AAPL, NVCR, and DVAX are among the stocks in the news today
Stocks are trading modestly higher to start the second quarter. Among specific equities in focus are iPhone maker
Apple Inc. (NASDAQ:AAPL), as well as cancer specialists
Novocure Ltd (NASDAQ:NVCR) and
Dynavax Technologies Corporation (NASDAQ:DVAX). Here's a quick roundup of the news moving shares of AAPL, NVCR, and DVAX today.
Apple Stock Rises After Imagination Technologies Snub
Wall Street is buzzing on
Apple news, after the company said it will begin making its own "independent graphics design in order to control its own products" -- and will terminate its graphic licensing deal with U.K.'s Imagination Technologies in roughly two years. While shares of the latter have plunged nearly 62% in London, AAPL stock is is trading up 0.1% at $143.79 -- coming within a chip-shot of its March 30 record high of $144.50. Longer term, Apple Inc shares have swung more than 24% higher in 2017, yet seven of 30 analysts still maintain a "hold" or "strong sell" recommendation. Another round of bullish brokerage notes could propel
AAPL stock further into uncharted territory.
Novocure Shares Surge on Pancreatic Cancer Drug Data
NVCR stock has shot 50% higher to trade at $12.20 -- easily taking out recent resistance at its 200-day moving average. Boosting the shares is positive combination therapy data for Novocure Ltd's
pancreatic cancer treatment. The stock has now more than doubled in value since hitting a year-to-date low of $6 in late January, and short sellers are likely feeling the heat. Though short interest fell 2.7% in the most recent reporting period, it still accounts for a lofty 14.2% of NVCR's available float. What's more, it would take almost a month to cover these bearish bets, at the stock's average pace of trading, meaning there's plenty of sideline cash available to help fuel NVCR's fire.
FDA Review Date for Hep B Vaccine Fails to Lift Dynavax Technologies Stock
Shares of DVAX are trading down 1.7% at $5.85, even after the biotech said the Food and Drug Administration (FDA) will review its hepatitis B vaccine on Friday, July 28, with the decision date slated for Thursday, Aug. 10. Last November,
DVAX stock plunged to a nearly eight-year low of $3.20 after the FDA rejected the vaccine, but the shares have more than doubled in the subsequent months. Short sellers, meanwhile, have been in covering mode. Since topping out at a multi-year peak in early November, short interest on Dynavax Technologies Corporation has fallen nearly 38% -- though these bearish bets still account for almost 19% of DVAX's float.