Biggest stock movers Monday: PLUG, RANI, and more

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Stock futures inched higher Monday morning, with a wave of major earnings reports and ongoing U.S.-China trade tensions in focus this week.

Here are some of Monday's biggest stock movers:

BIGGEST STOCK GAINERS

* RANI THERAPEUTICS (NASDAQ:RANI [https://seekingalpha.com/symbol/RANI]) +29% - Shares extended Friday's 248% gain after announcing a significant licensing deal and a capital raise. The company partnered with Japanese pharma giant Chugai Pharmaceutical to develop an oral version of a rare disease antibody, combining Chugai's therapy with Rani's proprietary RaniPill oral delivery technology. The initial target includes a $10M upfront payment to Rani, with potential milestones up to $175M and royalties, but the collaboration could be worth over $1B if Chugai exercises its option for five additional drug targets. Simultaneously, Rani secured an oversubscribed $60.3M private placement from investors, including RA Capital Management, with the capital raise expected to close on October 21.
* PLUG POWER (NASDAQ:PLUG [https://seekingalpha.com/symbol/PLUG]) +9% - Shares rose after TD Cowen raised its price target to $4.50 from $3.00 while maintaining a Buy rating. The upgrade followed meetings with Plug Power’s CFO, Paul Middleton, and IR head Roberto Friedlander, where management outlined a path to profitability through cost reductions, scaling, and pricing optimization. TD Cowen highlighted electrolyzers and material handling as key growth drivers, noting that the electrolyzer pipeline offers the strongest near-term potential. The firm’s new target is based on a 5x EV/sales multiple for 2027.

BIGGEST STOCK LOSERS

* OLEMA ONCOLOGY (NASDAQ:OLMA [https://seekingalpha.com/symbol/OLMA]) -18% - Shares plunged despite the release of positive data from its Phase 1b/2 trial for palazestrant combined with ribociclib in advanced breast cancer, indicating the results likely failed to meet high market expectations. Although the trial showed a median Progression-Free Survival (PFS) of 15.5 months across all patients in the key cohort and favorable safety, investors were likely underwhelmed by the 12.2-month median PFS in the competitive, previously treated patient subgroup (post-CDK4/6 inhibitor), leading to a sell-off as the data did not decisively establish palazestrant as a "best-in-class" therapy.
* EXELIXIS (NASDAQ:EXEL [https://seekingalpha.com/symbol/EXEL]) -9% - Shares dropped following the detailed presentation of its two clinical data sets, with the market's disappointment stemming primarily from the STELLAR-303 Phase 3 trial of zanzalintinib in metastatic colorectal cancer (CRC). While the drug achieved one of its dual primary endpoints, showing a modest 1.5-month Overall Survival gain (10.9 vs. 9.4 months), the second endpoint for the non-liver metastases subgroup remains immature. Additionally, a high incidence of severe side effects (Grade 3/4 AEs in 59%) raised safety concerns, leading to skepticism about its competitive edge. These concerns overshadowed positive subgroup results for CABOMETYX in neuroendocrine tumors.

MORE ON RELATED STOCKS:

* Plug Power's Black Cloud Addressed (Rating Downgrade) [https://seekingalpha.com/article/4828593-plug-powers-black-cloud-addressed-downgrade]
* Plug Power: Sell On Unwarranted AI Data Center Hype [https://seekingalpha.com/article/4828477-plug-power-sell-on-unwarranted-ai-data-center-hype]
* Plug Power: Don't Ignore Operational Issues [https://seekingalpha.com/article/4828334-plug-power-dont-ignore-operational-issues]
* Rani Therapeutics surges on Chugai licensing deal, private placement [https://seekingalpha.com/news/4505247-rani-therapeutics-wins-chugai-licensing-deal]
* Rani Therapeutics secures $60.3M in private placement to fund pipeline through 2028 [https://seekingalpha.com/news/4505177-rani-therapeutics-secures-603m-in-private-placement-to-fund-pipeline-through-2028]