Schaeffer's Top Stock Picks for '25

Array Biopharma Stock Races to Record Highs

On the flip side, Myriad Genetics stock is lower after earnings

Managing Editor
Feb 7, 2018 at 10:59 AM
facebook X logo linkedin


Biotech stocks Array Biopharma Inc (NASDAQ:ARRY) and Myriad Genetics, Inc. (NASDAQ:MYGN) received some bullish analyst attention this morning, although only one stock is higher at last check. Below, we'll take a closer look at the brokerage notes, and how ARRY and MYGN stocks are reacting.

Analysts Chime In On ARRY's Upbeat Melanoma Trial

Array Biopharma stock is up 5% to trade at $17.10, and just touched a new record high of $17.30, as analysts continue to react to encouraging results for the firm's melanoma drug trial. As a result, no fewer than three brokerages issued price-target hikes, including to $23 from $20 at Stifel this morning -- deeper into uncharted territory. Cantor Fitzgerald, meanwhile, hiked its price target to $24 from $15, citing the strong overall survival rate for Array's combination melanoma treatment, saying it "has the potential to be best in class and take a leading market share position."

Array Biopharma stock has tacked on 154% since its May 9 low of $6.73, with recent pullbacks caught by its rising 20-day moving average. A short squeeze could provide more fuel for ARRY's run. The 15.66 million shares sold short represent a healthy 11.5% of the stock's total available float. Going by ARRY's average daily trading volume, it would now take these bears more than four days to buy back their positions. 

Myriad Genetics Stock Lower After Earnings

Myriad Genetics stock is down 3.8% to trade at $34.37, on the heels of the company's fiscal second-quarter earnings report. While shareholders are reacting negatively to earnings, analysts at Deutsche Bank hiked their price target to $37 from $30. Leerink and Jefferies, meanwhile, lifted their targets to $35. Still, the new targets are just a hair from MYGN's current share price, and represent a discount to yesterday's close.

MYGN shares have added 120% year-over-year, and touched an annual high of $41.57 on Jan. 24. Near-term options traders are likely jeering today's drop. In the options pits, Myriad stock's Schaeffer's put/call open interest ratio (SOIR) of 0.30 is docked below 98% of comparable readings taken in the past year. This low reading suggests that short-term speculators have rarely been more call-skewed toward the stock during the past 12 months.

 
 

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?