Tuesday Morning’s Daily Insights: PhotoMedex Inc (PHMD), Amarin Corporation plc (ADR) (AMRN), Synergy Pharmaceuticals Inc (SGYP), BlackBerry Ltd (BBRY)
PhotoMedex Inc (NASDAQ:PHMD) shares soared 24.5% in pre-market trading to $2.29 after the dermatological pharmaceutical company announced it will be selling two treatments to MELA Sciences in a $42.5 million cash deal. PhotoMedex will be selling XTRAC and VTRAC, two skin treatments. Furthermore, the company also announced it has fully paid off its outstanding debt of $40 million. PhotoMedex CEO Dolev Rafaeli commented that the sale of these two products will allow the company to focus more on its core consumer and skincare businesses.
Amarin Corporation plc (ADR) (NASDAQ:AMRN) shares increased 5.2% in pre-market trading to $2.63 in light of the recent legal battle between Amarin and the New York courts regarding Vascepa. Vascepa is the company’s first FDA-approved product aimed at improving heart health. Amarin has been fighting in court for Vascepa exclusivity. Recently, Amarin has moved for the court to write preliminary injunction. In the statement, Amarin outlines that is wishes to provide to healthcare providers, such as specific data from recent trials.
Synergy Pharmaceuticals Inc (NASDAQ:SGYP) shares increased 3.39% in pre-market trading to $8.55 following news that that pharmaceutical company initiated second Phase 3 trials of Plecanatide in patients with IBS and constipation. The trial will test two different doses in tablets taken once a day. Five-star analyst Corey Davis of Canaccord Genuity maintained a Buy rating on the stock last week and noted that he believes the drug has $2 billion potential if it is in the hands of the correct marketing team. According to the analysts polled by TipRanks, two analysts with open positions on SGYP recommend buying the stock. The average 12-month price target for SGYP is $16.50, marking nearly a 100% upside from where the stock is currently trading.
BlackBerry Ltd (NASDAQ:BBRY) shares increased more than 5% in pre-market trading to $9.69 following the company’s first quarter 2016 earnings report, which showcased growing software revenue. CEO John Chen has been working to increase Blackberry’s software revenue with the lofty goal of doubling it by March 2016. According to the 13 analysts polled by TipRanks, 9 recommending Holding BBRY while 4 recommend Selling shares of the company. The average 12-month price target is $9.07, marking a potential downside of -1.4% from where shares are currently trading.