Advanced Micro Devices, Concert Pharmaceuticals, TG Therapeutics News Today

Advanced Micro Devices, Inc. (AMD), Concert Pharmaceuticals Inc (CNCE), and TG Therapeutics Inc (TGTX) are making headlines today

by Alex Eppstein

Published on Mar 6, 2017 at 9:23 AM
Updated on Jun 24, 2020 at 10:16 AM

Stocks could get off to a ho-hum start this week, as futures are pointed lower after North Korea's ballistic missile tests. Among specific equities in focus today are semiconductor stock Advanced Micro Devices, Inc. (NASDAQ:AMD), as well as drugmakers Concert Pharmaceuticals Inc (NASDAQ:CNCE) and TG Therapeutics Inc (NASDAQ:TGTX). Here's a quick look at the news driving AMD, CNCE, and TGTX shares.

Mubadala Unloads Advanced Micro Devices Shares

Mubadala Development, AMD's largest shareholder, has sold nearly one-third of its stake in the tech firm, following similar news last week from Goldman Sachs Group Inc (NYSE:GS). At last check, however, AMD shares were up 1.8%, after closing Friday at $13.03 -- already up about 15% in 2017 and 430% year-over-year. Despite Advanced Micro Devices, Inc.'s technical exploits, analysts are divided. While 10 brokerage firms rate the stock a "strong buy," another 10 maintain tepid "hold" recommendations toward AMD.

Concert Pharmaceuticals Strikes Deal With Vertex

CNCE reported a steep quarterly loss, but the stock is pointed 35.7% higher pre-market after the drugmaker agreed to sell cystic fibrosis treatment CTP-656 to Vertex Pharmaceuticals Incorporated (NASDAQ:VRTX). As such, Concert Pharmaceuticals Inc, which settled Friday at $9.65, could open at levels not seen since June. This could be a negative development for options traders, who are relatively put-skewed at the moment. CNCE has a Schaeffer's put/call open interest ratio (SOIR) of 0.96, ranking in the lofty 83rd percentile of its annual range.

TG Therapeutics Stock Sizzles on Trial Results

TGTX is set to gap 89% higher at the open, after the company's leukemia drug, TG-1101, proved effective in a late-stage study. As a result, the stock could hurdle the $10 mark, which it hasn't done since last April. Meanwhile, short sellers could be kicking rocks. Nearly 22% of TG Therapeutics Inc's available float is sold short, which would take 27 sessions to cover, at the stock's average trading volume. On Friday, the shares landed at $5.35, down close to 42% in the past 12 months.

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