CERT - Hot Stocks: TOST rises on earnings; FRZA more than doubles after IPO; LQDA climbs; CERT falls
Toast ( NYSE: TOST ) jumped in Friday's midday trading, boosted by quarterly results that exceeded analysts' projections. Liquidia ( LQDA ) represented another intraday standout, surging on developments in a patent case.
Elsewhere, new IPO Forza X1 ( FRZA ) more than doubled early in its debut session as a public company.
Looking to the downside, Certara ( CERT ) posted a double-digit percentage decline, dragged down by news of a secondary stock offering.
Gainers
Toast ( TOST ) rallied nearly 12% after the company released its quarterly results . The payment processor for restaurants said its Q2 loss came in well ahead of expectations.
Revenue also beat projections, rising nearly 59% to $675M. Meanwhile, subscription revenue doubled from last year.
Liquidia ( LQDA ) represented another standout gainer, thanks to a favorable ruling in a patent case. Shares soared 35% after a judge issued an order in a patent dispute with United Therapeutics ( UTHR ).
Elsewhere in the market, Forza X1 ( FRZA ) more than doubled in its post-IPO debut. Shares of the maker of electric boats soared to $12.37 in midday trading, rising almost 150% compared to the stock's IPO price of $5 .
Decliner
News of a secondary stock offering initiated a wave of selling in Certara ( CERT ). The stock plunged almost 15%.
The company said the offering covers 7M shares, along with a 30-day option for up to 1.05M additional shares. The shares are being offered by certain stockholders, including EQT Avatar Parent, with the company receiving no proceeds from the transaction.
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Hot Stocks: TOST rises on earnings; FRZA more than doubles after IPO; LQDA climbs; CERT falls