2 Reasons Mylan Stock is Higher Today

Plus, GCAP is getting a bitcoin boost

Josh Selway
Dec 1, 2017 at 2:29 PM
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Stocks are falling today amid reports that former national security advisor Michael Flynn could testify against President Trump. Among the names making big moves are healthcare stock Foundation Medicine Inc (NASDAQ:FMI), forex concern Gain Capital Holdings Inc (NYSE:GCAP), and pharmaceutical issue Mylan (NASDAQ:MYL). Here's a quick look at what's moving shares of FMI, GCAP, and MYL.

FMI Stock Hits Record High After Regulators Approve Cancer Test

Foundation Medicine stock has rallied 16.1% today to trade at $61.75, earlier hitting an all-time high of $63.80, after the Food and Drug Administration (FDA) and the Center for Medicare and Medicaid Services approved the company's cancer detection test, FoundationOne CDx. The shares have now more than tripled in value over the past year, as they continue to crush short sellers. Specifically, short interest equals 19.5% of FMI stock's float, even after a 13% decline in the past two reporting periods. Going by average daily volumes, it'd take these bears just over 10 days to cover their positions.

GCAP Stock Takes Off Thanks to Bitcoin

Gain Capital Holdings is having a big day, thanks to news it'll be offering bitcoin trading in the U.K., the same day CME Group (CME) made a bitcoin decision of its own. GCAP stock was last seen 3.4% higher at $7.81, continuing its recent tendency to make huge moves. Overall, the equity is up 18% in 2017.

This move comes at the expense of short sellers, of which there are many. Currently, 18.1% of the stock's float is sold short, which equates to almost 15 times the equity's average daily pace of trading.

Mylan Stock Still Range Bound

Mylan stock is also rallying today, after the FDA approved its biosimilar of Roche's cancer drug Herceptin. Plus, CNBC reported the company is considering working with Amazon (AMZN). MYL shares were last seen 5.1% higher at $38.39, but remain below the $39-$40 area that's acted as resistance going all the way back to May. Still, the security is narrowly higher on a year-over-year basis.

But most analysts have taken a wait-and-see approach. For instance, the majority of covering analysts consider it just a "hold," though it does have six "strong buy" ratings, as well.


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