Chewy unveiled its quarterly earnings report, the first since going public in June
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.