Alibaba Group Holding Ltd (NYSE:BABA) fell 9.21% to $61.90 in pre-market trading as the Chinese stock market plummeted more than 8% on Monday, marking its biggest loss in eight years. The untimely drop of the Chinese stock market occurred despite the Chinese government’s multi-billion dollar efforts to prevent the slide, including decreasing the value of the yuan by 3% compared to the U.S dollar to make the currency more market-driven. The Chinese stock market drop not only impacted Alibaba, but all stock prices across Asia. As such, there is a growing fear that the slowdown in China will have a domino effect and send the rest of the world into a recession. Out of 15 analysts polled by TipRanks within the past three months, 13 analysts are bullish on Alibaba and two are neutral. The 12-month average price target for the company is $96.71, marking a 41.85% potential upside from where the stock last closed.
MannKind Corporation (NASDAQ:MNKD) plummeted 14.51% to $3.25 in pre-market trading as the company’s financial woes from the slow launch of its pipeline drug, Afrezza, continue to escalate. Afrezza is an inhalable form of insulin for adults with diabetes. MannKind has resulted in selling its own shares to cover a portion of the debt the company has accumulated from lackluster Afrezza sales. MannKind failed to settle a large portion of its $100 million convertible debt before the established August 15 deadline. The company is making another attempt to clear its debt, but on less than favorable terms, which will likely shed off even more cash. Out of three analysts polled by TipRanks within the past three months, two analysts are bullish on MannKind and one is neutral. The average 12-month price target for the company is $7.33, marking a 93.4% potential upside from where the stock last closed.
Seadrill Ltd (NYSE:SDRL) dropped 3.69% to $6.53 in pre-market trading after Brent crude oil fell below $45 per barrel for the first time since March 2009. The price of oil dropped as a result of a broad commodities selloff from sharp drops in Chinese equities and fear that the world is on the cusp of falling into a recession. Since China is the second-biggest oil consumer behind the United States, investors are now shying away from oil as the Chinese stock market drop could potentially decrease the demand for fuel. Crude oil is now trading approximately 56% below what it was trading at in the same time period last year. Out of three analysts polled by TipRanks within the past three months, one analyst is neutral on Seadrill and two are bearish. The average 12-month price target on Seadrill is $10, marking a 47.49% potential upside from where the stock last closed.