Cyclerion Therapeutics (CYCN) and Korsana Biosciences, a privately-held biotechnology firm, said Wednesday they have entered into a definitive merger agreement for an all-stock transaction.

Korsana secured commitments for an oversubscribed private investment that is expected to result in gross proceeds of about $380 million from a syndicate of investors, according to a statement.

Shares of Cyclerion catapulted 319% as intraday trading volume soared to over 230.2 million from a daily average of about 1.5 million.

Target Hospitality (TH) said Wednesday it expects 2026 revenue of $360 million to $370 million, compared with its earlier guidance of $320 million to $330 million. Four analysts surveyed by FactSet expect $328.9 million.

Additionally, the company said it has secured a multiyear lease and services agreement to support the development of a hyperscaler's data center campus in North Texas.

Shares soared 39% as intraday trading volume rose to over 7.5 million from a daily average of roughly 415,000.

TD Synnex (SNX) stands out positively in a "cautious" hardware sector due to strong execution, distribution share gains, and more exposure to cloud infrastructure spending than expected, Morgan Stanley said in a Wednesday note.

The firm said that TD Synnex's fiscal Q1 earnings and fiscal Q2 guidance were ahead of expectations.

Shares of TD Synnex jumped 9% as intraday trading volume climbed to more than 1.1 million from a daily average of about 770,000.

Price: 6.49, Change: +4.94, Percent Change: +318.71