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Pulled down by ongoing worries about the economy, the major U.S. equity averages pushed lower again on Thursday. This added to weakness seen the day before.
Rivian Automotive (NASDAQ:RIVN) was weighed down by the general risk-off trend on the day. Shares added to a recent downtrend to set a new 52-week low. Elsewhere, a regulatory setback triggered a nearly 30% drop in Surmodics (SRDX).
Bucking the overall downward trend of the session, Concert Pharmaceuticals (CNCE) expanded its value by a fifth following a deal to be acquired. Meanwhile, New Oriental Education (EDU) was another notable gainer on the session, climbing to a fresh 52-week high.
Standout Gainer
Concert Pharmaceuticals (CNCE) rallied 20% after it reached a deal to be acquired by Sun Pharma.
Under the deal, Sun Pharma will pay an upfront cash payment of $8 per share, or a total of about $576M. The agreement also includes a contingent value right for up to $3.50 per share on the achievement of certain net sales targets.
CNCE finished Thursday's trading at $8.29, a gain of $1.39 on the day. Shares also reached an intraday 52-week high of $8.33.
The advance added to gains posted since mid-December. Shares have climbed 79% in the past month. CNCE has surged more than 170% over the past year.
Standout Decliner
A regulatory setback prompted selling in Surmodics, Inc. (SRDX), sending the stock lower by 29%.
SRDX revealed that the U.S. Food and Drug Administration has said that the premarket approval application for its SurVeil drug-coated balloon was not approvable in its current form.
According to the company, the FDA recommended that certain information be added to the application, although this process will require additional testing and analysis. The firm said it is weighing its options to reduce its cash burn.
SRDX closed at $26.38, a decline of $10.96 on the day. During the session, the stock reached an intraday 52-week low of $24.33.
Notable New High
New Oriental Education (EDU) added to recent gains, rising almost 10% after the release of earnings from fellow Chinese education tech firm TAL Education (TAL). With the gain, EDU reached a new 52-week high.
EDU surged to an intraday 52-week high of $46.20. The stock edged off its peak later in the day but still closed at $44.69. This represented an advance of $3.92.
Longer-term, EDU has climbed 94% in the past six months and has advanced more than 160% since the same time last year.
Notable New Low
Continuing a decline that began in early December, Rivian Automotive (RIVN) pushed lower in Thursday's trading. Shares of the EV maker fell an additional 4%, reaching a new 52-week low.
RIVN dropped 71 cents to close at $15.79. Shares also touched an intraday 52-week low of $15.28. The slide extended a longer-term downtrend, with the stock falling more than 50% since the end of November.
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