Tuesday Morning Pre-Market Insights: Global X Funds (GREK), Juno Therapeutics Inc (JUNO), Stratasys, Ltd. (SSYS), Kite Pharma Inc (KITE)
Global X Funds (NYSEARCA:GREK) shares are up 3.4% in pre-market trading to $9.81; a slight rebound after the stock tumbled nearly 20% yesterday. The company runs Global X FTSE Greece 20 ETF, which is an index of the top 20 companies on the Athens stock exchange. Today, Greek Finance Minister Varoufakis confirmed that the country will not be able to pay the debt by today’s deadline, though he is still hoping for a last minute deal to postpone the default. Greek banks will remain closed for the week.
Juno Therapeutics Inc (NASDAQ:JUNO) shares soared over 42% in pre-market trading to $65.75 after the biotechnology company announced a ten-year collaboration with Celgene. Celgene will invest an initial $1 billion in Juno, which entails purchasing more than 9 million shares of the company for $93 each. Juno shares last closed at $46. The broad partnership will draw on the expertise from each biotechnology company in order to develop new therapies for cancer and auto-immune diseases. Celgene will have the option to commercialize Juno’s programs outside of North America while Juno will have the option to co-develop and co-promote some of Celgene’s programs. The analyst consensus on TipRanks for Juno Therapeutics is Strong Buy.
Stratasys, Ltd. (NASDAQ:SSYS) shares increased 3.8% in pre-market trading to $37.16 after the 3-D printing company was awarded the Red Dot Award: Product Design 2015 with its MakerBot Replicator Desktop 3D Printer. Stratasys beat out 5,000 other entries to win the award and boasts its product as the “easiest and most versatile way to get from 3D model to 3D print.” According to the analysts polled by TipRanks, five are bullish on Stratasys and nine are neutral. The average 12-month price target for the stock is $48.70, marking a 36% potential upside from where the stock is currently trading.
Kite Pharma Inc (NASDAQ:KITE) shares jumped 9.4% in pre-market trading to $64.50. The biotechnology company did not release a formal announcement, but has been mentioned by analysts as a competitor in the deal with Juno and Celgene. Due to Kite’s robust pipeline, some speculate that Kite could be next in line to receive a substantial investment or profitable collaboration. All five of the analysts polled by TipRanks are bullish on Kite Pharma. The average 12-month price target for the stock is $85.80, marking a 45% potential upside from where the stock is currently trading.