Streetbeat News

Acquisitions Mergers

ALTM

LTHM

Livent Corporation (NYSE:LTHM) and Allkem Limited (ASX, TSX:AKE) have received all necessary shareholder approvals to complete their previously announced merger of equals. The merger is expected to close on January 4, 2024, and the combined entity will operate under the name Arcadium Lithium plc and trade on the NYSE under the ticker 'ALTM'. The merger is seen as a transformational move that aims to create greater long-term, sustainable value for stakeholders.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 8:58 pm

NEM

Newmont (NYSE:NEM) has seen significant options activity, with a bullish sentiment from investors. Analysis of 16 trades shows 62% bullish and 37% bearish expectations. The options trades suggest a target price range of $35.0 to $50.0 for the next three months. Newmont, the world's largest gold miner, has recently acquired Newcrest and is expected to produce 7.3 million ounces of gold in 2023. The stock is currently up by 1.72% at $41.8, with potential overbought conditions. Analysts from Macquarie and UBS have issued target prices of $45 and $40, respectively.

Portfolio Pulse from Benzinga Insights

December 19, 2023 | 8:46 pm

EXAS

MYNZ

Mainz Biomed N.V. (NASDAQ:MYNZ) released results from its ColoFuture study, highlighting ColoAlert's effectiveness in colorectal cancer detection. The non-invasive test, with its advanced PCR and AI technology, showed high sensitivity, especially compared to Exact Sciences Corp's (NASDAQ:EXAS) Cologuard. With its stock price around $1, Mainz Biomed is seen as undervalued by Jones Research, which set a 12-month price target of $8, indicating a potential +660% surge. The company could be an acquisition target for various healthcare firms.

Portfolio Pulse from Johnny Rice

December 19, 2023 | 8:39 pm

CRM

Slack, a business communication platform, is experiencing significant leadership changes as three executives, including the Chief Operating Officer (COO), are departing from the company. This development follows after the acquisition of Slack by Salesforce (CRM). The departure of key executives could signal internal shifts or strategic realignments within Slack, which is now a part of Salesforce's suite of services.

Portfolio Pulse from Benzinga Newsdesk

December 19, 2023 | 8:28 pm

GPN

Global Payments (NYSE:GPN) has been the subject of diverse analyst opinions, with 12 analysts offering ratings ranging from bullish to bearish. The average 12-month price target is now $143.25, down from $162.67, with a high estimate of $180.00 and a low of $110.00. Recent actions include maintaining, lowering, and raising ratings and price targets. Global Payments operates in 30 countries and merged with Total System Services in 2019. Financial indicators show solid revenue growth but lag behind industry peers, with a net margin of 14.62%, ROE of 1.62%, ROA of 0.75%, and a debt-to-equity ratio of 0.77.

Portfolio Pulse from Benzinga Insights

December 19, 2023 | 8:00 pm

IONS

TAK

Ionis Pharmaceuticals Inc (NASDAQ:IONS) has licensed the European commercialization rights for donidalorsen to Otsuka Pharmaceutical. Ionis will receive a $65 million upfront payment, milestone payments, and royalties from 20% to 30%. Phase 3 results for donidalorsen are expected in the first half of 2024. Needham and William Blair analysts view the deal positively, noting Ionis's strategic focus on the U.S. market for rare disease drugs and prudent resource use. Takeda Pharmaceutical's (NYSE:TAK) Takhzyro leads the HAE prophylactic therapy market, which is mainly U.S.-driven. IONS shares saw a slight decrease of 0.29% to $50.57.

Portfolio Pulse from Vandana Singh

December 19, 2023 | 7:23 pm

KRON

Kronos Bio Inc (NASDAQ:KRON) has decided not to proceed to phase 2 of its trial for lanraplenib in combination with gilteritinib for AML after phase 1b data showed no complete responses. The company is open to further development with a partner. Kronos Bio also announced a new development candidate, KB-9558, and provided updates on KB-0742. The company has restructured to extend its cash runway into 2026. Piper Sandler and HC Wainwright have adjusted their price targets for KRON, with the stock down 14.50% at $1.25.

Portfolio Pulse from Vandana Singh

December 19, 2023 | 6:47 pm

CGEN

Compugen Ltd. (CGEN) shares soared by over 200% after Gilead Sciences announced an exclusive licensing agreement for Compugen's pre-clinical immunotherapy program. Other stocks also moved significantly in Tuesday's mid-day session, with various companies experiencing gains due to positive developments such as FDA approvals, business accreditations, and favorable analyst upgrades. Conversely, some stocks fell sharply due to negative events like pricing of public offerings, discontinuation of joint development programs, and unfavorable patent litigation outcomes.

Portfolio Pulse from Avi Kapoor

December 19, 2023 | 6:34 pm

ARKW

SQ

Block, Inc. (NYSE:SQ) stock is trading higher, up over 32% in the past month. Ark Invest bought 347,692 shares of Block through ARK Next Generation Internet ETF (NYSE:ARKW). Analysts from Mizuho and BMO Capital have updated their price targets for Block. Block launched a self-custody Bitcoin wallet, Bitkey, and CEO Jack Dorsey encouraged moving Bitcoin off exchanges. Block shares are up by 3.87% at $76.74.

Portfolio Pulse from Erica Kollmann

December 19, 2023 | 5:54 pm

CLF

HUMA

INTC

TSLA

X

Sen. Tommy Tuberville has been actively trading shares and options of United States Steel Corporation (NYSE:X), which is currently proposed to be bought out by Nippon Steel for $14.9 billion, including debt, at $55 per share. This follows a rejected offer from Cleveland-Cliffs Inc (NYSE:CLF) at $35 per share. Tuberville's trades, including puts and calls on U.S. Steel, have raised concerns of a potential conflict of interest due to his position on the Senate Commodity Subcommittee. Tuberville's past trades, including those in Tesla Inc (NASDAQ:TSLA), Humacyte Inc (NASDAQ:HUMA), and Intel Corporation (NASDAQ:INTC), have also been scrutinized for potential conflicts of interest.

Portfolio Pulse from Chris Katje

December 19, 2023 | 5:42 pm