Tenet Healthcare's CEO is set to depart by March
U.S. stocks are trading mostly higher this morning, despite lackluster August jobs data. Among specific stocks in focus are hospital operator Tenet Healthcare Corp (NYSE:THC), healthcare name Dr.Reddy's Laboratories Ltd (ADR) (NYSE:RDY), and biotech Aptevo Therapeutics Inc (NASDAQ:APVO). Here's a quick look at what's boosting shares of THC, RDY, and APVO.
Wall Street Cheers Tenet Healthcare CEO Announcement
Tenet Healthcare stock is up 0.1% at $17.19, folowing news the company's chairman and CEO Trevor Fetter will step down by March. Still, the shares have given back 27% during the past 12 months, and hit an eight-year low of $12.54 last month.
This comes as short sellers have been pounding THC stock, with short interest skyrocketing over the past year, including an 18% surge in the last two reporting periods. The 32 million Tenet Healthcare shares now sold short is the highest reading on record, and represents roughly two-fifths of the equity's float.
Patent Ruling Boosts Dr. Reddy's Stock
A favorable patent ruling for the company's generic version of Indivior's Suboxone has shares of Dr. Reddy's Laboratories gaining this morning, last seen 6.2% higher at $34.18. The stock was in need of a positive catalyst, as it's down 26% year-over-year, losing roughly half its value since its 2015 peak of $68. A continued rise for RDY could garner some upbeat attention from analysts, since it has yet to score a single "buy" recommendation.
Aptevo Therapeutics Stock Torches Short Sellers
Aptevo Therapeutics has soared 60% to trade at $2.13, after the company said it plans to develop its own
prostate cancer drug. Plus, it's selling three drugs to Saol Therapeutics for $65 million. The penny stock has been sliding in recent months, touching a record low of $1.15 earlier this week. As such, today's price action is sure to shock a number of short sellers. During the last two reporting periods, these bearish bets increased by 30%.