AMED - Hot Stocks: AAPL rises all time-high; TGT falls on downgrade; PANW TMBR gain; EPM BLPH slide

2023-06-05 12:40:30 ET

During Monday's intraday session, major market indexes traded mixed as investors tried to assess the likelihood of the Fed hiking interest rates again next week.

Looking at specific stocks, Apple ( NASDAQ: AAPL ) shares rose to an all-time high today as its Worldwide Developers Conference was set to begin.

Meanwhile, Palo Alto Networks ( NASDAQ: PANW ) shares rose on the back of the report that the cybersecurity company will replace Dish Network ( NASDAQ: DISH ) in the S&P 500, while Amedisys ( NASDAQ: AMED ) stock soared after receiving an unsolicited $100/share deal from Optum.

In other healthcare news, Timber ( NYSE: TMBR ) rose after the FDA granted a dermal carcinogenicity waiver for TMB-001, while Bellerophon Therapeutics ( NASDAQ: BLPH ) fell after its main asset failed in a Phase 3 study.

Elsewhere, EPAM Systems ( NYSE: EPAM ) plummeted after its outlook was slashed, while Target ( NYSE: TGT ) sank after an analyst downgrade.

Gainers

Apple ( AAPL ) stock rose about 1.9% as the tech giant got set to kick off its Worldwide Developers Conference . The company is expected to release a mixed-reality headset, marking its first significant leap into a new product category since the unveiling of the Apple Watch nine years ago.

Palo Alto Networks ( PANW ) shares gained 5.6% on news that it would join the S&P 500 index, replacing Dish Network ( DISH ) on June 20 .

Amedisys ( AMED ) stock jumped 14% after receiving an all-cash bid of $100 per share from UnitedHealth's ( UNH ) Optum business.

Timber Pharmaceuticals ( TMBR ) stock increased by more than 40% after the FDA approved a dermal carcinogenicity waiver for TMB-001, a topical isotretinoin formulation. TMB-001 is now being investigated in the Phase 3 ASCEND study for the treatment of moderate to severe congenital ichthyosis subtypes such as lamellar ichthyosis and X-linked ichthyosis, which affect around 80,000 people in the United States.

Decliners

EPAM Systems ( EPAM ) shares plunged about 18% after the company reduced its Q2 and FY2023 forecasts due to significant deterioration in the near-term market situation. For the second quarter, the company forecasts revenues of $1.16B to $1.17B, down from a prior projection of $1.195B to $1.205B and a consensus of $1.2B; adjusted diluted EPS of $2.33 to $2.40, compared to a prior view of $2.38-$2.46 and a consensus of $2.41.

Bellerophon Therapeutics ( BLPH ) stock plummeted 85% after the company disclosed that its principal product candidate, INOpulse, failed to meet the primary endpoint in a critical Phase 3 study for patients with fibrotic interstitial lung disease ((fILD)). Following the setback, the company determined that it will no longer pursue the investigation.

Target ( TGT ) shares fell 3% after KeyBanc Capital Markets lowered its rating on the stock to Sector Weight from Overweight, citing worries about consumer headwinds over the next 18 months. The debt ceiling plan negotiated by Congress, which contained a stipulation that student loan payments restart after August 30, according to analyst Bradley Thomas, is a big factor with Target ( TGT ). According to Thomas, KeyBanc's research indicated a significant headwind from the policy change.

To keep track of Wall Street's biggest winners and losers throughout the session, head over to Seeking Alpha's On The Move section .

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