Morning Movers: Verve skyrockets after deal to be acquired by Eli Lilly

Stock market futures are pointing lower as geopolitical risks in the Middle East have intensified. With tensions escalating between Israel and Iran, oil prices have climbed along with safe-haven assets, prompting traders into Treasuries and gold. However, despite the conflict, equities demonstrated resilience: stock futures have rebounded slightly, helped by the retreat in oil after its initial spike and the strength in long-term government debt imports .

Market participants are focused on the Federal Reserve meeting kicking off today as well. Rates are widely expected to remain unchanged, but the tone toward future cuts remains open as inflation cools and Treasury demand strengthens

In pre-market trading, S&P 500 futures fell 0.37%, Nasdaq futures fell 0.38% and Dow futures fell 0.42%.

Check out this morning’s top movers from around Wall Street, compiled by The Fly.

Also, The Fly has brought its right-to-the-point stock market reporting to YouTube! Subscribe if you want to know how the markets will open and what stocks traders will be focused on.

HIGHER –

• Verve Therapeutics (VERV) up 76% after announcing deal for Eli Lilly (LLY) to acquire all of the outstanding shares of the company for a purchase price of $10.50 per share in cash, plus one non-tradeable contingent value right per share that entitles the holder to receive up to an additional $3.00 per share
• Immuneering (IMRX) up 4% after announcing data from its ongoing Phase 2a clinical trial evaluating atebimetinib in combination with modified gemcitabine/nab-paclitaxel in first-line pancreatic cancer patients

UP AFTER EARNINGS –

• Wiley (WLY) up 6%
• Jabil (JBL) up 3%

LOWER –

• Dyne Therapeutics (DYN) down 18% after revising the endpoint of its DYNE-101 trial
• LeddarTech (LDTC) down 17% after announcing that it intends on making an assignment into bankruptcy pursuant to the Bankruptcy and Insolvency Act
• Redwire (RDW) down 17% after pricing 15.5M share offering at $16.75
• Eli Lilly (LLY) down 1% after deal to acquire Verve
• Westlake (WLK) down 1% after announcing an additional workforce reduction of approximately 230 employees