Oncomed, State Street, Sunoco Downgraded

Oncomed, State Street, and Sunoco stocks received bearish analyst attention

by Alex Eppstein

Published on Apr 11, 2017 at 10:02 AM

Analysts are weighing in on drugmaker Oncomed Pharmaceuticals Inc (NASDAQ:OMED), financial firm State Street Corp (NYSE:STT), and energy stock Sunoco LP (NYSE:SUN). Here's a quick roundup of today's bearish brokerage notes on shares of OMED, STT, and SUN.

Analysts Wave White Flag on Oncomed Stock

After OMED pulled the plug on its pancreatic cancer drug trial yesterday and the shares plunged to a record low of $4.94, analysts were quick to weigh in. BMO downgraded the stock to "market perform" from "outperform," while slashing its price target to $6 from $18. At least three other analysts also cut their target prices. Out of the gate, shares of Oncomed Pharmaceuticals Inc are down 8.8% at $5.06. Further downgrades could be coming around the corner, too. Eight of nine analysts rate OMED stock a "strong buy," with not a single "sell" assessment on the books.

State Street Stock Slips on Downgrade

STT saw Jefferies reduce its rating and price target to "hold" and $87, respectively. The bearish note has knocked the stock 1.2% lower to $77.50, but it remains on a year-over-year gain of roughly 35%. That hasn't stopped options traders from charting a skeptical course toward State Street Corp, albeit amid modest volumes. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), 1,456 STT puts have been bought to open over the last two weeks, versus just 33 calls. In fact, the resultant put/call volume ratio of 44.12 is only 2 percentage points from a 52-week high.

Downgrade Drops Sunoco Stock

Just a day after SUN stock received an upgrade, UBS lowered its opinion to "neutral" from "buy." The negative note has pressured the shares 2.3% lower to $29.25, but they're still not from from their year-to-date highs just north of the round $30 level. Meanwhile, despite falling 36.5% in the two most recent reporting periods, short interest on Sunoco LP is still considerable. Specifically, 7.3% of the stock's float is sold short, which would take over a week to cover, at SUN's average daily trading rate.


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