TGNA - Hot Stocks: SGEN climbs on takeover interest; PFE sets 52-week low; TGNA drops; KOS hits 52-week high

Stocks edged higher on Monday, bouncing back after losses posted last week. The Nasdaq led the advance in the major averages, climbing by 0.6%.

Looking at individual stocks, Seagen ( SGEN ) surged amid reports that it has started talks to be acquired by Pfizer ( NYSE: PFE ). Meanwhile, the news spurred PFE lower, sending the drug maker to a fresh 52-week low.

Elsewhere, a regulatory setback triggered selling in Tegna ( TGNA ), with the stock losing about a fifth of its value. On the other side of the spectrum, earnings news sent Kosmos Energy ( KOS ) to a new 52-week high.

Standout Gainer

Seagen ( SGEN ) jumped 10% following reports that the cancer-focused biotech had entered talks to be acquired by drug maker Pfizer ( PFE ).

According to the Wall Street Journal, citing people familiar with the matter, talks are currently in an early stage and there is no assurance that the deal will eventually be struck. This followed a report in June that Merck ( MRK ) was considering a possible acquisition of SGEN.

Driven higher by the news, SGEN jumped $16.79 to close at $178.16. This added to a recent upswing, with the stock higher by more than 26% over the past month. Shares are up about 38% year to date.

Still, even with the advance, SGEN remained off a 52-week high of $183 reached last summer amid word of the MRK interest. At its peak on Monday, SGEN touched $182.55.

Standout Decliner

Tegna ( TGNA ) experienced a substantial wave of selling after the firm's planned sale to Standard General ran into a regulatory hurdle. Shares of the TV station owner slumped 19%.

Citing "material concerns" related to how the transaction could "artificially raise prices for consumers and result in job losses," the U.S. Federal Communications Commission said the firm's sale would need to go before an administrative law judge .

Separately, the company released its quarterly results, with TGNA posting a wider-than-expected loss. Revenue rose 18% to $917M, missing projections by about $28M.

TGNA finished at $17.71, a decline of $4.13. With the retreat, the stock dropped below a recent trading range, with shares reaching an intraday 52-week low of $16.58 during the day.

Notable New High

Better-than-expected earnings news prompted buying in Kosmos Energy ( KOS ). The stock jumped 13% to reach a new 52-week high.

The company revealed Q4 non-GAAP EPS of $0.23, topping projections by more than 60%. Revenue slipped 11% from last year to reach $510M. However, the top-line total still came in above what analysts were predicting.

KOS finished at $8.55, also establishing a new intraday 52-week high. The stock rose 99 cents on the day. Looking longer-term, KOS has surged about 43% so far in 2023.

Notable New Low

Hurt by reports that it has entered early talks to acquire Seagen ( SGEN ), Pfizer ( PFE ) lost more than 2% on Monday, adding to a downtrend that has marked most of the past two and a half months. The retreat brought shares of the drug maker to a new 52-week low.

PFE slumped to an intraday 52-week low of $40.73. The stock trimmed its losses a bit by the close but still finished at $40.78, a decline of 97 cents on the day.

With a rally late last year, PFE reached a close of $54.48 on Dec. 14, approaching a 52-week high of $56.32 established earlier in the year. However, shares have steadily declined from there, dropping about 25% from that point.

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