Oracle shares were down over 5% in Wednesday’s midday session after Blue Owl Capital reportedly withdrew from a $10 billion investment in the company’s new facility in Saline Township, Michigan.
- Hut 8 shares were up more than 11% in Wednesday’s midday trade after the company announced that it is building an AI data center for Anthropic.
- Processa Pharmaceuticals' shares were up nearly 95% after early Phase 2 data showed that its NGC-Cap therapy boosts capecitabine exposure without added side effects compared with standard treatment.
- Recursion Pharmaceuticals shares jumped over 16% by midday Wednesday after Morgan Stanley upgraded the stock to ‘Overweight’ and raised its price target to $11, citing strong efficacy for its drug REC-4881.
U.S. equities were in the red in Wednesday’s midday trade as investors exercised caution amid a broader decline in artificial intelligence stocks, with Oracle and Broadcom shares declining by nearly 5% each.
The SPDR S&P 500 ETF (SPY), which mirrors the S&P 500 index, was down 0.68% at the time of writing, while the Invesco QQQ Trust (QQQ), which mirrors the Nasdaq 100 index, declined 1.28%. The SPDR Dow Jones Industrial Average ETF Trust (DIA), which tracks the Dow Jones Industrial Average, fell 0.2%.
Here are the top stocks making the biggest moves in Wednesday’s midday trade:
Oracle Corp. (ORCL)
Oracle shares were down over 5% in Wednesday’s midday session after the company faced a setback in its AI data center expansion efforts after Blue Owl Capital reportedly withdrew from a $10 billion investment in the company’s new facility in Saline Township, Michigan.
ORCL stock is up 8% year-to-date.
Hut 8 Corp. (HUT)
Hut 8 shares were up more than 11% in Wednesday’s midday trade after the company announced that it is building an AI data center for Anthropic, and that it had signed a 15-year, $7 billion lease with Fluidstack. The company added that the lease would be worth up to $17.7 billion if all renewal options are exercised.
HUT stock is up 100% year-to-date.
Processa Pharmaceuticals Inc. (PCSA)
Processa Pharmaceuticals share price nearly doubled, hovering at gains of 95% in Wednesday’s midday trade after the company stated that its early Phase 2 trial data showed that its NGC-Cap therapy significantly increases exposure to capecitabine cancer-killing drug metabolites without increasing the severity of side effects compared to standard monotherapy capecitabine therapy.
PCSA stock is down 73% year-to-date.
Recursion Pharmaceuticals Inc. (RXRX)
Recursion Pharmaceuticals shares were up over 16% in Wednesday’s midday session after Morgan Stanley upgraded the stock to ‘Overweight’ from ‘Neutral’, according to TheFly. The firm also hiked its price target for the RXRX stock to $11 from $10, citing “strong and durable” efficacy in familial adenomatous polyposis from the company's small-molecule drug, REC-4881.
RXRX stock is down 28% year-to-date.
Udemy Inc. (UDMY)
Udemy shares were up more than 22% in Wednesday’s midday session after the company announced a merger with Coursera Inc. (COUR), with an implied equity value of the combined entity of approximately $2.5 billion.
UDMY stock is down 20% year-to-date.
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