Bullish Bias Grows on Immunotherapy Stock

Not only are analysts bullish, but call buying has been popular

by Josh Selway

Published on Mar 28, 2019 at 9:21 AM

The shares of immunotherapy stock Affimed NV (NASDAQ:AFMD) saw a small pop on Wednesday following the company's full-year 2018 financial report. Analysts at BMO were impressed enough to lift their price target to $7 from $6, and SVB Leerink began coverage on the healthcare concern with an "outperform" designation and $8 price target.

Such attention from the brokerage crowd is nothing new for AFMD stock. In fact, all four of the firms covering the equity already had "strong buy" recommendations, and the average 12-month price target is $8.17 -- showing the consensus view is that the shares could roughly double from yesterday's close of $4.17.

There's also been a notable build-up in bullish bets from the options crowd. Data from the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) shows 977 calls purchased in the last 10 days, compared to three puts. The May 5 call saw the largest increase in open interest, followed by the July 5 call. Taking a broader view, peak open interest resides at the front-month April 5 call, where 5,243 positions are open.

At last check, the security was set to open up 5%. Back in August, the shares exploded to $7.35 for a brief moment, but quickly gave back those gains, entering 2019 at $3.11 following a strong December bounce from the 200-day moving average. Since then, Affimed stock has been grinding higher, enjoying consistent support from the 20-day moving average.


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