Nasal Biotech Smells Big Win and Surges 500%

Author

Adam Garcia
June 02, 2025

A defense tech firm is under pressure after a quarterly miss, a rare disease drug maker has just been snapped up in a $9.5B deal, and a sinus treatment breakthrough is sending a biotech soaring nearly 500%. Here’s all the latest news you need to start your day.

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What to Watch

Earnings:

  • Credo Technology Group Holding Ltd [CRDO]: Aftermarket

Economic Reports:

  • S&P final U.S. manufacturing PMI [May]: 9:45 AM

  • ISM manufacturing [May]: 10:00 AM

  • Construction spending [April]: 10:00 AM

  • Dallas Fed President Lorie Logan speech: 10:15 AM

  • Chicago Fed President Austan Goolsbee speech: 12:45 PM

  • Federal Reserve Chair Jerome Powell opening remarks: 1:00 PM

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Steel

Trump's 50% Steel Tariff Sparks Steel Stock Surge Even As Global Trade Tensions Rise

Shares of U.S. steel producers are surging in pre-market trade today after President Donald Trump announced a significant increase in import tariffs on steel and aluminum, doubling them from 25% to 50%, effective June 4.

The move, aimed at bolstering domestic manufacturing, led to notable gains for companies like Cleveland-Cliffs Inc. [CLF], Nucor Corp. [NUE], and Steel Dynamics Inc. [STLD].

Cleveland-Cliffs’ stock price is up 27% in premarket trading, while Nucor and Steel Dynamics are increasing by nearly 10% and 9%, respectively.

United States Steel Corp. [X] shares remain relatively stable, however, as the company is in the process of being acquired by Japan's Nippon Steel for $55 per share.

The tariff hike has elicited strong reactions globally. India's engineering export sector, valued at approximately $5 billion, faces potential challenges due to the increased tariffs, according to the Engineering Export Promotion Council of India.

Similarly, Australia's Trade Minister criticized the move as "unjustified," expressing concerns over its impact on bilateral trade. The European Union has also indicated potential retaliatory measures if a negotiated solution isn't reached by mid-July.

Technology

SAIC Falls Short on Earnings, Holds Firm on Full-Year Guidance

Shares of Science Applications International Corp. [NASDAQ:SAIC] are down nearly 6% in premarket trading after posting earnings that came in below Wall Street forecasts. While quarterly revenue matched analyst expectations, profit margins fell short.

For the quarter ending May 2, the defense and IT services firm reported adjusted earnings per share of $1.92, missing the consensus estimate of $2.16. Revenue landed at $1.88 billion, meeting projections.

Net income slid 12% year-over-year to $68 million, while adjusted EBITDA also declined 5% to $157 million. Management attributed the shortfall to shifts in project timing and volume mix within its contract portfolio.

Despite the miss, SAIC reaffirmed its full-year guidance, projecting fiscal 2026 revenue between $7.6 billion and $7.75 billion and adjusted earnings per share in the range of $9.10 to $9.30. Both midpoints align closely with analyst targets.

On the business development front, SAIC booked $2.4 billion in new contracts during the quarter, bringing its book-to-bill ratio to 1.3. Total backlog reached $22.3 billion as of quarter-end, reflecting continued demand for the company's services despite near-term earnings volatility.

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Biopharmaceuticals

Sanofi to Acquire Blueprint in $9.5B Deal Centered on Rare Disease Drug

Shares of Blueprint Medicines [NASDAQ:BPMC] are up 27% in premarket trading today after Sanofi [NASDAQ:SNY] announced a definitive agreement to acquire the biotech firm in a cash-and-contingent deal valued at up to $9.5 billion.

Under the terms, Sanofi will pay $129 per share upfront, with an additional $6 per share tied to future regulatory milestones.

The centerpiece of the acquisition is Ayvakit, Blueprint’s flagship treatment for systemic mastocytosis, a rare blood disorder. The drug has secured regulatory approvals in both the U.S. and EU and posted $150 million in sales during the first quarter.

Blueprint estimates the treatment could eventually generate $2 billion in annual revenue.

Sanofi expects the deal to close in Q3 of 2025, pending regulatory approvals. This marks the French pharma giant’s third major acquisition this year as it bolsters its prescription-drug portfolio following the divestiture of its consumer health division to Clayton Dubilier & Rice.

While Blueprint shares surged on the news, Sanofi’s U.S. depositary receipts are also up 0.2% in early trading.

Movers and Shakers

Lyra Therapeutics, Inc. [LYRA] - Last Close: $4.93

Lyra Therapeutics is a clinical-stage biotech firm developing implantable therapies for chronic rhinosinusitis (CRS) using its XTreo platform.

The stock is surging nearly 500% in premarket today after its ENLIGHTEN 2 trial met its primary endpoint, demonstrating significant symptom relief for CRS patients and bolstering investor confidence in LYR-210's potential.

My Take: The trial results are a huge moment for LYRA, but given Lyra's financial challenges and history of clinical setbacks, it might be best to approach this stock with cautious optimism.

Vera Therapeutics, Inc. [VERA] - Last Close: $18.95

Vera Therapeutics is a clinical-stage biotech company developing atacicept for autoimmune diseases like IgA nephropathy.

The stock is up 81% in premarket today after announcing positive Phase 3 results for atacicept in treating IgA nephropathy, indicating potential for FDA approval and commercialization.

My Take: While the trial success is promising, Vera remains a pre-revenue company with ongoing losses. Be cautious if you wish to invest here.

Kymera Therapeutics, Inc. [KYMR] - Last Close: $29.64

Kymera Therapeutics is another clinical-stage biotech focused on targeted protein degradation therapies.

While it remains pre-revenue and reports ongoing net losses, its shares are up 31% in premarket trading after positive Phase 1 results for KT-621, a STAT6 degrader targeting inflammatory diseases.

My Take: KT-621’s early success reinforces Kymera’s platform potential, but the company is still years from commercial revenue. Keep an eye on this stock as a long-term bet in the biotech space.

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Everything Else

That’s all for today. Thank you for reading. If you have any feedback, please reply to this email.

Best Regards,

— Adam Garcia
Elite Trade Club

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