Relypsa Inc (NASDAQ:RLYP) is up 6% after the company announced positive results from a pre-specified exploratory analysis of a Phase 3 trial of Veltassa (patiromer), its treatment of hyperkalemia (high potassium). The OPAL-HK trial evaluates Veltassa in patients with hyperkalemia and chronic kidney disease who are taking RAAS inhibitors. The result indicated that patients had significant decreases in blood pressure as well as reduced levels of aldosterone, a hormone involved in regulating blood pressure and potassium levels in the blood. Lead investigator of the trial, Matthew R. Weird, M.D., stated “This analysis suggests that patiromer’s potassium lowering effects may be associated with reductions in blood pressure and aldosterone production. These findings could be important for people with CKD and are worth evaluating further.”
According to TipRanks, out of the 11 analysts who have rated the company in the past 3 months, 9 gave a Buy rating, 1 gave a Sell rating, and 1 remains neutral. The average 12-month price target for the stock is $29.90, marking an 88% upside from where shares last closed.
LendingClub Corp (NYSE:LC) is up over 4% in pre-market trading after the company named new CEO Scott Sanborn to replace its founder after he resigned last month. The company also announced they will lay off 179 employees from the resulting decline in loan volume following the Renaud Laplanche scandal. Laplanche was accused of purposely altering loan information, and fraudulently taking out loans to make the company’s loan volume appear larger. The company also announced that Q2 loan originations will be one third lower than the previous quarter.
According to TipRanks’ statistics, out of the 13 analysts who have rated the company in the past 3 months, 1 gave a Buy rating, 2 gave a Sell rating, and 10 remain neutral. The average 12-month price target for the stock is $5.81, marking a 35% upside from where shares last closed.
Regulus Therapeutics Inc (NASDAQ:RGLS) is down a whopping 50% in pre-market trading after the company announced that the FDA placed a clinical hold on its Investigational New Drug for RG-101, its treatment of HCV. The clinical hold came after the company reported a second serious adverse event of jaundice that occurred in a patient enrolled in its Phase 1 US study. The company plans on continuing its 3 on-going studies of RG-101 as scheduled and will work with the FDA in order to release the clinical hold. Following the news, which came yesterday after market close, shares were temporarily halted in after-hours trading.
According to TipRanks’ statistics, all 7 analysts who have rated the stock in the past 3 months gave a Buy rating. The average 12-month price target for the stock is $27.50, marking a 449% upside from where shares last closed.
Seadrill Ltd (NYSE:SDRL) is up over 6% in pre-market trading after a rebound in oil prices resulting from the Brexit. Immediately following the vote, oil prices fell to below $47 a barrel, triggering bargain savvy investors to take advantage of the lower prices. While the Brexit heavily impacted stocks and currencies, oil was not as affected due to expectations of high summer demand in Asia and the US. At the same time, fears of a strike by Norwegian oil and gas workers also sent the price of oil higher, as this would limited production from Norway which makes up 1.6% of the world’s crude oil production. Commerzbacnk analyst Carsten Fritsch stated. “Oil is recovering on some bargain hunting after the drop below $47 a barrel proved unsustainable and news of a possible strike in Norwegian oil and gas industry.”
According to TipRanks, out of the 4 analysts who have rated SDRL in the last 3 months, 3 are bearish while 1 remains on the sidelines. The average 12-month price target for the stock is $1.90, marking a 40% upside from where shares last closed.