Wednesday’s Pre-Market Insights: Synergy Pharmaceuticals Inc (SGYP), Youku Tudou Inc (ADR) (YOKU), Kythera Biopharmaceuticals Inc (KYTH), Himax Technologies, Inc. (ADR) (HIMX)
Synergy Pharmaceuticals Inc (NASDAQ:SGYP) shares shot up nearly 65% in pre-market trading to $7.65 following an announcement that the pharmaceutical company released positive results in the first Phase 3 trial of Plecanatide, a therapy in pill aimed to treat constipation. This was the first of two Phase 3 trials for the pipeline drug. According to TipRanks, two analysts currently have open Buy positions on SGYP. The average 12-month price target is $9.75.
Youku Tudou Inc (ADR) (NYSE:YOKU) shares increased 4.35% to $29.50 following a rumor that Alibaba may be interested in buying the Chinese online video website. Alibaba already owns a stake in Youku Tuduo. Analysts are optimistic that Alibaba will make an offer on the Chinese streaming website because Alibaba has recently announced current ventures to dive into the TV streaming market. According to TipRanks, four analysts currently have open ratings on YOKU; two rate it a Buy, one recommends Hold, and one recommends Sell.
Kythera Biopharmaceuticals Inc (NASDAQ:KYTH) shares increased 22.6% in pre-market trading to $74.45 following an announcement that the company will be bought out by Allergen for approximately $2.1 billion. Allergen is most known for producing Botox, which will coincide nicely with Kythera’s flagship product, Kybella. Kybella, an FDA approved product to treat adults with moderate to severe fat below the chin. According to TipRanks, one analyst currently has a Buy rating on the stock.
Himax Technologies, Inc. (ADR) (NASDAQ:HIMX) shares increased 2.3% in pre-market trading to $6.45 after Northland Securities analyst Tom Sepenzis released a positive report on stock in which he reiterated an Outperform rating on HIMX and raised his price target from $9 to $11. The analyst noted that Himax’s business trends seem to be improving in every segment. Himax is a Taiwan-based semiconductor company.