Linn Energy LLC (NASDAQ:LINE) is falling 29% in pre-market trading after the company posted disappointing Q4:15 revenues earlier this morning. The company reported a loss of $7.05 per share, and revenues of $647 million versus consensus of $752.18 million. The company announced that due to current expectations for 2016 commodity prices, it may not be able to comply with the restrictive covenants of its credit facilities unless they are waived. As a result, its debts may be accelerated, becoming immediately due. The company also announced a 44% reduction in its capital budget for 2016. LINN, like other oil companies, have been struggling with ever falling oil prices in the last year.
According to TipRanks, out of the 6 analysts who have rated the company in the past 3 months, 5 are bearish and 1 remains neutral. The average 12-month price target for the stock is $0.67, marking a 32% downside from where shares last closed.
Valeant Pharmaceuticals Intl Inc (NYSE:VRX) is down 17% in pre-market trading after the company failed to impress investors with its Q4:15. The company reported revenues of $2.79 billion and earnings of $2.50 per share, compared to estimates of $2.79 billion and $2.64, respectively. For Q1:16, the company guided revenues in a range of $2.3-$2.4 billion and earnings per share of between $1.30 to $1.55, below previous expectations of $2.8 billion and $3.1 billion and $2.35 to $2.55 per share. The company also guided revenues for FY 2016 of between $11 billion and $11.2 billion, ~$2 billion lower than originally forecasted.
The company attributed its weak performance to lower than expected sales of gastrointestinal medications and other divisions. CEO Michael Pearson stated, “”In discussion with the board, we have assumed lower growth in our U.S. dermatology, gastrointestinal and woman’s health portfolios, as well as certain geographies like Western Europe, while keeping our expenses largely unchanged,” We plan to work hard to improve these metrics by delivering higher revenues and reducing our costs.” The company is currently facing an SEC investigation as well as criticism from Congress regarding high drug prices.
According to TipRanks, out of the 18 analysts who have rated the company in the past 3 months, 8 are bullish, 1 is bearish, and 9 remain on the sidelines. The average 12-month price target for the stock is $123.71, marking a 79% upside from where shares last closed.
MannKind Corporation (NASDAQ:MNKD) is trading down 7% in pre-market trading following its Q4:15 earnings report yesterday after market close. The company reported a net loss of $(277, 018) and a loss per share of ($0.66) compared to consensus estimates of ($.05) per share. The company attributes the quarterly loss to lower than expected Affrezza sales, as Sanofi-Aventis backed out of the licensing and collaboration agreement for the inhalable diabetes drug in early January.
Analyst Adnan Butt of RBC Capital weighed in on the stock following earnings with an Underperform rating and a $0.15 price target, citing a lack of strategy to relaunch Afrezza as well as a decline in market share for the drug following the partnership fallout. He continued, “While MNKD has an approved diabetes drug in its hands in Afrezza and technosphere platform could have value in future drug development, we would like to see execution on four fronts before becoming constructive: 1) Afrezza sales ramping up into the tens of millions; 2) technology partnerships or a fast-to-market proprietary drug; 3) path to breakeven; and 4) improved balance sheet.”
According to TipRanks, out of the 4 analysts who have rated the company in the past 3 months, 1 gave a Buy rating and 3 gave a Sell rating. The average 12-month price target for the stock is $0.05, marking a 96% downside from where shares last closed.
Celator Pharmaceuticals Inc (NASDAQ:CPXX) is soaring over 400% in pre-market trading after the company announced yesterday positive results from its Phase 3 trial of VYXEOS, a liposome injection for patients with high-risk acute myeloid Leukemia. The trial met its primary endpoint of showing significant improvement in overall survival rates. Patients treated with VYXEOS survived an average of 9.56 months, compared to 5.95 months in patients receiving common care regiment 7+3. The company plans to submit a new drug application (NDA) to the FDA by the end of the year.
According to TipRanks’ statistics, 4 analysts have rated the company in the last year with an average 12-month price target of $10.33, marking a 514% upside from where shares last closed.