Tuesday’s Pre-Market Look

Biogen (BIIB), Ionis Pharmaceuticals (IONS) – The FDA approved a new treatment for spinal muscular atrophy. That disease is the leading genetic cause of death in infants, affecting about one in 10,000 births. The drug was developed by Ionis and will be marketed by Biogen.

Fred’s (FRED)– The discount store operator adopted a shareholder rights plan, designed to prevent an outside party from gaining control “without appropriately compensating its shareholders.” That follows news last week that activist investor Alden Global Capital took a nearly 25 percent stake and said it considered the shares “undervalued.”

Tesla Motors (TSLA) – The electric car maker struck a deal with Panasonic to produce solar cells and modules at a factory in Buffalo, New York, with production set to begin this coming summer.

Disney (DIS) may move to the upside in today’s trading after its ‘Rogue One’ movie was the number one movie seen over the weekend according to ComScore.

Lions Gate Entertainment (LGF) was initiated with a ‘Buy’ at Argus Research with a 12-month price target of $34.

Ritchie Bros. Auctioneers (RBA) was downgraded to ‘Market Perform’ from ‘Outperform’ at Raymond James.

Sotheby’s (BID) was rated a new ‘Buy’ at Sidoti & Company with a 12-month target price of $54.

Hologic’s (HOLX) received U.S. FDA approval for commercial distribution of its HIV-1 test.

MacroGenics (MGNX) was granted orphan drug status by the U.S. FDA for its Cd123 X drug in treatment of acute myeloid leukemia.

Shire (SHPG) said the U.S. FDA approved its hemophilia therapy of Adynovate in pediatric patients under 12 years old and for use in surgical settings for adult patients.

International Value Advisers cut its stake in DeVry Education Group (DV) to 7.0% from 8.5%.

Point72 Asset Management cut its stake in Whiting Petroleum (WLL) to 1.9% from 5.7%.

Protalix Biotherapeutics (PLX) jumped 8% in pre-market trading after it received a $24.3 million order for its alfataligilicerase drug to treat Gaucher patients in Brazil by the Brazilian Ministry of Health.

Source: FoxBusiness, BarChart, CNBC,Bloomberg, Reuters