The US stock market experienced a mixed day on Wednesday, with the Dow Jones index closing down about 0.2%. However, a number of individual stocks surged, creating pockets of bullish activity.
Applied Therapeutics, Inc. (APLT) experienced a remarkable rally, gaining a staggering 72% to $8.00 per share. This surge was triggered by the FDA’s communication that an advisory committee meeting for the company’s drug would no longer be required, potentially accelerating its path to market.
Intuitive Machines, Inc. (LUNR) stock skyrocketed by 52% to $8.19. This impressive performance came on the heels of the company’s announcement of being awarded a NASA Near Space Network contract for communication and navigation services. The contract could be worth a maximum of $4.82 billion, showcasing the company’s potential for significant future growth.
PowerFleet, Inc. (AIOT) shares rose 13% to $5.26 after the company revealed a definitive agreement to acquire Fleet Complete for $200 million. This acquisition strengthens PowerFleet’s position in the fleet management market, indicating its commitment to expanding its operations.
Other notable gainers included Bausch + Lomb Corporation (BLCO), up 7.5% to $19.96, and Braskem S.A. (BAK), also up 7.5% to $7.43. Analyst Luiz Carvalho at UBS upgraded Braskem from Neutral to Buy and raised the price target from $7.7 to $10, fueling the stock’s ascent.
i-80 Gold Corp. (IAUX) surged 7.5% to $1.15 following the announcement of Richard Young as its new CEO. Terns Pharmaceuticals, Inc. (TERN) climbed 7% to $10.31, while V.F. Corporation (VFC) jumped 6.9% to $19.67. Analyst Adrienne Yih at Barclays upgraded V.F. from Equal-Weight to Overweight and lifted the price target from $19 to $22, signifying a positive outlook for the company.
Gannett Co., Inc. (GCI) gained 6.6% to $5.83, Gyre Therapeutics, Inc. (GYRE) surged 6.1% to $14.89, and Victoria’s Secret & Co. (VSCO) rose 5.9% to $25.71. Analyst Adrienne Yih at Barclays upgraded Victoria’s Secret from Underweight to Equal-Weight and raised the price target from $23 to $25, suggesting a more optimistic view of the company’s prospects.
e.l.f. Beauty, Inc. (ELF) rounded out the day’s notable gainers with a 4.6% increase to $117.55.
