As the S&P 500 Index (SPX) and Nasdaq Composite (IXIC) stare down their first loss of 2018, several stocks are proving to be resilient in the risk-off session. Among them are cancer specialist Epizyme Inc (NASDAQ:EPZM), MoviePass owner Helios and Matheson Analytics Inc (NASDAQ:HMNY), and da Vinci Surgical System parent Intuitive Surgical, Inc. (NASDAQ:ISRG). Here's a quick look at what has shares of EPZM, HMNY, and ISRG trading higher.
Morgan Stanley initiated coverage on Epizyme with an "overweight" rating and $20 price target -- just below the stock's Oct. 2 two-year high of $20.45. The brokerage firm waxed optimistic on the biotech's key drug, tazemetostat, saying it is "an extremely compelling proposition." In reaction, EPZM shares have shot 16.8% higher to trade at $14.60.
However, the security remains almost 29% off of its recent milestone. Plus, Epizyme stock is stuck below the $14.80 and $15 region -- home to its early November bear gap highs, as well as a newly formed death cross by its 50- and 200-day trendlines.
Even with today's surge, call options remain cheaper than their put counterparts. EPZM's 30-day implied volatility skew of 42.3% ranks in the 77th annual percentile. However, short-term options are still pricing in elevated volatility expectations, per the security's 30-day at-the-money implied volatility reading of 84%, which ranks in the 72nd annual percentile -- making it a more attractive time to sell premium, versus buy it.
Helios and Matheson is the latest name buzzing with cryptocurrency chatter, after CEO Ted Farnsworth expressed interest in blockchain technology. This follows yesterday's strong subscriber update for MoviePass -- of which HMNY is a majority owner -- and with today's 28.2% surge to trade at $9.16, the shares are up 25.4% so far this week.
Nevertheless, HMNY stock remains well below its Oct. 11 12-year high of $38.86, with today's rally being contained by the formerly supportive 50-day moving average. Short sellers are hoping this trendline holds as resistance. Short interest surged 19.1% in the most recent reporting period to 3.73 million shares -- more than half of Helios and Matheson's available float.
Intuitive Surgical shares are spiking -- second only to United Continental (UAL) for best SPX stock -- after the medical device maker reported better-than-expected preliminary fourth-quarter revenue of $892 million. At last check, ISRG stock was up 6.6% to trade at $423.67, earlier hitting a record high of $426, on track for a fourth straight daily win.
Longer term, ISRG shares have added nearly 92% over the past 12 months, likely given an assist from a steady stream of short covering. Since an early February peak, short interest on Intuitive Surgical has plunged nearly 77% to 2.54 million shares -- just 2.3% of the stock's available float.