Analysts downwardly revised their ratings on AMGN, CRVS, and EXC
Analysts are weighing in on drugmakers Amgen, Inc. (NASDAQ:AMGN) and Corvus Pharmaceuticals Inc (NASDAQ:CRVS), as well as utilities stock Exelon Corporation (NYSE:EXC). Here's a quick roundup of today's bearish brokerage notes on shares of AMGN, CRVS, and EXC.
Downgrade Follows Amgen Stock Struggles
AMGN is off 0.6% at $163.37 this morning, after Jefferies downgraded its rating to "hold" from "buy," and lowered its target price to $180 from $194. The stock has struggled since topping out on March 15 at $184.21 -- in no small part due to concerns over cholesterol drug Repatha. Yet, options traders are holding out hope for Amgen, Inc. shares. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AMGN's 10-day call/put volume ratio of 1.69 sits in the top quartile of its annual range.
Corvus Met With Skepticism After Panning Record Low
Following yesterday's drug data-induced plunge to a record low of $8.27, CRVS was hit with negative analyst attention. Specifically, Credit Suisse slashed its price target to $17 from $26. Additional bearish notes could be just around the corner for Corvus Pharmaceuticals Inc. After all, all five analysts tracking the stock rate it a "buy" or better, while the consensus 12-month price target of $23 is double CRVS' current perch. At last check, the shares were up 10% at $11.40.
Exelon Hit With Rare Downgrade
Wells Fargo downgraded EXC to "market perform" from "outperform." Technically speaking, the stock rallied sharply off its November lows south of $30, but has since been consolidating in the $35-$36.50 range, last seen 0.9% lower at $35.83. Wall Street remains bullishly aligned toward Exelon Corporation, today notwithstanding. In fact, 70% of tracking analysts have dished out a "strong buy" rating, while not a single one considers EXC stock a "sell."