Here are some of the most notable stock movers on Monday.
Stock Gains:
MariaDB PLC shares
M.R.D.B.,
rose 9% after venture capital group Runa Capital said Friday it had offered to buy the systems software group for 56 cents per share in cash, representing a premium of about 24% based on the Sept. 13 closing price for MariaDB shares.
DoorDash Inc. shares DASH,
rose 1.6% after Mizuho upgraded the shares to buy.
Iovance Biotherapeutics Inc.
JOVA,
shares rose 16%. Shares of the biotechnology company built on Friday’s gains after the U.S. Food and Drug Administration agreed to expedite the remaining review of the Biologics license application for lifileucel, a drug to treat melanoma.
Stock decliners:
Shares of General Motors Co.
G.M.,
fell 0.8% as investors continued to watch a standoff between that automaker and two others — Ford Motor Co. F,
and Stellantis NV STLA,
where workers from three factories have gone on strike. On Sunday, the president of the United Auto Workers (UAW) rejected Stellantis’ 21% raise offer, with an immediate 10% increase at the time of approval. Ford fell 1.7% and U.S. shares of Stellantis fell 1.6%.
Axcella Health Inc. AXLA shares,
decreased by 8%. Shares fell on Friday after the biotech company announced plans for a 1-for-25 reverse stock split. The split, effective September 19, is aimed at helping the company return to Nasdaq compliance.
Dropbox Inc. DBX shares,
fell 1.1% after a rating downgrade at William Blair. Analyst Jason Ader cited “weak organic revenue growth prospects through 2024” among other reasons for caution. He downgraded his rating from outperform to market perform.
Shares of NetApp Inc.
NTAP,
fell 2.5% after William Blair’s Ader also cut that stock. Several factors “raise doubts about the company’s ability to deliver sustained high-single-digit revenue growth,” he wrote, switching to a market performance assessment from his previous bullish stance.
PayPal Holdings Inc.‘s stock PYPL,
fell 1.5% after SVB MoffettNathanson analyst Lisa Ellis downgraded her rating to market perform from outperform. “Looking ahead, we unfortunately expect PayPal’s gross profit growth to remain subdued,” Ellis wrote.
Arm Holdings Plc.s stock ARM,
fell 6% after Bernstein, which did not support the company’s IPO last week, had already given a bearish rating on the stock.
Canopy Growth Corp stock CGC,
GRASS,
fell 14% after the Canadian cannabis company announced a private placement of up to $50 million as it takes renewed steps to boost liquidity. T