U.S. stocks are higher today once again, as the Dow, S&P 500, and Nasdaq Composite all set fresh intraday highs this morning. Biotech stocks MannKind Corporation (NASDAQ:MNKD) and AnaptysBio Inc (NASDAQ:ANAB), as well as airline stock American Airlines Group Inc (NASDAQ:AAL), are soaring. Here's a quick look at what is moving shares of MNKD, ANAB, and AAL.
MannKind stock is up 26% to trade at $6.76, among the best on the Nasdaq today and pacing for a seventh straight win, after H.C. Wainwright initiated coverage of the biotechwith a "buy" rating and $7 price target. The Food and Drug Administration (FDA) earlier this week gave the company permission to include new data on its label for inhaled insulin product Alfrezza, a decision Wainwright's analysts believe will make the treatment a market leader. The stock earlier touched an annual high of $6.96, and has tacked on over 109% year-to-date.
A short squeeze could push MKND stock even higher. Short interest has increased by 10% during the last reporting period to 23.22 million shares, the highest number since mid-June. This accounts for a whopping 32% of the stock's total available float, and it could take nearly six days for shorts to fully cover their positions, at MNKD's average daily trading volume. This represents a major source of potential buying power that could enter the market.
AnaptysBio stock is one of the top Nasdaq performers today, up an astounding 88% to trade at $65.86, after reporting positive topline data on its eczema drug. As a result, Baird, Credit Suisse, and Wedbush have raised their respective price targets to $69, $85, and $75. Safe to say investors are pleased with the stock's performance, since it began trading back on Jan. 26 at $16. Analysts are resoundingly upbeat, too. All five of the brokerages covering ANAB rate the shares a "strong buy" or "buy." Furthermore, the average 12-month price-target stands up at $44, which suggests more price-target hikes could be on the way.
American Airlines today raised its third-quarter growth outlook for total revenue per available seat miles (TRASM). As a result, Cowen and Company raised its price target one dollar to $56, while UBS said a weaker dollar could help all U.S. airlines. At last check, the stock is up 4.2% to trade at $52.71, and has tacked on almost 36% year-over-year. The airline name struggled the past two months as hurricanes wrecked America's Gulf Coast, but AAL shares found support along their 320-day moving average. A similar bounce from this trendline back in mid-March resulted in a multi-month rally that culminated with their July 13 annual high of $54.48.
The airliner's upbeat outlook may cause options bears to head for the hills. The security sports a Schaeffer's put/call open interest ratio (SOIR) of 0.69, which ranks in the 76th percentile of its annual range. This means short-term options traders have favored puts more than normal of late.