Cidara Therapeutics, Momenta Pharmaceuticals, Amphastar Pharmaceuticals Stocks Moving Today

Shares of Cidara Therapeutics, Momenta Pharmaceuticals, and Amphastar Pharmaceuticals are all selling off today

Feb 21, 2017 at 1:36 PM
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Stocks are rallying yet again, touching fresh record highs. Among specific equities in focus are biotech stocks Cidara Therapeutics Inc (NASDAQ:CDTX), Momenta Pharmaceuticals, Inc. (NASDAQ:MNTA), and Amphastar Pharmaceuticals Inc (NASDAQ:AMPH). Here's a quick look at what's moving shares of CDTX, MNTA, and AMPH.

Cidara Therapeutics Hits All-time Low

CDTX is the worst-performing stock on the Nasdaq today, down 38.5% at $7.20 and on the short-sale restricted (SSR) list, after the company said its experimental antifungal treatment did not perform well enough in a recent trial to continue development. The shares earlier hit an all-time low of $6.65, and analysts are slashing their expectations. Jefferies, Wedbush, and Leerink all cut their price targets on the stock, with the latter two setting their marks at $13. This may be only the beginning of bearish brokerage attention for Cidara Therapeutics Inc, since five out of six analysts call the stock a "strong buy." 

Glatopa Setback Drops Momenta Stock

MNTA is also selling off today, down 15.3% at $16.10 and SSR, after the company on Friday warned its multiple sclerosis drug, Glatopa, is unlikely to get regulatory approval this quarter, due to a supplier compliance issue. This is overshadowing the company's better-than-expected quarterly earnings report. While the shares have outperformed in the long run, up 56% over the past year, it seems options traders are well-positioned for a pullback. Specifically, Momenta Pharmaceuticals, Inc.'s 50-day put/call volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) comes in at 4.35, which ranks in the 91st annual percentile. 

FDA Shuts Down Amphastar Nasal Spray

Another big loser on the Nasdaq today is AMPH, which has given back 20.6% at $14.61 and been placed on the SSR list, on news the Food and Drug Administration (FDA) rejected the company's request to market an intranasal version of its opioid overdose treatment, naxolone. The shares are now on pace for their lowest close since May, and a number of short sellers are likely kicking themselves. Short interest on Amphastar Pharmaceuticals Inc fell by almost 23% in the last reporting period. 

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