Tuesday's Monster Moves You May Have Missed
Markets have been holding near their highs as we begin the New Year, and this has largely been propped up by the Dow Jones Industrial Average (DJIA) and larger companies making gains to close out the year. But what about the little guy? There were a few companies that made massive runs on Tuesday that you might not have heard of. Now some of these moves were earth-shattering for the company and shareholders but might not have moved the market because these companies are microcaps or smaller.
24/7 Wall St. has put together some information on each of these monster moves, as well as some color, a recent trading history and the consensus price targets.
Interpace Diagnostics Group, Inc. (NASDAQ: IDXG) saw its shares practically triple on Tuesday after the company entered a crucial agreement with Blue Cross Blue Shield (BCBS). Specifically, Interpace will have the opportunity to provide available evidence for its molecular Thyroid and Pancreas tests, to support further coverage determinations among Blue Cross Blue Shield and other health plans.
As part of the Agreement, Interpace will work with BCBS’s Center for Clinical Effectiveness “Evidence Street” to develop the optimal ways for the Company to secure and preserve ongoing coverage for not only its currently marketed products but also for those tests in the pipeline being launched in the near future. All of Interpace’s currently marketed products are covered regionally by Medicare and numerous commercial plans, including certain BCBS plans.
Shares of Interpace closed Tuesday up over 70% at $7.50, with a consensus analyst price target of $3.00 and a 52-week trading range of $0.07 to $14.25.
Apollo Endosurgery Inc. (APEN) entered the market with a bang last week, and it is continuing to rise on strong momentum. This company came public through a merger with the previously public company Lpath. The deal originally was announced back in September 2016, but it was only completed last Thursday.
Under terms of the agreement, Lpath issued new shares of its common stock or rights to acquire its common stock to Apollo security holders. The Apollo security holders are expected to own roughly 95.8% of the combined company and the Lpath security holders are expected to own about 4.2%.
Shares of Apollo recently closed up nearly 42% at $17.25, with a consensus price target of $11.00 and a post-merger trading range of $12.16 to $20.00.
BioScrip, Inc. (NASDAQ: BIOS) saw its shares make a solid gain on Tuesday after another analyst issued a positive rating on the stock. Lake Street Capital initiated its coverage with a Buy rating and a $4.50 price target. This is implying an upside of over 300% from the previous closing price of $1.04.
Shares of BioScrip closed Tuesday up 34% at $1.40. The stock has a consensus analyst price target of $2.10 and a 52-week trading range of $0.98 to $3.43.
Inotek Pharmaceuticals Corp. (NASDAQ: ITEK) saw its shares get more than halved early on Tuesday after the company provided an update on its late-stage glaucoma trial. Unfortunately, the Phase 3 top-line results of MATrX-1 in the trial of trabodenoson for the treatment of primary open-angle glaucoma (POAG) or ocular hypertension (OHT) did not live up to expectations.
The Inotek trial did not achieve its primary endpoint of superiority in reduction of intraocular pressure (IOP) compared with placebo at all 12 time points. This was, in part, due to a placebo response that was much greater than that observed in Phase 2.
For some brief background: Trabodenoson lowers IOP by augmenting the eye’s natural function of the trabecular meshwork, the primary outflow pathway for aqueous humor and a site of pathology in glaucoma.
Shares of Inotek last closed down 71% at $1.75, with a consensus analyst price target of $23.20 and a 52-week trading range of $1.65 to $10.90.