Schaeffer's Top Stock Picks for '25

Stocks On the Move: Clovis Oncology Inc, Egalet Corp, and Ambac Financial Group, Inc.

Biotechs Clovis Oncology Inc (CLVS) and Egalet Corp (EGLT), as well as financial stock Ambac Financial Group, Inc. (AMBC) are among the stocks making big moves in today's trading

Dec 19, 2016 at 3:47 PM
facebook X logo linkedin


U.S. stocks are higher after this morning's economic data and an afternoon speech from Fed Chair Janet Yellen. Among specific equities in focus today are biotechs Clovis Oncology Inc (NASDAQ:CLVS) and Egalet Corp (NASDAQ:EGLT), as well as financial stock Ambac Financial Group, Inc. (NASDAQ:AMBC). Here's a quick look at what's moving CLVS, EGLT, and AMBC.

  • CLVS is up 9.5% at $40.76 -- and earlier notched a new annual high of $46.97 -- after news that the biotech's ovarian cancer drug, rubraca, was granted accelerated approval by the U.S. Food and Drug Administration (FDA). Clovis Oncology Inc shares now sit up more than 17% in 2016, and are on pace to close above the $40 level that has acted as resistance since September. Shorted shares still account for a hefty 38.4% of CLVS' float , which would take 6.5 days of trading to cover, at CLVS' average daily volume. A short squeeze could provide added tailwinds for CLVS.

  • EGLT is up 4.6% at $8.26, after Cantor Fitzgerald reiterated its "overweight" rating for the biotech, after studies found its pain medication to have less intranasal abuse potential than opioid medications such as OxyContin. In addition, Cantor Fitzgerald set a price target of $21 -- more than twice EGLT's current price. EGLT is still down by more than 24% in 2016, with the shares struggling to break out above resistance in the $8.50-$9 region. Short sellers have been piling on, with a whopping 57% of Egalet Corp's float sold short, which would take more than 17 days of trading to cover, at EGLT's average daily volume. 
  • AMBC is down 15.5% at $21.97 -- and is among the worst performing stocks on the Nasdaq -- after a downgrade to "sell" from "neutral" from MKM Partners. The brokerage firm also cut its price target to $10 from $27 -- implying a drop of more than 50% from AMBC's current price -- stating, "We continue to have great difficulties assessing an appropriate value for the company." Ambac Financial Group, Inc. shares currently sit on the short-sale restricted (SSR) list, but remain more than 55% higher or the year, and touched an annual peak earlier this month.
Don't miss the market's next move! Sign up now for Schaeffer's Midday Market Check
 
 

You have the chance to join one of Bernie's most exclusive programs, complete access at HUGE savings!

As we prepare for a new administration to take the reins in Washington, the near-term market landscape is rife with uncertainty.

The Federal Reserve has already hinted at the turbulence ahead, lowering its interest rate outlook for 2025.

Meanwhile, breakthroughs in artificial intelligence (AI), quantum computing, and other transformative sectors have unlocked incredible profit potential.

But these opportunities are fleeting, and timing is everything. That's where Quick-Hit Trader comes in.

Quick-Hit Trader is designed for precision and speed, getting you in and out of the market in a flash. While other investors scramble to navigate volatile conditions, you'll have access to expertly curated trades that leverage these rapid shifts to deliver explosive profits in short order.

This is your chance to capitalize on the fast-moving market like never before. Are you ready to make your move?

 

 

(function(doc, script) { var js, fjs = doc.getElementsByTagName(script)[0], frag = doc.createDocumentFragment(), add = function(url, id) { if (doc.getElementById(id)) {return;} js = doc.createElement(script); js.src = url; id && (js.id = id); frag.appendChild( js ); }; // Google+ button //add('https://apis.google.com/js/platform.js', async="defer"); // Facebook SDK add('//connect.facebook.net/en_US/all.js#xfbml=1&appId=772755279557744', 'facebook-jssdk'); // Twitter SDK //add('//platform.twitter.com/widgets.js', charset='utf-8'); fjs.parentNode.insertBefore(frag, fjs); }(document, 'script'));