Analysts upwardly revised their ratings and price targets on NBIX, PRTA, and RCII
Analysts are weighing in on drugmakers Neurocrine Biosciences, Inc. (NASDAQ:NBIX) and Prothena Corporation PLC (NASDAQ:PRTA), as well as retail stock Rent-A-Center. Here's a quick roundup of today's bullish brokerage notes on shares of NBIX and PRTA, as well as RCII stock.
Neurocrine Biosciences Signals FDA-Induced Bull Gap
NBIX stock is set to gap 22.2% higher at the open, after the Food and Drug Administration (FDA) approved the company's movement disorder drug, Ingrezza. Further bolstering the shares are price-target hikes at Leerink and Jefferies to $68 and $65, respectively -- both in record-high territory. This is more of the same from the brokerage crowd, as all 11 analysts covering Neurocrine Biosciences, Inc. rate it a "buy" or "strong buy." Yesterday, the stock settled at $41.48, up 7.2% year-to-date.
Prothena Secures Bullish Initiation
PRTA stock is pointed 1.3% higher ahead of the opening bell, lifted by an "overweight" initiation at Piper Jaffray -- which also set a price target of $69, in annual-high territory. Separately, Prothena Corporation PLC entered into a purchasing agreement with Boehringer Ingelheim. Taking a step back, it's been a rough month for PRTA shares, down 10.6% since the start of April. While shareholders can't be happy with the losses, plenty of short sellers are. Over 19% of the stock's float is sold short, which translates into 15 days' worth of trading, at PRTA's typical volumes.
Upgrade Could Extend RCII Stock's Recent Surge
RCII's week-to-date rally -- powered by Marcato Capital's call for a company sale -- looks like it will continue today. The stock is up 3.1% in electronic trading, after ending Tuesday at $10.48 -- having advanced 9.2% since last Friday's close. Stoking Rent-A-Center stock's bullish flames is an upgrade to "strong buy" from "market perform" at Raymond James. The shares' recent strength could be turning up the heat on short sellers. Nearly 20 million RCII shares are sold short, which would take two weeks to cover, based on the stock's average daily trading volume.