Tuesday Morning Pre-Market Insights: Aerie Pharmaceuticals Inc (AERI), Nokia Corporation (ADR) (NOK), Avalanche Biotechnologies Inc (AAVL), Tonix Pharmaceuticals Holding Corp. (TNXP)
Aerie Pharmaceuticals Inc (NASDAQ:AERI) shares shot up 56% to $20.75 in pre-market trading after the FDA agreed to allow Aerie to change the primary endpoint of its second Phase 3 trial of Rhopressa, an eye drop that alleviates intraocular pressure. In light of this news, RBC Capital analyst Adnan Butt maintained an Outperform rating on the stock and raised his price target from $27 to $31. Based on the six analysts polled by TipRanks, four analysts recommend Buying AERI and two recommend Holding the stock.
Nokia Corporation (ADR) (NYSE:NOK) shares increased 0.71% in pre-market trading to $7.06 following an announcement that LG agreed on a royalty-bearing patent license on Nokia smartphones. The deal is expected to close in one to two years. According to the ten analysts polled by TipRanks, four rate Nokia a Buy and six rate the stock a Hold. On average, the 12-month price target between the ten analysts is $8.75, marking nearly a 25% potential upside from where the stock is currently trading.
Avalanche Biotechnologies Inc (NASDAQ:AAVL) shares plummeted -48% in pre-market trading to nearly $20.00 after top-line results for the AVA-101 Phase 2a study elicited concerns regarding the secondary efficacy of several endpoints. Analysts weighed in with mix reviews following the news. Joshua Schimmer of Piper Jaffray maintained an Overweight rating on the stock, noting that the data was mostly in-line with expectations and that the company’s overall pipeline is underappreciated. On the other hand, Gbola Amusa of Chardan Capital maintained a Hold rating on the stock following the trial data.
Tonix Pharmaceuticals Holding Corp. (NASDAQ:TNXP) shares increased 2.6% to $9.50 in pre-market trading following an announcement that the biopharmaceutical company is beginning its Phase 2 study of TNX-201, a drug aimed to alleviate episodic tension-type headaches. Tonix expects top-line results to be available in the 4Q15. According to TipRanks, two analysts have open positions on TNXP. Both analysts rate the stock a Buy and the average 12-month price target in $11.00, marking a potential upside of 18% based on where the stock is currently trading.