Hot Stocks: TWTR rises on Musk board seat; QCOM, MARA analyst comments; SAVA drops
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Twitter (TWTR) remained a hot topic in Tuesday's intraday action, rising again on further revelations about a major investment from Elon Musk. In the latest development, Musk will join the company's board of directors.
Elsewhere in the market, analyst comments are weighing on shares of Qualcomm (NASDAQ:QCOM) and Marathon Digital (MARA). Meanwhile, Cassava Sciences (SAVA) dropped on worries about enrollment for clinical trials of the firm's potential Alzheimerâs drug.
Gainer
Twitter (TWTR) advanced again on Tuesday, rising 5% in midday action, building on Monday's 27% rally. Shares of the social media giant surged following news that Elon Musk had taken a 9.2% stake in the company.
Tuesday's further push higher came amid news that Musk will also join TWTR's board of directors. According to a regulatory filing, the world's richest person will become a Class II director, with an ownership stake capped at 14.9%.
Decliners
Qualcomm (QCOM) fell 5% in intraday action, boosted by a pessimistic report from J.P. Morgan. The firm cut its earnings estimates for the wireless technology maker, citing a weak smartphone outlook. 
J.P. Morgan also reduced its price target on QCOM to $205. However, the firm maintained its Overweight rating on the stock.
Analyst commentary also put pressure on shares of Marathon Digital (MARA). The stock dropped almost 7% after B.Riley cut its price target on the Bitcoin miner based on delays in deployment caused by regulatory red tape. 
Cassava Sciences (SAVA) represented another midday decliner, falling nearly 12% after a presentation by the firm's chief executive heightened concerns about the company's experimental Alzheimerâs therapy simufilam. 
CEO Remi Barbier reported that SAVA has dosed 60 subjects across two Phase 3 trials for simufilam, a tiny fraction of the approximately 1,750 patients targeted by the studies. 

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