Biggest stock movers today: Sirius XM, United Natural Foods, Immunovant and more
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Stock futures edged down on Tuesday, ahead of important economic data releases later in the day.
Here are some of Tuesday's biggest stock movers:
Biggest stock gainers
Intercept Pharmaceuticals (NASDAQ:ICPT) gained 77% after Alfasigma, an Italian pharmaceutical company, agreed to buy it for $19.00 per share in cash. Alfasigma's portfolio will be expanded with the addition of Intercept's liver disease medication, Ocaliva. Alfasigma will launch a cash tender offer to purchase all ICPT shares, representing an 82% premium over Intercept's Monday closing price. The transaction is anticipated to finalize by the end of the year, after which Intercept will no longer be a publicly traded company.
Immunovant (NASDAQ:IMVT) shares climbed 71% after a Phase 1 clinical trial in healthy adults showed dose-dependent reductions in Immunoglobulin G from subcutaneously administered doses of IMVT-1402. The results are consistent with previous non-human primate studies. The initial MAD study results showed a 63% mean total IgG reduction from baseline, with no decrease in serum albumin or LDL-C. Roivant Sciences (ROIV) shares rose over 17%.
Pliant Therapeutics (NASDAQ:PLRX) shares increased by more than 13% after the company said that its Phase 2a study for bexotegrast met primary and secondary objectives in patients with primary sclerosing cholangitis (PSC). The trial evaluated daily doses of 40, 80, 160 mg, or placebo over 12 weeks in 85 patients with PSC and liver fibrosis. The trial showed significant reductions in the Enhanced Liver Fibrosis score and PRO-C3 levels at the 160 mg dose.
Biggest stock losers
Sirius XM (NASDAQ:SIRI) shares saw an 8% decline following Liberty Media Corp.'s (NASDAQ:LSXMA) announcement of a proposal to merge SIRI with its Liberty SiriusXM tracking stock group, forming a new consolidated public company. Under this plan, SIRI's minority shareholders would hold approximately 16% of the newly created entity, with the previous holders of the tracking stock group retaining the majority. In response, LSXMA shares surged by more than 10%.
United Natural Foods (NYSE:UNFI) lost more than 20% after missing revenue estimates and setting profit guidance well below expectations. CEO Sandy Douglas warned that profitability declined due to a decrease in inflation-driven procurement gains and an elevated shrink. UNFI expects 2024 sales to be between $30.9B and $31.5B vs. the consensus of $31B, with EPS between -$0.88 and -$0.38, much below the consensus of $2.28, and adjusted EBITDA guidance to fall short at $450M to $550M.
Following the issuance of 33M shares as part of the cosmetics company's aim to add a Paris stock listing, Coty (NYSE:COTY) saw a decline of more than 4%. The company submitted an application to list and trade its Class A common stock on Euronext Paris' professional market. Shares can be bought by investors in either US dollars or euros. The proceeds will mainly be used to retire outstanding debt and for general corporate purposes.
Shares of Omega Therapeutics (NASDAQ:OMGA) slid more than 12% ahead of its scheduled conference call to discuss preliminary clinical data from the ongoing Phase 1/2 MYCHELANGELO I trial of OTX-2002 later today.

KE Holdings (NYSE:BEKE) shares fell over 6% as investors were increasingly anxious about China's property market, particularly China Evergrande's difficulties in acquiring new finance. The market's uncertainty and volatility, spurred mostly by concerns about Evergrande, might have a negative impact on KE Holdings' earnings, as the company relies heavily on real estate deals.


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