The cybersecurity industry group has been rallying in the wake of high-profile hacks, but one group member is now seen as somewhat of a laggard. Baird and Citigroup downgraded their ratings on Fortinet (FTNT) to neutral, though they raised their price targets. The analysts said that although Fortinet has seen success with branching out its business in the U.S., it’s not on as much of an upward trajectory as some industry peers. Fortinet shares
Biotech Alder Biopharmaceuticals (ALDR) jumped to a new high above 51 Wednesday after a Credit Suisse analyst assumed coverage with an outperform rating. Analyst Vamil Divan wrote that Alder’s lead drug candidate ALD-403, a CGRP antibody for migraine, “has the potential to be a best-in-class asset given its strong efficacy and long duration of response, positioning it as potentially a once-quarterly treatment.” Divan wrote that competing
Fitbit (FIT), the leading maker of wearable fitness trackers, on Wednesday suffered its first down day in trading since going public last week. San Francisco-based Fitbit saw its shares fall nearly 7% in early trading on the stock market today. In afternoon trading, Fitbit stock was down 6%, near 35.50. Fitbit went public on Thursday at 20 and reached an all-time high of 40.45 in intraday trading on Monday. It reached new closing highs in its first four days of trading. Global Equities Research analyst and Silicon Valley provocateur Trip Chowdhry reiterated his bearish views on Fitbit on Wednesday. He said Fitbit is another overhyped IPO destined to fall like Box (BOX), Alibaba (BABA), Groupon (GRPN), GoPro (GPRO) and Zynga (ZNGA). Chowdhry says Fitbit will face stiff competition from low-cost competitors as the category becomes a commodity. Fitbit’s devices are priced at $60 to $250. But Chinese…