Analyst Upgrades: Clovis Oncology, Nimble Storage, OraSure

Analysts upwardly revised their ratings and price targets on Clovis Oncology Inc (CLVS), Nimble Storage Inc (NBML), and OraSure Technologies, Inc. (OSUR)

Aug 24, 2016 at 9:22 AM

Analysts are weighing in on drugmaker Clovis Oncology Inc (NASDAQ:CLVS), flash storage firm Nimble Storage Inc (NYSE:NMBL), and medical supplies stock OraSure Technologies, Inc. (NASDAQ:OSUR). Here's a quick roundup of today's bullish brokerage notes on CLVS, NMBL, and OSUR.

CLVS is set to gap nearly 6% higher at the open, after breaking out yesterday on a key Food and Drug Administration (FDA) ruling. Providing the pre-market lift is a raft of positive brokerage attention, with no fewer than five analysts raising their price targets on the stock. Janney and SunTrust Robinson set their bars the highest, each at $30, or a 30% premium to Tuesday's settlement at $23.03. While Clovis Oncology Inc has been heating up lately, the shares have lost two-thirds of their value year-over-year. Not surprisingly, the stock is heavily shorted. Roughly two-fifths of CLVS' float is sold short, representing three weeks' worth of trading, at the stock's average daily volumes.

NMBL reported a slimmer-than-expected quarterly loss last night, and Wall Street is applauding in response. At least eight brokerage firms have lifted their price targets on the stock, while only Morgan Stanley cut its outlook -- to $16 from $18, still an 81.4% premium to last night's close at $8.82. In electronic trading, Nimble Storage Inc is pointed 10.8% higher, and could flirt with double-digit territory for the first time since December. This would come as a boon to recent option bulls. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders have bought to open more than 17 NMBL calls for every put over the past two weeks.

OSUR last night said it has been awarded up to $16.6 million in funding to advance its rapid Zika tests. Also, Canaccord Genuity bumped its price target by $1 to $10. Collectively, these developments have OraSure Technologies, Inc. perched 8.1% higher in pre-market trading, after settling at $7 on Tuesday. In recent weeks, the stock has been hot, gaining 25.7% since its early July lows just above $5.50. Meanwhile, short sellers have been exiting stage left. During the past two reporting periods, short interest on OSUR fell 25.2%, and now accounts for less than 4% of its total float.

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