Protagonist Therapeutics and Array Biopharma stocks are higher after notable pharma deals
The Dow is trading lower to start the holiday-shortened week on a negative note. Among specific stocks on the move are oil shipping company Frontline Ltd. (NYSE:FRO), as well as drugmakers Protagonist Therapeutics Inc (NASDAQ:PTGX) and Array Biopharma (NASDAQ:ARRY). Here's a quick look at what's moving shares of FRO, PTGX, and ARRY.
FRO Stock Lower After Earnings
Frontline stock is down 0.9% at $5.57, after the company's first-quarter earnings missed forecasts. This comes after the stock hit an all-time low of $5.48 on Friday. In fact, FRO shares have shed roughly 37% over the past 12 months. Still, Clarksons Platou reiterated its "buy" recommendation -- the only brokerage firm to issue such a rating. The other three analysts tracking Frontline give it just a "hold" rating.
PTGX Shares Skyrocket on JNJ Deal
Protagonist Therapeutics stock is the best performer on the Nasdaq so far, up 46.8% at $12.07, thanks to news of a
collaboration with Johnson & Johnson (NYSE:JNJ) to develop a bowel drug. The shares had been falling fast since topping out above $26 in December, and they're now trading at levels not seen since early April. Meanwhile, short interest on PTGX stock rose by 12.2% in the last two reporting periods, so some bears may be hurting today.
Bristol-Myers Collaboration Fails to Lift ARRY Stock
Array Biopharma stock is also trading lower, on news the company will
collaborate with Bristol-Myers Squibb for a colorectal cancer treatment. ARRY shares were last seen down 1% at $8.08, as they continue to bounce between the $8 and $8.50 levels -- home to their 200-day 50-day moving averages, respectively. ARRY stock has the strong backing of the analyst community, though, with eight of nine brokerages saying it's a "strong buy."