Kylie Craze Powers Ulta Stock to Record High

Soleno Therapeutics has more than tripled today

Managing Editor
Mar 15, 2019 at 2:34 PM
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The Dow is heading toward a solid weekly win as Wall Street's "fear gauge" sinks. Drugmaker Soleno Therapeutics Inc (NASDAQ:SLNO) and cosmetics peddler Ulta Beauty Inc (NASDAQ:ULTA) are two stocks making notable moves higher today. Here's a quick look at what's got the shares of SLNO and ULTA climbing today.

Upbeat Late-Stage Study Sends SLNO to Best Day Ever

The best stock on the Nasdaq today is Soleno Therapeutics, casually more than tripling in value, up 209.7% to trade at $4.18. The surge comes from the drugmaker's treatment for Prader-Willi Syndrome, which reported positive reviews in a late stage study. SLNO earlier hit a two-and-a-half year high of $5.07, and is heading for its best day ever by a wide margin. Prior to today, the shares had consolidated below the $2 level, home to their 200-day moving average. It might be time for more analysts to climb aboard. Only one brokerage currently covers the equity, doling out a "buy" rating and $14 price target.

Bull Notes Galore After Blowout ULTA Earnings

Ulta Beauty stock is up 9.6% to trade at $342.46, and earlier snagged a new record high of $345.24, after an impressive fourth-quarter earnings report. Earnings, revenue, and same-store sales all exceeded estimates, thanks to excellent numbers from Kylie Jenner's new cosmetics line.

Analysts have flocked to ULTA today, with no fewer than 10 brokerages issuing price-target hikes, the highest of which to $380 from $340 at Credit Suisse. An analyst at Oppenheimer said Ulta has "defied flattish industry trends with new brands and sheer range of products." It's set to be ULTA's biggest one-day jump since October 2016, and extends its 2019 gain to 39%. Put another way, the equity has only turned in two weekly losses year-to-date.

Not surprisingly, ULTA's options pits have exploded. Over 25,000 calls have changed hands today, eight times the average intraday amount, and volume in the 99th percentile of its annual range.

 

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