Key Highlights

  • Surgery Partners (NASDAQ:SGRY) posted a 72.41% one-month gain to rank first among mid caps, following a USD 23.50 per share cash offer from HealthSpan Partners.
  • Braze (NASDAQ:BRZE) followed at 72.03% in second place after Salesforce agreed on October 20, 2026 to pay USD 47.50 per share in cash, an Enterprise value of about USD 5.66 billion.
  • Liquidia (NASDAQ:LQDA) added 64.79% to rank third, rebounding from a September 30, 2026 court ruling and an October 14, 2026 settlement with net payments of about USD 380.7 million.
  • On calculation the Takeover names sit about 1.5% and 3.3% below their bids, which ties their gains to deal terms, while Liquidia's three-month change remains negative 48.79%.

Surgery Partners (NASDAQ:SGRY): Cash Offer Pins the Stock Close to USD 23.50

Surgery Partners (NASDAQ:SGRY) climbed 72.41% over the month and now trades at USD 23.16. The move traces to an October 26, 2026 agreement under which HealthSpan Partners, an affiliate of Bon Secours Mercy Health, will acquire the company for USD 23.50 per share in cash, a transaction valued at USD 5.7 billion. The shares finished that session at USD 23.25, a 47.62% rise, and coverage cited trading of 58.3 million shares against an average of about 3.3 million. Under a fixed cash price, the Equity tends to converge on the bid after discounting for timing and deal risk, which explains why most of the advance landed in one session. The distance to the offer is USD 0.34, about 1.5% by simple arithmetic on two published prices, and the one-week change is negative 0.41%. Completion is expected in the first quarter of 2027, and Bain Capital is reported to own roughly 39% of the stock and to back the transaction. Published coverage put the Market Value of the publicly traded shares near USD 2.99 billion, within the USD 2 billion to USD 10 billion Mid cap band. Three-month and six-month gains are 53.96% and 61.81%. Upside beyond USD 23.50 looks constrained, and a stalled or failed agreement could return the shares toward a prior close of about USD 15.75 (calculated). Surgery Partners (NASDAQ:SGRY) now behaves like a Merger spread, and a small number of trades can move the price once arbitrage funds hold much of the float.

Braze (NASDAQ:BRZE): A Strategic Buyer and a USD 47.50 Per-Share Price Set the Range

Braze (NASDAQ:BRZE) rose 72.03% over the month to USD 46.00, ranking second among mid caps. Salesforce agreed on October 20, 2026 to buy the company for USD 47.50 per Class A share in cash, implying an enterprise value near USD 5.66 billion. Published coverage said the shares soared about 52% in that session, and one published summary cited a premium near 58%, a figure that could not be confirmed from a primary filing. The acquirer is seeking real-time customer engagement data to strengthen its AI Marketing tools, and Braze serves about 2,770 customers from 15 offices across the Americas, EMEA and Asia Pacific. In a cash deal the target shares rise toward the offer and then hold at a discount that reflects time to close and the chance of failure. At USD 46.00 the stock sits USD 1.50 under the bid, about 3.3% (simple arithmetic on two published numbers). The three-month gain is 74.37% and the six-month gain 108.62%, although the one-week change is only 0.55% because the price is pinned to the offer. Closing is expected in Salesforce's fiscal year 2028 and requires approval from shareholders and regulators, though the agencies and timetable were not named. Upside beyond USD 47.50 would need a higher bid, which has not been reported. No revenue, growth or termination fee figure was found, so those remain unverified. If the deal breaks, Braze (NASDAQ:BRZE) could drift back toward pre-bid levels.

Liquidia (NASDAQ:LQDA): Settlement Repairs a Court-Driven Plunge Without Restoring the Prior Level

Liquidia (NASDAQ:LQDA) rose 64.79% over the month to USD 46.06, ranking third among mid caps, as the shares recovered from a legal shock. A Delaware court on September 30, 2026 held that YUTREPIA infringed 2 claims of a United Therapeutics Patent covering inhaled treprostinil for PH-ILD, while finding 4 other asserted claims invalid. The stock fell about 57% that day and roughly 14% more the next session, to near USD 26.60. By simple arithmetic the price a month earlier was near USD 27.95, so the gain largely retraces that decline. On October 14, 2026 the company settled all 6 lawsuits with United Therapeutics, and the shares, near USD 37, rose about 40% that day. Under the settlement YUTREPIA stays on the market for PAH, with net payments of about USD 380.7 million through April 2027, an initial USD 175 million due within 30 Business days, and removal of the PH-ILD indication from the label. Preliminary third quarter YUTREPIA sales reached USD 222.7 million, and cash stood at USD 396.1 million on September 30, 2026. The three-month change is still negative 48.79% and the six-month change 9.56%, so the round trip is incomplete. Risks include the cash outflow, a possible appeal, the narrower label and pipeline legal questions around L606. Mid caps can swing on a small number of large trades, and a rebound this size can reverse.

Where Things Stand

Two of the three gains follow fixed cash bids, and the third follows a legal reset, so the answer is partly yes. Surgery Partners (NASDAQ:SGRY) sits beneath a USD 23.50 cash bid. Braze (NASDAQ:BRZE) sits beneath a USD 47.50 cash bid. Liquidia (NASDAQ:LQDA) reflects a settlement that followed a court ruling, and its longer-term figures remain negative. The lists cover small caps of 300 million to 2 billion USD and mid caps of 2 billion to 10 billion USD, drawn from a published screener snapshot dated November 5, 2026. Rallies of this type can reverse if a deal slips, a ruling is appealed or trading thins.