MannKind Corporation (NASDAQ:MNKD) fell 10.07% in pre-market trading to $3.66 after Piper Jaffray analyst, Joshua Schimmer downgraded the biopharmaceutical company from Neutral to Underweight and slashed his price target from $4.00 to $1.50. The analyst noted that the prescription count for Afrezza, the company’s flagship inhalable insulin for diabetics, is “lackluster.” He explained, “Unfortunately it sounds to us that while awareness is high and some patient blogs on the internet describe some very exciting and differentiated results, Afrezza is being viewed as a very niche product.” Schimmer says that MannKind “vastly over-estimated” Afrezza’s potential and is consequently lowering his estimates, although he notes that even his “revised assumptions may be too aggressive.” Aside from Schimmer being bearish on the stock, TipRanks has polled one other analyst on MannKind in the last 3 months who is bullish on the stock. The average 12-month price target between the two is $5.35, marking a 29% potential upside from where shares last closed.

Click here to view Joshua Schimmer’s ratings history and performance.

Fitbit Inc (NYSE:FIT) is up 1.44% in pre-market trading to $36.01 after FBN Securities analyst, Shebly Seyrafi, initiated coverage on the wearables company with an Outperform rating and a $50 price target. The analyst noted that shares are currently at a prime buying opportunity due to recent weakness. He noted, “As the company becomes more mature, FQ3 will be the seasonally down quarter for the company as CQ1 has strength due to New Year’s resolutions, CQ2 has strength due to Mother’s Day and Father’s Day, and CQ4 has strength due to the holidays while CQ3 basically has no such similar drivers.” Seyrafi still expects year-over-year growth in the coming quarter to “more than double,” making the recent pullback an ideal buying opportunity for long term investors. According to the 13 analysts polled by TipRanks in the last 3 months, 9 are bullish on Fitbit and 4 are neutral. The average 12-month price target between these 13 analysts is $55.90, marking a 57% potential upside from where shares last closed.

Click here to view Shebly Seyrafi’s ratings history and performance.

AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) soared 24.69% in pre-market trading to $5.10 after the company announced that its Phase 3 study for its pipeline drug, ARX-04, met its primary and secondary endpoints. The primary endpoint of the study measured the difference in the summed pain intensity difference over the first 12 hours of treatment in patients receiving ARX-04 compared to patients receiving the placebo. ARX-04 is in development to treat moderate-to-severe acute pain in medically supervised settings. Interim CEO, Howie Rosen, commented, “In addition to the ambulatory surgery setting studied in this trial, we believe ARX-04 has broad application in emergency room and military settings, where patients often do not have immediate access to IV pain medications.”  According to the 3 analysts polled by TipRanks in the last 3 months, 2 are bullish on the pharmaceutical company and 1 is neutral. The average 12-month price target is $8.00, marking a 95% potential upside from where shares last closed.

Tetraphase Pharmaceuticals Inc (NASDAQ:TTPH) plummeted 79% in pre-market trading to $9.40 after the company’s phase 3 trial for eravacycline, the compay’s lead product candidate, failed to meet its primary endpoint as an IV to oral antibiotic transition therapy to treat complicated urinary tract infections. Several analysts downgraded the stock as a result, including Alan Carr of Needham. Carr downgraded the biotechnology stock from Buy to Hold without providing a price target. He had “expected a favorable outcome based on positive results from the lead-in portion of the trial.” Carr continued, “We believe there may be a path forward for IV eravacycline, but we have concerns the oral drug may not be viable due to tolerability issues associated w/ higher doses. We are downgrading to HOLD (was Buy) based on regulatory uncertainty and the potential for reduced commercial opportunity w/ only the IV formulation.” As of this writing, 7 analysts have rated TTPH in the last 3 months according to TipRanks. One analyst has a bullish rating on the stock while the other 6 all downgraded their ratings to neutral today. The average 12-month price target on the stock is $50, marking an 11% potential upside from where shares last closed.

Click here to view Alan Carr’s ratings history and performance.