eSports Stock Gets Bullish Analyst Attention

Options volume on BSX, PTE is through the roof today

by Patrick Martin

Published on Mar 18, 2019 at 2:36 PM

The Dow is struggling today due to more trouble for aerospace giant Boeing (BA). Among stocks making particular noise today are medical device maker Boston Scientific Corporation (NYSE:BSX), regenerative tissue specialist Polarity TE Inc (NASDAQ:PTE), and esports concern Super League Gaming Inc (NASDAQ:SLGG). Here's a quick look at what's got the shares of BSX, PTE, and SLGG moving today.

BSX Calls Pop After FDA Letter

One of the worst stocks on the New York Stock Exchange (NYSE) today is Boston Scientific, down 5.8% to trade at $37.92. Pressuring the shares is a letter from the Food and Drug Administration (FDA) that highlighted concerns with paclitaxel-coated balloons and paclitaxel-eluting stents, two growth areas for Boston Scientific. BSX nabbed a roughly 15-year high of $41 on March 4, but is now in danger of breaching its supportive 30-day moving average for the first time since early January. Longer term though, BSX is still up 35% year-over-year.

The movement today has triggered a frenzy in the security's options pits. At last check, 25,000 calls had changed hands, seven times the average intraday amount and six times the number of puts traded. Leading the charge is the April 41 call, where new positions are being opened, though there may be sell-to-open activity here.

SEC Probe Sends PTE Reeling

Polarity TE stock is down 12.8% to trade at $13.49, after the company received a letter from the Securities and Exchanges Commission (SEC) about a probe into possible violations of federal securities laws. PTE earlier fell to as low as $11.66, dangerously close to its Oct. 23 annual low of $11.54. Despite today's drop, the stock is hovering near its year-to-date breakeven level, and appears to have found a floor at the $12 level. 

PTE's usually quiet options pits have made some noise today. At last checked, over 1,000 puts have changed hands, five times the average intraday amount and volume pacing for the 94th percentile of its annual range. The April 12.50 put is seeing the most attention, with new positions being opened. 

Northland Capital Eyes ESports Potential With SLGG

Earlier today, Northland Capital initiated coverage on Super League Gaming with an "outperform" rating and $15 price target. The analyst in coverage waxed bullishly on the esports gaming industry, noting "Super League is a first mover in a potentially massive market." At last check, SLGG was trading at $6.76, unable to gain any traction from the bull note today. The stock is coming off a Friday bottom near $6, and is trading well below its Feb. 26 initial public offering (IPO) price of $11. 


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