EBAY, LOXO, GPS Stocks Upgraded Today

Strong data from its cancer drug has Loxo Oncology stock near the top of the Nasdaq

Jun 5, 2017 at 10:10 AM
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Analysts are weighing in on internet auction site eBay Inc (NASDAQ:EBAY), biotech stock Loxo Oncology Inc (NASDAQ:LOXO), and retailer Gap Inc (NYSE:GPS). Here's a quick roundup of today's bullish brokerage notes on shares of EBAY, LOXO, and GPS.

EBAY Stock Hits Record High After Bull Note

eBay stock is up 1.3% to trade at $35.79, earlier hitting a record high of $36.02, after Credit Suisse initiated coverage with an "outperform" rating and $44 price target. The analysts believe recent changes to its platform can drive earnings growth. EBAY shares have been steadily climbing since their mid-April bear gap, but most analysts remain bearish. For example, eight brokerage firms recommend buying the stock, but there are 16 others with "hold" or "strong sell" ratings on EBAY. 

LOXO Stock Surges to New High Thanks to Cancer Drug Results

Loxo Oncology stock is exploding higher this morning, up 47% at $72.22, earlier notching a record peak of $77.60, after the company said its cancer drug larotrectinib was able to shrink tumors for patients with 17 different types of cancer. Citigroup in response upgraded the shares to "buy" from "neutral," setting its price target at $86, while Stifel also weighed in with a price-target hike to $71. LOXO stock is now up 115% year-to-date, and more gains could be in store if short sellers begin to hit the exits. Specifically, it would take short sellers roughly five weeks to cover the 3.9 million shares they control, based on average daily volumes. 

GPS Stock Gains Following Oppenheimer Upgrade

Gap stock is up .04% this morning at $22.56, following an upgrade to "outperform" from "perform" at Oppenheimer, which also raised its price target to $28 from $24. It's been a choppy few months for the shares, but they've continued to find support near the $22 level, which is home to their year-to-date breakeven point. In the meantime, it's a great time to buy short-term GPS options, according to the stock's Schaeffer's Volatility Index (SVI). This reading of 28% is an annual low, showing very muted volatility expectations being priced into near-term Gap options at the moment. 

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