Stocks making the biggest moves midday: Virgin Galactic, Canopy Growth, Wingstop, Qorvo & more

Check out the companies making headlines midday Monday:

Virgin Galactic — Morgan Stanley initiated coverage of Virgin Galactic with an overweight rating, sending the stock up more than 12%. The analyst also issued a $22 per share price target for Virgin Galactic, a 203% upside from current levels. "A chance to disrupt the multi-trillion-dollar airline [total addressable market] is what is really likely to drive the upside," the analyst said.

Wingstop — An analyst at Goldman Sachs added Wingstop to its conviction buy list as the food chain's same-store sales momentum shows signs of sustainability. Wingstop shares jumped 5.1%.

Canopy Growth — Shares of the Canadian cannabis company jumped more than 13% on news that Constellation Brands CFO David Klein will be Canopy's new chief executive. Klein's appointment takes effect on Jan. 14, Canopy Growth said in a release.

Synthorx — The California-based biotech company skyrocketed more than 160% on news it will be acquired by Sanofi for $2.5 billion, or $68 per share. That represents a 172% premium to Synthorx's closing price of $25.03 per share on Friday. The deal is expected to close in the first quarter of 2020.

Skyworks Solutions, Qorvo — Both semiconductor stocks were upgraded to buy from underperform by Bank of America, citing a demand jump as 5G technology proliferates. "5G could prove to be one of the more compelling and investable themes in semis," Bank of America said. Skyworks gained 2.6% while Qorvo rose 3.2%.

XBiotech — XBiotech shares rallied more than 80% on news Johnson & Johnson-subsidiary Janssen Pharmaceutica will acquire its colorectal-cancer treatment drug, bermekimab, for $750 million.

3M — Shares of the multinational conglomerate slid 0.7% after a Citi analyst downgraded the stock to neutral from buy. The analyst noted 3M's litigation risks "could be a lingering overhang that prevents a re-rating to its former premium multiple."

ArQule — ArQule, which develops drugs aimed at treating cancer, will be acquired by Merck for about $2.7 billion, or $20 per share. That represents a 107% premium from Friday's close of $9.66. The stock more than doubled on Monday, trading around $19.68.

—CNBC's Michael Bloom contributed to this report.

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