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Acquisitions Mergers

AGL

APLT

BNZI

DRMA

MPW

RCAC

U.S. stocks were mixed with the Dow Jones falling and NASDAQ rising. The ISM services PMI dropped to 50.6 in December, the lowest in seven months. Consumer discretionary shares led gains, while health care saw minimal increases. Dermata Therapeutics, Banzai International, and Revelstone Capital Acquisition saw significant stock increases due to positive company developments. Conversely, Applied Therapeutics, agilon health, and Medical Properties Trust experienced substantial stock declines following negative company news and analyst downgrades.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 5:11 pm

BNZI

Banzai, Inc. shares have seen an uptick following the announcement that the company has signed a Letter of Intent (LOI) to acquire IGLeads. This strategic move could potentially expand Banzai's market reach and product offerings, signaling growth prospects that are positively received by investors.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 4:46 pm

OSPN

OneSpan Inc. (NASDAQ:OSPN) has appointed Victor Limongelli as interim CEO to accelerate the company's transformation. The company expects FY23 revenue to reach the upper end of its $228-$232 million range and adjusted EBITDA to meet or exceed $2-$4 million. FY23 ARR guidance is reiterated, with FY24 revenue growth projected at low- to mid-single digits and an adjusted EBITDA margin target of 20-23%. Year-end cash balance is anticipated to be $41-$43 million. OSPN shares dropped 1.5% to $9.51.

Portfolio Pulse from Akanksha Bakshi

January 05, 2024 | 4:09 pm

HSAI

Hesai Technology (NASDAQ:HSAI), a lidar technology company, has secured a contract to supply its AT128 long-range lidar sensors for a new flagship electric vehicle model from a global OEM. The sensors will be integrated into the vehicle's Advanced Driver Assistance Systems (ADAS). Hesai plans to disclose more details in the future. The company has already won contracts for over 50 ADAS series production EV models from 15 major OEMs and Tier-1 suppliers. HSAI's stock price rose by 3.09% to $8.18 following the announcement.

Portfolio Pulse from Shivani Kumaresan

January 05, 2024 | 4:07 pm

DRMA

Dermata Therapeutics Inc (NASDAQ:DRMA) stock rose after announcing a new patent in Japan for its DMT410 program for hyperhidrosis. The patent strengthens the company's IP and could support further development for additional skin conditions. The company's Spongilla technology enables topical delivery of botulinum toxin, avoiding injections. Phase 1 trials of DMT410 with BOTOX showed promising results for hyperhidrosis and aesthetic skin conditions. DRMA shares surged 31% to 80 cents.

Portfolio Pulse from Vandana Singh

January 05, 2024 | 3:40 pm

AZN

GRCL

AstraZeneca (NASDAQ:AZN) is set to acquire Gracell Biotechnologies Inc. (NASDAQ:GRCL) for up to $1.2 billion, an 86% premium over its pre-announcement share price. The deal offers hope for cash-strapped Chinese biotechs, as Gracell's shares surged 60.3% post-announcement. Gracell, which focuses on CAR-T cell therapy for cancer treatment, has been operating at a loss with its most advanced product still in phase 1 trials. The acquisition by AstraZeneca will bolster its cell therapy capabilities, taking over Gracell's technology and trials. However, the sector faces uncertainty due to an FDA investigation into potential risks associated with CAR-T therapies.

Portfolio Pulse from The Bamboo Works

January 05, 2024 | 3:26 pm

HWKN

Hawkins Inc. (NASDAQ: HWKN) has seen increased institutional holdings, with firms like Charles Schwab Investment Management, Citadel Advisors, and Renaissance Technologies adding to their positions. Hawkins reported strong Q2 FY24 earnings with record gross profit and operating income, and growth in its Water Treatment segment. The company has a history of dividend growth and share repurchases, maintaining a low payout ratio. Management's compensation aligns with shareholder interests, and the company boasts high ROE and ROIC. Hawkins has solid financial health with low debt and is expected to grow due to capital expenditures. A reverse discounted cash flow analysis suggests that HWKN is undervalued, with a potential implied return of nearly 60%.

Portfolio Pulse from Quiver Quantitative

January 05, 2024 | 3:23 pm

STGW

Stagwell (STGW) has acquired Team Epiphany, a company known for its influence, experiential, and multi-cultural marketing capabilities. The acquisition aims to enhance Stagwell's Constellation network, although the financial terms of the deal were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 3:12 pm

LUCY

Innovative Eyewear has entered into a license agreement and reached a settlement regarding several IngenioSpec smart eyewear patents. This agreement resolves previous disputes and grants Innovative Eyewear access to important smart eyewear technology.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 3:06 pm

NOK

Nokia Corporation (NYSE:NOK) has signed a 5G patent cross-license agreement with Chinese smartphone maker Honor. This is Nokia's fourth major smartphone agreement in the past year, although terms were not disclosed. Nokia continues legal disputes with other Chinese firms like Oppo and Vivo over 4G and 5G patents. Licensing revenue from patents was 39% of Nokia's operating profit in 2022. The company has stated it will not meet its 2023 sales outlook, with licensing discussions extending into 2024. Nokia's Q4 and full-year 2023 financial results will be announced on January 25, 2024. NOK shares saw a slight increase of 0.29% to $3.46.

Portfolio Pulse from Nabaparna Bhattacharya

January 05, 2024 | 3:01 pm