CABA - Hot Stocks: Chinese real estate woes; ADGI CABA fall 70%+; CNC activist settlement; TMX takeover

Chinese real estate stocks were among the leaders to the downside during Tuesday's weak session on Wall Street. Concerns surrounding Shimao Group (OTCPK:SIOPF) sparked losses across the industry, including notable retreats from Nam Tai Property (NYSE:NTP) and MDJM (NASDAQ:MDJH). The drug development sector represented another source of outsized losses during the day. Both Adagio Therapeutics (NASDAQ:ADGI) and Cabaletta Bio (NASDAQ:CABA) dropped more than 70% on separate disappointments from their development programs. Turning to some of the day's standout gainers, Terminix (NYSE:TMX) spiked on a $6.7B takeover deal, while a settlement with an activist investor sent Centene (NYSE:CNC) to a fresh high. Sector In Focus An analyst downgrade put pressure on the beleaguered Chinese real estate sector. Shimao Group (OTCPK:SIOPF) recovered a large share of its early losses, but still closed lower by 5%. Meanwhile, Nam Tai Property (NTP) dropped about 13% and MDJM (MDJH) retreated 8%. J.P. Morgan cut its

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Hot Stocks: Chinese real estate woes; ADGI, CABA fall 70%+; CNC activist settlement; TMX takeover