Tuesday Morning’s Market Insights: GoPro Inc (GPRO), Exelis, Inc. (EXEL), Can Fite Biopharma Ltd (ADR) (CANF), First Solar, Inc. (FSLR)
GoPro Inc (NASDAQ:GPRO) is up 2.73% in pre-market trading as tech fans prepare for the CES 2016 conference in Las Vegas, set to begin tomorrow. The action camera company already announced its new camera equipped drone, Karma, and many believe the product will be unveiled at the conference. The Karma is set to break into the consumer drone market, which is expanding though remains under tight government regulation. According to the 14 analysts polled by TipRanks in the last 3 months, 7 are bullish on GPRO, 5 are neutral, and 2 are bearish. The average 12-month price target between the 14 analysts is $33.17, marking a 77% potential upside from where shares last closed.
Exelixis, Inc. (NASDAQ:EXEL) is up more than 9% in pre-market trading after the company announced last night that positive data from a pipeline trial will be presented at the ASCO 2016 conference (American Society of Clinical Oncology) later this week in San Francisco. The strong results showed that the METEOR Phase 3 Pivotal Trial of Cabozantinib in advanced renal cell carcinoma achieved its primary endpoint of progression-free survival in a study with 658 patients. According to TipRanks, one analyst is currently neutral on the company with a $6 price target, marking a 9% upside from where shares last closed.
Can Fite Biopharma Ltd (ADR) (NYSEMKT:CANF) is up 7% in pre-market trading after the company submitted a Phase 3 protocol for lead drug candidate CF101, intended to treat rheumatoid arthritis. The company submitted the protocol to the Instiuttinal Review Board (IRB) of Brazilai Medical Center following last month’s successful meeting with the MPA (Medical Products Agency) in Sweden regarding CF101’s clinical registration strategy. According to research firm Visiongain, the rheumatoid arthritis market is forecaste to reach $38.5 billion by 2017. One analyst on TipRanks has rated Can-Fite in the past 3 months with a Buy rating and $6 price target, marking a 110% upside from where shares last closed.
First Solar, Inc. (NASDAQ:FSLR) is up over 3% in pre-market trading after analyst Brian Lee of Goldman Sachs upgraded the stock from Neutral to Buy, raising his price target to $100 from $61. The analyst expressed a few reasons for his bullish rating, most notably California boosting its renewable mandate by 50% and extending the federal solar investment tax credit by 30%. The analyst is also upbeat regarding the company’s allocation of funds to new projects and its low cost of capital. According to TipRanks’ statistics, out of the 11 analysts who have rated the company in the last 3 months, 9 gave a Buy rating while 2 remain on the sidelines. The average 12-month price target for the stock is $71.71, marking a 7% upside from where shares last closed.