Stock futures inched higher Monday morning, with a wave of major earnings reports and ongoing U.S.-China trade tensions in focus this week.
Here are some of Monday’s biggest stock movers:
Biggest stock gainers
- Rani Therapeutics (NASDAQ:RANI) +29% – Shares extended Friday’s 248% gain after announcing a significant licensing deal and a capital raise. The company partnered with Japanese pharma giant Chugai Pharmaceutical to develop an oral version of a rare disease antibody, combining Chugai’s therapy with Rani’s proprietary RaniPill oral delivery technology. The initial target includes a $10M upfront payment to Rani, with potential milestones up to $175M and royalties, but the collaboration could be worth over $1B if Chugai exercises its option for five additional drug targets. Simultaneously, Rani secured an oversubscribed $60.3M private placement from investors, including RA Capital Management, with the capital raise expected to close on October 21.
- Plug Power (NASDAQ:PLUG) +9% – Shares rose after TD Cowen raised its price target to $4.50 from $3.00 while maintaining a Buy rating. The upgrade followed meetings with Plug Power’s CFO, Paul Middleton, and IR head Roberto Friedlander, where management outlined a path to profitability through cost reductions, scaling, and pricing optimization. TD Cowen highlighted electrolyzers and material handling as key growth drivers, noting that the electrolyzer pipeline offers the strongest near-term potential. The firm’s new target is based on a 5x EV/sales multiple for 2027.
Biggest stock losers
- Olema Oncology (NASDAQ:OLMA) -18% – Shares plunged despite the release of positive data from its Phase 1b/2 trial for palazestrant combined with ribociclib in advanced breast cancer, indicating the results likely failed to meet high market expectations. Although the trial showed a median Progression-Free Survival (PFS) of 15.5 months across all patients in the key cohort and favorable safety, investors were likely underwhelmed by the 12.2-month median PFS in the competitive, previously treated patient subgroup (post-CDK4/6 inhibitor), leading to a sell-off as the data did not decisively establish palazestrant as a “best-in-class” therapy.
- Exelixis (NASDAQ:EXEL) -9% – Shares dropped following the detailed presentation of its two clinical data sets, with the market’s disappointment stemming primarily from the STELLAR-303 Phase 3 trial of zanzalintinib in metastatic colorectal cancer (CRC). While the drug achieved one of its dual primary endpoints, showing a modest 1.5-month Overall Survival gain (10.9 vs. 9.4 months), the second endpoint for the non-liver metastases subgroup remains immature. Additionally, a high incidence of severe side effects (Grade 3/4 AEs in 59%) raised safety concerns, leading to skepticism about its competitive edge. These concerns overshadowed positive subgroup results for CABOMETYX in neuroendocrine tumors.