Streetbeat News

Acquisitions Mergers

CXM

Sprinklr has appointed Trac Pham as interim COO and authorized a $100M stock buyback program. The company reaffirms its Q4 and FY24 financial guidance. Pham, former CFO of Synopsys and current Sprinklr board member, will focus on improving the go-to-market strategy while assisting in the search for a permanent President and COO. The buyback reflects Sprinklr's strong balance sheet and cash flow, aiming to enhance stockholder value. The repurchase plan will be conducted under SEC rules and is expected to be completed within 2024.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 1:22 pm

FDMT

4D Molecular Therapeutics (4DMT) reported clinical pipeline progress, upcoming milestones, and organizational updates. The company remains well-capitalized with $300M in estimated cash, sufficient to fund operations into H1 2026. Key clinical advancements include progress in wet AMD, DME, and CF programs, with Phase 2 trial data for 4D-150 in wet AMD and DME expected in 2024. The company also announced a partnership with Arbor Biotechnologies for CNS diseases and appointed Noriyuki Kasahara as Chief Scientific Officer. Upcoming milestones include data presentations, trial updates, and IND filings across its ophthalmology, pulmonology, cardiology, and rare inherited retinal disorders portfolios.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 1:20 pm

ASMB

GILD

Assembly Biosciences outlined its clinical pipeline milestones for 2024, with four candidates expected in the clinic by year-end, targeting herpesviruses and hepatitis B and D. Initial data from studies on ABI-5366 for genital herpes and ABI-4334 for hepatitis B are due by year-end. The company's antiviral portfolio progress is bolstered by a long-term partnership with Gilead Sciences.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 1:16 pm

C

GS

JPM

MS

Citigroup Inc. (C) is planning to launch a fully-owned investment banking unit in China by the end of the year, aiming to hire about 30 people initially and potentially expanding to nearly 100. The Chinese securities regulator approved the U.S. bank's application last month. Citi's move follows similar expansions by Goldman Sachs (GS), JP Morgan (JPM), and Morgan Stanley (MS) in China. The expansion is seen as risky due to China's slowing economic growth and evolving policies.

Portfolio Pulse from Nabaparna Bhattacharya

January 04, 2024 | 1:14 pm

BABA

JD

PDD

TCEHY

Alibaba Group Holding Ltd (NYSE:BABA) has faced a challenging year with setbacks including a $2.8 billion fine for monopolistic behavior, a drop in U.S. market value below competitor PDD Holdings Inc (NASDAQ: PDD), and a significant share price decline. Alibaba withdrew plans for a public listing of its cloud unit and faces stiff competition from Huawei and Tencent Holding Ltd (OTC:TCEHY). Despite challenges, optimism remains for Alibaba's future. JD.com Inc (NASDAQ:JD) and Alibaba's Taobao implemented a 'refund only' policy, mirroring Pinduoduo's strategy, which has led to concerns among sellers about potential abuse.

Portfolio Pulse from Anusuya Lahiri

January 04, 2024 | 1:08 pm

RNAZ

Transcode Therapeutics (RNAZ) has published an open letter to shareholders, highlighting its progress in 2023 and objectives for 2024. The company has raised $18.5M in additional capital in 2023 despite a challenging environment. It has advanced its lead therapeutic candidate, TTX-MC138, and plans to submit an IND to the FDA in Q1 2024 for a Phase 1 clinical trial. Transcode is in partnership discussions for its preclinical programs and has streamlined operations, including reducing headcount and implementing temporary salary reductions for senior management. The company is proposing a reverse stock split to improve its ability to raise additional capital and comply with Nasdaq's stockholders' equity requirement.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 1:08 pm

PRTG

Portage Biotech Inc. (NASDAQ:PRTG) announced a strategic update, prioritizing its adenosine clinical candidates and pausing the iNKT clinical development to focus resources. The ADPORT-201 trial for PORT-6 and PORT-7 is progressing well, with plans to present data later this year. The company is also collaborating with Merck on KEYTRUDA combinations. Due to funding constraints, Portage is pausing the PORT-2 iNKT program and exploring strategic options, which may include partnerships. A cost-savings plan is being implemented, including workforce reductions.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 1:04 pm

RXRX

Recursion (NASDAQ:RXRX) has signed an agreement with Bayer AG to in-license a new chemical entity from their fibrosis research collaboration. This compound has shown potential to reverse fibrotic processes and is now part of Recursion's late discovery pipeline. The company's technology enabled the identification of small molecules that can potentially treat fibrotic diseases, which are a major health concern with high unmet needs.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 1:01 pm

ATAI

ATAI Life Sciences has made a strategic investment in Beckley Psytech to expedite the clinical development of short-duration psychedelics. This move aims to advance treatments in the mental health space, leveraging Beckley Psytech's focus on 5-MeO-DMT and other compounds for various psychiatric and neurological conditions.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 12:23 pm

OSUR

OraSure Technologies has taken the lead in the Series B financing round and has established extensive strategic distribution agreements with Sapphiros and its related entities. This move could potentially expand OraSure's market reach and strengthen its distribution capabilities.

Portfolio Pulse from Benzinga Newsdesk

January 04, 2024 | 12:17 pm