Middleby's (MIDD) shares were up more than 2% in Tuesday trading after JPMorgan upgraded the company's stock to overweight from neutral and raised its price target to $147 from $141.
Trading volume exceeded 429,000 shares, compared with a daily average of over 698,000.
Price: $112.23, Change: $+2.51, Percent Change: +2.28%
Veea (VEEA) and NovaGen Group signed a term sheet to merge in a deal that values the new entity at $750 million, and GeoNova Capital also signed a term sheet to invest $10 million in the combined company as a cornerstone investor.Veea said Monday the value of the combined company was based on management's internal projections and an independent assessment.The potential merger remains subject to definitive documentation and closing conditions, with a final agreement expected in the coming weeks, the companies said.The companies also announced plans to launch NovaGen Health Networks, a connected health platform combining Veea's edge computing and cybersecurity technology with NovaGen's cellular reprogramming and clinical services. Initial deployments are set to begin at NovaGen clinics and partner hospitals in Q4.Veea is headquartered in New York, NovaGen is based in Amsterdam, and GeoNova Capital is in the United Arab Emirates.Veea shares rose 59% in after-hours trading.
Contineum Therapeutics (CTNM) said late Monday the phase 2 MOONLIGHT-1 trial of JNJ-5120/PIPE-307 for the treatment of major depressive disorder did not meet its primary efficacy endpoint.JNJ-5120/PIPE-307 is being developed by Johnson & Johnson (JNJ) under a global license and development agreement, the company noted.The study evaluated improvement from baseline in the Montgomery-Asberg Depression Rating Scale total score at Day 5 compared with placebo, the company said, adding that the treatment was well tolerated and showed no new safety signals.Johnson & Johnson is continuing to review the trial data, including prespecified exploratory endpoints, to determine next steps for the program, according to a statement.
Microsoft-backed (MSFT) OpenAI quietly acquired Glass Imaging, a startup developing AI-powered smartphone camera technology aimed at matching DSLR image quality, The Wall Street Journal reported Monday, citing people familiar with the matter.The deal valued Glass Imaging at more than $300 million, some of the people said, according to the report. OpenAI's exact plans for Glass Imaging are not clear, the report added.OpenAI and Glass Imaging did not immediately respond to requests for comment from.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)Price: $506.92, Change: $+11.29, Percent Change: +2.28%