Bull&Bear | Scholar Rock Soars 384.87% on Trial Success; Insurance Stocks Plummet on Hurricane Concerns
In the bull market, Scholar Rock Holding (SRRK) has witnessed a remarkable surge, climbing 361.99% over two consecutive days, resulting in a cumulative increase of 384.87% in this period. The significant rise is attributed to the success of its Phase III clinical trial.
Meanwhile, The Duckhorn (NAPA) experienced a 102.78% increase. This upswing is supported by an investment bank maintaining its hold rating on The Duckhorn Portfolio and raising the target price to $11.
MYT Netherlands (MYTE) saw a 56.84% rise over four days, culminating in an 85.21% increase. The upward movement is largely due to the announcement of the company’s acquisition of YOOX NET-A-PORTER for 555 million euros.
In the technology sector, OneConnect Financial Technology (OCFT) rose 52.77% over two days, achieving a 95.42% gain. This increase followed a stellar earnings report from Micron Technology, boosting stocks across the sector.
Cerence (CRNC) climbed 41.79% across two days, leading to a total increase of 43.94%. The appointment of Brian Krzanich as the new CEO and the reaffirmation of the fourth-quarter revenue guidance between $44 million and $55 million spurred investor confidence.
Conversely, in the bear market, Heritage Insurance (HRTG) saw a steep decline of 23.38%. The drop is linked to the looming threat of Hurricane Milton, with Florida residents under evacuation orders as the region is still recovering from the losses caused by Hurricane Helen.
Universal Insurance Holdings (UVE) fell 19.52%, marking a five-day slide with a total decrease of 23.74%, also due to concerns over Hurricane Milton's impact.
Instil Bio (TIL) experienced a decline of 17.59% over five days, accumulating a total drop of 40.66%. This was a result of the company halting its tumor-infiltrating lymphocyte (TIL) therapy clinical trial, as the outcomes did not meet expectations, raising future prospects worries.
ChanSon International (CHSN) dropped by 17.35% as trading resumed, only to be halted again due to market circuit breakers.
HCI Group (HCI) witnessed a drop of 17.26%, marking the largest decline since September 2017. The broader sell-off in the insurance sector is attributed to the threat posed by Hurricane Milton and ongoing recovery efforts from Hurricane Helen.