Diamonds and Dogs
Biotechs are back. Regeneron Pharma (REGN) jumped 5% to a new high following an upgrade at Piper Jaffray with a $557 price target up from $446 a share. The stock also benefited from a drug trial that showed a Novartis (NVS) treatment for age-related macular degeneration was not worse than but not better than Regeneron's Eylea. The stock has been on a tear the last two months up 37% following earnings on May 4th.
Chipotle Mexican Grill's (CMG) turnaround is expensive. The casual dinning restaurateur had a tough 2016 when sales crashed 20% due to food safety issues. Today the stock dropped 7% after disclosing the company would miss estimates due to higher spending on advertising to get customers back. The good news is the company will continue expand, opening 195-210 new stores in the next year.