ACADIA Pharmaceuticals Inc. (NASDAQ:ACAD) is up 5% in pre-market trading after news that its drug Nuplazid received FDA approval on Friday after market close. Nuplazid is the company’s drug used to treat Parkinson’s related psychosis, the only drug approved to do so. While the drug does come with an FDA black box warning, the most severe warning of its kind, analysts do not believe this will have a material impact on sales as most anti-psychotics have this type of warning.
Following this news, CEO Steve Davis stated, “NUPLAZID represents a major medical advancement for patients with Parkinson’s disease psychosis who suffer from hallucinations and delusions.”
According to TipRanks, all 10 analysts who have rated the company in the past 3 months gave a Buy rating. The average 12-month price target for the stock is $50.56, marking a 56% upside from where shares last closed.
Pernix Therapeutics Holdings Inc (NASDAQ:PTX) is soaring 57% in pre-market trading after Steven Cohen’s hedge fund Point72 acquired a 5.8% stake in the company, reported Friday afternoon to the SEC. The fund now owns over 3.7 million shares of the specialty pharmaceutical company. PTX is set to release its Q1:2016 earnings on Thursday, May 5 before market close. According to TipRanks, of the 3 analysts who have rated the company in the past 3 months, 1 is bullish while 2 remain on the sidelines. All 3 did not provide price targets with their ratings.
Ultra Petroleum Corp. (NYSE:UPL) is down 58% in pre-market trading after the company announced it has filed for Chapter 11 bankruptcy, falling prey to low oil and gas prices which are under $50 per barrel. Two years ago, oil was over $100 a year ago. In its quarterly filing, the company disclosed $3.9 billion worth of debt. As part of its SEC, the company disclosed that may have to seek protection from its creditors. According to consulting firm Deloitte, almost one third of oil producers may have to file bankruptcy this year if commodity prices do not recover.
According to TipRanks statistics, out of the 4 analysts who have rated the stock in the past 3 months, 1 gave a Sell rating while 3 remain on the sidelines. The average 12-month price target for the stock is $1.08, marking a 249% upside from where shares last closed.
BIND Therapeutics Inc (NASDAQ:BIND) is plummeting 64% in pre-market trading after the company announced it will file for Chapter 11 bankruptcy. The company will continue to operate under the rules of the bankruptcy court and is currently working with an investment bank to explore alternatives in order to maximize shareholder value. In the past 6 months, shares have lost over 71% of their value.
CEO Andrew Hirsch gave the following statement in the announcement: “We believe this decision is in the best interests of the company and its stockholders. The protections afforded by Chapter 11 provide for an orderly process and additional time that enables us to pursue the strategic and financial alternatives that are in process… Through this process, we expect to be able to maintain ongoing financing activities and collaborator obligations while moving our R&D initiatives and pipeline forward.”
According to TipRanks, the 3 analysts who have rated the company in the past 3 months, 1 is bullish while 2 remain on the sidelines. All 3 did not provide price targets with their ratings.