Tuesday, July 23, 2024

Biggest stock movers today: Hyatt Hotels, PagerDuty and more

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Stock futures were slightly higher in the early hours of Tuesday as investors weighed the impact of the Israel-Hamas war against some positive remarks by Federal Reserve Vice Chair Philip Jefferson.

Here are some of the biggest stock movers in premarket trading:

Biggest stock gainers

Shares of Hyatt Hotels (NYSE:H) rose as much as 5% after the company announced that it will replace National Instruments Corp. (NATI) in the S&P MidCap 400 before the market opens on Thursday, October 12.

Biggest stock losers

Akero Therapeutics (NASDAQ:AKRO) shares fell more than 60% after the drug developer reported that at 36 weeks, 22% and 24% of patients in the Phase 2b study of efruxifermin experienced at least a one-stage improvement in liver fibrosis, compared to 14% for placebo, with statistically significant rates of NASH resolution and improvements in non-invasive markers of liver injury and fibrosis, insulin sensitization, and lipoproteins. However, 12 patients discontinued the trial due to drug-related adverse events.

PagerDuty’s (NYSE:PD) shares fell more than 6% following its announcement of a $350M private placement in convertible senior notes due in 2028. The company plans to use the net proceeds for capped call transactions, repurchase its notes and common stock, and use the remaining funds for working capital and strategic transactions.

Ventyx Biosciences (NASDAQ:VTYX) shares plunged 21% after the biotech company announced results from a Phase 2 clinical trial for its drug VTX002 in treating moderate-to-severe active ulcerative colitis. The 60-mg dose of VTX002 met the primary endpoint of clinical remission with a high rate of complete endoscopic remission. 28% of patients on the 60-mg dose and 24% on the 30-mg dose achieved clinical remission at week 13, compared to 11% on the placebo.

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