Analyst Update: InvenSense Inc, BioCryst Pharmaceuticals, Inc., and Alibaba Group Holding Ltd

Analysts revised their ratings and price targets on InvenSense Inc (INVN), BioCryst Pharmaceuticals, Inc. (BCRX), and Alibaba Group Holding Ltd (BABA)

Aug 12, 2016 at 3:14 PM
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Analysts are weighing in on circuit maker InvenSense Inc (NYSE:INVN), biopharmaceutical stock BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX), and Chinese e-tailer Alibaba Group Holding Ltd (NYSE:BABA). Here's a quick roundup of today's brokerage notes on INVN, BCRX, and BABA.

  • INVN is up 12.4% at $7.64, and is on track for its best day in nine months, after last night's upgrade to "overweight" by Pacific Crest. The brokerage firm cited the popularity of Pokemon Go as a "significant growth opportunity" for InvenSense Inc, especially as augmented reality games continue to gain popularity. The circuit maker is down 25% year-over-year, but after today's gains INVN is on track to close above its 32-week moving average for the first time since June 2015. In the option pits, near-term traders have been getting a bargain, with INVN's Schaeffer's Volatility Index (SVI) of 42% sitting at an annual low, implying that near-term option players are pricing in the lowest volatility expectations in 12 months.
  • BCRX is up 5.8% at $5.32, after announcing yesterday that it had moved forward in its Phase 2 trials of BCX7353 for the treatment of hereditary angioedema. Piper Jaffray has since upgraded BCRX to "overweight" from "neutral," and hiked its price target to $8 from $5 -- territory not charted since well before BCRX's early February bear gap. While BCRX is still down over 54% year-over-year, today's gains have put the stock above its 200-day moving average for the first time since October 2015.  However, even before today's rally, BioCryst Pharmaceuticals, Inc. racked up a 14-day Relative Strength Index (RSI) of 87 – well into "overbought" territory, suggesting a short-term breather may be in the near future.
  • BABA is up 6.4% at $97.68 – its highest perch in over 18 months – after yesterday's earnings win was met with an addition to Goldman Sachs' "Americas Conviction Buy" list. Further, BABA has scored post-earnings upgrades to "outperform" by both Raymond James and Macquerie, and no fewer than 10 price-target hikes, including a hike by JPMorgan Securities to $129 from $96. Alibaba Group Holding Ltd is currently up over 20% so far in 2016, and yesterday's post-earnings jump bumped the shares above the $85-$86 region that had served as resistance since June 2015. Short interest in the stock is up 2.5% over the last two reporting periods, now accounting for 9% of BABA's float -- which would take nearly two weeks of trading to cover, at BABA's average daily volume. If short sellers decide to abandon ship, this leaves plenty of room for a short squeeze to further boost BABA.
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