ACOR, SORL, and BOFI stocks are making notable moves on the charts today
While the Dow is still in the red today, the Nasdaq is outperforming yet again. Among specific equities on the move this afternoon are biotech Acorda Therapeutics Inc (NASDAQ:ACOR), brake system manufacturer Sorl Auto Parts, Inc. (NASDAQ:SORL), and financial stock BofI Holding, Inc. (NASDAQ:BOFI). Here's a quick look at what's moving shares of ACOR, SORL, and BOFI.
Acorda Therapeutics Nosedives After Patent Ruling
ACOR stock is getting demolished today, after a U.S. district court invalidated four patents connected to the drugmaker's Parkinson's treatment, Ampyra. The news has the shares down 25% at $20, earning them a spot on the short-sale restricted list after being halted earlier in the session. While Acorda Therapeutics Inc is still trading above its year-to-date breakeven level, short sellers have to be pulling for additional losses. Specifically, almost 15% of ACOR stock's float is dedicated to short interest, which equates to nearly a week's worth of buying power, at average daily volumes.
Surge in Profit Boosts Sorl Auto Parts Stock
SORL stock is up almost 20% today at $3.89, after the company posted a 40% rise in fourth-quarter profit. What's more, the company added that it's "experiencing increased orders in the first half of the year." The move puts the stock's year-over-year gain at nearly 119%, and might help it finally draw some attention from the brokerage bunch. At the moment, just one analyst is officially covering Sorl Auto Parts, Inc. stock, maintaining a lukewarm "hold."
Analysts Stay Bullish on BofI Stock Amid Money Laundering Allegations
BOFI stock has shed 3.6% today to trade at $26.59, after The New York Post reported the company is under federal investigation for money laundering. BofI Holding, Inc. has since called the story "factually inaccurate," deeming the allegations "frivolous." In the meantime, analysts at FBR Capital are telling investors to strike during the downturn, reiterating an "outperform" rating and a $35 price target. While they've given back their 2017 gains in recent weeks, BOFI shares have found a foothold at their rising 120-day moving average, and most analysts share FBR Capital's bullish outlook. Specifically, all five covering brokerage firms consider BOFI stock a "strong buy."
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