All other ATNX analysts are bullish
Athenex Inc (NASDAQ:ATNX) yesterday touched its highest point since August, testing the site of a massive bear gap from that time, recently enjoying support from the 10-day moving average. Thursday's price action came as a result of news of a $60 million private stock offering with a group of institutional investors, and the shares are up another 1% today at $16.44, thanks to bullish analyst attention.
SunTrust Robinson just came in with a "buy" rating and $28 price target, saying it believes the company's lead drug candidate, oral paclitaxel, will receive regulatory approval, and could end up becoming a better chemotherapy option for patients. The $60 million private stock placement is intended to help, in part, fund the development of oral paclitaxel.
All covering analysts were already bullish on ATNX stock, with three "strong buy" ratings and a "buy" rating on the books. Options traders have also been bullish, as almost 1,300 long calls crossed during the past 10 days at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). Peak open interest sits in the front-month December series at the 20-strike call.