Streetbeat News

Acquisitions Mergers

CPRX

Catalyst Pharmaceuticals, Inc. (CPRX) has priced a public offering of 10 million shares at $15 each, aiming to raise $150 million before fees. The underwriters have an option to buy an additional 1.5 million shares. The offering is set to close around January 9, 2024. Catalyst intends to use the proceeds for potential acquisitions of new product candidates and general corporate purposes. BofA Securities, Citigroup, Piper Sandler & Co., Cantor, and Truist Securities are the bookrunners, with H.C. Wainwright & Co. and Oppenheimer & Co. as co-lead managers.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:09 pm

PRAX

Praxis Precision Medicines, Inc. has entered into a licensing and collaboration agreement with Tenacia Biotechnology for the development and commercialization of ulixacaltamide in Greater China. Praxis will receive $15 million upfront, with the potential for up to $264 million in milestone payments and tiered royalties on net sales. The collaboration aims to address the unmet need for essential tremor treatments in the region.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 1:08 pm

AIMD

APLT

DRMA

SGD

SMFL

Dermata Therapeutics, Inc. (NASDAQ:DRMA) shares surged over 57% in pre-market trading due to a new patent issued in Japan for its DMT410 program. Other stocks showed significant movement in pre-market trading, with Ainos, Inc. (NASDAQ:AIMD) and Safe and Green Development Corporation (NASDAQ:SGD) among the gainers, while Applied Therapeutics, Inc. (NASDAQ:APLT) and Smart for Life, Inc. (NASDAQ:SMFL) were among the losers.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 1:03 pm

ADBE

GOOG

KHC

Insiders at Adobe, Zoom Video Communications, Kraft Heinz Company, and Alphabet have recently sold shares of their companies. Adobe's President of Digital Media sold shares after the termination of a $20 billion merger agreement with Figma. A Zoom Video director sold shares following a downgrade by Wells Fargo. Kraft Heinz saw insider sales despite an upgrade by Evercore ISI Group. Alphabet's CEO sold shares amidst changes to online user tracking. Insider sales can be a signal to investors but should not be the sole basis for investment decisions.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 12:31 pm

GPP

GPRE

Green Plains Inc. and Green Plains Partners have received unitholder approval for their merger. The completion of the merger is subject to customary closing conditions and is expected to finalize on January 9, 2024.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 12:27 pm

MSEX

PNM

PNM Resources, Inc. (PNM) and Middlesex Water Company (MSEX) are identified as oversold utilities stocks with their RSI values below 30, indicating potential undervaluation. PNM's merger with Avangrid was terminated due to lack of regulatory approvals, causing its stock to drop about 6% over five days. MSEX reported a decline in Q3 sales and anticipates 2023 as a transition year, with its stock falling about 8% over five days.

Portfolio Pulse from Avi Kapoor

January 05, 2024 | 11:55 am

TPET

Trio Petroleum Corp has announced an option to acquire a 20% interest in the Asphalt Ridge Development Project located in Utah. This strategic move could potentially expand Trio Petroleum's asset portfolio and enhance its position in the energy sector.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 11:11 am

AAPL

Apple Inc.'s suppliers have spent $16 billion since 2018 to reduce reliance on Chinese manufacturing due to trade conflicts, COVID-19 disruptions, and energy issues. The diversification includes shifting production to India, Mexico, the U.S., and Vietnam. Despite these efforts, China remains a key production hub for iPhones, but Apple plans to increase iPhone production in India to over 50 million units annually within a few years. Chinese restrictions on Apple products are expanding, potentially affecting sales in China.

Portfolio Pulse from Ananya Gairola

January 05, 2024 | 8:53 am

AMZN

GOOGL

Jeff Bezos, co-founder of Amazon, has invested in Perplexity, an AI startup aiming to compete with Google in the internet search market. Perplexity offers direct answers to queries and has grown to 10 million monthly users. The company recently raised $74 million, led by Bezos and Institutional Venture Partners, valuing it at $520 million. Despite its rapid growth, Perplexity faces the challenge of competing with Google, a company with a $1.7 trillion valuation and significant investments in search technology.

Portfolio Pulse from Benzinga Neuro

January 05, 2024 | 6:52 am

AMT

BAM

American Tower Corporation has agreed to sell its Indian operations to Data Infrastructure Trust, sponsored by Brookfield Asset Management, for approximately $2.5 billion. The sale is the result of a strategic review and is expected to close in the second half of 2024, pending regulatory approvals.

Portfolio Pulse from Benzinga Newsdesk

January 05, 2024 | 6:25 am