Tech Stock Sails to Top of Nasdaq on Buyout Buzz

BECN stock is surging despite a downgrade

by Karee Venema

Published on Nov 21, 2018 at 2:31 PM

Stocks are looking for their first win of the week ahead of the Thanksgiving holiday. Among individual names making big moves are drug delivery technology expert Aquestive Therapeutics Inc (NASDAQ:AQST), Israel-based satellite firm Ability Inc (NASDAQ:ABIL), and roofing expert Beacon Roofing Supply, Inc. (NASDAQ:BECN). Here's a quick look at what's moving shares of AQST, ABIL, and BECN.

Court Ruling Levels Aquestive Therapeutics

A U.S. appeals court approved the sale of Dr. Reddy's Laboratories (RDY) generic version of Indivior's opioid treatment, Suboxone Film, sending the shares of Aquestive Therapeutics -- a supplier for Indivior -- down 23.5% at $10.09, fresh off a record low of $9.45. Heading into today's trading, the stock had been holding above steadfast support in the $14.00-$15.00 range since its late-July initial public offering (IPO), but it's now down 37% from its July 25 open at $15.05.

Analysts could soon be ready to re-evaluate their bullish outlooks. All four analysts covering AQST maintain a "buy" or better rating, while the average 12-month price target price target of $28.75 is a 178.6% premium to current trading levels.

Ability Stock Has More Than Doubled Today

Ability stock has more than doubled today -- up 126.2% at $6.38, and the best stock on the Nasdaq -- after the company said it's purchasing its main cellular interception system supplier. The security gapped to an annual high of $14.55 in late June, before pulling back to its recent floor near $3.

Beacon Roofing Supply Stock Rallies Into Familiar Resistance

Beacon Roofing Supply shares are popping today on news the company signed a share purchasing agreement with CD&R Boulder. At last check, BCEN is up 17.5% to trade at $32.97. However, today's upside is running out of steam near the equity's 60-day moving average, a trendline that's ushered the shares to a 48.2% year-to-date deficit.

Analysts, meanwhile, are mixed toward the roofing name, with seven maintaining a "strong buy" rating and nine calling the stock a "hold" or worse. Just today, Wells Fargo upgraded BECN stock to "market perform" from "underperform," while Evercore ISI downgraded the equity to "in line" from "outperform," and lowered its price target to $32 from $48.

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