Investors haven't been happy with the performance of the Nasdaq Composite (^IXIC 0.00%) so far in 2022, with the index firmly in bear market territory despite having seen a significant bounce in recent weeks. The Nasdaq didn't get off to a particularly good start to the new week, either, falling more than a half-percent in the opening minutes of Monday's trading session.

One high-profile stock that has been part of the Nasdaq's most recent decline is Tesla (TSLA 1.33%), which fell to its lowest level in two years on Monday. Yet even in a gloomy stock market environment, some companies continued to shine, and the big winner on the day was biotech company Imago BioSciences (IMGO). Read on to learn more about both of these stocks.

Tesla keeps slowing down

Shares of Tesla dropped almost 3% shortly after the opening bell on Monday morning. The electric vehicle (EV) pioneer has seen its stock lose almost half its value since the beginning of the year, as concerns about an economic slowdown and various supply chain pressures have hurt high-growth stocks more broadly.

The most recent news affecting Tesla came over the weekend, as the automaker issued another recall, potentially affecting more than 321,000 Model 3 and Model Y vehicles. The recall noted that taillamps could light up intermittently due to an issue with the company's firmware.

As has been the case with many recalls affecting Tesla vehicles, the automaker plans to issue a firmware update directly to vehicles using its over-the-air communications system, and it expects the update to correct the anomaly and resolve the problem.

More broadly, Tesla stock has had to deal with unusual levels of uncertainty. A shareholder lawsuit has challenged CEO Elon Musk's massive compensation package, alleging a failure from the Tesla board to exercise its fiduciary duties to investors. Musk's purchase of Twitter has required substantial financing that has included the sale of Tesla shares, putting downward pressure on their market price.

In addition, Musk has suggested that he might no longer want to be CEO of Tesla or any other company, and that's raising doubt among shareholders who value his leadership and wouldn't be satisfied with a successor.

Tesla stock held up well even when other tech giants were seeing sharp declines. Now, it appears that the EV pioneer is in the market's crosshairs, and it's uncertain how far Tesla could drop in the short run even if its business remains strong.

Imago gets a buyout bid

Meanwhile, shares of Imago BioSciences more than doubled in price early Monday. The biopharmaceutical company received an acquisition bid from Merck (MRK 0.86%) that validated the promise of its treatment pipeline.

Merck and Imago announced early Monday that they had agreed to an acquisition worth about $1.35 billion. Under the terms of the buyout, Imago shareholders will receive $36 per share in cash for their stock, a massive premium from the closing price Friday of $17.40.

Imago doesn't have any treatments that are already approved by the U.S. Food and Drug Administration, but its clinical trials have focused on medicines for bone marrow diseases. Its lead candidate, bomedemstat, is undergoing multiple phase 2 trials for treating various indications, including essential thrombocythemia, myelofibrosis, and polycythemia vera.

With the buyout, Merck hopes to bolster its broader pipeline and expand its presence in the hematology field. The massive premium, though, shows the lengths to which major pharmaceutical companies are willing to go in order to find ways to accelerate their growth in an increasingly challenging macroeconomic environment.