U.S. stocks are having a strong day after this morning's jobs report. Among the names making big moves are drug stocks SteadyMed Ltd (NASDAQ:STDY), Teva Pharmaceutical Industries Ltd (NYSE:TEVA), and La Jolla Pharmaceutical Company (NASDAQ:LJPC). Here's a quick look at what's moving shares of STDY, TEVA, and LJPC.
SteadyMed stock has added 14.5% to trade at $3.55, thanks to news that the Food and Drug Administration (FDA) did not request more clinical trials for its blood pressure drug, Trevyent. Still, the shares aren't close to filling their late-August bear gap, and remain well below their 52-week high of $9.70 from April 3.
There are only two brokerage firms tracking STDY stock, and they have high expectations. Not only do both analysts say the shares are a "buy," but the average 12-month price target comes in at $15 -- well into record-high territory.
Teva Pharmaceutical Industries has gained 7.9% today to trade at $16.18, after Bloomberg reported the company is considering cutting up to 10,000 jobs. Plus, Citigroup upped its price target to $16 from $13. It's a rare day in the sun for the stock, which is still down 55% over the past year -- though it recently retook the 50-day moving average. Still, short sellers continue to circle the shares, illustrated by a 36.6% rise in short interest in the last reporting period alone. More than 9% of TEVA's float is now sold short.
Shares of La Jolla Pharmaceutical Company have shed 14.8% to trade at $27.33, earning a spot on the short-sale restricted list, after J.P. Morgan Securities downgraded the stock to "underweight" from "overweight," and dropped its price target to $20 from $36. The brokerage firm believes the company's blood pressure drug will fall short of expectations when it comes to market. Today's pullback has LJPC testing its 320-day moving average for the first time since February. If La Jolla fails to recover, it could see even more bear notes come through, since all six covering brokerage firms had "strong buy" ratings coming into today.