Seadrill Ltd (NYSE:SDRL) fell -2.13% in pre-market trading down to $8.72 as oil prices slipped. This comes after Baker Hughes, one of the largest oilfield service companies, announced it is adding five new oil rigs, bringing the total number of US oil rigs to 664. According to Reuters, the Middle East is continuing to produce unnecessary amounts of oil, thus contributing to the oversupply. Seadrill has had a tumultuous year dealing with falling oil prices. The stock last closed at $9.34, hovering above its 52-week low of $8.18, compared to its 52-week high of $37.79 achieved last August. According to 4 analysts polled by TipRanks in the last 3 months, 2 are neutral on SDRL and 2 are bearish. The average 12-month price target for the stock is $12, marking a 35% potential upside from where the stock last closed.
Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) shares soared nearly 29% in pre-market trading up to $10.88 after the company announced positive top-line results for the pivotal TELESTAR Phase 3 clinical trial. The trial tested oral telotristat etiprate, a pipeline drug developed to treat carcinoid syndrome. This is Lexicon’s first pipeline product to complete a Phase 3 clinical trial and the data successfully demonstrated the benefit of using the therapy in cancer patients with carcinoid syndrome. The drug already has Fast Track designation and Orphan Drug status with the FDA. Out of 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 $19, marking a potential 125% upside from where the stock last closed.
Linn Energy LLC (NASDAQ:LINE) shares slipped -5.2% to $3.83 after oil prices fell. The recent drop to fresh lows is attributed to several geopolitical factors, such as the Iran nuclear deal and China’s stock market teetering on the edge of a downward spiral. Many believe that the Iran deal will lead to the country producing more oil and deepening the oversupply, while the Wall Street Journal reports that manufacturing in China has fallen to a two-year low. Linn Energy is a Houston-based oil and natural gas company. According to the 5 analysts polled by TipRanks in the last 3 months, 2 are bullish on LINE and 3 are bearish. The average 12-month price target on the stock is $6.67, marking a 65% potential upside from where the stock last closed.
Omeros Corporation (NASDAQ:OMER) increased 2.48% in pre-market trading to $16.50 following news that Omidria was approved for commercialization in the EU, Iceland, Lichtenstein, and Norway. The drug was approved in the United States by the FDA in May 2014. Omidria is Omeros’ first commercial product and is used to maintain pupil size during cataract surgery, as well as to reduce postoperative eye pain. Cataract surgery is a common procedure and an estimated 3.9 million cataract operations are expected to be performed in Western Europe in 2015. According to TipRanks, 2 analysts have given OMER a bullish rating in the last 3 months. The average 12-month price target is $49.50, marking a 207% potential upside from where the stock last closed.