Bristol-Myers Squibb, Insys Therapeutics, National Fuel Gas Downgraded

Bristol-Myers Squibb, Insys Therapeutics, and National Fuel Gas stocks received bearish analyst attention

Apr 10, 2017 at 10:03 AM
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Analysts are weighing in on drugmakers Bristol-Myers Squibb Co (NYSE:BMY) and Insys Therapeutics Inc (NASDAQ:INSY), as well as utilities stock National Fuel Gas Co. (NYSE:NFG). Here's a quick roundup of today's bearish brokerage notes on shares of BMY, INSY, and NFG.

Bristol-Myers Squibb Swings Higher, Despite Price-Target Cut

Jefferies cut its price target on BMY stock to $65. Nevertheless, the shares are up 0.2% at $53.50, and have pared their year-to-date deficit to 8.5%. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), bearish options trading bets have piled up on Bristol-Myers Squibb Co. The stock's 10-day put/call volume ratio across those exchanges is 1.76, ranking just 6 percentage points from a 12-month peak.

Insys Therapeutics Stock Shakes Off Bearish Analyst Note

INSY saw its price target slashed to $16 from $19 at Janney. However, this still represents a steep premium to current levels, with the stock at $11.06 -- up 6.3% in early trade. More generally, Insys Therapeutics Inc shares have been trending lower, shedding 22% of their value year-over-year. Meanwhile, short interest remains extremely high, despite dropping 21.1% in the last two reporting periods. At INSY's average trading rate, it would take roughly 13 sessions to cover all these bearish bets.

Downgrade, Pipeline Snub Slam National Fuel Gas Shares

NFG stock has plunged 5.4% to $57.44, after New York regulators rejected the company's Northern Access Pipeline plan. Additionally, the stock is being pressured by a downgrade to "underperform" from "buy" at Jefferies, which also trimmed its price target by $4 to $52, territory not charted since mid-November. With today's bearish gap, National Fuel Gas Co. shares' 2017 gains have nearly evaporated, registering just above 1%. This should cheer the spirits of short sellers, who have been picking up the pace of late. In the last two reporting periods, short interest on NFG has increased over 19% to 5.5% of the security's total float. At the stock's average trading rate, it would take two weeks to cover these bearish bets.

 

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