Stocks On the Move: Depomed Inc, Interpace Diagnostics Group Inc, and Medtronic PLC

DEPO, IDXG, and MDT are among the stocks on the move today

Jan 3, 2017 at 2:14 PM
facebook X logo linkedin


U.S. stocks are modestly higher, fresh off a solid round of economic data. Among specific equities in focus today are drug stock Depomed Inc (NASDAQ:DEPO), molecular specialist Interpace Diagnostics Group Inc (NASDAQ:IDXG), and healthcare firm Medtronic PLC (NYSE:MDT). Here's a quick look at what's moving DEPO, IDXG, and MDT.

  • DEPO has jumped 10.7% to trade at $19.94, essentially closing a bearish gap from mid-December. Buoying the stock is a New York Post report, claiming KKR & Co. L.P. (NYSE:KKR) is interested in buying the drugmaker. Suffice it to say, Depomed Inc short sellers could be hitting the panic button. One-quarter of the stock's total float is sold short, which would take nearly eight sessions to cover, at DEPO's average daily trading rate.
  • IDXG has roughly tripled in value today at $13.15 -- after being repeatedly halted on volatility earlier -- with the company reaching an agreement with the Blue Cross Blue Shield Association's Center for Clinical Effectiveness to "support further coverage determinations." As such, the stock is on pace for its second highest settlement price in more than a year. This is bad news for a recent crop of Interpace Diagnostics Group Inc short sellers, however. While short interest is low on an absolute basis, these bearish bets soared a brow-raising 3,725% over the last two reporting periods.
  • MDT is down 0.8% at $70.69 -- after earlier touching an annual low of $69.35 -- on the heels of bearish brokerage attention. Specifically, J.P. Morgan Securities and Morgan Stanley lowered their ratings to the equivalent of a "hold" from a "buy," and slashed their price targets to $79 and $77, respectively. Explaining its bearish note, the former cited the "combination of a more challenging macro environment, likely downward revisions to FY18 consensus and the uncertainty of corporate tax reform." Given Medtronic PLC's technical weakness, the stock could soon succumb to additional downbeat brokerage notes. After all, 16 of 22 analysts rate MDT shares a "buy" or better.
Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check
 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI