Monday Morning’s Market Insights: LinkedIn Corp (LNKD), Eleven Biotherapeutics Inc (EBIO), MannKind Corporation (MNKD), Sunesis Pharmaceuticals, Inc. (SNSS)


LinkedIn Corp (NYSE:LNKD) is up a whopping 48% after Microsoft agreed to buy the company for $26.2 billion in cash. Microsoft will pay LinkedIn $196 per share and issue new debt to finance the transaction. LinkedIn will continue to operate as an independent company, though CEO Jeff Weiner will report to MSFT CEO Satya Nadella. The deal has been approved by the boards of directors of both companies and is expected to close later this year, subject to LinkedIn shareholder approval. The deal is expected to leverage the strengths of both companies. Weiner stated, “Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works.”

According to TipRanks statistics, out of the 25 analysts who have rated the company in the past 3 months, 13 gave a Buy rating while 12 remain on the sidelines. The average 12-month price target for the stock is $159.38, marking a 21% upside from where shares last closed.

Eleven Biotherapeutics Inc (NASDAQ:EBIO) is soaring 63% in pre-market trading after it announced an exclusive license agreement with F. Hoffmann-La Roche Ltd., granting it the rights to develop and commercialize EBI-031, as well as all other IL-6 antibody technology owned by Eleven. Eleven will receive a $7.5 million upfront payment with future milestone payments of up to $262.5 million. The first milestone payment of $22.5 million will be made pending the approval of the IND on or before September 15, 2016, reduced to $20 million if effective after. The company will also be entitled to royalties for net sales which contain EBI-031 or other Eleven IL-6 compounds. In addition, the company announced an investigational NDA (INDA) submission to the FDA to initiate a phase 1 clinical trial of its humanized monoclonal antibody EBI-031, intended to treat ocular diseases. The company also

According to TipRanks, only one analyst rated the company in the past 3 months with a Hold rating and a $0.40 12-month price target, marking a 71% downside from where shares last closed.

MannKind Corporation (NASDAQ:MNKD) is up close to 7% in pre-market trading after the company announced positive data regarding its inhalable insulin drug, Afrezza. The company presented the data at the American Diabetes Association’s 76th Scientific Session from a study comparing Afrezza to Lispro, a rapid acting insulin analog. The results indicated a faster onset of action for Afrezza of 16-21 minutes compared to 45-52 minutes for subcutaneous insulin. Furthermore, Afrezza’s duration of activity was consistently shorter by 2-3 hours for clinically relevant doses.

Mannkind Chief Medical Officer Raymond W. Urbanski stated, “These data show Afrezza begins to work in the body more rapidly and leaves the bloodstream more quickly than an injectable rapid-acting insulin analog, which could translate into more flexibility in the timing of administration and a lower potential for hypoglycemic episodes following meals.”

According to TipRanks, out of the 4 analysts who have rated the company in the past 3 months, 3 are bearish while 1 remains on the sidelines. The average 12-month price target for the stock is $0.17, marking an 83% downside from where shares last closed.

Sunesis Pharmaceuticals, Inc. (NASDAQ:SNSS) shares are up over 19% in pre-market trading after the company announced positive results from an ongoing phase 1b/2 trial of vosaroxin in combination with decitabine in older patients with untreated acute myeloid leukemia and high-risk myelodysplastic syndrome (MDS), a type of bone marrow cancer. The results indicated that at 70 mg, the combination of vosaroxin and decitabine results in a median overall survival or 16.1 months with a CR/CRp/Cri rate of 76%.

According to TipRanks, only 1 analyst rated the stock in the past 3 months with a Buy rating and no price target.