Valeant Pharmaceuticals Intl Inc (NYSE:VRX) shares are up nearly 9% in early trading Tuesday after the embattled pharmaceutical company reported that it will sell assets worth $2.2 billion in an attempt to ease its $30 billion debt burden. The Canadian company plans too offload its Dendreon cancer business to China’s Sanpower Group Co Ltd for $819.9 million, and three skincare brands (CeraVe, AcneFree and Ambi) to L’Oreal for about $1.3 billion in cash. Valeant’s shares have plunged by almost 90% in the last year following extreme hiking of drugs prices and allegations of improper accounting practices linked to a mail-order-pharmacy named Philidor RX Services LLC.
According to TipRanks, only 1 analyst is bullish on Valeant, 3 are bearish, and 8 remain neutral (based on recommendations made in the past three months). The average 12-month price target between these 12 analysts is $22.22, marking a 44.76% potential upside from where shares last closed.
XG Technology (NASDAQ:XGTI) are rising nearly 15%, as of this writing, after the company regained full compliance for the Nasdaq stock market. It has now met all of Nasdaq’s listing requirements. In a press release, the Florida-based wireless communication developer said “In a letter received from the Listing Qualifications Department of Nasdaq on January 9, 2017, the Company was informed that it has regained compliance with the bid price and rights/warrants rules, as required by the Panel’s decision dated November 21, 2016, and is in compliance with other applicable requirements as set forth in the decision and required for listing on The Nasdaq Capital Market.”
Illumina (NASDAQ:ILMN) stock is trading up 15% after the sequencing tech company introduced the new NovaSeqTM Series, a scalable sequencing architecture expected one day to enable a $100 genome. Unveiled at the JP Morgan Healthcare Conference, Illumina says the platform redefines high throughput sequencing with its ease of use, low per sample costs and flexibility. The NovaSeq 5000 and 6000 systems will be shipped in Mar 2017 and mid-2017, respectively. Illumina also announced on Jan 9 that Illumina and Intel will be bundling IBM’s Watson Genomics product with Illumina’s TruSight Tumor 170, a tool used to match cancer patients with the right drugs. Merill Lynch analyst Derek De Bruin upgraded his Illumina rating to buy today as did Wells Fargo’s Tim Evans.
TipRanks reveals that 5 analysts are bullish on Illumina, 3 are bearish, and 7 are neutral. At the time of writing, the average 12-month price target between these 15 analysts is $146.75, marking a 3.68% potential upside from where shares last closed.