in

Pharmaceutical Stock Sinks on Sales Forecast

Poland looks to South Korea to build 2nd nuclear power plantBiedex Markets - stockmarket news, ideas tools, data, analysisBusiness
Poland looks to South Korea to build 2nd nuclear power plantBiedex Markets - stockmarket news, ideas tools, data, analysisBusiness

BioCryst Pharmaceuticals Inc (NASDAQ:BCRX) stock is sinking today, down 11.6% at $10.45 at last glance, after the company’s sales forecast for its skin disease drug, Orladeyo, came in below estimates. The treatment prevents attacks of hereditary angioedema (HAE). In a statement, Cowen and Company noted that the forecast will “prove to be appropriately conservative.” 

Today’s slide as BCRX trading at its lowest level since June. Before this session’s slump, the $12 level appeared to be providing pressure, as well as the shares’ 200-day moving average. Year-over-year, the equity is now down 5.7%. 

Options traders are chiming in at three times the average intraday volume after the news. So far, 5,194 calls have been exchanged alongside 1,049 puts, showing options bulls eyeing an attractive entry point after the negative price action. The January 2024 13- and 22-strike calls are the most popular, followed by January 2023 10- and 14-strike calls. 

It’s also worth noting that short interest makes up 15.4% of BCRX’s available float, leaving plenty of room for a short squeeze. At the stock’s average pace of trading, it would take over 10 days to buy back these bearish bets. 

Before you make your next trade, you’ll want to hear this.

MarketBeat keeps track of Wall Street’s top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on… and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now…

See The Five Stocks Here

7 Stocks to Buy And Hold Forever Cover

Written by Steve Ives