Streetbeat News

Acquisitions Mergers

ARGX

RNAC

Needham initiated coverage on Cartesian Therapeutics Inc (RNAC) with a Buy rating and a $42 price target, following its public debut via a reverse merger with Selecta Biosciences. Cartesian's lead candidate, Descartes-08, shows promise in treating myasthenia gravis (MG) with longer-lasting benefits compared to Argenx SA's (ARGX) Vyvgart. Early data suggests Descartes-08 could significantly impact the MG treatment market, with potential sales reaching $4.3 billion by 2037. RNAC's stock rose 14.58% to $16.03.

Portfolio Pulse from Vandana Singh

April 10, 2024 | 6:35 pm

NVGS

Navigator Gas (NYSE:NVGS) is focusing on growth opportunities in ammonia and CO2 transportation, leveraging its fleet's flexibility and expanding its ethylene export terminal. The company's strong financial performance is attributed to high demand across its product segments and operational efficiency. NVGS's strategic investments, including a 14.5% interest in Azane Fuel Solutions, aim to capitalize on the shipping industry's shift to low-carbon fuels. With record operating revenue and net income in Q4 2023, NVGS is committed to returning capital to shareholders through dividends and share repurchases, while planning for long-term growth by exploring further opportunities in green transition segments.

Portfolio Pulse from Capital Link

April 10, 2024 | 6:21 pm

ADIL

ASTI

MRIN

VIAO

VLD

Ascent Solar Technologies, Inc. (ASTI) shares fell by 50% after announcing a $6 million public offering at $0.14 per share. Other stocks experienced significant movements, with Marin Software (MRIN) and Adial Pharmaceuticals (ADIL) among the top gainers, while VIA optronics (VIAO) and Velo3D, Inc. (VLD) led the losers.

Portfolio Pulse from Avi Kapoor

April 10, 2024 | 6:07 pm

JANX

Janux Therapeutics is reportedly considering a sale, according to Bloomberg. This news could indicate strategic shifts or potential acquisition interest, impacting investor sentiment and stock valuation.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 5:43 pm

NSC

Norfolk Southern Corp (NYSE:NSC) reached a $600M agreement to resolve a lawsuit related to the East Palestine derailment, viewed negatively by RBC Capital analyst Walter Spracklin. Despite reiterating a Sector Perform rating with a $270 price target, the settlement is seen as a significant negative, representing about 22% of FY24 consensus net income. The company also reported preliminary Q1 FY24 revenues of $3.004 billion and an adjusted EPS of $2.49, with expectations of operating ratio improvements. However, exposure to coal is seen as a future earnings headwind.

Portfolio Pulse from Shivani Kumaresan

April 10, 2024 | 5:43 pm

ALPN

Alpine Immune's stock is trading higher due to reports of the company considering a sale after receiving takeover interest.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 5:27 pm

CRPT

MSTR

MVPA

MicroStrategy Inc (NASDAQ:MSTR) faces a dilemma due to Bitcoin's surge, which has significantly increased the value of its shares and convertible bonds, making refinancing costly. The company's $650 million convertible bonds, due in 2025, are trading at nearly 3.8 times their par value, with the stock soaring approximately 390% since late 2020. This situation forces MicroStrategy to decide whether to repurchase the bonds at a high price or convert them into shares, potentially diluting stock value. Analysts see an upside for MicroStrategy, projecting Bitcoin's price could reach $150,000 by 2025 and increase the company's Bitcoin holdings.

Portfolio Pulse from Anusuya Lahiri

April 10, 2024 | 5:27 pm

CVX

HES

XOM

Chevron Corp's CEO Michael Wirth's pay increased to $26.5 million in 2023, a 12% rise from the previous year, outpacing the median pay raise for employees. The increase is attributed to successful financial management and the proposed acquisition of Hess Corp. Chevron's executive compensation and shareholder returns, including a record $26.3 billion through dividends and buybacks, are highlighted amidst scrutiny from Exxon Mobil Corp over the Hess acquisition.

Portfolio Pulse from Shivani Kumaresan

April 10, 2024 | 5:23 pm

ALPN

VERA

Vera Therapeutics' stock price increased following rumors that the company is considering its options after receiving takeover interest, a sentiment echoed by Alpine Immune's recent report.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 4:53 pm

PARA

PARAA

Two board members of Paramount, who are part of the committee considering merger options, are planning to depart. This development occurs as Paramount is in discussions with Skydance Media about a potential merger. Additionally, three directors are expected to leave the Paramount board, according to sources.

Portfolio Pulse from Benzinga Newsdesk

April 10, 2024 | 4:52 pm