Biggest stock movers today: Crypto stocks, AFRM, ALNY, and more

Stock futures were trading mixed on Monday, continuing the momentum from last week’s record highs, driven by excitement surrounding advancements in artificial intelligence.

Here are some of Monday’s biggest stock movers:

Biggest stock gainers

• RXO (NYSE:RXO) shares surged 15% after announcing the acquisition of Coyote Logistics from UPS (UPS) for $1.025B, making it the third-largest provider of brokered transportation in North America. This acquisition will strengthen RXO’s market position and broaden its client base and carrier network. The acquisition is expected to provide RXO (RXO) with both immediate and long-term potential for revenue and earnings growth, as well as large returns to shareholders. The deal is anticipated to close by the end of the year.
• Prudential plc (NYSE:PUK) shares rose nearly 6% after announcing plans to buy back $2B of stock by mid-2026. The company’s CEO, Anil Wadhwani, stated that progress towards financial objectives will increase the potential for further cash returns to shareholders. The company’s dividend policy remains unchanged, with the board expecting 7%–9% annual dividend growth in 2024. Shares will be repurchased through the London Stock Exchange or other venues and canceled.
• Alnylam Pharmaceuticals’ (NASDAQ:ALNY) shares jumped 37% following its late-stage trial for vutrisiran, a treatment for ATTR amyloidosis with cardiomyopathy that met primary and secondary endpoints. The study achieved a 28% and 33% reduction in composite all-cause mortality and recurrent cardiovascular events in the overall and monotherapy populations, respectively. The drug also reduced mortality by 36% and 35% in a pre-specified secondary endpoint. Alnylam is set to file a U.S. Supplemental New Drug Application using a priority review voucher for vutrisiran.
• Altimmune (NASDAQ:ALT) shares soared 13% after releasing phase 2 data on its obesity candidate, pemvidutide. The study showed participants lost a mean of 15.6% of body weight at 48 weeks, with the highest dose tested. The candidate also showed better lean mass preservation compared to other incretin mimetic medications like Wegovy and Zepbound. CEO Vipin Garg said that the level of muscle preservation observed in the Phase 2 trial further adds to the differentiation of pemvidutide in the treatment of obesity. Participants in the MOMENTUM trial were randomized to receive either 1.2 mg, 1.8 mg, 2.4 mg pemvidutide, or placebo, along with changes to diet and exercise.
• Affirm Holdings’ (NASDAQ:AFRM) stock climbed 7% after Goldman Sachs initiated coverage with a Buy rating and $42 price target, citing the company’s innovative credit solutions, robust underwriting processes that outperform peers, and effective risk management through short-term receivables and transaction-level underwriting. Goldman Sachs also sees Affirm’s extensive distribution network as a key driver of its projected 15%+ sustained GMV growth.

Biggest stock losers

• ResMed (NYSE:RMD), which dominates the market for CPAP (continuous positive airway pressure) machines, an FDA-approved solution for obstructive sleep apnea (OSA), plunged more than 10% after Eli Lilly announced an FDA decision on a potential label expansion for its weight loss therapy, tirzepatide, against OSA. The announcement coincided with the results of its Phase 3 SURMOUNT-OSA program, where tirzepatide achieved its main goals with or without PAP therapy. The Indiana-based drugmaker has already submitted regulatory filings with the FDA for a label expansion for OSA and obesity.
• Crypto-related stocks were tumbling as Bitcoin’s price continues to slide on Monday. This follows a cool-down in demand for the recently launched spot Bitcoin ETFs and ongoing uncertainty about the Federal Reserve’s interest rate decisions. The weakness in Bitcoin drags down other major coins like Ethereum and spills over to exposed stocks like Riot Platforms (NASDAQ:RIOT) -4%, MicroStrategy (NASDAQ:MSTR) -4.5%, CleanSpark (NASDAQ:CLSK) -4%, and Marathon Digital (NASDAQ:MARA) -3%, which are all seeing significant price drops.