Analyst Update: Gilead, MannKind, Pioneer Natural Resources

Analysts adjusted their ratings on Gilead Sciences, Inc. (GILD), MannKind Corporation (MNKD), and Pioneer Natural Resources (PXD)

Jan 6, 2016 at 2:56 PM

Analysts are weighing in today on drugmakers Gilead Sciences, Inc. (NASDAQ:GILD) and MannKind Corporation (NASDAQ:MNKD), as well as oil-and-gas stock Pioneer Natural Resources (NYSE:PXD). Here's a quick roundup of today's brokerage notes on GILD, MNKD, and PXD.

GILD is defying the broad-market downturn, up over 1% at $100.37. The bullish price action is transpiring even though the company ended its mid-stage trial on lung disease drug simtuzumab, prompting Jefferies to cut its price target to $111. Longer term, Gilead Sciences, Inc. has had a terrible time, pulling back in recent months from its all-time high of $123.37 in late June. At the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), traders are confident the stock can buck its trend lower. Over the past two weeks, GILD has racked up a call/put volume ratio of 3.08 across that trio of exchanges, ranking in the 87th annual percentile.

MNKD has plunged nearly 12% to trade at $0.66, and earlier touched an all-time low of $0.64, following the termination of a licensing contract by Sanofi SA (ADR) (NYSE:SNY). The news prompted Griffin to raise its opinion to a "buy," but Piper Jaffray and RBC cut their respective price targets to $0.05 and $0.15. Meanwhile, short sellers may soon decide to cash in their winning bets. Over 40% of MannKind Corporation's float is sold short -- an accumulation of shorted shares that represents more than 19 times the stock's average daily volume.

PXD has fallen 7.5% to $115.73 after the company increased the size of its secondary offering of common stock and set the pricing at $117 per share -- a steep discount to Tuesday's close at $125.17. The news prompted no fewer than four brokerage firms to reduce their price targets, with Scotia Howard Weil setting its bar the lowest, at $143. This is more of the same for Pioneer Natural Resources, which tumbled nearly 16% in 2015 amid oil's slide. More bearish attention could be coming from the analyst community, too. Of the 26 firms tracking PXD, 21 have doled out a "buy" or better endorsement. Plus, the stock's consensus 12-month price target of $165.10 stands at a nearly 43% premium to current levels.

For other stocks in analysts' crosshairs, read Analyst Upgrades: Oracle Corporation, Lockheed Martin Corporation, and TASER International, Inc. and Analyst Downgrades: Smith & Wesson Holding Corp, Fitbit Inc, and Fiat Chrysler Automobiles NV.

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