Coupa logo and sign atop of headquarters of Coupa Software company campus in Silicon Valley. - San Mateo, California, USA - 2021
US equities are set to open lower on Monday as investors refocused on the upcoming US inflation data and Federal Reserve decision. Dow Jones futures dropped by 25 points while the S&P 500 and Nasdaq 100 index crashed by a few basis points. Here are some of the top premarket movers.
Aptevo Therapeutics (APVO) stock up 80%.
The top premarket gainer was Aptevo Therapeutics, a small biochem company valued at more than $17 million. Aptevo stock price surged by more than 80% in the premarket session as investors focused on its pipeline and dealmaking in the sector. In September, the company won approval to start testing its solid tumor therapy. It also rose after reports that Amgen was nearing a deal to acquire Horizon Therapeutics.
Coupa Software stock up by 25%
Coupa Software stock price surged by more than 25% in the premarket. The COUP share price rally happened after reports emerged that it was in line o be acquired by Thoma Bravo, a leading private equity company. Coupa is a leading company that provides advanced software to other large enterprise firms. It will publish its results on Monday after the market closed. If a deal is announced, it will be about $81, which is a 77% premium from where it closed on Friday.
Insmead stock up by 15%
Insmead stock price soared by more than 15% in premarket trading after an upgrade by analysts at Mizuho. The analysts expect the stock to surge by 50% to $28. They cited the rising demand for drugs that treat rare diseases and the fact that its drug is gaining approval in other countries. The analyst wrote:
“Brensocatib is being positioned by INSM for greater success, as it features a novel [mechanism of action] (DPP1 inhibition), is a small molecule, and addresses multiple lung diseases with larger patient populations.”
ASOS share price down by 6%
In the UK, Asos share price collapsed by more than 6% as the company continued its restructuring process. The company is said to be proposing adding another restructuring expert as business remains under pressure. After seeing remarkable growth during the pandemic, Asos and Boohoohave come under strain amid rising inflation.
Royal Mail share price down 4%
Again, in the UK, the IDS share price crashed by 4% as workers started a wave of Christmas strikes that will lead to substantial losses. Workers have been protesting low wages and threats of mass layoffs by management. The company is considering whether to separate its Royal Mail brand with its profitable GLS division.
Meta Materials stock down 12%
Meta Materials stock price has been in a nosedive in the past few days. MMAT stock has already crashed by 60% in the past 12 months. The shares were halted last week by FINRA ahead of a major business announcement. The announcement was a stock swap with Next Bridge Hydrocarbons.