Stocks On the Move: Alaska Air Group, Inc., Egalet Corp, and Signal Genetics Inc

U.S. stocks are shaking off a sluggish start, with tech leading the way higher. Among specific equities in focus today are travel stock Alaska Air Group, Inc. (NYSE:ALK), drugmaker Egalet Corp (NASDAQ:EGLT), and diagnostics specialist Signal Genetics Inc (NASDAQ:SGNL). Here's a quick look at what's moving ALK, EGLT, and SGNL.

• ALK has soared 5% to trade at $91.88, and earlier hit a record high of $92.49, amid a number of positive catalysts. First, the airline raised its full-year 2017 and 2018 earnings estimates and reported a 5.6% increase in December traffic. Second, BofA-Merrill Lynch upped its rating to "buy" from "neutral," and boosted its price target to $110 from $97, citing the company's expanded network after acquiring Virgin America. Third, T. Rowe Price Group Inc (NASDAQ:TROW) reported a 10.1% passive stake in Alaska Air Group, Inc. With nearly 8% of the stock's float sold short, it's safe to assume a number of ALK short sellers are feeling rattled by today's bullish gap.

• A day after jumping on the Food and Drug Administration's (FDA) approval of its opioid painkiller Arymo, EGLT's shares are plunging after the drug's abuse-deterrent label disappointed. At last check, the stock has surrendered over 23% of its value at $6.44, on track for its lowest close since early November. While Egalet Corp is short-sale restricted at present, already one-third of the stock's float is dedicated to these bearish bets.

• SGNL has rocketed to an 184% gain at $13.60, and is fresh off an annual peak of $15.19. Since this morning, the stock has been halted twice for volatility, just a day after Signal Genetics Inc set a special meeting to vote on a proposed merger with Miragen Therapeutics. From the looks of it, a number of bears dodged a huge bullet. Specifically, short interest plunged almost 71% over the last two reporting periods, leaving only 1.3% of SGNL's float sold short.