La Jolla Pharmaceutical scored a big win for its blood pressure treatment
Stocks are mostly higher today, with the Dow rallying on a strong move from IBM stock. Among other stocks making notable pushes higher are drug names Adamas Pharmaceuticals Inc (NASDAQ:ADMS) and La Jolla Pharmaceutical Company (NASDAQ:LJPC), as well as health food company Natural Grocers by Vitamin Cottage Inc (NYSE:NGVC). Below, we'll take a closer look at how shares of ADMS, LJPC, and NGVC are trading today.
Upbeat Drug Data, Earnings Lift Adamas Stock
At last check, Adamas Pharmaceuticals stock was up 4.1% to trade at $25.92, earlier trading as high as $29.49, after the drug retailer reported a smaller-than-expected loss for the second quarter. Sales for the company's Parkinson's side-effect medication, Gocovri, also beat estimates. In response, Mizuho issued a price-target hike to $75 from $70, a whopping 189% premium to ADMS' current perch. Overall, the security is still down 23% for 2018, with the $22-$23 region emerging as support since the stock's February plunge.
Other analysts echo Mizuho's optimistic stance. All 10 of the brokerages covering ADMS rate it a "strong buy," while the stock's average 12-month price target sits at $54, more than double its current perch.
CMS Nod Nudges La Jolla Stock Higher
La Jolla Pharmaceutical stock is up 4.4% to trade at $34.20, after the company was granted New Technology Add-on Payment (NTAP) coverage by the Centers for Medicare & Medicaid Services (CMS) for its blood pressure injection treatment. The equity is on track for its fifth straight weekly win and has now added 21% in the just the past month.
Today's pop could have quite a few shorts hitting the exits. Short interest represents more than half of LJPC's total available float, and would take nearly 37 sessions to buy back, at the security's average pace of trading.
Upbeat Earnings Send NGVC Stock to Two-Year High
Natural Grocers by Vitamin Cottage stock is up 27.5% to trade at $17.16, on top of the New York Stock Exchange (NYSE) today, after the firm reported fiscal third-quarter earnings and revenue that exceeded analyst forecasts. The company also hiked its full-year guidance for comparable-store sales growth. Earlier today, NGVC nabbed a two-year high of $17.95, and is on track for its best day ever. The security has now doubled year-over-year.
A short squeeze could provide even more fuel to NGVC's fire. Short interest increased by 9.3% in the two most recent reporting periods, and the 1.80 million shares sold short represent a hefty 23% of the stock's total available float. It would take eight days for shorts to cover their positions, at NGVC's average daily trading volume.