Stock futures and Treasury yields slipped early Tuesday, the last trading day of September, as investors weighed the potential impact of a looming federal government shutdown.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
- Genasys (NASDAQ:GNSS) +16% – Shares jumped after the company secured a $9M LRAD order from the U.S. Army for the CROWS (Common Remotely Operated Weapon Station) program, with revenue expected to continue in the coming years.
- AnaptysBio (NASDAQ:ANAB) +12% – Shares rose after the company announced plans to split into two publicly traded entities. First, Royalty Management Co. will focus on managing royalties and milestone payments from partnerships, including Jemperli with GSK and imsidolimab with Vanda. Jemperli royalties range from 8% to 25% of net sales depending on thresholds, valid through at least 2035 in the U.S. and 2036 in the EU. Receivables owed to Sagard will end once $600M is collected by 2031 or $675M thereafter. Imsidolimab milestones could generate up to $35M, including a $5M FDA approval payment and a 10% net sales royalty. The company will require minimal infrastructure and retain Anaptys’ NOL carryforwards. Second, Biopharma Development Co. will concentrate on developing and commercializing immunology treatments, including rosnilimab, ANB033, and ANB101. Post-split, Anaptys CEO Daniel Faga is expected to lead the biopharma company.
Biggest stock losers
- Firefly Aerospace (NASDAQ:FLY) -12% – Shares dropped after the booster stage of an Alpha rocket exploded during a pre-flight test in Texas. The company confirmed all personnel were safe and proper safety protocols were followed. Firefly had previously experienced a first-stage failure in April due to heat buildup from plume-induced flow separation. The FAA had accepted the company’s investigation and mitigation plan last month, clearing Alpha for future launches.
- Energy Fuels (NYSE:UUUU) -7% – Shares fell after the company announced a private offering of $550M in Convertible Senior Notes due 2031, with an option for an additional $82.5M. Proceeds are expected to fund the Phase 2 rare earth separations expansion at White Mesa Mill, the Donald heavy mineral sands and rare earth project in Australia, and general corporate needs. The notes will be senior unsecured and convertible into cash, common shares, or a combination at the company’s discretion.
- Bit Digital (NASDAQ:BTBT) -5% – Shares dipped after the company announced a proposed $100M registered underwritten public offering of convertible senior notes due 2030, with a 30-day option for an additional $15M to cover over-allotments. Net proceeds will primarily be used to purchase Ethereum and may also fund general corporate purposes, including potential digital asset investments and acquisitions. Barclays, Cantor, and B. Riley Securities are serving as joint lead book-running managers.