Analysts upwardly revised their ratings and price targets on Kite Pharma Inc (KITE), Pandora Media Inc (P), and Whiting Petroleum Corp (WLL)
Analysts are weighing in on drugmaker
Kite Pharma Inc (NASDAQ:KITE), streaming broadcaster
Pandora Media Inc (NYSE:P), and oil-and-gas stock
Whiting Petroleum Corp (NYSE:WLL). Here's a quick roundup of today's bullish brokerage notes on KITE, P, and WLL.
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Stifel bumped its price target on KITE up to $74 from $63, in waters not charted since December 2015. With upbeat drug news from sector peer Juno Therapeutics Inc (NASDAQ:JUNO) serving as additional tailwind, the stock has jumped 7.5% pre-market after settling at $46.96 yesterday, as it attempts to dig out of a nearly 24% year-to-date deficit. The bulls have been buzzing around Kite Pharma Inc for quite some time, despite its long-term technical struggles. For instance, eight of nine analysts rate the stock a "buy," versus one "hold" and not a single "sell." Likewise, KITE call buying has transpired at a rapid-fire rate in recent months.
- P's rating was lifted to "overweight" from "neutral" at Piper Jaffray, which also upwardly revised its price target to $18 from $12. This comes as little surprise, as the shares have been red-hot in recent months -- adding 84% since their mid-February lows to rest at $13.07. Plus, Pandora Media Inc is pointed another 4.3% higher ahead of the bell. Suffice it to say, conditions may be getting uncomfortable for short sellers, who account for over 27% of the stock's float. At P's average trading levels, it would take nearly eight sessions to cover those positions, hinting at ample sideline cash.
- WLL saw Credit Suisse raise its opinion to "outperform" and its price target to $14 -- a 59% premium to Tuesday's close at $8.80. The bullish note has the stock 2.4% higher in electronic trading, though it's lost 39% since its early June highs. Meanwhile, traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have been wagering on extended losses for Whiting Petroleum Corp. The stock's 50-day put/call volume ratio of 1.32 ranks just 4 percentage points from an annual high.
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