Morning Movers: Longboard Pharmaceuticals surges following deal to be acquired

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

HIGHER –

• Longboard Pharmaceuticals (LBPH) up 51% after H. Lundbeck A/S announced an agreement for Lundbeck to acquire Longboard for $60.00 per share in cash
• B. Riley Financial (RILY) up 22% after B. Riley Financial and funds managed by Oaktree Capital Management, have signed a definitive agreement to establish a partnership in Great American Holdings, a newly formed holding company
• Flutter Entertainment (FLUT) up 5% after Wells Fargo upgraded the stock to Overweight from Equal Weight with a price target of $295, up from $224, implying 34% upside
• Jasper Therapeutics (JSPR) up 3% after reporting preliminary data from the company’s ongoing SPOTLIGHT Phase 1b/2a study of subcutaneous briquilimab in adult participants with cold urticaria or symptomatic dermographism
• Western Digital (WDC) up 2% after announcing that its PCIe Gen5 DC SN861 E.1S enterprise-class NVMe SSDs have been certified to support the Nvidia (NVDA) GB200 NVL72 rack-scale system

LOWER –

• AppLovin (APP) down 3% after Goldman Sachs downgraded the stock to Neutral from Buy with a price target of $150, up from $103, citing balanced risk/reward ahead of quarterly results
• Boeing (BA) down 2% after announcing on Friday night that it plans to reduce the size of its total workforce by roughly 10%
• Caterpillar (CAT) down 2% after Morgan Stanley downgraded shares to Underweight from Equal Weight with a price target of $332, down from $349