Check out the firms that are making huge movements in the middle of the day.
Novo Nordisk
The Danish drugmaker’s shares rose 6.27% after the company said late Tuesday that it will stop Ozempic’s kidney disease treatment study after an analysis revealed hints of success. Eli Lilly, which manufactures the diabetic medication Mounjaro, increased by 4.48%.
DaVita, Fresenius Medical Care, Baxter International
On Novo Nordisk’s announcement, shares of dialysis providers DaVita and Fresenius Medical Care fell 16.86% and 17.57%, respectively. Baxter International, which manufactures dialysis products, fell 12.27%.
Exxon Mobil, Pioneer Natural Resources
Exxon Mobil shares dipped 3.59% after the world’s largest oil and gas producer agreed to purchase shale rival Pioneer Natural Resources in an all-stock transaction for $59.5 billion, or $253 per share. For each Pioneer share owned, investors will get 2.3234 Exxon shares. The transaction, Exxon’s largest since acquiring Mobil, is slated to conclude in the first half of 2024. Pioneer’s stock climbed 1.44% in response to the announcement.
Humana
Shares fell 1.39% as CEO Bruce Broussard announced his retirement in the second half of 2024. Jim Rechtin of Envision Healthcare was appointed as his replacement by the firm.
Amgen
The biopharma stock gained 4.55% after Leerink upgraded it to outperform. As catalysts, analyst David Risinger noted a rising profit multiple and pipeline newsflow.
Shoals Technologies
Goldman Sachs upgraded the stock to buy from neutral, resulting in a 5.26% increase. The investment bank emphasized valuation and the possibility of increased gross margins.
Ally Financial
The lender to small businesses fell 2.12% as CEO Jeffrey Brown revealed his intention to retire on January 31, 2024.
Walgreens Boots Alliance
After former Cigna executive Tim Wentworth was elected CEO on October 23, the drugstore chain gained 0.98%.
Coherent made the announcement on Tuesday
Japanese firms will put $1 billion into Coherent’s silicon carbide division. B. Riley raised shares to buy from neutral on Wednesday, stating that Coherent’s silicon carbide business might be worth more than the Street’s current estimate.
Plug Power
According to a regulatory filing, the battery firm rose 5.31% after anticipating a strong increase in revenue to about $6 billion by 2027.
