Morning movers: FBRX jumps 39.5% on $77 cash deal

The overnight read covered oil, rates, futures and AMKR. This recovery preserves delayed pre-market snapshots from Nasdaq at 9:30 a.m. ET on July 27, 2026; it was completed after the cash market closed, so none of the prices below is current.

The movers at the 9:30 a.m. ET cut

Nasdaq supplied the dated prices and volumes. A saved TradingView pre-market scan independently matched each direction and put the three prices within two cents of Nasdaq. Yahoo's structured screens returned HTTP 429 and the required FMP credential was absent, so this recovery does not claim that named-provider cross-check; no social-media item or rumor was retained. Options do not trade pre-market, and no stock snapshot is an executable option quote.

FBRX: the $77 cash offer resets the reference point

argenx and Forte Biosciences announced a definitive agreement at 1:00 a.m. ET. Argenx plans to pay $77 per FBRX share in cash, giving the transaction an equity value of about $2.2 billion. The issuer release says both boards approved the deal, funding comes from cash on hand and closing is expected in the third quarter of 2026, subject to tender, antitrust and other customary conditions.

The delayed Nasdaq print was $76.41, up 39.49%, on 5,972,845 pre-market shares. BioPharma Dive separately described the offer as roughly 41% above Friday's close. That near-offer trading pattern is different from an ordinary earnings jump: the market was mainly pricing the probability, timing and conditions of the cash transaction rather than a fresh operating forecast.

What mattered next: the tender-offer filings, regulatory conditions and the expected third-quarter close. The morning range from $57.71 to $77.86 is preserved as history only; it is not presented as current support or resistance. The central risk is that a delayed, revised or failed transaction could reopen the gap to the unaffected price.

BKR: record energy-technology orders outweigh softer revenue

Baker Hughes reported $10.5 billion of Q2 orders, including $7.1 billion from Industrial & Energy Technology, or IET. Revenue was $6.742 billion, down 2% year over year, while adjusted diluted EPS was $0.64 and adjusted EBITDA was $1.231 billion. The same figures appear in the July 27 Form 10-Q, separating the official results from headline summaries.

The delayed pre-market snapshot was $60.59, up 5.83%, with 216,080 shares traded. Why the market cared: IET orders doubled year over year to about $7.1 billion, and Baker Hughes said power systems and LNG drove the strength. That order intake can support future revenue, but the current quarter's 2% revenue decline shows that bookings and recognized sales do not move together immediately.

What mattered next: whether the record IET backlog converts to revenue, whether Chart integration changes margins and whether management can deliver its raised IET-order outlook of more than $45 billion for 2026–2028. The risk is execution: acquisitions, inflation and weaker producer spending can interrupt the conversion from orders to cash earnings.

CAPR: FDA and company disagree before a binary panel

The FDA's July 27 briefing document says the HOPE-3 study did not meet its pre-specified primary and secondary efficacy endpoints at 12 months. It also says statistical-analysis-plan changes generated at least two additional versions after the randomized double-blind portion. The agency asked its advisory committee to discuss whether HOPE-3 provides substantial evidence of effectiveness for deramiocel.

Capricor disputed that framing later Monday. The company said the FDA relied on an obsolete, unsigned SAP version 1.1, while Capricor says final version 3.0 was completed before unblinding and supports a statistically significant primary endpoint. BioSpace documented both positions. Deramiocel remains investigational and had not been approved; the disagreement is unresolved, not a rumor.

What mattered next: the FDA advisory committee on July 29, 2026, the exact questions put to the panel and any subsequent agency communication. The preserved pre-market range was $5.25 to $20.43, which shows how unstable the morning was; it is not a current technical map. The key risk is that the panel or FDA accepts the agency's analysis rather than the company's response.

Also on the radar

• MPLT: Nasdaq preserved a delayed $13.00, -64.44% pre-market print on 803,359 shares. BioPharma Dive reported that the twice-daily Phase 2 regimen met its main measure, but investors questioned its competitiveness and the once-daily regimen missed its primary endpoint; it stayed radar-only because the final package was already frozen at three features.
• RGTI: Rigetti announced at 9:00 a.m. ET that it would supply a 9-qubit Novera system to an HPE/Pittsburgh Supercomputing Center testbed funded by a $5 million National Science Foundation grant. No independently cross-checked 9:30 a.m. price bundle was retained, so no RGTI move is printed or promoted.

Dated checks after the July 27 morning