Tesla Motors Inc (NASDAQ:TSLA) shares are up 4.96% in pre-market trading to $255.20 after Morgan Stanley analyst Adam Jonas drastically raised his price target on the stock from $280 up to $465 and maintained an Overweight rating on the stock. Jonas commented that the automobile industry is being run today the same way it was being run 100 years ago; modeled on “ human-driven, privately owned, internal-combustion vehicles.” The analyst argues that the market is changing and Tesla is “uniquely positioned” to capitalize on it by incorporating on-demand mobility service. With this innovation, Jonas believes that Tesla’s revenue has the potential to increase more than three-fold by 2029. Adam Jonas has rated Tesla 32 times since 2011, earning a 74% success rate recommending the stock with a +42.0% average return per rating when measured over a one-year horizon and no benchmark. Out of the 14 analysts polled by TipRanks in the last 3 months, 6 are bullish on Tesla, 3 are neutral, and 5 are bearish. The average 12-month price target on the stock is $313, marking a 29% potential upside from where shares last closed.
Nokia Corporation (ADR) (NYSE:NOK) shares slipped 1.21% in pre-market trading down to $6.53 after the company filed a preliminary draft of its SEC form to acquire Alcatel-Lucent, which stated that Nokia will have to pay Alcatel-Lucent up to 400 million euros if “Nokia fails to receive necessary regulatory approvals for the transaction.” In April, Nokia announced it would be acquiring Alcatel-Lucent, a French telecommunications company, for about 15.6 billion euros in order to become globally competitive. The SEC draft highlighted other termination fees, including a 300 million euro fee if Nokia’s board of directors withdraws its support of the deal. However the draft stated that the fees are not cumulative and Nokia would only pay the highest available fee if the deal falls through. According to the 5 analysts polled by TipRanks in the last 3 months, 2 are bullish on Nokia, 2 are neutral, and 1 is bearish. The average 12-month price target on the stock is $9.78, marking a 48% potential upside from where shares last closed.
AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) soared 153% in pre-market trading to $2.97 after the company announced an exclusive global license agreement with Novartis for the development and commercialization of AV-380; a pipeline inhibitory antibody that targets GDF-15, a growth differentiation factor often associated with cachexia in cachectic cancer patients. AVEO CEO Michael Bailey explained that the pipeline drug “holds great promise as a potential treatment for cachexia secondary to multiple disease states, including cancer, chronic kidney disease, congestive heart failure and chronic obstructive pulmonary disease.”Aveo will receive $15 million as upfront payment and will be eligible for milestone payments up to $311 million upon the success of AV-380. Novartis will bear all development, manufacturing, and commercialization costs.
Kite Pharma Inc (NASDAQ:KITE) jumped 1.74% in pre-market trading to $59.01 after the pharmaceutical company provided an update on its KTE-C19 clinical trial. The pipeline treatment is in clinical trials aiming to treat patients with refractory aggressive non-Hodgkin’s lymphoma (NHL) who have failed prior chemotherapy treatments and have a poor prognosis. In May, the company announced that the first patient was treated with the pipeline therapy. Many patients have been treated since and responses have been promising. The company plans to present top-line data from the Phase 1 trial in December. Kite CEO, Arie Belldegrun, commented, “We are encouraged by the progress of the KTE-C19 clinical trial and excited by the responses we have seen so far. We believe the KTE-C19 clinical findings are in line with previous results demonstrating the potential of this promising therapeutic approach.” According to the 6 analysts polled by TipRanks in the last 3 months, all 6 of them are bullish on the stock. The average 12-month price target is $89, marking a 53% potential upside from where shares last closed.