Buzz Stocks: Valeant Pharmaceuticals Intl Inc, Aldeyra Therapeutics Inc, and Array Biopharma Inc

U.S. stocks are set to open higher, with traders keeping an eye on oil, economic data, and earnings. Among equities in focus today are drug stocks Valeant Pharmaceuticals Intl Inc (NYSE:VRX), Aldeyra Therapeutics Inc (NASDAQ:ALDX), and Array Biopharma Inc (NASDAQ:ARRY). 

• VRX reported lower-than-expected earnings and revenue, and said it will reorganize its business as part of a "new strategic direction," according to CEO Joseph Papa. Yet, the drugmaker maintained its full-year outlook, helping to send the stock 6.3% higher pre-market. Longer term, though, things look bleak for Valeant Pharmaceuticals Intl Inc stock, which was over $240 a year ago, but settled Monday at $22.45. That hasn't stopped call buyers at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Specifically, options traders have bought to open nearly two times as many calls as puts during the last 10 weeks, and VRX's resultant call/put volume ratio of 1.94 ranks in the 87th annual percentile.

• ALDX is poised to gap 22.6% higher at the open -- and into territory not charted since late December -- after the company's skin drug produced positive trial data. Yesterday, the stock settled at $5.88, down more than 13% on a year-to-date basis. Analysts have kept the faith in Aldeyra Therapeutics Inc, though, with all four covering analysts handing out "strong buy" endorsements. Another big move could be in store tomorrow, as ALDX is scheduled to report earnings before the open.

• AstraZeneca plc (ADR) (NYSE:AZN) said its lung cancer drug, developed with ARRY, failed in a late-stage study. The news has rocked shares of the latter drugmaker, down 12.4% ahead of the open after settling yesterday at $4.45. Today's expected gap lower could send Array Biopharma Inc stock into negative year-to-date territory, erasing its 2016 gains -- which stood at 5.5% last night. Short sellers should welcome these developments with open arms. Over 17% of ARRY's float is sold short, representing more than two weeks' worth of trading, at the stock's average daily trading volume.

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