MannKind, Keryx Bio, Transocean Lead Monday's Early Movers
MannKind Corporation (NASDAQ:MNKD) shares spiked 6.28% in pre-market trading to $4.23 after the biopharmaceutical company posted second quarter earnings. MannKind posted a net loss of $(0.07) per share, slightly narrower than the analyst estimate of $(0.08) and marking an improvement from $(0.19) posted in the same quarter of last year. The company is known for its flagship product, Afrezza, a fast acting inhaled insulin, which brought in $5.9 million in sales over the quarter.
The company cited this sales figure as deferred product sales due to its collaboration with Sanofi. Total operating expenses decreased to $24.1 million, down from $69.8 million in the same quarter a year prior, mainly thanks to Afrezza passing into the commercial market. As of this writing, 5 analysts on TipRanks have rated MNKD in the last 3 months. Out of the 5 analysts, 2 are bullish, 2 are neutral, and 1 is bearish.
The average 12-month price target is $6.30, marking a 58% potential upside from where the stock last closed.
Keryx Biopharmaceuticals (NASDAQ:KERX) fell -0.64% in pre-market trading to $6.23 after the stock was downgraded. Following second quarter earnings, Roth Capital analyst Joseph Pantginis downgraded the biopharmaceutical company from Buy to Neutral and slashed his price target from $11 to $6.
Pantginis commented, on Auryxia, the company's lead product used to treat patients with chronic kidney disease on dialysis, noting, "Following 2Q15 results, we believe Auryxia's headwinds are strong at the moment and step to the sidelines awaiting signals of potential strength."
Although the drug's profile was well-received by doctors, the analyst noted that the company is "increasing the size of the salesforce by 50%," as well as "experiencing reimbursement challenges" and "combatting a lengthy selling cycle." According to the 6 analysts polled by TipRanks in the last 3 months, 4 are bullish on KERX and 2 are neutral. The average 12-month price target on the stock is $16.50, marking a 163% potential upside from where the stock last closed.
Transocean LTD (NYSE:RIG) jumped 1.25% in pre-market trading to $13.74 after Jefferies analyst Eduardo Royes upgraded the oil company from Underperform to Hold and raised his price target from $12 to $13. Although "challenging market conditions persist," Royes upgraded the stock because he is now "more comfortable with RIG's position within this context."
He touched on several factors, including, "material opex savings potential" and "a much stronger liquidity position." Overall, the analyst has a better appreciation "for the quality of the fleet and overall operations, [which] results in modest contracting upside surprise potential." According to the 7 analysts polled by TipRanks in the last 3 months, 1 is bullish on RIG, 1 is neutral, and 5 are bearish. The average 12-month price target on the stock is $9, marking a 33% potential downside from where the stock last closed.
Inovio Pharmaceuticals Inc (NASDAQ:INO) shares shot up 22.50% in pre-market trading to $7.95 after the company announced it had entered into an strategic cancer vaccine collaboration and license agreement with MedImmune, the research and development segment of AstraZeneca. This is AstraZeneca's third deal in one week, according to Reuters. In the terms of the agreement, MedImmune will gain exclusive rights to INO-3312 and INO-3113. Both are pipeline therapies aimed at treating specific forms of HPV.
MedImmune will pay Inovio $27.5 million upfront with potential for future milestone payments to total $700 million. Aside from the cancer vaccines currently in Inovio's pipeline, the two companies will partner to develop up to two more cancer vaccines, which will be developed and commercialized by MedImmune. News of the partnership was announced along with Inovio's financial results, in which the pharmaceutical company posted $5.3 million in revenue, up from $3.80 million in the same quarter last year.
According to the 2 analysts polled by TipRanks in the last 3 months, both are bullish on the stock. The average 12-month price target on the stock is $20, marking more than a 200% potential upside from where the stock last closed.
The following article is from one of our external contributors. It does not represent the opinion of Benzinga and has not been edited.