The FDA's fast track decision has Calithera in the news
U.S. stocks are cautiously higher today, after two straight down days. Among specific names on the move today are truck manufacturer Navistar International Corp (NYSE:NAV), Elon Musk's Tesla Inc (NASDAQ:TSLA), and pharmaceutical company Calithera Biosciences Inc (NASDAQ:CALA). Here's a quick look at what's moving shares of NAV, TSLA, and CALA.
Lower Sales Cut Into Navistar Stock
Navistar is down 0.5% at $30.20 today, after posting a quarterly loss and confessing to its ninth consecutive quarter of declining revenue. Even with today's dip, the stock's performance year-over-year has been astounding -- NAV has roughly doubled in value over this time frame.
Despite the equity's recent rally, traders still seem bearish. Short interest accounts for 14.3% of the stock's float, or nearly 15 times NAV's average daily trading volume.
Shareholders Meeting, Model Y Have Tesla Stock in Focus
Tesla stock is up 1% to trade at $357.26 today, after shareholders voted to continue the three-year terms for the board led by CEO Elon Musk, and as traders eye the first preview of the Model Y. Tesla stock shot to a record high of $359.59 yesterday, and has jumped by 67% year-to-date.
Analysts and investors alike still seem skeptical, however. Eleven out of 15 analysts maintain a "hold" or "sell" rating, and TSLA sports a Schaeffer's put/call open interest ratio (SOIR) of 1.42, with puts easily outnumbering calls among short-term options.
FDA Fast Track Designation Boosts Calithera Stock
Calithera stock is 10% higher today, trading at $16.98, after CB-839 -- its treatment for renal cell carcinoma -- received a fast track designation from the Food and Drug Administration (FDA). Today's pop continues a strong year for CALA stock, which is up 422% year-to-date. Earlier this morning, in fact, the stock hit a new two-year high of $17.50.
While Calithera options volume tends to be light on an absolute basis, the stock boasts a 10-day call/put volume ratio of 21.03. The options seem to be attractively priced as well, with CALA's Schaeffer's Volatility Index (SVI) of 108% stands higher than just 18% of all other readings from the past year, implying that near-term option traders are pricing in relatively low volatility expectations.