Keryx Biopharmaceuticals (NASDAQ:KERX) shares fell more than -5% in pre-market trading down to $9.06 after Boris Peaker at Cowen & Co. downgraded the company from Outperform to Market Perform. The analyst commented that Auryxia adoption will likely miss expectations. Auryxia is Keryx’s lead product used to treat patients with chronic kidney disease who are on dialysis. The analyst says that while doctors find “nothing wrong with Auryxia,” they also see “little reason to change their prescribing trends.” Consequently, the analyst expects the drug to underperform. Based on the 6 analysts who rated the stock in the past 3 months, 5 are bullish on Keryx and 1 is neutral. According to TipRanks, the average 12-month price target for the company is $21.33, marking a 123% potential upside from where the stock last closed.
SanDisk Corporation (NASDAQ:SNDK) soared more than 12% in pre-market trading to $61 after the company posted better than expected second quarter earnings. SanDisk posted earnings per share of $0.38, beating the analyst consensus of $0.33. The semiconductor company posted revenue of $1.24 billion, beating analysts’ estimates of $1.2 billion but marking a 24% decrease year-over-year. The CEO attributed to quarter’s success to new product launches. According to the 10 analysts polled by TipRanks in the last 3 months, 4 are bullish on the stock and 6 are neutral. The average 12-month price target is $68, marking a 26% potential upside from where the stock is currently trading.
QUALCOMM, Inc. (NASDAQ:QCOM) fell more -1.6% in pre-market trading to $63.12 after the company succumbed to pressures to cut costs by announcing massive layoffs. Right after the company reported in-line quarterly earnings, Qualcomm announced a “Strategic Realignment Plan” to cut costs in order to create long-term value for shareholders. The company will eliminate approximately $1.5 billion annual expenditures by letting go of thousands of employees. The company will also streamline the organization and reduce the number of offices. These cost-saving efforts are expected to be implemented by the end of fiscal year 2016. According to the 10 analysts polled by TipRanks in the last 3 month, 5 are bullish on the stock, 4 are neutral, and 1 is bearish. The average 12-month price target on the stock is $73, marking a 13% potential upside from where the stock last closed.
Cirrus Logic, Inc. (NASDAQ:CRUS) shares spiked more than 20% in pre-market trading to $33.85 after the semiconductor company beat estimates on solid first quarter earnings. The company posted first quarter revenue of $282.6 million, surpassing the consensus estimate of $260.73 million. Cirrus posted earnings per share of $0.54, beating estimates of $0.43. In the same quarter last year, the company posted revenue of $152.56 million and earnings per share of $0.37. Looking forward, Cirrus expects to post revenue between $290 million and $310 million. All 3 of the analysts polled by TipRanks in the last 3 months are bullish on the stock. The average 12-month price target on the stock is $42.33, marking a 37% potential upside from where the stock is currently trading.