Tesla Motors Inc (NASDAQ:TSLA) shares fell nearly -5% in pre-market trading after the company received a downgrade from Colin Langan at UBS. The analyst lowered his price target on the stock from $220 to $210. Langan doubts that Tesla will be able to keep up demand in the future and that Tesla’s vehicles will be in oversupply. On the other hand, Elon Musk believes Tesla will sell 500,000 cars by 2020. Langan also doubts Tesla’s ability to sell 1.5 million cars per year in 2025 as well as Tesla’s ability to become a successful energy storing enterprise. Out of the 13 analysts polled by TipRanks in the past 3 months, 7 are bullish on Tesla, 3 are neutral, and 3 are bearish. The average 12-month price target on the stock is $300, marking a potential 6% upside from where the stock last closed.
Shake Shack Inc (NYSE:SHAK) fell more than -4% in pre-market trading to $52.37 after the fast-casual burger chain announced a secondary offering in which the company will sell up to four million shares. Shake Shack says it will not receive any of the proceeds from the offering. Shake Shack became wildly popular in the media and with investors after its IPO for $21 per share. By late May, shares had shot up to $92 before falling back to current levels. Now, it looks like investors are shying away from the stock. According to TipRanks, 4 analysts are neutral on SHAK and 2 are bearish. The average 12-month price target is $44.25, marking a -20% downside from where the stock is currently trading.
CytRx Corporation (NASDAQ:CYTR) plummeted more than -17% in pre-market trading to $3.14 after the company announced a proposed public offering of common stock. The biopharmaceutical company focuses on oncology therapies and will use the net proceeds of the offering to fund research and development of aldoxorubicin, along with other general corporate purposes. Aldoxorubicin, an oncology compound, is a pipeline drug in a Phase III global trial. According to the 3 analysts polled by TipRanks in the last 3 months, all 3 are bullish on CYTR. The average 12-month price target on the stock is $8, marking a 110% potential upside from where the stock is currently trading.
EXACT Sciences Corporation (NASDAQ:EXAS) fell more than -4% in pre-market trading to $25.60 after the company announced an agreement to sell seven million shares of its common stock. Jefferies and Robert W. Baird will serve as underwriters in the public offering. The biopharmaceutical company will use proceeds from the offering to expand Cologuard commercialization efforts. Cologuard is a noninvasive colon cancer screening set that consumers can use at home. According to the 7 analysts polled by TipRanks in the last 7 months, 5 are bullish on EXAS and 2 are neutral. The 12-month average price target for the stock is $31.50, marking a 16% potential upside from where the stock last closed.