AMD, CNCE, and TGTX are among the stocks in the news today
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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