Alibaba Group Holding Ltd (NYSE:BABA) fell 1.75% in pre-market trading down to $64.60 after the lockup on 63% of its shares expired over the weekend. The 1.6 billion newly available shares are putting pressure on the stock price, but Alibaba management took precautions to mitigate the volatility. The company says that key shareholders; those who own 1.45 billion shares; have pledged that they will not sell shares amid the lockup expiration. Aside from the lockup, Asian stocks fell today on the whole due to a sharp drop in Australian shares. Many attribute the shake up to the Fed’s decision to leave interest rates unchanged; a decision that was somewhat attributed to the faltering Chinese economy, thus casting doubt on the economic health of the global economy. According to the 22 analysts polled by TipRanks in the last 3 months, 20 analysts are bullish on the stock while 2 recommend holding. The average 12-month price target between these 22 analysts is $93.02, marking a 42% potential upside from where the stock last closed.
GoPro Inc (NASDAQ:GPRO) fell 3.36% in pre-market trading to $33.97 following a Barron’s report published yesterday that warned GoPro shares could fall as low as $25. The report calls the company a “one-product wonder” and likens it to BlackBerry. This is quite foreboding as the public stood witness to BlackBerry’s painful fall from the top. Furthermore, the article warns that GoPro is vulnerable to competition from Apple, Sony, and other Chinese camera makers. This has been seen on two occasions in the past nine months when Apple released positive news about its camera offerings, sending GoPro shares down as a result. Despite this warning, GoPro stock draws a lot of fanfare which traces back to its media-frenzied IPO. According to the 15 analysts polled by TipRanks in the last 3 months, 11 are bullish on the stock while 4 are staying on the sidelines. No analyst has voiced a full-out bearish sentiment, yet. The average 12-month price target on the stock is $72.25, marking over a 100% potential increase from where shares last closed.
Micron Technology, Inc. (NASDAQ:MU) is up 1.87% in pre-market trading to $15.79 after Barclays initiated coverage on the technology company with an Overweight rating and a $20 price target, marking an approximate 30% upside from current levels. The semiconductor sector has been in a rut since the fall of the PC, which caused severe price and supply fluctuations of DRAM and NAND chips. Consequently, MU share prices have been falling; down by approximately 50%. As of this writing, 28 analysts on TipRanks have weighed in on Micron in the last 3 months. Of the 28 analysts, 21 are bullish on the stock, 6 are staying on the sidelines, and 1 is bearish. The average price target for the company is $26.06, marking a 68% potential upside from current levels.
Can Fite Biopharma Ltd (ADR) (NYSEMKT:CANF) fell 5.10% in pre-market trading down to $4.65 following the company’s weekend announcement of a $9 million registered direct offering. The biotech company, which focuses on developing therapies to treat cancer and inflammatory diseases, explained that it will issue over 2 million shares for investors to purchase for $4.35. The offer will take place later this week with an estimated date of September 23. This announcement comes days after Can Fite Bio received FDA Fast Track Designation for its pipeline drug, CF102, aimed to treat liver cancer. As of this writing, only one analyst on TipRanks has rated the company in the past 3 months. Last month, Mark Breidenbach of H.C. Wainwright weighed in on the biotech company following earnings and estimated that the company’s “cash position could sustain operations until early 2017.”