Analyst Upgrades: Sarepta Therapeutics Inc, ImmunoGen, Inc., and Hormel Foods Corp

Analysts are weighing in on biotechs Sarepta Therapeutics Inc (NASDAQ:SRPT) and ImmunoGen, Inc. (NASDAQ:IMGN), as well as packaged meat manufacturer Hormel Foods Corp (NYSE:HRL). Here's a quick roundup of today's bullish brokerage notes on SRPT, IMGN, and HRL.

• Despite news that one of its main competitors -- BioMarin Pharmaceutical Inc. (NASDAQ:BMRN) -- has hit a regulatory speed bump, shares of SRPT are pointed 1% lower ahead of the open. This comes even after Jefferies and SunTrust Robinson raised their price targets on Sarepta Therapeutics Inc to $38 and $34, respectively. Taking a step back, the stock has had an unusually strong November, up 55% -- and outperforming the S&P 500 Index (SPX) by more than 48 percentage points during the past 20 sessions -- to trade at $37.32. The stock could continue to benefit, too, if short sellers keep hitting the exits. Short interest on SRPT declined by over 15% during the two most recent reporting periods, but still represents almost six days' worth of buying power, at normal daily volumes. 

• IMGN is getting an almost 6% pre-market boost from an upgrade to "buy" from "hold" at Jefferies, which also raised its price target to $16 from $8. At $12.84, ImmunoGen, Inc. has more than doubled in value in 2015, but many analysts have maintained their bearish stances. For instance, five of the nine brokerage firms with coverage on IMGN still say it's a "hold" or "strong sell." Another round of upgrades could further bolster the stock's ascent. 

• HRL ​is set to extend yet another dominant fourth-quarter run today, up 1.4% pre-market after the company announced a 2-for-1 stock split. Analysts have responded, with Stephens raising its outlook to "overweight," while Deutsche Bank and BMO upped their price targets to $76 and $69, respectively. As alluded to, Hormel Foods Corp has been masterful on the charts, gaining almost 37% year-to-date, and touching an all-time high of $71.71 yesterday on an earnings beat, before settling at $71.32. Further gains could be in store for HRL if option bears unwind their positions. Specifically, the equity's Schaeffer's put/call open interest ratio (SOIR) stands at 1.62. Not only does this indicate put open interest heavily outweighs call open interest among options expiring within three months, but it also outranks 94% of all readings from the past year. Put simply, short-term option traders are heavily put-skewed at present.