Analyst Upgrades: Sirius XM Holdings Inc., Rigel Pharmaceuticals, Inc., and Veeva Systems Inc

Analysts upwardly revised their ratings and price targets on Sirius XM Holdings Inc. (NASDAQ:SIRI), Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), and Veeva Systems Inc (NYSE:VEEV)

Josh Selway

Aug 31, 2016 at 10:22 AM

Analysts are weighing in on satellite radio expert Sirius XM Holdings Inc. (NASDAQ:SIRI), biotech Rigel Pharmaceuticals, Inc. (NASDAQ:RIGL), and cloud-based software stock Veeva Systems Inc (NYSE:VEEV). Here's a quick roundup of today's bullish brokerage notes on SIRI, RIGL, and VEEV.

SIRI is looking to benefit from a modest price-target hike to $4.85 from $4.80 at Macquarie, though the shares have only added 0.4% so far at $4.18. The stock has been consolidating in the low $4 range in recent weeks, just above its year-to-date breakeven level, and a move higher could spark a short-covering rally. Specifically, 13.4% of Sirius XM Holdings Inc.'s float is sold short, representing four days' worth of buying power, at normal daily trading volumes.

After gaining nearly 50% on Tuesday thanks to news its bleeding disorder drug Fostamatinib met its primary endpoint in a Phase 3 study, RIGL is down 5.9% this morning at $3.70. This is despite price-target hikes to $6 at BMO and $7 at H.C. Wainwright. Still, the shares are holding just above their highs from last December, which is good news for options traders, who have been buying calls at more than twice the rate of puts in recent weeks. Rigel Pharmaceuticals, Inc.'s 50-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at an elevated 2.20.
Bullish analyst notes are pouring in on VEEV, after the company reported impressive quarterly results and an upbeat outlook. Among the number of brokerage firms that raised their expectations on the stock, Morgan Stanley set the highest mark, with a price target of $48. At last check, Veeva Systems Inc was up 7.9% at $40.61, after earlier hitting a two-year high of $42.58. And even though the stock is in the midst of a multi-month uptrend -- more than doubling in value since bottoming below $20 in February -- it's far from overbought, sporting a 14-day Relative Strength Index (RSI) of just 44.

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