Trader’s Buzz: Unilife Corporation (UNIS), Arena Pharmaceuticals (ARNA), InvenSense (INVN), Fiat S.p.A. (FCAU), Regulus Therapeutics (RGLS)

Jefferies reported on Wednesday that they have raised their price target for Unilife Corporation (UNIS) to $9 from $5. UNIS shares recently gained $0.47, or 13.85%, to $4.08.

Jefferies’ target price suggests a potential upside of about 114% from the company’s current stock price.

In the past 52 weeks, shares of York, Pennsylvania-based firm have traded between a low of $2.00 and a high of $5.80. Shares are up 4.94% year-over-year ; down 17.95% year-to-date.

Arena Pharmaceuticals, Inc. (ARNA) today announced positive top-line results of a pilot study to assess the safety of lorcaserin HCl and phentermine HCl. The company said the results of the investigational study demonstrate that the short-term combination of lorcaserin plus phentermine does not appear to be associated with an exacerbation in the proportion of pre-specified adverse events compared to therapy with lorcaserin alone.

ARNA shares recently gained $0.01 to $4.36. The stock is down more than 2.22% year-over-year and has lost roughly 24.79% year-to-date. In the past 52 weeks, shares of San Diego, California-based company have traded between a low of $3.26 and a high of $7.97.

Arena Pharmaceuticals has a total market cap of $958.06M.

Shares of InvenSense, Inc. (INVN) were downgraded to a ‘Market Perform’ rating from ‘Outperform’ by Northland Capital on Wednesday. The firm also cut its 12-month base case estimate to $17.50 from $30.00. Analysts attributed the downgrade to company’s disappointing September quarter despite strong revenue growth and the 6-axis gyroscope/accelerometer win at Apple (AAPL). Separately, shares of InvenSense were also downgraded to ‘Neutral’ from ‘Overweight’ at Piper Jaffray. Price target was lowered 12 points to $17 a share.

INVN shares have a forward P/E of 14.17 and t-12 price-to-sales ratio of 7.25. EPS for the same period is ($0.10).

In the past 52 weeks, shares of San Jose, California-based firm have traded between a low of $15.20 and a high of $26.78 and are now at $16.47. Shares are up 17.57% year-over-year, and 3.37% year-to-date.

Fiat S.p.A. (FCAU) – Fiat Chrysler confirms board intention to spin off Ferrari. The company announced today that it has authorized the separation of Ferrari S.p.A. from FCA. Separation will be effected through a public offering of FCA’s interest in Ferrari equal to 10% of Ferrari’s outstanding shares and a distribution of FCA’s remaining Ferrari shares to FCA shareholders. The Board authorized FCA management to take the steps necessary to complete these transactions during 2015. FCA expects that the Ferrari shares will be listed in the United States and possibly a European exchange.

“I am delighted to have taken this additional step in the development of FCA. Coupled with the recent listing of FCA shares on the NYSE, the separation of Ferrari will preserve the cherished Italian heritage and unique position of the Ferrari business and allow FCA shareholders to continue to benefit from the substantial value inherent in this business” said John Elkann, Chairman of FCA.

Shares of Fiat rose 12 percent to $10.92 in early trading.

Shares of Regulus Therapeutics Inc. (RGLS) are higher by 12% to $19.69 on heavy volume in early trading on Wednesday, after the company announced the pricing of an underwritten public offering of 5,294,118 shares of its common stock at a price to the public of $17.00 per share. 4,411,765 shares are being sold by Regulus and 882,353 shares are being sold by an existing stockholder of Regulus, Isis Pharmaceuticals, Inc. (ISIS). Approximately 4,4M shares have already changed hands, compared to the stock’s average daily volume of 879,011 shares.

RGLS shares have traded between a low of $5.40 and a high of $20.29. Shares are up 148.03% year-over-year and 138.30% year-to-date.

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