Shares of Cempra (CEMP) rose 8.3% to $3.90 in premarket trading on Monday. The Chapel Hill, N.C.-based company said it has tapped Morgan Stanley & Co. LLC as financial adviser to lead its recently announced process to review strategic options.

Meanwhile, shares of  Blueprint Medicines (BPMC) - Get Report were up 5.5% to $41.50 after Goldman Sachs raised its rating on the stock to buy.

"We upgrade BPMC to Buy from Neutral following pipeline progress last year (Ph1 proof-of-concept data for lead drugs '285 and '554), our expectation for a steady flow of read outs at conferences from the extension phases of the trials this year and clarity on potential registration paths for the drugs," wrote Goldman analysts in a note on Monday.

Other biotech stock movers include Aralez Pharmaceuticals (ARLZ) , whose shares were down 11% to $3.14. The Ontario-based company on Monday reported a fourth-quarter GAAP net loss of $31.1 million, or $0.48 loss per share on a fully diluted basis. Revenue for the quarter was $20 million.

For full-year 2017, the company has forecast net revenue to be in the  $80 million to $100 million range and negative adjusted Ebitda of $25 million to $10 million.