Analysts Cheer Pharma Stock's New CEO

Two analysts upgraded NVRO today

Managing Editor
Mar 20, 2019 at 2:32 PM
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The Dow is pulling back today as investors digest Fed Chair Jerome Powell's press conference. Three stocks bucking the broad market trend though are logistics name CryoPort Inc (NASDAQ:CYRX), pharma stock Nevro Corp (NYSE:NVRO) and biotech Cytokinetics, Inc. (NASDAQ:CYTK). Here's a quick look at what's got the shares of CYRX, NVRO, and CYTK moving today.

Jefferies Sees Fresh Highs for CYRX

CryoPort stock is up 7.7% to trade at $12.79, on track for its best day of 2019 thus far, after Jefferies initiated coverage with a "buy" rating and $16 price target. That target is just below CYRX's July 2 high of $16.87, and roughly double its 2019 closing low of $8.43. CryoPort stock ended 2018 in a channel of lower lows, but so far in 2019 has bounced off that bottom to add 15.7%.  

A short squeeze could help Jefferies' price target become a reality. Short interest tapered off in the last two reporting periods, yet the 4.98 million shares sold short still represents 20% of CYRX's total available float, and a whopping 22.6 day's worth of pent-up buying power, at its average pace of trading.

NVRO Top NYSE Stock After New CEO

Earlier today, Nevro Corp appointed Keith Grossman as the company's new CEO. The move was universally praised by analysts, with BMO and Wells Fargo upgrading NVRO to "outperform" while setting price targets to $67 and $75, respectively. All of this action has Nevro stock up 34.7% to trade at $60.29, on track for its best day since July 25 and the top stock on the New York Stock Exchange (NYSE) today by a wide margin.

Since a Dec. 20 bottom of $34.82, NVRO has added 73%. Should today's price action hold, the shares will have toppled their 200-day moving average for the first time since mid-June. 

Nevro's typically dormant options pits have come to life. At last check, over 7,000 options have changed hands, 61 times the average intraday amount and volume pacing for the 100th percentile of its annual range. Leading the charge is the April 65 call, where new positions are being opened.

CYTK Eyes 10 Straight Wins After Panel Rec

One of the top stocks on the Nasdaq today is Cytokinetics, up 14.8% to trade at $9.80, after a panel recommended the trial for the company's heart disease treatment should continue. CYTK earlier nabbed a new annual high of $10.44, and has now nearly doubled off its March 7 lows of $5.75. This would be CYTK's 10th straight win, putting it above its 12-month breakeven point. Upbeat analyst sentiment is already surrounding the security. Exactly 75% of brokerages covering CYTK rate it a "strong buy," and its consensus 12-month price target of $13.50 is still a substantial premium to its current perch.


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