The drugmaker has more than doubled today
The Dow is lower today, dragged down by lackluster economic data. However, three stocks making notable moves higher today are drugmaker Bio-Path Holdings Inc (NASDAQ:BPTH), wearable tech firm Fitbit Inc (NYSE:FIT), and tech name Zayo Group Holdings Inc (NYSE:ZAYO). Here's a quick look at what's got the shares of BPTH, FIT, and ZAYO soaring today.
BPTH Rally Runs Into Key Resistance
Bio-Path Holdings stock is up a whopping 147.2% to trade at $11.50, the top stock on the Nasdaq by far, after the company reported upbeat data for its experimental cancer drug. BPTH gained 197% on Friday, but is running out of steam near its 160-day moving average -- a trendline that contained breakout attempts in October 2017 and last April. Plus, the biotech stock is still staring at a 64% year-over-year deficit. Short sellers are in panic-mode, even with the stock short-sale restricted today. The 82,000 shares sold short represents a healthy 12.7% of BPTH's total available float.
New Product Launches Fuel FIT Climb
Fitbit stock is up 2.5% to trade at $6.07, enjoying tailwinds following the launch of the company's lower-cost fitness devices. FIT gapped lower last week in response to the firm's weak current-quarter revenue forecast, but found support at its 200-day trendline. Year-to-date, the shares have added 22%.
Against this backdrop, shorts have been in cover-mode. Short interest fell by 7% in the last two reporting periods to 30.54 million shares, the fewest since mid-June. However, this still represents 14.3% of the security's total available float, and more than seven days of pent-up buying power, at the average pace of trading.
Zayo Group Pops on Strategic Evaluation News
Zayo Group is sitting near the top of the New York Stock Exchange (NYSE), up 11.9% to trade at $27.31 -- on track for its best single-session gain ever. The communications infrastructure services provider announced it was evaluating its strategic options, including a possible sale. The shares are on pace to topple their 100-day moving average on a closing basis for the first time since a late-August bear gap.
Options traders are blitzing the stock, too, with more than 66,000 options on the tape -- nine times the average intraday amount and volume at a new annual high. The March 27.50 call is the most active, while new positions being opened at the April 25 and 27.50 puts.