Tenax, Sionna plunge; MarineMax jumps premarket on reported buyout

Investing.com - U.S. stock index futures edged higher on Monday, while Dow futures were little changed, as investors scaled back hopes for a breakthrough in the Middle East and looked ahead to key inflation data due later this week for fresh clues on the Federal Reserve’s interest rate path.

By 06:27 ET (10:27 GMT), S&P 500 futures had risen by 11 points, or 0.1%, while Nasdaq 100 futures had gained 109 points, or 0.4%. Dow futures were mostly unchanged.

The cautious moves came as markets weighed fading expectations for progress toward a deal that could ease tensions in the Middle East. Investors were also turning their attention to upcoming inflation data, which could help shape expectations for the Fed’s next policy moves.

Here are some of the biggest premarket U.S. stock movers today:

Tenax Therapeutics stock plunged 84.2% in pre-open trading after the company said its Phase 3 LEVEL trial of TNX-103, an oral formulation of levosimendan, failed to meet its primary endpoint.

The trial did not show a statistically significant improvement in six-minute walk distance compared with placebo among patients with pulmonary hypertension associated with heart failure with preserved ejection fraction. The least-squares mean difference was just 3.5 meters, with a p-value of 0.63.

The study also missed a key secondary endpoint measuring improvement in the Kansas City Cardiomyopathy Questionnaire total symptom score, dealing another blow to the drug’s regulatory prospects.

Sionna Therapeutics shares plunged 92.1% in premarket trading after the biotechnology company said its Phase 2a PreciSION CF trial of SION-719 failed to demonstrate a meaningful improvement in CFTR function.

The trial missed its key activity endpoint of sweat chloride reduction when SION-719 was added to standard-of-care treatment. The study showed a mean placebo-adjusted change of just -1.0 mmol/L, which was statistically indistinguishable from placebo, with a p-value of 0.7.

Sionna said it does not plan to advance SION-719 as an add-on to standard-of-care treatment following the results.

MarineMax shares jumped more than 34% in premarket trading after Reuters reported that Blackstone-owned Safe Harbor Marinas was close to acquiring the recreational boat retailer for $1.5 billion, including debt.

Safe Harbor is expected to pay about $53 per MarineMax share in cash, according to the report, valuing the company’s equity at roughly $1.17 billion. MarineMax had closed Friday at $35.68.

The potential transaction represents a substantial premium to the company’s previous closing price and put the shares firmly among Monday’s biggest premarket gainers.

AAON shares surged more than 10.6% in premarket trading after the heating and cooling equipment maker released its second-quarter results following the previous session’s close.

Analysts had been expecting quarterly revenue of approximately $508.8 million and earnings per share of $0.51. The strong premarket reaction suggests the company cleared those expectations by a meaningful margin, although the information provided did not include the reported figures.

Silence Therapeutics stock climbed 16.2% in premarket trading ahead of a conference call to discuss topline results from its Phase 2 SANRECO trial of divesiran.

The company’s lead small-interfering RNA candidate is being developed for polycythemia vera. Silence said over the weekend that it would discuss the mid-stage study’s results during an 8 a.m. ET conference call and webcast on Monday.

Dole shares fell 4.2% in premarket trading after the fresh produce company reported second-quarter results that missed Wall Street expectations on both earnings and revenue.

Adjusted earnings per share came in at $0.46, below the $0.51 analyst consensus, while revenue of about $2.50 billion trailed expectations of $2.52 billion. Revenue nevertheless increased roughly 2.9% from a year earlier.

AirSculpt Technologies shares dropped 18.4% before the bell after the company reported a weaker second quarter, with revenue declining 3% year-over-year to $42.9 million.

Case volume fell 0.5% to 3,376, while the company’s net loss widened to $1.1 million from $0.6 million a year earlier. Adjusted EBITDA also declined to $4.9 million from $5.8 million, with the margin falling to 11.5%.

Investors now await the week’s inflation data for further clues on the outlook for U.S. interest rates, while developments in the Middle East remain another key source of potential market volatility.

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