Monday Morning Pre-Market Insights: Micron Technology, Inc. (MU), Geron Corporation (GERN), Plasmatech Biopharmaceuticals Inc (PTBI), bluebird bio Inc (BLUE)
Micron Technology, Inc. (NASDAQ:MU) shares fell -3.30% in pre-market trading to $24.30 after Morgan Stanley analyst Joseph Moore downgraded the stock from Equal-Weight to underweight and lowered his price target from $30 to $21. Like many analysts, Moore is uncertain of the future of Micron due to fluctuating DRAM prices and supply. DRAM prices have been falling since the decline of PC’s and increased competition between semiconductor companies. According to the 21 analysts polled by TipRanks, 16 have Buy ratings on Micron; three have Hold ratings; and two have Sell ratings.
Geron Corporation (NASDAQ:GERN) increased 6.17% to $4.30 in pre-market trading on Monday after Oppenheimer analyst Ling Wang issued an Outperform rating on the stock. Furthermore, the FDA granted orphan drug status to imetelstat, a therapy for myelofibrosis; a rare form of bone marrow cancer. According to TipRanks, two analysts have open positions on the stock, both of which are Buy ratings. The average 12-month price target on the stock is $5.75, marking a 42% potential upside based on where the stock is currently trading.
Plasmatech Biopharmaceuticals Inc (NASDAQ:PTBI) shares increased 3.82% in pre-market trading to $7.61 after the pharmaceutical company announced that it has added another AAV gene therapy to its pipeline. The therapy was licensed from the University of Minnesota and aims to treat Fanconi anemia and other rare blood diseases. According to TipRanks, two analysts currently have open positions on the stock, both of which are Buy ratings. The average 12-month price target on the stock is $15.50, marking a 111% potential upside from where the stock is currently trading.
bluebird bio Inc (NASDAQ:BLUE) shot up 5.8% in pre-market trading to $191.31 after the biopharmaceutical company announced new data from HGB-205, a study that tested LentiGlobin BB305. The experimental therapy aims to treat beta thalassemia, a rare blood disorder. On June 13 Bluebird bio announced that the therapy enabled a patient with severe Sickle Cell Disease to go three months without receiving a blood transfusion. According to the seven analysts polled by TipRanks, all seven of them recommend Buying BLUE. Out of the seven analysts, the average 12-month price target for the stock is $203.67, marking a 12.6% potential upside from where the stock is currently trading.