Dermira stock is the worst performer on the Nasdaq
The
Nasdaq is surging higher today, thanks to another strong showing for healthcare stocks. Three names in particular making notable moves are
Atara Biotherapeutics Inc (NASDAQ:ATRA),
GTx, Inc. (NASDAQ:GTXI), and
Dermira Inc (NASDAQ:DERM) Let's take a closer look at what's moving shares of ATRA, GTXI, and DERM.
Jefferies Thinks Atara Can Deliver On MS Drug
Atara Biotherapeutics stock is trading 9.3% higher at $43.05, after Jefferies analyst Maury Raycroft said "there is a chance for success" for the company's multiple sclerosis treatment. Raycroft lifted his price target to $46 from $30 for ATRA stock, though this offers little upside from its current perch. In fact, the shares peaked at a two-year high of $49.90 back on Feb. 14. Overall, the equity has surged 138% year-to-date.
Despite this, short interest remains near its mid-June record high. More than one-third of ATRA's float is sold short, equaling a week's worth of buying power, going by average daily volumes.
Drug Data Boosts GTXI Stock
Positive mid-stage trial results for GTx's stress urinary incontinence drug, enobosarm, has the stock up 31% at $22, with the shares earlier tapping a four-year high of $22.89. It's been an incredible run up the carts for GTXI, which has exploded higher since its early June annual lows below $3. Plus, today's breakout earned GTXI shares price-target hikes to $20 at Baird and to $45 at Stifel.
DERM Stock Demolished After Trial Fails
Mizuho downgraded Dermira stock to "neutral" from "buy," and slashed its price target to $9 from $39. Cowen also cut its price target -- to $25 from $55 -- after the company's acne treatment failed two late-stage studies. Dermira is discontinuing development of the drug as a result. DERM shares were last seen 64% lower at $9.05, hitting a record low of $8.95 earlier. Even with the stock short-sale restricted today, short sellers have to be celebrating. These bearish bets increased by 12% over the past two reporting periods, and account for 14.1% of the equity's float.