WISCONSIN (CoinChapter.com) — As the week began trading, stocks increased as investors piled into tech stocks following previous setbacks. The Dow Jones Industrial Average increased by 0.2%, the NASDAQ Composite increased by 0.6%, and the S&P 500 increased by 0.4%.
Here are the five best stock market gainers:
Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX)
Shares of Crinetics Pharmaceuticals Inc. (NASDAQ: CRNX) witnessed a 73.89% increase in trading on Monday following the announcement of positive results from a late-stage study of its experimental drug, Paltusotine.
The phase 3 trial successfully met the primary and all secondary endpoints without any serious or severe adverse events reported in patients treated with Paltusotine for acromegaly, a rare disorder characterized by excess growth hormone production.
Following these encouraging trial results, Oppenheimer analysts have increased their price target on the stock from $40 to $46, indicating their positive outlook on Crinetics Pharmaceuticals’ shares.
Avantax Inc. (NASDAQ: AVTA)
Avantax Inc. (NASDAQ: AVTA), a wealth management and tax preparation company, witnessed a 28.02% rise in trades on Monday following the announcement of its acquisition by Cetera Financial Group.
The go-private deal, which includes the company’s debt, is valued at approximately $1.2 billion, a roughly 30% premium to Avantax’s closing stock price of $19.95 per share on Friday. As Cetera sought to expand its capabilities into wealth management and tax expertise, Avantax emerged as an ideal acquisition target, synergizing with Cetera’s growth strategy.
Aemetis Inc. (NASDAQ: AMTX)
Aemetis Inc. (NASDAQ: AMTX), the global renewable fuels and biochemicals company, has announced the early completion of its Universal Biofuels subsidiary’s India biodiesel plant expansion. The expansion completed more than a year ahead of schedule, has increased the plant’s annual production capacity to 60 million gallons.
This enlarged production will cater to the growing demand for Oil Marketing Companies (OMCs) owned by the Indian government. As stated in the Aemetis Five-Year Plan, the biodiesel production capacity at the Indian plant is projected to increase further from 50 million gallons per year to 100 million by 2025.
Hostess Brands Inc. (NASDAQ: TWNK)
J.M. Smucker has announced its plan to acquire Hostess Brands Inc. (NASDAQ: TWNK), the reputed maker of popular snacks like Twinkies and Ho Hos, in a deal worth $5.6 billion.
The move by Smucker to buy Twinkies maker Hostess for $5.6B is aimed at broadening its portfolio of “beloved brands in growing categories” and expediting its focus on consumer convenience.
The announcement triggered a 19.02% jump in Hostess stocks during trading, which is already up by 20% for the month following the news that the 94-year-old company was up for sale. As part of the deal, Hostess stockholders are set to receive $30 in cash and .03002 shares of Smucker’s stock for each Hostess share they own.
WeWork Inc. (NASDAQ: WE)
WeWork Inc. (NASDAQ: WE) announced last Wednesday that it initiated a global campaign to renegotiate most of its leases, which saw its shares increase by as much as 9% during trading.
The SoftBank-backed (9984.T) firm stated that it aims to negotiate more favorable lease terms with landlords and is planning to withdraw from underperforming and unsuitable locations to reinvest in other assets.
Despite reporting a 3% decline in total physical memberships from the previous year, WeWork affirmed its intention to maintain a presence in most of its current buildings and markets. “WeWork begins to renegotiate leases globally” as part of its strategic response to improve its performance and profitability.
