Following Memorial Day weekend, US markets are open once again and have started the day lower on pervasive inflation fears. Markets ended last week in the green for the first time in almost two months, but optimism that inflation may have already passed its peak appears to have been replaced by caution this week.
Here are today’s trending stocks:
Yamana Gold (NYSE: AUY)
This gold miner has been on the rise on Tuesday after news broke that it is set to be acquired by South Africa’s Gold Fields (NYSE: GFI).
The deal, which is reportedly worth $6.7bn, will see Gold Fields shareholders acquiring 61% of the Canadian company. The price per share is a 33.8 per cent premium to Yamana’s average share price over the past 10 days.
The company’s share price is up by more than 15% in early trading on Tuesday.
Mullen Automotive (NASDAQ: MULN)
This California-based electric vehicle manufacturer has seen its share price jump by more than 20% after it announced positive developments in its solid-state polymer battery testing.
Mullen said its solid-state polymer cell, which is rated at 300 Ah and 3.7 volts, tested in at 343.28 Ah at 4.2 volts, exceeding expectations and in line with test tolerance from previous EV Grid test results.
Mullen is aiming to use the technology to create a battery which can deliver over 600 miles of range on a full charge for the Mullen FIVE EV Crossover.
TherapeuticsMD (NASDAQ: TXMD)
Like Yamana, TherapeuticsMD is climbing on the back of acquisition news. The outfit has seen its share price soar by more than 300% after it entered into a definitive merger agreement to be acquired by an affiliate of EW Healthcare Partners, a private equity firm that specialises in healthcare investment.
TherapeuticsMD CEO, Hugh O’Dowd, commented:
"We are very pleased to enter into this agreement with EW Healthcare Partners. Together, we will continue empowering women of all ages through a therapeutic focus in family planning, reproductive health, and menopause management. We have a deep appreciation for EW Healthcare Partners’s depth of expertise and track record and know they will bring an incredible value of knowledge and strategic guidance."
Timber Pharmaceuticals (NYSEAMERICAN: TMBR)
Another pharma outfit performing well on Tuesday is Timber Pharmaceuticals, which has climbed by more than 45%. This boost comes after the US Food and Drug Administration has granted Breakthrough Therapy designation to TMB-001, its treatment for congenital ichthyosis.
This is a condition which can cause dry, thickened, and scaling skin, with some patients suffering from large, dark scaling throughout the body.
John Koconis, chairman and CEO of Timber, said:
“A Breakthrough Therapy designation is no small achievement. Through half of FDA’s 2022 fiscal year, more breakthrough applications have been rejected by FDA or withdrawn (16), than have been granted (9). I am proud of our team for demonstrating the potential of TMB-001 in our Phase 2b program, and we are rapidly pushing forward with a pivotal Phase 3 clinical trial.”
Houston American Energy Corporation (NYSEAMERICAN: HUSA)
This oil and natural gas specialist is on the rise after it confirmed that it has increased its interest in Hupecol Meta.
Through its membership interest in Hupecol, Houston American now holds an approximately 11% interest in the Venus Exploration area in the Llanos Basin area of Colombia, as well as an approximately 5.5% interest in the remainder of the 639,405 gross acre CPO-11 block.
The company confirmed it has commenced drilling operations within the Venus Exploration area. HUSA’s shares are up by more than 30% in early trading on Tuesday.