Biggest stock movers Tuesday: SMMT, NVTS, and more

Stock futures inched lower in the premarket hours of Tuesday as market participants weighed a continued surge in government bond yields against persistent energy market volatility.

Here are some of Tuesday's biggest stock movers:

Biggest stock gainers

• Sangoma Technologies (SANG) +35% - Shares soared after the company agreed to be acquired by an affiliate of BRC Group Holdings (RILY) in a transaction valuing the firm at ~$204M in enterprise value. Sangoma shareholders will receive $4.925 in cash plus 0.04767 of a BRC share for each Sangoma share, implying total consideration of $5.225 per share based on BRC’s 20-day VWAP, a roughly 47% premium to Sangoma’s September 28 closing price. The deal, unanimously approved by Sangoma’s board, is expected to close by early 2027, subject to shareholder, court, and regulatory approvals. Officers and directors holding about 27% of Sangoma’s shares have agreed to support the transaction.
• Summit Therapeutics (SMMT) +24% - Shares surged after AstraZeneca (AZN) announced a $2B equity investment in the U.S. biotech and a clinical collaboration to develop new cancer treatments. Under the deal, AstraZeneca will purchase convertible preferred shares at a conversion price equivalent to $18.36 per common share, a 10% premium to Summit’s five-day volume-weighted average price. JPMorgan and Citi analysts welcomed the deal, with JPMorgan saying it will enable AstraZeneca to test ivonescimab alongside Sone-V and its broader oncology portfolio. Citi said the deal aligns with AstraZeneca’s strategy for its expanding ADC portfolio, while analyst John Yung called the transaction “strong external validation” of ivonescimab and the PD-1/VEGF bispecific drug class. AZN rose 2% following the news.

• Navitas Semiconductor (NVTS) +14% - Shares jumped after the company said it was selected by the U.S. federal government to develop next-generation 10 kV silicon carbide (SiC) power semiconductor technology under the Army’s ALATTIS program. Navitas will work on developing a domestic manufacturing process for ultra-high-voltage SiC devices through design, fabrication, and testing. The company said the program will expand its SiC portfolio beyond MOSFETs to next-generation 10 kV SiC IGBTs using its patented trench-assisted planar architecture and advanced PiN diode technologies.

Biggest stock losers

• Pharming (PHAR) -2% - Shares slipped after the CEO and executive director Fabrice Chouraqui stepped down with immediate effect following a mutual decision by the board and Chouraqui that their views on advancing the company’s strategy were not sufficiently aligned. Chief Commercial Officer Leverne Marsh and CFO Kenneth Lynard have been appointed interim co-CEOs, with Marsh overseeing patient-focused operations and Lynard leading global corporate functions. The board has begun a search for a permanent successor, while Pharming said its strategy, pipeline, and commitment to patients remain unchanged.