Streetbeat News

Acquisitions Mergers

MEIP

MEI Pharma, Inc. (NASDAQ:MEIP) has decided to focus on advancing voruciclib and developing a new formulation of ME-344 based on positive clinical data, foregoing a second capital return under the 2023 Anson and Cable Car Cooperation Agreement to conserve capital. The strategic plan aims to optimize the development of voruciclib for a Phase 3 study in combination with venetoclax for treating relapsed/refractory AML and to enhance ME-344's formulation for treating solid tumors in combination with VEGF inhibitors like Avastin. This decision is aligned with the company's goal to address significant medical needs while managing resources effectively.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 12:06 pm

KMX

CarMax Inc (NYSE:KMX) shares dropped after reporting a Q4 FY24 sales decline of 1.7% to $5.63 billion, missing estimates of $5.79 billion. The company experienced a slight decrease in unit sales and a 10.8% drop in vehicle purchases from consumers and dealers. Challenges such as inflation, higher interest rates, and low consumer confidence impacted sales. Gross profit fell by 4.1%, and EPS of $0.32 missed the consensus estimate of $0.49. Despite these challenges, CarMax Auto Finance income rose by 18.9%. The company plans to accelerate share repurchases and opened four new stores, aiming for over 2 million annual sales by FY2030.

Portfolio Pulse from Shivani Kumaresan

April 11, 2024 | 12:05 pm

VERA

Vera Therapeutics' stock price increased following news that Alpine Immune is being acquired by Vertex, indicating market optimism around biotech acquisitions.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 11:35 am

GPRK

GeoPark has submitted a binding offer to acquire a non-operated working interest in unconventional blocks in the Neuquen Basin, Argentina. This move aligns with its strategy for expansion in Latin America's prime oil and gas basins. The acquisition is expected to add over 5,000 net boepd of production immediately upon closing.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 11:33 am

ELYM

Eliem Therapeutics has announced a definitive agreement to acquire Tenet and has also entered into a securities purchase agreement for a $120 million private placement, causing its shares to trade higher.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 11:33 am

ALPN

HOOD

QQQ

SPY

Wall Street anticipates a lower opening influenced by upcoming inflation data, central bank decisions, and Fed speeches. SPDR S&P 500 ETF Trust and Invesco QQQ ETF saw premarket declines. Analysts offer mixed views on market conditions, with some seeing buying opportunities amidst inflation concerns. Stocks like Robinhood and Alpine Immune Sciences are in focus due to an analyst downgrade and acquisition news, respectively. Economic data releases and Fed officials' speeches are also on investors' radar.

Portfolio Pulse from Shanthi Rexaline

April 11, 2024 | 11:27 am

ARVN

Arvinas shares surged following a licensing agreement with Novartis for the development and commercialization of ARV-766, aimed at treating prostate cancer. This partnership could potentially enhance Arvinas' financials and market position through milestone payments and royalties, while also accelerating the development and accessibility of ARV-766 to patients.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 11:25 am

ARVN

NVS

Arvinas has entered into an exclusive strategic license agreement with Novartis for the development and commercialization of ARV-766, a treatment for prostate cancer. Arvinas will receive a $150M upfront payment and up to $1.01B in milestones, plus tiered royalties. The deal also includes the sale of Arvinas' preclinical AR-V7 program to Novartis.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 11:22 am

DNA

Ginkgo Bioworks has acquired AgBiome's platform assets, including over 115,000 strains, 500 million gene sequences, and AgBiome's development pipeline. These assets will be integrated into Ginkgo Ag Biologicals Services, enhancing Ginkgo's metagenomics database.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 11:19 am