buy" or better. Should the shares continue to slip, downgrades from this enthusiastic bunch could lead the stock lower.

ADSK is 2.7% lower this afternoon at $42.95 -- and just 11 cents above today's nadir, which was an annual low -- after Barclays cut the company's price target to $57 from $62. The stock had been performing well, hitting an all-time high of $65 in February, but has shed 34% since. While shares of Autodesk, Inc. flounder, short-term bulls are stockpiling options. ADSK's SOIR of 0.18 is lower than 96% of the readings taken during the past year. Option players aren't alone in their bullish bias, as 10 of the 13 analysts tracking ADSK rate it a "buy" or better. A capitulation among option bulls and/or a change of heart from analysts could result in further pressure on the stock.

For other stocks in analysts' crosshairs, read Analyst Upgrades: Synergy Pharmaceuticals Inc, Celgene Corporation, and Microsoft Corporation and Analyst Downgrades: QUALCOMM, EZchip Semiconductor Ltd, and Keurig Green Mountain Inc.

Follow @Schaeffers

The $25K Day Trading Barrier is Gone

The long-standing Pattern Day Trader (PDT) rule that required many traders to maintain a $25,000 account balance is no longer standing in the way.

That means more traders can actively pursue short-term opportunities without the barrier that kept so many on the sidelines.

Now it's all about having the right strategy.

Dynamite Day Trading Signals helps you hit the ground running with up 2 options trade alerts per week, built to capture fast-moving opportunities.

👉 Sign up now to receive the next trade