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Acquisitions Mergers

MRK

MRNA

Moderna Inc has paused its plans to build a vaccine manufacturing plant in Kenya due to declining COVID-19 vaccine demand in Africa, leading to over $1 billion in losses and write-downs. The decision reflects a shift in investment strategy away from pandemic preparedness in Africa. Despite this, Moderna shares saw a jump after presenting positive results from a therapy study in collaboration with Merck & Co Inc.

Portfolio Pulse from Vandana Singh

April 11, 2024 | 3:24 pm

RAN

RanMarine Technology B.V. (NASDAQ:RAN) is set to begin trading on NASDAQ on April 12, with an IPO price of $5.50 per share. The company, an early-stage cleantech firm, specializes in autonomous surface vessels (ASVs) aimed at removing pollutants and collecting water quality data. An insider lock-up period is set for 180 days, ending on October 09, 2024.

Portfolio Pulse from Benzinga Insights

April 11, 2024 | 3:00 pm

SPRC

SciSparc Ltd. (NASDAQ:SPRC), a clinical-stage pharmaceutical company, has announced a merger with AutoMax Motors Ltd., an Israeli vehicle importer. The deal, which terms were not disclosed, will result in SciSparc owning a new subsidiary that merges with AutoMax, with SciSparc shareholders owning just over 50% of the new entity. This strategic move aims at diversifying SciSparc's business into the automotive industry while continuing its pharmaceutical operations. The merger also involves a commitment from SciSparc to have a minimum of $4.25 million in net cash at deal closure. Following the merger, AutoMax shares will convert to SciSparc ordinary share rights, giving its stakeholders about 49.99% ownership of the merged entity. The companies share a chairman, Amitai Weiss, highlighting the merger's strategic importance. SPRC shares rose 6.88% to $1.79 following the announcement.

Portfolio Pulse from Akanksha Bakshi

April 11, 2024 | 2:34 pm

CONN

Conn's, Inc. (NASDAQ:CONN) reported Q4 adjusted EPS of $(1.25), beating estimates but with revenues of $366.1 million missing expectations. The Badcock transaction contributed significantly to revenues. Despite a challenging macro-environment expected through FY25, the CEO remains optimistic about future improvements in sales and profitability. CONN shares fell by 5.64% to $3.01.

Portfolio Pulse from Nabaparna Bhattacharya

April 11, 2024 | 2:24 pm

AMD

Deep-pocketed investors have shown a bearish sentiment towards Advanced Micro Devices (NASDAQ:AMD), with a notable shift in options activity. Benzinga's tracking revealed 20 extraordinary options activities, with a mix of bullish and bearish sentiments, but with a lean towards bearish at 55%. The significant options trades suggest a price target range for AMD between $125.0 to $200.0 over the next three months. The company, known for its CPUs and GPUs, recently acquired FPGA leader Xilinx, aiming to diversify its business. Currently, AMD's stock is slightly up, with an analyst from Susquehanna maintaining a positive rating and a price target of $200.

Portfolio Pulse from Benzinga Insights

April 11, 2024 | 2:16 pm

MRMD

MariMed Inc. has expanded its presence in the cannabis industry by acquiring Allgreens Dispensary in Illinois and entering a marketing partnership with two iconic music venues in Boston. The acquisition, approved by the Illinois Department of Financial & Professional Regulation, marks MariMed's fifth dispensary in Illinois and is part of its strategy to consolidate its financial results and expand its retail footprint. The company also acquired operating assets in Maryland, emphasizing its strategic priority to maximize its footprint there. Additionally, MariMed's marketing partnership with MGM Music Hall Fenway and Citizens House of Blues Boston positions its Nature's Heritage brand as the exclusive cannabis sponsor, aiming to connect with music fans.

Portfolio Pulse from Jelena Martinovic

April 11, 2024 | 2:14 pm

JNJ

SWAV

Johnson & Johnson (NYSE:JNJ) has agreed to acquire Shockwave Medical (NASDAQ:SWAV) for $335 per share in cash, a move predicted by DKI in December. The PMI index rose to 50.3 in March, indicating economic expansion but complicating the Fed's ability to lower rates. Criticism is directed at calls for lower interest rates to aid homebuyers, highlighting that such measures could exacerbate housing market issues. The Congressional Budget Office's projection of US debt to GDP reaching 166% by 2054 is deemed too optimistic by DKI, which also comments on the impact of a new settlement on realtor commissions.

Portfolio Pulse from Gary Brode

April 11, 2024 | 2:02 pm

ALPN

ANAB

ELVN

JANX

RLYB

Enliven Therapeutics announced positive Phase 1 trial data for ELVN-001, causing a 26% surge in its stock. Alpine Immune Sciences saw a 36.6% jump after an acquisition agreement with Vertex. Janux Therapeutics' shares rose 16.8% amid sale considerations. Other notable movers include Rallybio Corporation with an 89.6% gain following a collaboration with Johnson & Johnson, and AnaptysBio, which rose 11.4% after an Overweight rating from Wells Fargo.

Portfolio Pulse from Avi Kapoor

April 11, 2024 | 2:01 pm

APVO

ELYM

ENLV

RENT

RLYB

U.S. stocks traded higher with the Nasdaq gaining over 50 points following the release of March's Producer Price Index (PPI) data, which showed a 0.2% increase, below analysts' expectations of 0.3%. Rallybio Corporation announced a collaboration with Johnson & Johnson, causing its shares to surge 95%. Eliem Therapeutics announced an acquisition agreement with Tenet and a $120 million private placement, leading to a 60% increase in its shares. Rent the Runway reported mixed Q4 results but provided positive guidance, boosting its shares by 46%. Conversely, Aptevo Therapeutics and Enlivex Therapeutics saw significant drops in their share prices after announcing a public offering and Phase II trial results, respectively.

Portfolio Pulse from Avi Kapoor

April 11, 2024 | 1:41 pm

GOOG

GOOGL

IXP