Promising New Drugs Send 2 Pharmaceutical Stocks Soaring

Texas Instruments stock is moving higher after earnings

Jul 26, 2017 at 11:33 AM
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Analysts are weighing in on biopharmaceutical companies Biogen Inc (NASDAQ:BIIBand Tetraphase Pharmaceuticals Inc (NASDAQ:TTPH), as well as semiconductor stock Texas Instruments Incorporated (NASDAQ:TXN). Here's a quick roundup of today's bullish brokerage notes on shares of BIIB, TTPH, and TXN.

Goldman Sachs Shows High Hopes for Biogen's Alzheimer's Drug

Biogen stock is up 3.2% to trade at $291.90 -- and earlier touched its highest price since March -- after Goldman Sachs upgraded the stock to "buy" and raised its price target almost 20% to $338, citing high hopes for Biogen's Alzheimer's drug aducanumab. BMO also raised its price target on BIIB to $328 from $317, UBS hiked its target to $285 from $270, and Leerink upped its target to $338 from $304.

Option buyers have been upping the bullish ante lately, perhaps to bet on Biogen's earnings report, released yesterday morning. BIIB's 10-day call/put volume ratio of 3.93 on the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands higher than 95% of all other readings from the past year. Additionally, more than half of the 16 analysts following the stock already rate it a "strong buy."

Tetraphase Stock Soars After Positive Drug Study Results

Tetraphase Pharmaceuticals stock is up 11.7% to trade at $7.70, after positive late-stage study results for Tetraphase's Eravacycline, an antibiotic for serious bacterial infections. As such, Stifel upgraded TTPH stock to "buy" from "hold," and lifted its price target by 87.5% to $15. Further, SunTrust Robinson raised its price target to $19 from $14, and BMO gave TTPH a price-target hike to $13 from $12.

Short interest represents three days' of pent-up buying demand, at the equity's average pace of trading. A solid earnings showing -- TTPH is scheduled to report one week from today -- could squeeze the shorts, and help Tetraphase stock break out of recent resistance in the $8-$8.50 area.

Texas Instruments' 2Q Earnings Garner Price-Target Hikes

Texas Instruments stock is up 2.8% to trade at $83.66, after an impressive second-quarter earnings report and no fewer than eight brokerages raised their price targets on TXN. Two of the price-target hikes came from Susquehanna -- to $97 from $95 -- and Jefferies -- to $96 from $94. Of the 21 analysts following TXN, however, only eight rate it a "buy" or better. Considering Texas Instruments stock has rallied roughly 10% since bouncing off support at its 200-day moving average, and is now within striking distance of June's dot-com-era highs, additional upgrades could add fuel to TXN's fire.

 

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