Streetbeat News

Acquisitions Mergers

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

INGN

Citron Research tweeted about Inogen Inc (INGN), suggesting that despite its current $5 stock price, the company's solid cash position makes the business essentially free. Citron also noted that under new leadership, Inogen is ripe for acquisition and speculated that its stock price could reach $25 in the event of a buyout.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 2:54 pm

AGL

AIMD

APLT

BNZI

MPW

RCAC

U.S. stocks opened higher following the release of positive jobs data, with the Dow, NASDAQ, and S&P 500 all seeing gains. The U.S. economy added 216,000 jobs in December, surpassing market estimates of 170,000, while the unemployment rate held steady at 3.7%. Communication services shares led gains, while real estate shares lagged. Ainos, Inc. (AIMD) and Banzai International, Inc. (BNZI) surged on specific company news, while Revelstone Capital Acquisition Corp. (RCAC) gained after canceling a business combination meeting. Conversely, Applied Therapeutics, Inc. (APLT), agilon health, inc. (AGL), and Medical Properties Trust, Inc. (MPW) saw significant declines due to negative company-specific news.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 2:50 pm

AAPL

AMT

COST

MSFT

SPCE

TSLA

Cryptocurrencies Bitcoin, Dogecoin, and Ethereum are experiencing a rebound amid renewed hopes for a spot ETF, with predictions of Bitcoin potentially reaching $57K. Apple Card has increased its Annual Percentage Yield from 4.25% to 4.35%. In US markets, investor sentiment is down ahead of the jobs report, with the Nasdaq falling for the fifth consecutive day. US politics are focused on Trump's influence and legal challenges. World politics highlight North Korea's military actions and Russia's procurement of missiles. The world economy sees a record-breaking tuna sale in Tokyo. In tech, Apple Card raises its yield, Microsoft phases out WordPad, and Apple suppliers invest to reduce Chinese dependence. Tesla faces recalls and strikes, while Costco sees a sales jump. American Tower sells Indian assets for $2.5B, and SpaceX sues the US Labor Board over layoffs.

Portfolio Pulse from Akanksha Bakshi

January 05, 2024 | 2:05 pm

AAPL

NVDA

TCEHY

TSM

Huawei's new laptop, the Qingyun L540, uses a 5-nanometer chip made by Taiwan Semiconductor Manufacturing Co (TSMC) in 2020, refuting claims of Chinese chipmaker SMIC's advanced fabrication capabilities. Despite U.S. sanctions, Huawei had previously released a smartphone with a 7nm processor by SMIC. Huawei's technological progress, including the Mate 60 smartphone, has helped it compete with companies like Apple and challenge Western tech reliance. Huawei's use of an older TSMC chip suggests stockpiling efforts due to U.S. restrictions. TSM shares saw a slight premarket decline.

Portfolio Pulse from Anusuya Lahiri

January 05, 2024 | 2:02 pm