On this episode of Stock Movers:
- Shares of Nvidia (NVDA) edge higher in the premarket session as the company agreed to a licensing deal with artificial intelligence startup Groq, furthering its investments in companies connected to the AI boom and gaining the right to add a new type of technology to its products.
- Shares of Indian technology services provider Coforge Ltd. (COFORGE IN) declined ahead of the US market open after the company agreed to buy Encora at an enterprise value of $2.35 billion in an all-stock deal, adding artificial intelligence, data and product engineering expertise. Encora’s shareholders, including Advent International and Warburg Pincus, will get about 20% stake in Coforge through a share swap. Coforge will issue 93.8 million shares at 1,815.91 rupees each to shareholders of Encora at equity value of $1.89 billion. The deal is expected to close in six months.
- Shares of Biohaven (BHVN) fell as much 14 percent in US premarket trading after a mid-stage study of the company’s experimental drug BHV-7000 for the treatment of major depressive disorder missed the primary endpoint. Trends favoring BHV-7000 were observed in some clinically relevant subgroups, including participants with more severe depression at screening and baseline, on primary and secondary outcome measures.