Linn Energy LCC (NASDAQ:LINE) and Seadrill Ltd (NYSE:SDRL) are falling 10% and 5%, respectively, in pre-market trading after oil prices fell below $40 a barrel due a recent announcement from Iran’s oil minister regarding production. Yesterday, oil minister Bijan Zanganeh announced Iran would only freeze their oil output after they reach their desired production level of 4 million barrels a day, its pre-2012 U.N. sanctions level. Recently, Russia and Saudi Arabia, the two biggest oil producers, have agreed to freeze oil production at January levels in an attempt to level out falling oil prices to due to global oversupply. Later, Venezuela and Qatar joined the agreement and other OPEC members expressing interest.
According to TipRanks’ statistics, out of the 6 analysts who have rated Linn Energy in the past 3 months, 5 are bearish and 1 remains on the sidelines. The average 12-month price target for the stock is $0.67, marking a 39% downside from where shares last closed.
Out of the 4 analysts who have rated Seadrill on TipRanks in the past 3 months, 2 gave a Sell rating and 2 remain neutral. The average 12-month price target for the stock is $4.17, marking a 4% upside from where shares last closed.
Zynerbia Pharmaceuticals Inc (NASDAQ:ZYNE) is up 54% in pre-market trading after news that GWPH, also a cannabinoid pharmaceutical company, announced positive results from a phase 3 study of Epidiolex, a marijuana based epilepsy treatment. The study reached its primary endpoint, reducing monthly convulsive seizures by 39% compared to the placebo, which indicated only a 13% reduction. The company plans on discussing the results with the FDA and plans on filing an NDA (new drug application). Zynerba’s lead product candidate, ZYN002, is a synthetic cannabinoid gel designed to treat Fragile X syndrome, a disorder marked by learning disabilities.
According to TipRanks, 2 analysts have rated the company in the past 3 months, both with a Buy rating. The average 12-month price target for the stock is $38.50, marking a 356% upside from where shares last closed.