INCY, STDY, and UTHR stocks are making notable moves on the charts today
U.S. stocks are starting the second quarter off on a low note. Among specific equities on the move this afternoon are biotech stocks Incyte Corporation (NASDAQ:INCY), Steadymed Ltd (NASDAQ:STDY), and United Therapeutics Corporation (NASDAQ:UTHR). Here's a quick look at what's moving shares of INCY, STDY, and UTHR.
Incyte Stock Comes in as Top SPX Performer
INCY is the top-performing S&P 500 Index (SPX) stock today, thanks to news the company is advancing its cancer drug program with Bristol-Myers Squibb Co (NYSE:BMY). Incyte Corporation shares were last seen 4.1% higher at $139.21, but topped out just short of their 20-day moving average. Still, INCY stock has roughly doubled in value over the past year, which likely explains why every single analyst covering the shares rates them a "buy" or "strong buy." Just this morning, in fact, BMO and Leerink raised their respective price targets to $170 and $141 -- with the former mark representing record-high territory.
Patent Ruling Sends Steadymed Stock Soaring
A favorable patent ruling over United Therapeutics has STDY stock up 31.8% at $7.65, making it one of the top Nasdaq performers today, with the shares earlier touching an annual high of $9.70. Steadymed Ltd stock has been soaring up the charts in 2017, roughly tripling in value. H.C. Wainwright is expecting much more upside, too, boosting its price target by 50% -- to $15 from $10, in uncharted territory. We'll see if STDY's huge moves on the charts entice additional brokerage firms to jump aboard, since only two analysts are officially tracking the stock at the moment.
United Therapeutics Set to Breach 200-Day Moving Average
Meanwhile, the same patent news -- as well as regulatory delays of the company's RemoSynch device -- has UTHR down 8.9% today to trade at $123.39, putting the shares on pace for their first close below their 200-day moving average since early November. The stock has been trending lower since touching an annual high of $169.89 in late February, and most analysts are bearish, even though United Therapeutics Corporation stock is still slightly higher on a year-over-year basis. Specifically, 70% of brokerage firms tracking UTHR stock say it's a "hold" or worse. Meanwhile, short sellers are likely pleased; short interest represents nearly two weeks' of pent-up buying power, at UTHR's average daily trading volume.
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