BlackBerry, FMC, Akari Therapeutics News Today

BlackBerry, FMC, and Akari Therapeutics are in the news today

by Karee Venema

Published on Mar 31, 2017 at 9:28 AM

Stock futures are trading below fair value, though the major U.S. benchmarks are set to close out the first quarter with impressive gains. Meanwhile, among specific stocks in focus are smartphone maker BlackBerry Ltd (NASDAQ:BBRY), agricultural name FMC Corp (NYSE:FMC), and autoimmune specialist Akari Therapeutics PLC (ADR) (NASDAQ:AKTX). Here's a quick roundup what's moving shares of BBRY, FMC, and AKTX today.

BlackBerry Stock Set to Pop After Earnings

BBRY stock is up 10.5% in electronic trading -- on track to open at levels not seen since December. Helping to boost the shares is BlackBerry Ltd's better-than-expected adjusted fourth-quarter earnings, while revenue also exceeded the consensus forecast. BBRY stock could certainly use a boost, considering the shares have been in a channel of lower highs and lows since their late-September annual high of $8.46, down 17.8%, based on last night's close at $6.95. While today's projected price move could please one batch of options traders, short sellers are likely to be spooked. Short interest accounts for a healthy 10% of BBRY's available float, or 13.3 times the average daily pace of trading.

FMC Shares Signal New Highs After DuPont Asset Swap

FMC shares are set to open at a two-year high, trading 14.8% higher ahead of the bell. Wall Street is reacting well to reports FMC Corp will purchase DuPont's (NYSE:DD) crop protection business in exchange for $1.2 billion in cash and its FMC Health and Nutrition division, as the latter looks to meet European Union (EU) requirements for its merger with Dow Chemical Co (NYSE:DOW). FMC stock is already up nearly 9% year-to-date, and closed last night at $61.50. Analysts certainly have room to move on the outperformer. More than half of those covering the shares maintain a "hold" or worse recommendation, while the average 12-month price target stands at $63.00.

Akari Therapeutics Shares Surge on FDA Nod

After closing last night at $6.98, AKTX stock is up 25.7% in pre-market trading, after the drugmaker's blood disorder treatment, Coversin, received fast-track status from the Food and Drug Administration (FDA). Heading into today's trading, AKTX has lost roughly half its value year-over-year under increasing pressure from its 120-day moving average. What's more, Akari Therapeutics PLC shares hit a 12-month low of $6.22 as recently as March 23. Against this backdrop, short sellers have been increasing their bearish exposure. Short interest jumped 12.1% on AKTX stock in the two most recent reporting periods.

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