Torsten Asmus
Stocks are cooling off following a six-session winning streak for the S&P 500, with futures inching lower during premarket hours on Tuesday.
Here are some of Tuesday’s biggest stock movers:
Biggest stock gainers
Alteryx (NYSE:AYX) shares soared by more than 19% after the release of Q3 results and the FY2023 outlook, which both surpassed expectations. For FY2023, the company expects revenue to range between $953M and $959M, above the consensus of $934.73M, and non-GAAP net income per share is expected to be within the $0.94 to $1.01 range, above the consensus of $0.66.
Shares of TripAdvisor (NASDAQ:TRIP) increased 11% after topping the consensus mark in Q3, driven by growth across all segments. Additionally, the company experienced a 10% Y/Y increase in Adjusted EBITDA.
International Flavors & Fragrances (NYSE:IFF) shares increased by 6% after the company announced that it would continue the cooperation arrangement with Icahn Capital LP and its affiliates. As part of the agreement, Icahn Capital and the company agreed to nominate one director from Icahn and one agreed-upon director to the IFF board of directors for the 2024 proxy season. This decision derives from a settlement reached in February of the previous year between IFF and activist investor Carl Icahn, which resulted in the appointment of Barry Bruno to the company’s board.
TransMedics Group (NASDAQ:TMDX) shares rose 35% after the company reported mixed Q3 results with top-line growth of 158% Y/Y and boosted revenue forecasts for FY2023. The company now expects FY2023 revenue in the range of $222M to $230M vs. $194.03M consensus, indicating a 138% to 146% growth Y/Y and much above the previous guidance of $180M to $190M.
Biggest stock losers
Ventyx Biosciences (NASDAQ:VTYX) shares plunged about 79% as the company discontinued two Phase 2 studies for its psoriasis drug VTX958, due to disappointing results. The company said the drug’s efficacy was disappointing, especially given the competitiveness of the psoriasis drug market. The company will terminate the VTX958 Phase 2 trial for plaque psoriasis and a Phase 2 trial for psoriatic arthritis. However, the company will continue its Phase 2 trial for Crohn’s disease and expects an interim efficacy analysis in Q1 2024. The company also expects updates from its Phase 2 trial of VTX002 for ulcerative colitis and a Phase 2 trial of VTX2735 for familial cold autoinflammatory syndrome in Q1 2024.
Coherus BioSciences (NASDAQ:CHRS) fell over 17% after underperforming in Q3 results and lowering the FY2023 net product revenue outlook. The company revised down its net product revenue forecast for FY2023 to a range of $250M to $260M, compared to the previous estimate of over $275M, primarily due to a delay in the timing of the anticipated commercial launches of the UDENYCA On-body Injector and LOQTORZITM.
