The Drug Stock Having Its Worst Day Ever

Meanwhile, shorts are cheering SYRS' selloff

Dec 11, 2017 at 3:10 PM
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U.S. stocks are holding modest gains this afternoon, with the Dow and S&P 500 Index eyeing record closes. Among the names making big moves are agriculture technology specialist Yield10 Bioscience Inc (NASDAQ:YTEN), gene therapy stock Spark Therapeutics Inc (NASDAQ:ONCE), and biotech Syros Pharmaceuticals Inc (NASDAQ:SYRS). Here's a quick look at what's moving shares of YTEN, ONCE, and SYRS.

Monsanto Research License Boosts Yield10 Stock

Shares of Yield10 Bioscience are up 200% today at $5.85, after the company granted a research license to seed giant Monsanto (MON). Under the agreement Monsanto will evaluate the company's yield traits in soybeans. This isn't uncharted territory for YTEN stock, which was trading above $5 as recently as July 6, and has a 52-week high of $9.30. Still, the equity has exploded past the 200-day moving average, which firmly capped breakout attempts from September through November. We'll see if this attracts some analyst attention for YTEN, since not a single brokerage firm is tracking it at the moment.

Drug Data Sends Spark Therapeutics Spiraling

Spark Therapeutics stock is crashing today, last seen 33.3% lower at $48.96, after the company released downbeat early stage data for its hemophilia A treatment over the weekend. The shares, which are short-sale restricted (SSR) today, earlier touched an annual low of $41.06, giving up recent support at the 200-day moving average while pacing for their worst single-day performance ever. Plus, Jefferies lowered its price target to $72 from $95, and there's room for even more bearish attention. Specifically, 15 of the 17 brokerage firms covering ONCE stock say it's a "buy" or "strong buy."

SYRS Short Sellers Win the Day

Syros Pharmaceuticals stock is also falling hard today as investors react to disappointing data for tamibarotene, the company's blood cancer treatment. The shares have shed 25.5% to trade at $9.22, landing on the SSR list, and earlier touched a record low of $6.30. In fact, the security is pacing for its worst day ever, as well. This price action isn't bad news for everyone, though. Short sellers recently took aim at SYRS, with short interest rising by 36% during the last two reporting periods. As it stands now, 16.5% of the stock's float is sold short.

 

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