5 Top Stock Gainers for Wednesday: Kindred, SoFi, Rambus
Stocks were finished lower Wednesday as investors awaited a policy update from the Federal Reserve.
Here are some of the market's biggest gainers for Wednesday:
1. Kindred Biosciences | Increase 46%
Shares of Kindred Biosciences (KIN) soared after the company said that it was being acquired by Elanco Animal Health (ELAN) for about $440 million.
Elanco will pay $9.25 a share, a premium of 52% over Kindred's 30-day average.
2. SoFi Technologies | Increase 5%
SoFi Technologies (SOFI) advanced after Rosenblatt Securities analyst Sean Horgan initiated coverage of the consumer-focused financial-services platform with a buy rating and $30 price target.
Horgan said challenger banks like SoFi command a powerful cost advantage over incumbents.
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3. Centene | Increase 3.7%
Centene (CNC) advanced after the health-care insurer's annual earnings forecast came within analysts' estimates.
The company affirmed its full-year 2021 adjusted-earnings estimate of $5.05 to $5.35 a share. The FactSet consensus calls for earnings of $5.23 a share.
4. Rambus | Increase 8.2%
Rambus (RMBS) climbed after the Silicon Valley chip designer said it had initiated an accelerated program to buy back about $100 million of its common stock. The move is part of a 20-million-share buyback the board authorized in October.
5. Sunrun | Increase 11%
Sunrun (RUN) rose after Morgan Stanley analyst Stephen Byrd raised his price target on shares of the solar energy provider to $91 from $86.
Byrd views the stock "as the most compelling overweight among our clean energy stock coverage."
He was "especially positive" about the agreement between Sunrun and Ford (F) , where the company became the home charging and integration systems provider for Ford's electric pickup truck, the F-150 Lightning.
