Linn Energy LLC (NASDAQ:LINE) is down over 20% in pre-market trading after announcing that it has entered into a settlement agreement with some of its creditors to restructure its debt and possibly file for Chapter 11 bankruptcy. The debt totals to around $1 billion, which comprises of mortgages through 12% Second Lien Notes. The company used the funds to pay some of its credit facility borrowings that it was unable to fund itself due to the steep decline of commodity prices which has affected the company over the past year and a half. Because the company could not deliver the mortgages by the March 18 deadline, Line was in default on the note but has a 45-day grace period to restructure. If the two parties are unable to come to an agreement, the company will have to file for Chapter 11 bankruptcy.

According to TipRanks, out of the 5 analysts who have rated the stock in the past 3 months, all are bearish. The average 12-month price target for the stock is $0.50, marking a 43% upside from where shares last closed.

Sarepta Therapeutics Inc (NASDAQ:SRPT) is up over 5% in pre-market trading after Oppenheimer analyst Christopher Marai increased his price target on the stock to $60 from $45, reiterating an Outperform rating. The analyst sees several catalysts for the stock and believes investors should take advantage of the stock’s low current valuation. HE states, “We are increasing our price target for SRPT to $60 (Street-high, FactSet) from $45, in anticipation of positive panel and PDUFA outcomes. We now fully account for accelerated approval of EXONDYS-51 (eteplirsen) and pediatric review voucher (est. $350M+ value); we update our ests.”

He continues, “We believe SRPT is differentiated from other companies in the space, although approval risk remains, and perceived as heightened, post Translarna (PTCT) RTF and Kyndrisa (BMRN) CRL, two events that were admittedly more negative than we anticipated. Sarepta is, however, differentiated with (1) positive long-term trial data, supported by dystrophin, (2) ongoing FDA-wide interactions, and (3) patient/KOL advocacy favoring accelerated approval outcome, in our view (more pg 4). Consequently, we believe SRPT offers compelling risk/reward into upcoming PDUFA (May 26), with upside to $60 on approval and downside to <$10 without. Near-term weakness around briefing document release, on or prior to April 21, may present buying opportunity.”

According to TipRanks’ statistics out of the 10 analysts who have rated the stock in the past 3 months, 4 gave a Buy rating, 1 gave a Sell rating, and 5 remain neutral. The average 12-month price target for the stock is $31, marking a 59% upside from where shares last closed.

Cree, Inc. (NASDAQ:CREE) is falling 18% in pre-market trading after the company announced lower than expected preliminary Q3:16 results yesterday after market close. The company announced that it expects revenue for the quarter of $367million and earnings of between 13 and 15 cents a share. However, analysts were forecasting revenues of $414 million and earnings of 24 cents per share. The company attributes this miss to lower lightening products revenue ““due primarily to lower commercial orders driven by three main factors: customer service disruptions related to our ERP system conversion; new product delays; and a slower than forecast calendar Q1.” However, the company believes an improved order rate and increased demand will “drive growth again in fiscal Q4.”

According to TipRanks, out of the 5 analysts who have rated the company in the past 3 months, 2 gave a Buy rating while 3 remain on the sidelines. The average 12-month price target for the stock is $29.50, marking a 2% upside from where shares last closed.