On a day when the Dow Jones industrial average and the S&P 500 index both rose 0.3% and the Nasdaq rose 0.4%, the main driver was a rally in health care stocks Thursday.
Today's upcoming jobs report kept some traders away from their keyboards as investors watch for signs regarding potential interest-rate increases and a more complete picture regarding the U.K.’s upcoming Brexit vote.
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Health Care Gains
Leading the health care pack, Eleven Biotherapeutics, Inc. (TSX:EBIOF) closed 34.85% higher at $1.78 after an Securities and Exchange Commission filing Wednesday showing the company met Nasdaq listing qualifications. Investors can breathe a sigh of relief knowing the company will not drop to an OTC designation.
The consensus analyst PT on EBIO is $12 with a 52-week trading range of $0.25 to $8.00. Zacks rating on the stock is “Strong Buy”
Another biotech that got a boost today was Cellectar Biosciences Inc. (TSX:CLRBD). Cellectar shares rose on a momentum trade going into the American Society of Clinical Oncology annual meeting which begins tomorrow and runs through in Chicago.
Cellectar closed today at $3.89, up 23.49% on volume of more than 8 million shares. Consensus analyst price target is $2.50 and the 52-week trading range is $1.00 to $38.90.
Cellectar recently announced that the United States Patent and Trademark Office (USPTO) had issued a patent to the company covering the treatment of cancer stem cells via Cellectar’s phospholipid drug conjugate (PDC) delivery platform technology – a major win for the company. Zacks has a “Strong Buy” rating on Cellectar.
Energy Sees A Dip
Energy stocks fell following news that the Organization of the Petroleum Exporting Countries broke off its meeting without reaching agreement on future oil production.
Zacks noted recently that Stone Energy’s high yielding inventory placed the company strongly in the industry. Two area of focus for Stone are the Gulf of Mexico and the Marcellus region. That said, Zack’s also made note of significant investment risk with the stock due to stricter regulations in the wake of oil spills which have increased costs.
Zacks current price target on Stone is $1.00 and the stock carries a “Hold” rating.
Want to know who's reporting earnings in the next couple of trading days? Check out our earnings calendar