Amedisys Carves Out New Highs on Oppenheimer's Latest Hike

Evolus scored a key approval in Canada for its Botox biosimilar

by Patrick Martin

Published on Aug 17, 2018 at 2:39 PM

Stocks are mixed on the final day of the week, but the Dow and S&P 500 are heading toward weekly wins. Looking at individual names, drug stock Acer Therapeutics Inc (NASDAQ:ACER), health care company Amedisys Inc (NASDAQ:AMED), and biotech name Evolus Inc (NASDAQ:EOLS) are all trading higher today. Here's a closer look at what's moving shares of ACER, AMED, and EOLS.

Upgrade Puts ACER Stock Near Two-Year High

Acer Therapeutics stock is up 10.7% to trade at $29.05 -- one of the better stocks on the Nasdaq today -- after Raymond James upgraded the pharma name to "strong buy" from "outperform," while raising its price target to $46 from $31. The new price target represents territory Acer stock has not traded in since September 2016.

ACER is just a chip-shot from its two-year high of $30.23, nabbed last Friday. The equity has more than tripled in the last 12 months, and handily doubled in 2018. Amidst this broader surge, the shares' 200-day moving average contained an early August sell-off. 

Fresh Record Highs for AMED After Price-Target Hike

Amedisys stock is up 1.7% to trade at $119.50, and earlier hit a new record high of $120.30, after receiving a price-target hike to $125 from $103 at Oppenheimer. This bull note follows Oppenheimer's previous price-target boost to $103 from $85, issued as recently as July 31.

AMED has carved out a channel of higher highs and lows all year, with an Aug. 1 bull gap propelling the stock well north of support at its 30-day moving average. The shares boast a year-over-year lead of 137%, and are currently on pace for an eighth consecutive winning month. 

EOLS Rallies on Canadian Regulator's Nod

Last but not least, Evolus stock is up 6.5% to trade at $19.98, after Health Canada granted early approval to the company's Botox rival, DWP-450. Evolus expects the drug to launch in the U.S. by the spring of 2019, and receive approval from the European Union (EU) by the first half of 2019.

Since a mid-July bear gap, the equity has been trading sideways between the $18 and $21 levels. Today's rally places EOLS in the middle of this range -- and just above that familiar ceiling at $21 is another potential hurdle at $22.67, which represents a 50% retracement of the equity's all-time closing low and high. Plus, $24 marks a double of the drug company's February initial public offering (IPO) price.

a schaeffer's exclusive


We're celebrating 38 years with this FREE insider report!



NEW! Explore Schaeffer’s Partners' deals and get connected to top online brokerages with deals tailored exclusively for our readers.  Get answers to your questions regarding transfer fees, commission rates, programs and available discounts related to online trading services.

MORE | MARKETstories

What's Next for the American Wealth Gap
Porter Stansberry is predicting a major change in the American economic system.
S&P 500's Newest Member Hits Fresh Highs
CDW will be replacing Total System Services on the S&P 500 next week
VTVT Stock Eyes Fresh High on Upbeat Diabetes Drug Data
vTv Therapeutics just presented upbeat data for its mid-stage diabetes treatment
What's Next for the American Wealth Gap
Porter Stansberry is predicting a major change in the American economic system.