Instinct Bio secures Jakarta clinic site, sets subscription tiers

Instinct Bio (BIOT) shares fell 51.46% to $1.33 Tuesday and dropped another 20.30% in after-hours to $1.06. The Nasdaq-listed biotech completed a business combination with Relativity Acquisition Corp. It entered an indicative term sheet for an equity purchase facility to sell up to $150M of common stock over three years, priced near VWAP less a discount, to fund development and working capital.

Jim Cramer advised against investing in AeroVironment (AVAV) despite a 40% stock drop, citing intense competition in the defense sector. The company reported record revenue of $1.98B for FY2026, up 141% YoY, driven by strong defense demand and a $464.8M U.S. Army contract. However, competition from firms like RTX and Lockheed Martin may pressure margins. Hedge fund interest grew, but short interest remains high at 9.55%.

ANI Pharmaceuticals (ANIP) appointed Henry Gosebruch to its board, replacing Muthusamy Shanmugam, who will remain in operational roles. Gosebruch has biotech leadership experience. The company, with a $1.6b market cap, develops and markets branded and generic drugs. Board changes may influence capital allocation and product mix.

The U.S. State Department approved a potential $5B sale of Joint Direct Attack Munitions to Saudi Arabia, with Boeing as the principal contractor. Additionally, a $750M sale of AGT-1500 engines was approved, with Honeywell as the contractor.

General Dynamics (GD) won two U.S. military contracts totaling $248.9M. One is a $149.6M contract for USS Pinckney modernization, with potential value up to $149.9M. The other is a $99.3M task order for MUOS Ground Infrastructure Segment upgrades. Both contracts are sole-source and involve work through 2028, funded by fiscal 2026 budgets.

Lockheed Martin Corp received three contract modifications worth over $150 million from the U.S. Department of Defense. The largest, $90.2 million, is for the TRIDENT II Life Extension 2 program, with work spread across multiple locations. The other contracts, $40.1 million and $20.3 million, are for the MK 41 Vertical Launching System and HH-60W repairs, respectively. Completion dates range from 2027 to 2030.