Streetbeat News

Acquisitions Mergers

APVO

ELYM

ENLV

FAST

RCEL

RENT

RLYB

Fastenal Company's shares dropped by around 7% due to disappointing Q1 FY24 financial results, with sales and EPS missing consensus estimates. Other stocks experienced significant movements, with Rallybio Corporation, Rent the Runway, and Eliem Therapeutics among the top gainers, while Aptevo Therapeutics, Enlivex Therapeutics, and AVITA Medical led the losers.

Portfolio Pulse from Avi Kapoor

April 11, 2024 | 5:33 pm

ELYM

Eliem Therapeutics Inc (NASDAQ:ELYM) is acquiring Tenet Medicines Inc., shifting focus to autoimmune diseases with the development of TNT119, an anti-CD19 antibody. Eliem has halted its Kv7 program and is entering a $120 million private placement to sell 31.2 million shares at $3.84 each. The acquisition and private placement are expected to close in mid-2024, with the combined company's cash reserves projected at $210 million, anticipated to fund operations into 2027. ELYM shares surged 56.2% to $4.17.

Portfolio Pulse from Vandana Singh

April 11, 2024 | 4:42 pm

BLKB

Blackbaud's stock price has increased after reports emerged that Clearlake is considering renewing its efforts to acquire the company.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 4:37 pm

BLKB

Clearlake Capital Group LP is reportedly renewing its efforts to acquire Blackbaud Inc., a cloud software provider, after a previous attempt was rejected in March 2023. Clearlake, which already owns approximately 18.9% of Blackbaud's outstanding stock, is consulting with potential advisers to make a new offer. Blackbaud is currently valued at around $3.8 billion.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 4:28 pm

BLK

IBIT

BlackRock's tokenized fund, BUIDL, integrates with Circle to offer a USDC cash-out option, enhancing liquidity for investors. This collaboration marks a significant advancement in the tokenized asset ecosystem, allowing seamless conversion of fund shares into USDC stablecoin. BlackRock continues to lead in cryptocurrency investment, with its iShares Bitcoin Trust (IBIT) holding over 266,580 BTC. The upcoming Future of Digital Assets conference will further explore these developments.

Portfolio Pulse from Murtuza Merchant

April 11, 2024 | 4:17 pm

JANX

Janux Therapeutics Inc (NASDAQ:JANX) shares surged following reports of potential sale discussions due to interest from larger pharmaceutical firms. The company, known for its innovative cancer treatments, has engaged a financial adviser to explore its options. This news comes after a year of significant stock performance growth and successful funding rounds, highlighting Janux's value in the pharmaceutical industry.

Portfolio Pulse from Vandana Singh

April 11, 2024 | 4:13 pm

DNA

Ginkgo Bioworks has seen its shares trading higher following the announcement of its acquisition of AgBiome's platform assets. This strategic move is expected to enhance Ginkgo Bioworks' capabilities and offerings in the biotech sector.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 4:11 pm

CMCSA

Comcast Corporation (NASDAQ:CMCSA) secured exclusive rights to stream the Philadelphia Eagles vs. Green Bay Packers game on Peacock, marking the NFL's first regular-season game in Brazil on Sept. 6, 2024. This game is part of Comcast's broader strategy to leverage NFL viewership, which has significantly benefited the company. In 2023, NFL games were a major draw, with Comcast's Peacock platform reaching 31 million subscribers and $1 billion in revenue, up 57% year-over-year, partly due to NFL and NCAA Football games. The company also plans to utilize Peacock for the 2024 Summer Olympics, aiming for further subscriber growth.

Portfolio Pulse from Chris Katje

April 11, 2024 | 4:09 pm

AMZN

NVDA

Amazon CEO Andy Jassy emphasized the transformative potential of artificial intelligence (AI) across customer experiences, highlighting Amazon's deep involvement in every layer of the generative AI stack. The company's significant investments in AI startup Anthropic and the development of its own large language models, alongside custom silicon chips for AI computations, position Amazon as a key player in the AI space. Jassy's comments were made during a CNBC interview and in his annual shareholder letter, focusing on Amazon's AI initiatives and partnerships.

Portfolio Pulse from Adam Eckert

April 11, 2024 | 4:02 pm

FLGC

Flora Growth Corp. (NASDAQ:FLGC), a Canadian-based cannabis company, announced a distribution deal with Me Raw Trade Ltd., marking its entry into the Polish market. The partnership aims to distribute JustCBD and Vessel brands across Poland, leveraging Me Raw's expertise in navigating local cannabis laws. This move is part of Flora's strategy to expand its footprint in the EU's rapidly growing cannabis market, with Poland's legal cannabis users expected to reach 1.3 million by 2026 and the medicinal market projected at €2 billion by 2028. FLGC's shares were trading 3.54% higher at $2.34 per share following the announcement.

Portfolio Pulse from Patricio Liddle

April 11, 2024 | 3:46 pm