On Tuesday, the broader U.S. equity markets experienced a downturn as the Dow Jones Industrial Average dropped roughly 700 points. Despite this negative market environment, a subset of prominent stocks, particularly within the biotechnology and healthcare sectors, delivered substantial price appreciation.
Corvus Pharmaceuticals Inc (NASDAQ:CRVS) emerged as the standout performer among these stocks, following the release of promising results from the fourth cohort in its randomized, blinded, placebo-controlled Phase 1 clinical trial evaluating the drug soquelitinib. This trial targeted patients suffering from moderate to severe atopic dermatitis. The disclosure of encouraging trial outcomes contributed to a surge in Corvus Pharmaceuticals’ shares, which soared approximately 90.3%, closing at $15.32 during Tuesday's trading session.
Several other companies also posted considerable gains, propelled by positive clinical, regulatory, or corporate actions. Rapt Therapeutics Inc (NASDAQ:RAPT) saw its stock price increase by 63.8%, reaching $57.52 after GlaxoSmithKline (GSK) announced its intention to acquire the company.
Immunitybio Inc (NASDAQ:IBRX) advanced 24.3%, closing at $6.86. This uplift followed the company’s announcement of an FDA Type B End-of-Phase meeting for its supplemental Biologics License Application concerning ANKTIVA combined with Bacillus Calmette-Guérin. The application targets the treatment of BCG-unresponsive non-muscle invasive bladder cancer characterized by papillary tumors.
Acadia Healthcare Company Inc (NASDAQ:ACHC) reported a 21.2% rise in its stock price to $14.15. The increase was linked to the appointment of Debbie Osteen as the new CEO and the firm’s reaffirmation of its fiscal year 2025 guidance.
Additional significant movers included Titan Mining Corp (NYSE:TII), which gained 20.2% to $4.89, and United Microelectronics Corp (NYSE:UMC), which rose 15.8% to $10.78. Korea Electric Power Corp (NYSE:KEP) followed with a 15.7% increase, closing at $21.71.
Iamgold Corp (NYSE:IAG) experienced a 14.6% surge, ending the day at $19.69. The company disclosed preliminary operating results for 2025, projecting gold production of approximately 765,900 ounces. In addition, it issued guidance for 2026 with an anticipated range of 720,000 to 820,000 ounces.
Hycroft Mining Holding Corporation (NASDAQ:HYMC) increased 12.2% to $38.85, while SK Telecom Co Ltd (NYSE:SKM) moved upward by 10.2% to a share price of $23.12. USA Rare Earth Inc (NASDAQ:USAR) recorded a 10.1% gain, closing at $19.48, following plans to develop a 3,750 metric tons per annum metal and alloy production facility in Lacq, France.
Lumentum Holdings Inc (NASDAQ:LITE) and SanDisk Corp (NASDAQ:SNDK) closed with gains of 7.1% and 7% respectively, at $347.31 and $442.51. These increases contributed positively to their respective market performance despite prevailing market pressures.
This notable stock performance among specific biotech and healthcare firms, as well as select mining and technology companies, highlights the divergent market trends impacting sectors differently amid broad indices' declines.