Wednesday’s Mid-Day Movers: Celgene Corporation (CELG), Kinder Morgan Inc (KMI), Freeport-McMoRan Inc (FCX), Rovi Corporation (ROVI)
Celgene Corporation (NASDAQ:CELG) is up 8% at mid-day trading following analyst upgrades regarding yesterday’s news that the company settled its patent battle with Natco Pharma Ltd. over top drug Revlimid. The settlement states that Natco can sell a generic version of Revlimid in the U.S. starting in March 2022 with volume limitations until 2026. As a result, analyst Eric Schmidt of Cowen and Co. reiterated his Outperform rating on the stock with a price target of $150, stating, “We view the deal terms as favorable and reflective of the strength of Revlimid’s IP portfolio.” According to TipRanks’ statistics, out of the 8 analysts who have rated the company in the past 3 months, all 8 gave a Buy rating. The average 12-month price target for the stock is $155.00, marking a 28% upside from current levels.
Kinder Morgan Inc (NYSE:KMI) is up nearly 7% at mid-day thanks to increasing oil prices. The jump is oil came as a surprise today thanks to a welcomed drop in oil inventory levels. As a result, crude oil rose over $37 a barrel. According to TipRanks, 4 analysts are bullish on KMI while 4 remain on the sidelines. The average 12-month price target for the stock is $23.71, marking a 44% potential upside from current levels.
Freeport-McMoRan Inc (NYSE:FCX) is up over 12% at mid-day thanks to rising oil prices, which slowly climbed up today, escaping a 11 year low. The price increase is attributed to a decrease in U.S. oil inventory levels; a welcomed surprise as there has been a supply glut and slow demand. According to TipRanks, two analysts are bullish on FCX while 3 remain neutral. The average 12-month price target between these 5 analysts is $12.50, marking a 73% potential upside from current levels.
Rovi Corporation (NASDAQ:ROVI) is up 30% at mid-day trading following today’s news that it is renewing and expanding its licensing agreement with AT&T for 7 years. The agreement states that “Rovi will continue providing AT&T worldwide access to its entertainment discovery patent portfolio.” According to TipRanks’ statistics, 2 analysts have rated the company in the past 3 months with a Buy rating. The average 12-month price target between these two analysts is $26.00, marking a 74% upside from current levels.