FireEye, Ionis Pharmaceuticals, Snap News Today

Snapchat parent Snap Inc (SNAP) stock scored some high-profile hedge fund investors

May 15, 2017 at 10:23 AM
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Stocks are modestly higher this morning, thanks to rebounding oil prices. Among specific stocks on the move are cybersecurity issue FireEye Inc (NASDAQ:FEYE), drugmaker Ionis Pharmaceuticals Inc (NASDAQ:IONS), and Snapchat parent Snap Inc (NYSE:SNAP). Here's a quick look at what's moving shares of FEYE, IONS, and SNAP. 

FEYE Stock Rallying Amid "WannaCry" Chaos

FireEye stock is one of many cybersecurity names getting a boost today, following the massive cyberattack that hit hundreds of thousands of victims around the world. So far, shares of FEYE have added 7.6% at $15.92, which would be their highest close since early August. If FireEye keeps pushing higher, analyst upgrades could help fuel even more gains. That is, 15 of the 20 brokerage firms tracking FEYE stock rate it just a "hold." 

IONS Stock Sinking After Drug Data

IONS stock is getting hit hard this morning, last seen 5.9% lower at $44.30, following the results of its phase 3 drug trial for inotersen. Although the drug reached its primary endpoints for patients with familial amyloid polyneuropathy (FAP), a handful of patients suffered adverse side effects. Despite the drop, shares of Ionis Pharmaceuticals are still up 40% over the past year. Meanwhile, short-term options traders have shown a preference for puts relative to calls. This is based on IONS' Schaeffer's put/call open interest ratio (SOIR) of 1.33, which is just 2 percentage points from an annual put-skewed extreme. 

High-Profile Hedge Funds Scoop Up SNAP Stock

SNAP stock is getting a lift this morning, thanks to news a number of prominent hedge funds have a stake in the equity. The shares have so far picked up 3.6% to trade at $19.83, as they continue to battle back from last week's earnings debacle. With earnings out of the way, though, it could be an opportune time to strike on Snap options. For example, the stock has a Schaeffer's Volatility Index (SVI) of 50%, which ranks below 90% of all comparable readings since the company went public in early March, hinting at low volatility expectations being priced into near-term options. 
 

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