On July 16, Definium Therapeutics rose 7.03% overnight, trading at $48.87 per share, with turnover of $19,100.

The continued upward momentum is driven by the sustained positive market reaction to the company's core candidate DT120 orally disintegrating tablet achieving positive topline results in the pivotal Phase 3 EMERGE study for major depressive disorder. The trial met its primary endpoint and all key secondary efficacy endpoints, demonstrating statistically significant and clinically meaningful improvement over placebo.

Following the data readout, the company successfully closed an upsized $805 million public offering at $34 per share, with underwriters exercising their overallotment option in full. RBC Capital subsequently raised its price target from $36 to $57, maintaining an Outperform rating. With the current stock price still trading below that target, buying momentum has persisted. Additionally, the company initiated dosing in Ascend, its second pivotal Phase 3 trial for DT120 in MDD, with topline data expected next year.

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