TENX shares are up 119% today
U.S. stocks are pacing for a third straight day of losses after President Donald Trump said his administration will begin instituting tariffs on steel and aluminum imports next week. As for some of today's most notable movers, healthcare stocks
Tenax Therapeutics Inc (NASDAQ:TENX) and
Mylan N.V. (NASDAQ:MYL) are trading sharply higher, while regulatory concerns are weighing on blockchain name
Overstock.com Inc (NASDAQ:OSTK). We'll take a closer look at shares of TENX, MYL, and OSTK below.
TENX Shares Double On Drug Data
Shares of TENX have exploded today, last seen trading up 119.3% at $10.17, after a publication gave more preclinical data for its heart failure drug levosimendan. While the move provides an exciting headline for the stock, taking a broader view of things helps paint a clearer picture. Specifically, Tenex Therapeutics has been grinding lower over the past four years, and hit a record low of $4.41 out of the gate today. Plus, the shares remain almost 30% lower on a year-over-year basis, and topped out just below the $12 level that's capped breakout attempts since the stock's late-July bear gap.
MYL Stock Pops After Earnings Release
EpiPen maker Mylan yesterday reported fourth-quarter earnings that topped estimates and provided a promising 2018 pipeline. The company also said it has partnered with Revance Therapeutics to create a Botox biosimilar. What's more, Raymond James said new products like Advair and Restasis could lead to double-digit profit growth this year. Deutsche Bank, meanwhile, bumped up its price target to $51 from $50.
MYL shares were last seen trading up 2.4% at $41.29 as a result. While they've pulled back some since tapping a 52-week high of $47.82 on Jan. 23, the formerly resistant $39-$40 area has stepped up as support. More upside could be coming, too, if short sellers keep covering their positions. The number of shares held by short sellers fell by 22.6% in the last two reporting periods alone.
Feds Look Into Overstock's Crypto Operation
Finally, OSTK stock is down 7.6% at $55.82, after an 8-K filing revealed the Securities and Exchange Commission (SEC) is investigating the company after its foray into blockchain and cryptocurrencies. Shares of Overstock.com had exploded higher in recent months, and were trading below $15 just last August. However, the security has struggled since topping out at a record high of $89.80 in early January, and is now trading below its 50-day moving average. For what it's worth, the analyst community has mostly stayed on the sidelines during the stock's erratic price action, with just one brokerage firm in coverage.