IS - Hot Stocks: VRDN surges 60% on clinical data; TXMD SNDL rise on earnings; U falls after rejecting APP offer
Viridian Therapeutics ( VRDN ) surged nearly 60% in Monday's midday trading, bolstered by the release of strong clinical data related to a potential treatment of Thyroid Eye Disease.
In other news, TherapeuticsMD ( TXMD ) and SNDL ( SNDL ) jumped on strong quarterly reports.
Looking to the downside, Unity Software ( U ) lost ground after the company rejected a takeover bid from AppLovin ( APP ), saying it preferred a rival transaction with ironSource ( IS ).
Gainers
Despite a lackluster earnings report, Viridian Therapeutics ( VRDN ) showed significant strength in midday trading after the company released positive initial data for a potential treatment of Thyroid Eye Disease.
The company called the data, which relates to its VRDN-001 product, "transformative" and said it "significantly advances our goal of improving patient care" for the disease. VRDN skyrocketed by 60% on the news.
Elsewhere, TherapeuticsMD ( TXMD ) also posted a notable advance in intraday action. The stock jumped 12% following the release of quarterly results .
The company said its revenue surged 24%. The top-line figure was boosted by strong sales of its Annovera birth control product, which saw its revenue soar 91%.
Meanwhile, earnings news also gave a boost to SNDL ( SNDL ), with shares rising about 10%. The company experienced a revenue surge of more than 2,000%, driven by results in its liquor and cannabis segments.
Decliner
Unity Software ( U ) staged a midday retreat after the company rejected a takeover proposal from AppLovin ( APP ). Both U and APP have declined about 6% in intraday trading.
U said its board has determined that the APP offer is not in the best interest of its shareholders. The board also backed a rival transaction with ironSource ( IS ). IS climbed 15% on the news.
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Hot Stocks: VRDN surges 60% on clinical data; TXMD, SNDL rise on earnings; U falls after rejecting APP offer