Stocks On the Move: AveXis Inc, United Continental Holdings Inc, and Coeur Mining Inc

Biotech AveXis Inc (AVXS), airline United Continental Holdings Inc (UAL), and precious metal mining stock Coeur Mining Inc (CDE) are among the stocks making big moves in today's trading

Dec 15, 2016 at 3:14 PM
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U.S. stocks are higher on a round of positive economic data. Among specific equities in focus today are biotech AveXis Inc (NASDAQ:AVXS), airline United Continental Holdings Inc (NYSE:UAL), and precious metal mining stock Coeur Mining Inc (NYSE:CDE). Here's a quick look at what's moving AVXS, UAL, and CDE.

  • AVXS is up 4.1% at $52.16, in spite of a scathing note from Citron Research, which said the stock is "the next biotech blowup" and could hit $5 per share over the next two years -- a 90.4% drop from current levels. The research firm -- which has taken no prisoners among biotechs of late -- said the drugmaker's "hopeful story of a cure for terminally ill babies" lacks the backing of "real clinical data" and is nothing "beyond a glorified stock promotion." AveXis Inc shares dropped sharply yesterday, but have pared some of their losses today, and are more than twice their February IPO price of $20. Short sellers have piled on AVXS lately, however, with short interest up 172% over the last two reporting periods, and 20% of AVXS' float sold short, which would take a week of trading to cover, at the equity's average daily volume.

  • UAL is trading 3.2% higher at $75.30, after some positive analyst attention. Barclays initiated coverage of the stock with an "overweight" rating and $105 price target -- well into uncharted territory -- while a Wolfe Research survey shows 76% of polled investors expected transport stocks to outperform during the upcoming year. Also helping airlines, the U.S. government today said there "was no evidence of unfair manipulation of airfares or capacity" after a deadly Amtrak train crash in May 2015. United Continental Holdings Inc's shares have been on a steady trek upwards since mid-summer, more than doubling since touching an annual low of $37.41 in late June, and notching a fresh record high of $76.80 today. Option bears are betting on a pullback, however, with UAL's 10-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sitting at an annual peak of 2.30.
  • CDE is trading down 9.9% at $8.87, and is among the worst performing stocks on the New York Stock Exchange (NYSE), as gold and silver futures get crushed in the wake of yesterday's Fed forecast. CDE has now retraced 50% of its rally from early 2016 to August, pressured lower by their 50-day moving average. Some option bulls are likely kicking rocks today, given Coeur Mining Inc's 10-day call/put volume ratio at the ISE/CBOE/PHLX shows 14 calls bought to open for every put over the last two weeks, a reading that sits higher than 85% of all other s from the last 12 months.
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