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Acquisitions Mergers

ELYM

RENT

RLYB

Rallybio collaborates with Johnson & Johnson on therapeutics for pregnant individuals at risk of FNAIT, causing RLYB shares to surge by 104%. Rent the Runway's mixed Q4 results and future guidance boost RENT shares by 77%. Eliem Therapeutics announces acquisition of Tenet and a $120 million private placement, leading to a 65% increase in ELYM shares.

Portfolio Pulse from ryanfaloona@benzinga.com

April 11, 2024 | 12:31 pm

AMZN

GOOG

META

MSFT

VCR

XLY

Amazon.com Inc (NASDAQ:AMZN) is discontinuing its Alexa Developer Rewards Program and a support program offering free AWS credits to Alexa developers by end of June, shifting focus towards integrating generative AI into Alexa to maintain its competitive edge. Despite the initial success of Alexa, it struggles to stay relevant against advancements in AI. Amazon, along with Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL), Microsoft Corp (NASDAQ:MSFT), and Meta Platforms Inc (NASDAQ:META), is focusing on cost-efficiency and operational streamlining, with Amazon stock gaining over 86% in the last 12 months. Exposure to Amazon stock can also be gained through SPDR Select Sector Fund – Consumer Discretionary (NYSE:XLY) and Vanguard Consumer Discretion ETF (NYSE:VCR).

Portfolio Pulse from Anusuya Lahiri

April 11, 2024 | 12:30 pm

SPRC

SciSparc announced its intention to acquire AutoMax, although the terms of the acquisition have not been disclosed. This strategic move could potentially expand SciSparc's market presence and diversify its portfolio.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 12:17 pm

ASPI

ASP Isotopes Inc. (ASPI) reported a $(4.7)M operating free cash flow for 2023, slightly better than the $(5)M target. The company ended the year with $7.9M in cash and recently raised over $25.5M through a convertible note offering and warrant exercises. ASPI highlighted its progress, including the start of its first commercial isotopes plant, contracts for enriched silicon-28 and nuclear fuels, and the construction of a quantum enrichment facility. The company expects to generate revenue from enriched isotopes sales this year and is exploring debt financing options for future projects.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 12:13 pm

MCHP

Microchip Technology Inc. (NASDAQ:MCHP) has completed the acquisition of VSI Co. Ltd., a Seoul, Korea-based pioneer in automotive networking technologies, to enhance its leadership in the automotive networking market. The acquisition aims to address the growing demand for Advanced Driver Assistance Systems (ADAS) and digital cockpit connectivity, leveraging the Automotive SerDes Alliance (ASA) open standard. The automotive radar, camera, and LiDAR modules market is expected to double in revenue by 2028, driven by the adoption of ADAS and next-generation software-defined vehicles (SDV). VSI's expertise in ASA Motion Link technologies will complement Microchip's automotive networking portfolio, supporting the industry's shift towards Ethernet, PCIe, and ASA Motion Link standards.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 12:09 pm

HRMY

Harmony Biosciences (HRMY) has entered into an exclusive licensing agreement with Bioprojet to develop and commercialize TPM-1116, a promising oral orexin-2 receptor agonist for treating narcolepsy and other sleep/wake disorders. Harmony will pay Bioprojet $25.5 million upfront, with potential future payments totaling up to $367.5 million based on development, regulatory, and sales milestones, plus mid-teen royalties on sales. This agreement aims to bolster Harmony's position in the sleep/wake disorder market by leveraging the potential of TPM-1116 to offer a best-in-class clinical profile.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 12:07 pm

NVEE

NV5 has been awarded contracts totaling $13 million for the expansion of data center assets for technology and financial companies in Asia and the US. This development indicates NV5's growing influence in the tech and financial sectors' infrastructure projects.

Portfolio Pulse from Benzinga Newsdesk

April 11, 2024 | 12:06 pm

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