Check out the companies making the biggest moves midday Monday:
Gilead Sciences: Shares of Gilead rose 3.8% after the biopharmaceutical company revealed it settled a patent case over its HIV therapies with five generic drugmakers.
Twitter: Twitter shares fell 2% after the company said in a regulatory filing that Elon Musk’s latest attempt to cancel a deal to buy the social media group is invalid. Most recently, Musk tried to rescind the purchase citing Twitter’s treatment of a whistleblower.
Carvana: Carvana rose 7.8% after Piper Sandler raised it to overweight from neutral. Analyst Alexander Potter called the stock “hugely undervalued” and believes Carvana could double from current levels.
Newmont: The gold miner gained 2.6% after Goldman Sachs initiated coverage on 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 underway that may fuel growth.
Bristol-Myers Squibb: Shares of the biopharmaceutical company rose 5.4% after the U.S. Food and Drug Administration approved Bristol-Myers’ oral treatment for plaque psoriasis known as Sotyktu.
Amgen: Amgen shares fell 3.7% after approval of Bristol-Myer Squibb’s psoriasis drug, which will compete with Amgen’s Otezla. Separately, the biotech company reported over the weekend that its Lumakras pill reduced the risk of lung cancer progression by 34% compared to chemotherapy in a clinical trial.
Alphatec: Shares rose 7.7% after Morgan Stanley initiated coverage of the medtech company with an overweight rating. According to the company, Alphatec is outperforming its peers and has a “significant track” to double-digit revenue growth in the spine surgery space.
Energy Stocks: Rising oil prices helped boost energy stocks. APA was the day’s big winner, rising more than 5% after Citi upgraded the oil and gas company to buy to neutral. Hess and Marathon Oil 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 percent, while trucking company Heartland Express rose more than 3 percent and Old Dominion Freight Line and Saia saw gains of nearly 3% The moves come as concerns over a potential rail strike heat up.
— CNBC’s Sam Subin, Carmen Reinicke and Sarah Min contributed to this report.
