Analyst Update: Cerecor Inc, Pioneer Energy Services Corp, and Trinity Industries Inc

U.S. stocks are paring early gains, as oil continues to rally. Among specific equities in focus today are biotech Cerecor Inc (NASDAQ:CERC), drilling stock Pioneer Energy Services Corp (NYSE:PES), and rail industrial company Trinity Industries Inc (NYSE:TRN). Here's a quick roundup of today's brokerage notes on CERC, PES, and TRN.

• CERC is currently the worst performer on the Nasdaq, trading down a whopping 57.1% at $2.03, after the company's major depressive disorder drug, CERC-301, failed to achieve its primary endpoint during a Phase 2 study.  Rodman & Renshaw cut its target price on CERC to $4 from $15 -- a 73% reduction. The stock is currently down 40.5% since the beginning of 2016, and is now within a chip-shot of record lows. A number of short sellers are probably cheering today's drop, especially with Cerecor Inc's short interest up 17.6% over the last two reporting periods, though shorted shares still only account for 2.2% of CERC's float.
  
  
• PES is up 9.8% at $5.05, as energy stocks skyrocket, and after Goldman Sachs hiked its price target to $3.40 from $3.00, and reaffirmed its "neutral" rating. Pioneer Energy Services Corp shares notched a new annual high of $5.15 earlier today, and PES is up more than 430% since its January lows, bouncing off its 160-day moving average several times since August. Calls have been popular among near-term option players, with PES's Schaeffer's put/call open interest ratio (SOIR) of 0.05 sitting below 92% of all other readings from the past 12 months, indicating an elevated appetite for calls over puts. However, open interest on PES is light on an absolute basis.
  
  
• TRN is trading up 3% at $27.76, enjoying sector tailwinds after upbeat comments from fellow rail concern (subscription required) CSX Corporation (NASDAQ:CSX). In addition, Stifel raised its target price on TRN to $22 from $19. Trinity Industries Inc stock now sits up 15.7% so far in 2016, and earlier notched a new annual high of $28.14. Bullish betting has ramped up in recent weeks, with TRN's 10-day call/put volume ratio at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sitting at 8.57 -- higher than 83% of all other readings from the past 12 months, though TRN's option volume is relatively low on an absolute basis, with just 35 puts crossing over the last 10 days, compared to 300 calls.