Celator Pharmaceuticals Inc (NASDAQ:CPXX) is up an overwhelming 71% to $30.12 in pre-market trading following this morning’s announcement that the company will be bought by competitor Jazz Pharmaceuticals for about $1.5 billion. Jazz Pharma will pay $30.25 in cash per share, marking a 72% premium from Celator’s previous closing price. While Celator does not yet have any approved drugs in its portfolio, it has garnered attention for Vyxeos; a pipeline drug to treat leukemia. According to TipRanks, all 3 analysts covering the stock are bullish with an average price target of $25.
Intercept Pharmaceuticals Inc (NASDAQ:ICPT) is up nearly 20% in pre-market up to $169.77 after the company received approval from FDA for Ocaliva. The treatment, to be used in combination with ursodeoxycholic, was approved to treat primary biliary cirrhosis (PBC) in adults. PBC is a rare, autoimmune liver disease that primarily affects women over 40. Ocaliva was in an accelerated-approval track and is the first new treatment for PBC in nearly 20 years. In light of this news, analyst Ritu Baral of Cowen & Co. reiterated an Outperform rating on the stock and raised her price target from $212 to $215. The analyst notes that the drug was approved with a “broader than expected label.” According to TipRanks, as of this writing 10 analysts are bullish on the company, 2 are bearish, and 3 are neutral. The average 12-month price target between these 15 analysts is $219.
Amicus Therapeutics, Inc. (NASDAQ:FOLD) is up nearly 12% in pre-market trading to $7.90 after the company received approval in the EU for Galafold to treat Fabry disease. Galafold, or migalastat, received approval to be a first-line therapy and has become the first oral treatment for the disease. Fabry disease is a rare genetic disorder that leads to kidney failure and heart disease. According to TipRanks, 5 analysts are bullish on the stock and 2 are neutral. The average 12-month price target between these 7 analysts is $12.57.
Seadrill Ltd (NYSE:SDRL) is down 1.53% to $3.22 in pre-market due to falling oil prices. The price of oil dipped this morning due to rising oil output in the Middle East. Specifically, Iraq, a key OPEC member, will export five million supplementary barrels of crude in June, adding on to the current record-high output levels from the oil giant. OPEC members will convene in Vienna this week to discuss global supply and demand issues. According to TipRanks, 3 analysts are bearish on the oil giant and one is neutral. These four analysts have an average 12-month price target of $1.90, marking a 42% potential downside from where shares last closed.