Pharma Company Pops 95%
Good Morning Wake-Up Watchlisters! While you’re sipping coffee you’ll see stock futures were down on Tuesday. Traders are looking at the latest announcements from Nvidia’s artificial intelligence conference. The chip giant pulled back 1.5% in premarket trading (more on that below) and Wall Street is waiting on the next move for monetary policy. The Federal Reserve begins its two-day policy meeting Tuesday.
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Here’s a look at the top-moving stocks this morning.
Fusion Pharmaceuticals (Nasdaq: FUSN)
Fusion Pharmaceuticals is up 95.86% in premarket after AstraZeneca announced it will buy the clinical-stage biopharmaceutical company Fusion Pharmaceuticals Inc for about $2 billion in cash. The Anglo-Swedish drugmaker is betting on next-generation cancer treatments. The deal is AstraZenca’s second this month after it agreed last week to buy Amolyt Pharma for $1.05 billion.
StoneCo Ltd. (Nasdaq: STNE)
StoneCo Ltd is down 9.58% premarket despite a rise in Q4 earnings and revenue. However, the company subsequently announced changes to its board, with Founder Andre Street deciding not to seek re-election at the upcoming Annual General Meeting, which will take hold by the end of April. Vice chairman Conrado Engel not seeking re-election.