Analyst Update: Catabasis Pharmaceuticals Inc, Coach Inc, and Lululemon Athletica inc.

Analysts are weighing in on drug stock Catabasis Pharmaceuticals Inc (NASDAQ:CATB), apparel designer Coach Inc (NYSE:COH), and yoga gear guru Lululemon Athletica inc. (NASDAQ:LULU). Here's a quick roundup of today's brokerage notes on CATB, COH, and LULU.

• Following news of a joint research venture with Sarepta Therapeutics Inc (NASDAQ:SRPT), CATB shares have rocketed to their biggest one-day percentage gain since early March. At last check, the biotech stock had jumped nearly 59% to trade at $7.10, on track for its highest close since June 6. Adding to the technical tailwinds, Wedbush reiterated its "outperform" rating and $17 price target on Catabasis Pharmaceuticals Inc, waxing optimistic on the company's collaboration with SRPT. With high levels of short interest, the shares could get an added boost from short-covering activity. Specifically, CATB's short-interest ratio checks in at 10.50, meaning it would take more than two weeks for short sellers to cover their bearish bets, at the stock's average daily volume.

• COH has popped 1.5% to trade at $36.43, benefiting from a "buy" initiation at CLSA, which also dished out a $45 price target -- a level not reached in over two years. As a result, the stock has extended its year-to-date lead beyond 11%. This should come as a welcome development for bullish options traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Across those exchanges, speculators have bought to open 1.91 Coach Inc calls for every put in the past two weeks, and the corresponding call/put volume ratio ranks in the top quartile of its annual range.

• LULU was hit with a $2 price-target cut to $46 at Goldman Sachs, knocking the shares 3.4% lower to $61.35. While the stock hit a three-year high of $81.81 in late August, it's been in free-fall mode ever since, surrendering about one-quarter of its value. Earlier this month, in fact, Lululemon Athletica inc. tanked on a pair of fundamental black eyes. Looking at the stock's sentiment backdrop, LULU could be at risk for downgrades, as 13 analysts maintain "strong buy" recommendations -- outweighing 10 "hold" or worse opinions.