By Kate George
Canadian Solar Inc. (NASDAQ:CSIQ) plummeted nearly -11% in pre-market trading down to $21.98 after the company reported second quarter earnings yesterday after market close. The solar panel company posted net revenue for the quarter of $636.7 million, significantly down from $860.9 million in the prior quarter. However, the company anticipated this drop as it the revenue figure fell within its forecasted range of $570 million to $620 million. The company posted diluted earnings per share of $0.31, ahead of the analyst estimate of $0.29 but down from $0.95 in the same quarter of last year. The losses came as the solar panel company shipped fewer units than expected. Looking forward, the company also provided lighter guidance than anticipated, expecting to ship between 970MW to 1,020MW. The company expects total revenue for the third quarter between $570 million and $620 million and gross margin between 12% and 15%. The company warned that gross margin is expected to be adversely impacted by U.S. import taxes. According to the 2 analysts polled by TipRanks in the last 3 months, both are bullish on CSIQ with an average 12-month price target of $45.50, marking an 84% potential upside from where shares last closed.
Biocept Inc (NASDAQ:BIOC) shares jumped 6.12% in pre-market trading up to $2.08 after analyst Yi Chen of H.C. Wainwright initiated coverage on the pharmaceutical company with a Buy rating and a $4 price target, giving the company a market cap of $98 million. Chen has a strong science background and covers several other biopharmaceutical companies. The analyst finds Biocept’s liquid biopsy technology to be promising because it is a “less invasive and less expensive” method to obtain biomarkers. Chen explained, “Since Biocept has recently launched multiple tests targeting multiple cancer sites, we expect sales from commercial cases to continue to ramp up quickly.” Click here to see Yi Chen’s performance history.
Barrick Gold Corporation (USA) (NYSE:ABX) shares increased 1.31% in pre-market trading up to $7.76 following an upgrade from Macquarie, in which the analyst upgraded the company from Underperform to Neutral. The stock also fell today due to the drop in gold prices, which the Wall Street Journal reports is a result of the stronger dollar. As the U.S. dollar is growing stronger against other currencies, investors are becoming concerned about the possibility of the Federal Reserve hiking interest rates to signal the full recovery of the 2008 economic crisis. The Federal Reserve has not raised interest rates in 10 years, and new rates will lessen the appeal of investing in gold. According to the 5 analysts polled by TipRanks in the last 3 months, 1 analyst is bullish on ABX and 4 are neutral. The average 12-month price target on the stock is $10.83, marking a 41% potential upside from where shares last closed.
Cempra Inc (NASDAQ:CEMP) is up nearly 6% in pre-market trading to $39 after the biopharmaceutical company announced that the FDA had granted Fast Track Designation to solithromycin intravenous (IV) and capsules. The product, solithromycin, is a pipeline treatment in Phase 3 testing aimed to treat community acquired bacterial pneumonia, also known as CABP. Cempra plans to complete a New Drug Application for the treatment in 2016. The FDA has already designated the pipeline drug as a Qualified Infectious Disease Product (QIDP), meaning that if the product is ultimately approved by the FDA it will eligible for an extra five years of exclusivity. According to the 3 analysts polled by TipRanks in the last 3 months, all 3 of them are bullish on the stock. The average 12-month price target on the stock is $53.67, marking a 46% potential upside from where shares last closed.