Analyst Update: Fitbit, OvaScience, and Mobileye

Analysts adjusted their ratings and price targets on Fitbit Inc (FIT), OvaScience Inc (OVAS), and Mobileye NV (MBLY)

Jan 25, 2016 at 1:52 PM
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Analysts are weighing in today on wearable fitness concern Fitbit Inc (NYSE:FIT), biotech issue OvaScience Inc (NASDAQ:OVAS), and software producer Mobileye NV (NYSE:MBLY). Here's a quick roundup of today's brokerage notes on FIT, OVAS, and MBLY.

  • RBC cut its price target on FIT by $5 to $28, sending the stock 4.8% lower, to $17.90. Fitbit Inc bounced back slightly after hitting an all-time low of $15.52 last Wednesday, thanks to a bullish note from Stifel. But the shares have been trending lower since peaking at $51.90 in early August -- less than two months after FIT began trading publicly -- and have shed nearly 40% of their value already in 2016. Despite the equity's dismal technical performance, however, analysts and traders have maintained substantial optimism -- 75% of brokerages providing coverage call the stock a "buy" or better. And at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open nearly three FIT calls for each put during the last 10 trading days.

  • OVAS is trading 13.8% lower at $7.37, due to a downgrade to "perform" from "outperform" at Oppenheimer. "While ... there is substantial opportunity in fertility space overall and for ... Augment, we believe that realizing that opportunity may take some time," the analysts wrote, referring to OVAS' fertility treatment. Since hitting a record high of $55.69 last March, OvaSciences Inc has been sliding down the charts, giving up roughly 87%, and hitting an all-time low of $5.76 earlier this month. More than half of analysts still give the stock a "strong buy" rating, without a "sell" on the books, but more than one-third of the equity's available float is sold short -- even after short interest dropped by nearly 23% during the last two reporting periods. At OVAS' typical volumes, it would take nearly two weeks to buy back all those shares.

  • MBLY is 4.3% lower at $29.12, after Barclays reduced its price target on the stock to $50 from $76. Mobileye NV hit a record high of $64.48 in August, and has since been moving lower beneath its 10-week trendline, failing to hold on to any gains since announcing a partnership with General Motors Company (NYSE:GM) earlier this month. In fact, MBLY sank to a record low of $26.13 on Wednesday. But nine out of 12 analysts still rate the security a "buy" or better, and near-term option traders have shown an extreme preference for calls over puts lately. MBLY's Schaeffer's put/call open interest ratio (SOIR) of 0.70 is lower than 98% of readings from the past year, indicating that calls are more dominant than usual, among options expiring in the next three months.
For other stocks in analysts' crosshairs, read Analyst Upgrades: Home Depot Inc, Paypal Holdings Inc, and Yahoo! Inc. and Analyst Downgrades: Caterpillar Inc., Twitter Inc, and Facebook Inc.

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