3 Stocks Making Massive Moves Today
Baird slashed its TOCA price target to $1 after a late-stage brain cancer study failed
Upbeat trade buzz has stocks higher at midday. Three stocks making especially big moves are drugmaker Tocagen Inc (NASDAQ:TOCA), biomaterial name SINTX Technologies Inc (NASDAQ:SINT), and men's apparel retailer Tailored Brands Inc (NYSE:TLRD). Below, we'll take a look at what's driving the shares of TOCA, SINT, and TLRD.
TOCA Stock Hits Record Low After Cancer Drug Flops
The shares of Tocagen touched an all-time low of $0.73 earlier, last seen down 79.7% at $0.85, after the firm said a late-stage study for its brain cancer treatment did not meet its main goal. The news got the attention of Baird, which lowered its rating to "neutral" from "outperform," and slashed its price target to $1 from $20. H.C. Wainwright and Cantor Fitzgerald also downgraded the stock to "neutral."
Should today's downside continue, some other members of an overwhelmingly bullish brokerage bunch could follow this lead. Prior to today's massive drop, six analysts called the stock a "strong buy," while only one said it's a "hold." And despite Baird's huge price-target cut, the consensus 12-month price target sits all the way up at $11.19.
Analyst Bull Note Gives SINT Stock a Lift
The shares of SINTX Technologies are eyeing their biggest one-day jump in over a year, after Ascendiant Capital initiated coverage with a "buy" rating, and a $3 price target -- double last night's close. The stock managed to hit this price target earlier with a four-week high of $3.14, before running out of steam at its 80-day moving average. The stock is now up 68.7% at $2.53, but is not far removed from last Friday's all-time low at $1.25.
Tailored Brands Stock Sinks Post-Earnings
TLRD is sinking today after the retailer suspended its dividend and offered a lower-than-anticipated third-quarter profit outlook -- offsetting second-quarter earnings and revenue that exceeded expectations. The security has fallen from yesterday's three-month peak, now down 26.2% at $5.29,testing recent support at its 20-day moving average.
Despite this drop, B. Riley hiked its price target by $1 to $6, lifting the stock's consensus 12-month price target to $6.97 -- a 31% premium to current levels. The two analysts in coverage, however, still call TLRD a "hold."
TLRD options traders have been active today. There are 9,235 calls across the tape so far -- double the number of puts, and four times what's typically seen at this point. It looks like most of this action is surrounding the September 6 call, but it's not clear if these positions are being opened or closed.