Streetbeat News

Acquisitions Mergers

JAGX

Jaguar Health (NASDAQ:JAGX) has submitted an Orphan Drug Designation application to the FDA for crofelemer for cholera-related diarrhea. Crofelemer, a plant-based prescription drug, aims to treat moderate-to-severe diarrhea from various infections, including cholera. The company has previously received ODD for crofelemer for short bowel syndrome and microvillus inclusion disease. Jaguar expects results from 5 proof-of-concept studies in 2024 and 2025, with potential early patient access in Europe in 2025. The FDA activated an IND application for crofelemer in August 2023. ODD could provide development incentives and a seven-year marketing exclusivity in the U.S.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 1:35 pm

CSPI

ARIA Cybersecurity Solutions, a CSPi business (NASDAQ:CSPI), has secured a multi-million dollar contract with one of the world's largest pharmaceutical manufacturers to deploy its AZT PROTECT solution across over 40 global manufacturing facilities. This deployment aims to protect the pharmaceutical company's critical infrastructure from sophisticated cyberattacks targeting operational technology (OT). AZT PROTECT, launched in July 2023, is designed specifically for OT environments, offering advanced protection against zero-day and supply chain attacks without requiring continuous cloud updates.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 1:35 pm

NRXP

NRx Pharmaceuticals has received a $5M milestone payment from Alvogen and Lotus Pharmaceutical, extending its cash runway. The payment is part of an agreement that could see NRx eligible for up to $324M in additional milestones, plus royalties, upon NRX-101's approval and commercialization.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 1:35 pm

ATER

HOG

POWW

VSCO

WOR

As of Feb. 12, 2024, five consumer discretionary stocks are considered overbought based on their RSI values, indicating potential short-term performance concerns. Aterian, AMMO, Harley-Davidson, Victoria's Secret, and Worthington Enterprises have shown significant price gains recently, but their high RSI values suggest they may be due for a correction.

Portfolio Pulse from Avi Kapoor

February 12, 2024 | 1:31 pm

CBAY

GILD

Gilead Sciences, Inc. (GILD) is set to acquire CymaBay Therapeutics, Inc. (CBAY) for $32.50 per share, totaling $4.3 billion. This acquisition adds seladelpar, a promising treatment for primary biliary cholangitis (PBC), to Gilead's liver disease portfolio. Seladelpar has received FDA priority review with an anticipated approval in Q3 2024. The transaction, expected to close in Q1 2024, is seen as neutral to Gilead's 2025 earnings and significantly accretive thereafter.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 1:31 pm

NVDA

Nvidia Corp's CEO, Jensen Huang, emphasized the importance of countries developing their own AI infrastructure to harness economic benefits and preserve cultural integrity. He highlighted Nvidia's role in democratizing AI access through advancements in AI computing efficiency, which has contributed to Nvidia's valuation soaring to $1.73 trillion. Huang criticized the fearmongering around AI and argued that advances in computing technology will reduce the costs associated with AI development, challenging the notion that $7 trillion is necessary for semiconductor initiatives. Nvidia is expanding its reach by launching a new division focused on designing custom chips for cloud computing, positioning itself against competitors like Broadcom and Marvell Technology.

Portfolio Pulse from Anusuya Lahiri

February 12, 2024 | 1:26 pm

SONY

Sony Group Corp (NYSE:SONY) is set to acquire a 50% stake in Michael Jackson's music catalog from his estate in a deal valued at over $600 million, the largest of its kind. The acquisition includes song shares, the Mijac publishing catalog, master recordings, and publishing rights. This move, along with the release of a biographical movie about Jackson, underscores the lasting commercial interest in his work. Sony reported an 8% year-on-year sales growth in Q2 FY23 and remains committed to its PlayStation and Spider-Man franchises.

Portfolio Pulse from Anusuya Lahiri

February 12, 2024 | 1:16 pm

UL

Unilever Plc (NYSE:UL) CEO Hein Schumacher, supported by billionaire Nelson Peltz, is committed to revitalizing the company through a strategic focus on its top 30 brands, streamlining its workforce, and executing a growth action plan. Despite investor skepticism and a history of underperformance, Schumacher is optimistic about the future, emphasizing systematic marketing and operational efficiency. The company has initiated a €1.5 billion share buyback and reported a 7.0% underlying sales growth in FY23. Unilever also plans to sell its Elida Beauty Business to Yellow Wood Partners LLC.

Portfolio Pulse from Vandana Singh

February 12, 2024 | 1:15 pm

SP

SP Plus Corporation (NASDAQ:SP) stockholders have overwhelmingly approved the merger with Metropolis Technologies, with 99.94% of votes in favor. This merger will result in SP Plus becoming a wholly owned subsidiary of Metropolis, with SP+ stockholders receiving $54.00 per share in cash. The merger's completion is pending certain conditions, including regulatory approval under the HSR Act. Both companies are cooperating with the DOJ following a 'Second Request' for additional information.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 1:13 pm

GREE

Greenidge Generation Holdings Inc. (NASDAQ:GREE) announced a $6M investment from Armistice Capital to support its business transformation and growth strategy. This investment will fund expansion into low-cost power centers, bitcoin mining, EPCM business, new AI infrastructure/data centers, and innovative efforts in bitcoin interest. Greenidge recently reported its first profitable quarter in two years, with favorable preliminary financial results for Q4 2023, including a net income of $1.4M to $2.4M and a significant debt reduction.

Portfolio Pulse from Benzinga Newsdesk

February 12, 2024 | 1:06 pm