U.S. stocks were lower, with the Nasdaq Composite falling around 0.1% on Tuesday.
Shares of Tourmaline Bio, Inc. (NASDAQ:TRML) rose sharply during Tuesday's session after the company announced it entered into an agreement to be acquired by Novartis.
Novartis announced a $1.4 billion acquisition of the U.S.-based biotech, strengthening the Swiss drugmaker's pipeline of cardiovascular and kidney treatments.
Novartis will pay $48.00 per share in cash at closing, a 59% premium to Tourmaline's September 8 closing price and 127% above its 60-day volume-weighted average. The deal is expected to close in the fourth quarter of 2025.
Tourmaline Bio shares jumped 58% to $47.65 on Tuesday.
Here are some other big stocks recording gains in today’s session.
- QMMM Holdings Limited (NASDAQ:QMMM) gained 42.4% to $16.04 after the company announced it expanded into the cryptocurrency sector.
- Nebius Group N.V. (NASDAQ:NBIS) gained 37.5% to $88.11 after the company announced it secured up to $19.4 billion 5-year GPU infrastructure contract with Microsoft.
- Kingsoft Cloud Holdings Limited (NASDAQ:KC) surged 15.8% to $16.36.
- WhiteFiber, Inc. (NASDAQ:WYFI) rose 15.7% to $18.52.
- Teck Resources Limited (NYSE:TECK) gained 14% to $40.02 after the company announced a merger of equals with Anglo American.
- Rezolve AI PLC (NASDAQ:RZLV) rose 13.1% to $5.22.
- DeFi Development Corp. (NASDAQ:DFDV) gained 12.1% to $16.81.
- Brighthouse Financial, Inc. (NASDAQ:BHF) rose 10% to $47.71.
- Cipher Mining Inc. (NASDAQ:CIFR) gained 9.6% to $8.47.
- Bilibili Inc. (NASDAQ:BILI) rose 8.7% to $24.52.
- PBF Energy Inc. (NYSE:PBF) gained 8.1% to $30.72.
- WW International, Inc. (NASDAQ:WW) rose 6.2% to $33.98.
- Riot Platforms, Inc. (NASDAQ:RIOT) gained 5.6% to $14.20.
- Alibaba Group Holding Limited (NYSE:BABA) shares climbed 4.2% to $147.15 r after Barclays maintained an Overweight rating on the stock and raised its price target from $145 to $190.
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