Pre-Market Movers April 12, 2017

The market is relatively flat ahead of the open. There are still ongoing talks between President Trump and Chinese President Xi Jinping, regarding a trade deal. Both Presidents have agreed to hold 100 days of trade talks, and, according to China’s Ministry of Foreign Affairs,  they discussed the ongoing situation in Syria and North Korea in a telephone call. Now that you’re all caught up on Trump and China, let’s move onto some stocks that are moving during the pre-market. Here are some names that have caught our attention in the early morning trade:

Pre-Market Movers

Shares of Neurocrine Biosciences, Inc. (NASDAQ: NBIX) are up over 20% during the pre-market after it announced that the U.S. Food and Drug Administration (FDA) approved INGREZZA capsules for treating adults with tardive dyskinesia (TD). The company’s product could provide significant and quick improvements in those showing signs of (TD). This prompted some analysts to comment on Neurocrine. Jefferies analyst Biren Amin raised his price target for Neurocrine Biosciences to $65, from $58. Moreover, JPMorgan analyst Anupam Rama thinks shares could trade near his $60 price target. In addition, BMO believes that the positive Ingrezza label along with some other catalysts have opened up the doors to potentially seeing $100 per share. Here’s a look at NBIX’s daily chart:


Source: TradingView

China Techfaith Wireless Comm. Tech. Ltd (NASDAQ:CNTF) shares were up just over 10% ahead of the open after it agreed to sell its equity interest, worth approximately $144M, in Intelligent Handset Technology. The company also reported its unaudited second-half and full-year 2016 financial results. The company had net income of $11.3M, or $1.07 per diluted ADS, compared to a net loss of $1.2M, or a net loss of 11 cents per diluted ADS. That in mind, the company showed its ability to grow its earnings, and traders may be taking note.

Source: TradingView

Rent-A-Center Inc (NASDAQ: RCII) shares are trading higher during the pre-market, after Raymond James upgraded the stock, from market perform, to strong buy. The analyst is bullish on the company reappointing Mark Speese as the Chief Executive Officer, as well as its new strategic plan and outlook. Raymond James analyst noted that RCII’s risk-reward potential could be favorable.

Source: TradingView

BlackBerry Limited (NASDAQ: BBRY) shares are up over 15% during the pre-market, after it was awarded approximately $814.87M in arbitration against Qualcomm. The binding interim arbitration decision awarded $814.87M in royalty overpayments, and a final award, which would include interest and attorneys’ fees would be issued after a hearing on May 30, 2017.

Source: TradingView

Novan, Inc. (NASDAQ: NOVN) is up over 55% ahead of the trading day, after it announced positive topline results from its Phase II clinical trial with SB208, a topical gel that could be used to treat infections caused by dermatophytes. The antifungal gel could be used in the treatment of infections of the skin and nails, such as athlete’s foot and onychomycosis. In the Phase II trial results, SB208’s effect was statistically significant, when compared to vehicle treated subjects.

Source: TradingView

On the economic calendar, Import and Export Prices were released at 8:30 AM ET, and import prices fell by 0.2% month over month (MoM), while export prices gained 0.2% MoM.


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