Bristol-Myers Squibb, Twitter, Gilead Sciences and more
Take a look at the companies making the biggest moves Monday afternoon:
Gilead Sciences — Gilead shares rose 3.8% after the biopharmaceutical company revealed it settled a patent case over its HIV treatments with five generic drugmakers.
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Twitter — Shares in Twitter fell 2% after the company said in a regulatory filing that Elon Musk’s latest attempt to cancel its deal to buy the social media group is invalid. Most recently, Musk attempted to terminate the purchase citing Twitter’s handling of a whistleblower.
Carvana — Carvana rose 7.8% after it was upgraded to overweight from neutral by Piper Sandler. Analyst Alexander Potter called the stock “grossly undervalued” and believes Carvana could double from current levels.
Newmont – The gold mining company gained 2.6% after Goldman Sachs initiated coverage of the stock with a buy rating. Analyst Emily Chieng said Newmont looks undervalued after falling 30% and pointed to the company’s new development projects in the pipeline that could boost growth.
Bristol-Myers Squibb — Shares of the biopharmaceutical company rose 5.4% after the US Food and Drug Administration approved Bristol-Myers’ oral treatment for plaque psoriasis known as Sotyktu.
Amgen — Amgen shares fell 3.7% following the approval of Bristol-Myer Squibb’s psoriasis drug, which will compete with Amgen’s Otezla. Separately, the biotech company reported over the weekend that the Lumakras pill reduced the risk of lung cancer progression by 34% compared to chemotherapy in a clinical trial,
Alphatec — Shares jumped 7.7% after Morgan Stanley initiated coverage of the medical technology company with an overweight rating. According to the firm, Alphatec is outperforming peers and has “significant runway” for double-digit revenue growth in spine surgery.
Energy stocks — Rising oil prices helped push energy stocks up. APA was the day’s biggest gainer, jumping more than 5% after Citi upgraded the oil and gas company to buy from neutral. Hess and Marathon Oil both rose more than 3%, while Devon Energy rose nearly 4%. Exxon Mobil rose more than 1%.
Truckers and logistics companies — Transportation services company Yellow rose nearly 6%, while trucking company Heartland Express rose more than 3%, and Old Dominion Freight Line and Saia gained nearly 3%. The moves come as concerns over a possible rail strike heat up.
— CNBC’s Sam Subin, Carmen Reinicke and Sarah Min contributed to this report.