Thursday Morning Pre-Market Insights: Centene Corp (CNC), BreitBurn Energy Partners L.P. (BBEP), Fitbit Inc (FIT), AcelRx Pharmaceuticals Inc (ACRX)
Centene Corp (NYSE:CNC) shares increased 4.45% in pre-market trading to $84.50 following news that the Medicaid insurance provider will buy Health Net Inc for approximately $6.8 billion in cash and stock, which includes assuming Health Net’s approximate $500 million of debt. Centene believes that the transaction will boost its diluted earnings per share in the first year after the deal closes. The combined company will create a leading healthcare service with more than ten million members. Centene says that Health Net’s Medicare platform will complement its own Medicaid programs. According to the seven analysts polled by TipRanks in the last three months, four are bullish on Centene while three are neutral.
BreitBurn Energy Partners L.P. (NASDAQ:BBEP) shares increased more than 4% in pre-market trading to $4.74 after the company announced a monthly cash distribution of $0.04166 for common and preferred units, which will be payable on July 17 to shareholders as of July 14. The company notes that this monthly distribution is equal to a distribution of $0.50 per common unit on an annualized basis. According to TipRanks, two analysts have made neutral ratings on BBEP in the last three months while one has made a bearish rating.
Fitbit Inc (NYSE:FIT) shares fell -3.2% in pre-market trading to $41.02 as shares came down from a recent rally. Fitbit shares surged earlier this week after an announcement that the fitness wearable device was poised to outsell the Apple Watch. Furthermore, another announcement speculated that Fitbit will have booming sales in the upcoming quarters. Apple has not disclosed sales figures on its Apple Watch, fueling this speculation. According to the analysts polled by TipRanks, three have bullish ratings on the stock.
AcelRx Pharmaceuticals Inc (NASDAQ:ACRX) shares increased 8.2% in pre-market trading to $4.45 after the biopharmaceutical company announced that results from the IAP311 study have been published in Anesthesiology, marking the first time the results were published in a peer-reviewed journal. The test was a Phase 3 trial of Zalviso, a pipeline treatment to address IV patient-controlled analgesia, or a method to allow a patient to administer their own pain relief drug. The study achieved its primary endpoint. According to TipRanks, in the last three months one analyst has given ACRX a neutral rating with a $3 price target, marking a potential -27% downside from where the stock is currently trading.