Plus, BABA scored a new "buy" rating and SHOP garnered a price-target hike ahead of earnings
Analysts are weighing in on pharmaceutical stock Adamas Pharmaceuticals Inc (NASDAQ:ADMS), Chinese e-commerce name Alibaba Group Holding Ltd (NYSE:BABA), and online retail platform Shopify Inc (US) (NYSE:SHOP). Here's a quick roundup of today's bullish brokerage notes on shares of ADMS, BABA, and SHOP.
Analyst Expects Adamas Pharmaceuticals Stock Surge to Continue
Adamas Pharmaceuticals stock is up 22.3% to trade at $23.89, and hit an annual high of $24.55 earlier, after Evercore ISI started coverage with an "outperform" rating and price target of $85 -- more than three times the stock's current price. The brokerage firm says the pharmaceutical company -- which is set to release earnings Thursday -- is "just getting started," citing optimism for Gocovri, its drug designed to counteract side-effects caused by a common Parkinson's drug. The company expects to launch the new drug in the first quarter of 2018.
ADMS shares have climbed roughly 31% in just the past week, and a short squeeze could propel the security even higher. Short interest on ADMS grew 15.2% during the past two reporting periods to account for roughly 33% of the equity's total available float. It would take nearly two weeks to cover these shorted shares at the stock's average daily trading volume.
Analyst Expects Record Highs for Alibaba Group Stock
Another stock ticking higher this morning is Alibaba Group, last seen trading 1.6% higher at $178.89, after UBS initiated coverage with a "buy" rating and set its price target at $215 -- in uncharted territory. BABA shares have doubled in 2017, touching a record high of $184.70 on Oct. 11. In addition to its impressive price action, the equity's Schaeffer's Volatility Scorecard (SVS) of 92 suggests now may be an opportune time to buy premium on the stock, as it has tended to exceed options traders' volatility expectations during the past year. Looking ahead, the Chinese e-commerce company is expected to release earnings before the open Thursday.
Shopify Stock Scores Price-Target Hike Ahead of Earnings
Shares of Shopify are up 0.4% at $107.79, after Wedbush upped its price target to $120 from $115 -- just one day before the company is scheduled to report earnings. Like BABA, Shopify stock has exploded this year. The shares hit a record high of $123.94 on Sept. 18, but have since pulled back to test their 50-day moving average. There's still more room for analysts to get behind SHOP stock, as more than half of the 25 brokerage firms following the security rate it a "hold" or "sell."