Market Downturn: Alumis (NASDAQ: ALMS) Plunges on Trial Results, Enovis (NYSE: ENOV) Falls After Acquisition Offer, and Leveraged ETFs Decline

• Alumis Inc. (NASDAQ: ALMS) plunged after its Phase 2b LUMUS trial of envudeucitinib failed to meet its primary and secondary endpoints.
• Enovis Corporation (NYSE: ENOV) declined after announcing a binding offer to acquire eCential Robotics.
• Leveraged ETFs, including the GraniteShares 2x Long DELL Daily ETF (NASDAQ: DLLL) and Defiance Daily Target 2X Long RIOT ETF (NASDAQ: RIOX), recorded double-digit losses.

Several stocks and leveraged exchange-traded funds posted significant declines during Tuesday’s trading session. Alumis Inc. (NASDAQ: ALMS) led the downturn, falling 56.76% to $9.47 on volume of more than 28.31 million shares.

The decline followed Alumis’ announcement that the Phase 2b LUMUS trial of envudeucitinib in patients with systemic lupus erythematosus failed to meet its primary and secondary endpoints in the overall study population. However, the company reported encouraging responses among patients with a high interferon gene signature and plans to discuss a potential Phase 3 development strategy with regulators, according to the company’s trial announcement.

Enovis Corporation (NYSE: ENOV) dropped 16.51% to $20.53, with nearly 4 million shares changing hands. The medical technology company announced a binding offer to acquire eCential Robotics for an upfront enterprise value of €155 million. The proposed transaction also includes up to €35 million in milestone-based payments and is expected to close by the end of 2026, subject to regulatory approvals and other conditions, according to Enovis.

T3 Defense Inc. (NASDAQ: DFNS) declined 14.81% to $10.08. The separately announced partnership with Coincheck Group N.V. (NASDAQ: CNCK) involved the private digital-asset infrastructure company DFNS, not publicly traded T3 Defense.

Leveraged ETFs also recorded substantial losses. The GraniteShares 2x Long DELL Daily ETF (NASDAQ: DLLL) fell 14.35% to $21.53, while the Defiance Daily Target 2X Long RIOT ETF (NASDAQ: RIOX) dropped 12.62% to $19.37.

These ETFs seek to deliver approximately twice the daily performance of their underlying stocks. Because their objectives reset daily, compounding can cause longer-term returns to differ significantly from twice the performance of the underlying shares, making these products particularly volatile.