5 of Last Week's Biggest Winners
What's better than momentum? Mo' momentum. Let's take a closer look at five of this past week's biggest scorchers.
Let's start with CardioNet. The provider of wireless medical technology in diagnosing and monitoring cardiac arrhythmias struck a three-year deal with UnitedHealth Group that will cover all of CardioNet's monitoring modalities through all of UnitedHealth's affiliates. The insurance reimbursements will be great, but it's also about the validation of CardioNet's business.
Questcor Pharmaceuticals moved higher after acquiring the rights to Novartis' immune drug Synacthen. The drug, which has yet to be approved domestically, is used for the treatment of autoimmune and inflammatory conditions.
Avanir soared after Mizuho initiated coverage of the biotech with a buy rating. Avanir also moved higher earlier this month after the FDA approved an accelerated development pathway for its lead candidate. Shares would have to more than double from here to hit Mizuho's price target of $10.
Groupon also got slapped with a $10 price target. Deutsche Bank analyst Ross Sandler, who earlier had a $6 goal for the stock, sees the daily-deals leader as a major player in the booming mobile space.
Finally we have InvenSense on the move. The company emerged on the scene with its gyroscopes used for motion-tracking devices in video-game systems, but these days the real growth is coming from those same devices making their way into Android and iOS smartphones and tablets. Piper Jaffray put out a positive note on InvenSense, targeting $290 million in revenue this fiscal year, well ahead of the analyst average forecast of $256 million.
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The article 5 of Last Week's Biggest Winners originally appeared on Fool.com.Longtime Fool contributor Rick Munarriz has no position in any stocks mentioned. The Motley Fool recommends UnitedHealth Group and owns shares of InvenSense. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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