SanDisk Corporation (NASDAQ:SNDK) climbed 7.78% to $77.60 in pre-market trading on reports that the semiconductor company is in talks to be acquired by Western Digital, and could reach a deal as early as this week. Western Digital may pay between $80 and $90 per share of SanDisk. Earlier reports suggested that Micron and Samsung were other potential bidders. Neither company has commented about the reported deal. This news comes at a time when mergers and acquisitions within the semiconductor space have become something of a new fad, which has in part contributed to the fluctuating supply of DRAM and NAND chips. SanDisk will report third quarter earnings tomorrow after market close. According to the 22 analysts polled by TipRanks in the last 3 months, 13 analysts are bullish on SanDisk; 1 is bearish; and 8 are staying on the sidelines. The average 12-month price target for the company is $68.72, marking a potential 4.5% downside from where shares last closed.
Kite Pharma Inc (NASDAQ:KITE) is up 3.65% in pre-market trading to $70.00 after the pharmaceutical company announced an exclusive license with the National Institutes of Health (NIH) to develop T cell therapy drugs to treat cancer. Once the deal is completed, the NIH will receive an upfront payment from Kite followed by clinical and milestones payments later on. Kite CEO, Dr. Arie Belldegrun, commented, “We are pleased to announce this license with NIH, which further expands our therapeutic pipeline programs to treat diverse solid tumors. We believe that our broad portfolio of TCR product candidates, including those targeting MAGE antigens, holds great promise in addressing the significant unmet needs of patients.” According to the 7 analysts polled by TipRanks in the last 3 months, 6 analysts are bullish on Kite Pharma while 1 is staying on the sidelines. The average 12-month price target for the company is $82.80, marking a 22% potential upside from current levels.
Barrick Gold Corporation (USA) (NYSE:ABX) is down 1.85% to $7.70 due to a stronger dollar, leading to renewed concerns that the Fed may raise interest rates later this year. Consequently, gold has fallen 1.2% over the last three days. Wall Street held its breath over the summer amid rumors that the Fed was going to implement its first interest rate hike since the 2008 financial crisis to indicate that markets have returned to normal levels, but the Fed postponed the decision, which many attributed to the uncertain economic situation that plagued Asia over the summer. The Fed has two more meeting before year end. According to the 8 analysts polled by TipRanks in the last 3 months, 3 are bullish on the company and 5 are staying on the sidelines. The average 12-month price target for the stock is $9.60, marking a nearly 27% potential upside from current levels.
RXi Pharmaceuticals Corp (NASDAQ:RXII) jumped 9.08% in pre-market trading, up to $0.50 after the company announced positive results from its RNAi platform in collaboration with Biogazelle NV. The results demonstrate that sd-rxRNAs reduced the levels of lncRNAs in a target-specific manner. IncRNAs are implicated in many diseases ranging from cancer to HIV to neurological disorders. The findings mean that the RXi is now capable of targeting four times as many genes as previously estimated. Dr. Craig Mello, Chairman of RXi Pharmaceuticals’ Scientific Advisory Board, emphasized the importance of these findings, explaining, “Currently, researchers must use multiple oligonucleotide platforms to reduce expression of lncRNAs depending on the subcellular localization of the target. Biogazelle’s findings suggest that RXi’s technology can efficiently silence lncRNAs regardless of their subcellular localization.” According to TipRanks, one analyst has weighed in on the company recently with a bullish rating and a $3.50 price target, marking a nearly 700% potential upside from where shares last closed.