On July 9, Coherent rose 3.11% overnight, trading at $326.91/share, with turnover of $6.99 million. The stock had previously pulled back consecutively since July 7, dipping to approximately $304.3 at one point, with cumulative losses exceeding 10%.

On the news front, AXT subsidiary Beijing Tongmei and Coherent formally signed a three-year master development and supply agreement for 6-inch indium phosphide wafers, effective June 25, with a prepayment exceeding $22 million to secure critical material capacity. Additionally, Raymond James raised its target price on Coherent from $371 to $435, implying significant upside from the current share price. With no fundamental negatives emerging and multiple positive catalysts being gradually digested following the prior oversold condition, the stock exhibited a sentiment recovery pattern.

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