Behind Chewy's Earnings Debut

Plus, Marker Therapeutics stock is among the worst of the Nasdaq

by Lillian Currens

Published on Jul 19, 2019 at 3:19 PM

With earnings in view, stocks are mixed in afternoon trading, but the major market indexes are pacing for a weekly loss. Two stocks that are lower today are pet food concern Chewy Inc (NYSE:CHWY) and oncology issue Marker Therapeutics Inc (NASDAQ:MRKR). Here's a look at what's moving CHWY and MRKR today. 

Chewy Stock Hits New Low Despite Revenue Beat

Following its debut earnings report as a public company, Wall Street newcomer CHWY initially moved higher, but has since reversed course. The online pet supply retailer reported revenue in line with analysts' expectations, and issued full-year guidance above estimates, but some traders appear concerned about valuation. At last check, CHWY is down 4.7% at $31.30, after hitting a record low of $30.25.

The dip hasn't deterred analysts, however. Already Jefferies lifted its price target to $36 from $35, and Morgan Stanley hiked its target to $34 from $33. That being said, CHWY has enjoyed only one close atop the consensus 12-month price target of $36.90, which represents an 18% premium to current levels.

MRKR Stock Plummets After Preliminary Drug Data

Marker Therapeutics stock is the lowest it's been in over a month, after the American Association for Cancer Research released some disappointing preliminary data from a trial of the biopharma's pancreatic adenocarcinoma treatment. The full data will be released this Saturday, but in the meantime, MRKR is among the worst of the Nasdaq, down 23.1% at $6.69 at last check -- eyeing its worst day since 2015. 

Prior to today, MRKR was rallying hard on the charts, and in fact, the equity's nosedive comes just days after hitting a fresh nine-month high of $9.17. Today, however, the stock is threatening to close back below its 50-day moving average for the first time since early June. Plus, it's looking like MRKR might snap its five-week win streak -- its longest in over a year.


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