Monday Morning Pre-Market Insights: Global X Funds (GREK), Sarepta Therapeutics (SRPT), Gannett Co., Inc. (GCI), Aratana Therapeutics Inc (PETX)
Global X Funds (NYSEARCA:GREK) plummeted -17% in pre-market trading to $9.75 after the European Central bank announced it would not expand Greece’s emergency loan program. Since then, Greece’s Prime Minister announced that the Greek stock exchange will be closed for today while Greek banks will be closed for the week. The company runs Global X FTSE Greece 20 ETF, which is an index of the top 20 companies on the stock exchange in Athens.
Sarepta Therapeutics Inc (NASDAQ:SRPT) shares rose more than 7% in pre-market trading to $33.50 following news that the biopharmaceutical company secured $40 million in debt financing thanks to a credit and security agreement with Midcap Financial. Sarepta will be able to borrow up to $40 million at an annual rate of 7.75%. According to ten analysts polled by TipRanks, six are bullish on Sarepta and four are neutral. On average, the 12-month price target for Sarepta is $32.13, marking nearly a 3% potential upside from where the stock is currently trading.
Gannett Co., Inc. (NYSE:GCI) shares shot up an overwhelming 135% in pre-market trading to $35.10 as the media company completed the split and created two independent, publicly traded companies: Gannett and Tenga, which will be traded on the NYSE under the ticker TGNA. Gannett will retain ownership of USA Today and an additional 92 local newspapers across the Unites States. According to TipRanks, the average 12-month price target is $33, marking a potential -11% downside from where the stock is currently trading.
Aratana Therapeutics Inc (NASDAQ:PETX) shares soared nearly 18% in pre-market trading to $15.85 following last week’s announcement that the pet therapeutic company released positive results from its study on capromorelin (AT-002), a drug aimed at stimulating appetites in dogs. The company also announced the robust safety and efficacy data from the trial. According to TipRanks, one analyst has a bullish position on the stock with a $25 price target, marking a potential 85% upside from where the stock is currently trading.