Streetbeat News

Acquisitions Mergers

AZN

At the Benzinga Virtual Healthcare Summit, Laura Chico, Ph.D., from Wedbush Equity Research, expressed optimism for the 2024 biotech IPO market, noting a significant uptick with six IPOs already performing well. Additionally, she highlighted an increase in M&A activity within the biotech sector, exemplified by AstraZeneca's acquisition of Fusion Pharma for $1.5 billion. Despite potential election year uncertainties, the biotech sector is expected to see robust activity in IPOs and M&A.

Portfolio Pulse from Abbey Higginbotham

March 21, 2024 | 7:04 pm

DWAC

Digital World Acquisition Corp. (NASDAQ:DWAC) shares dipped slightly after a significant rise, in anticipation of a vote on its merger with Trump Media & Technology Group (TMTG). Approval of the merger will make TMTG a wholly owned subsidiary of Digital World, which will then be renamed Trump Media & Technology Group Corp. The merger could grant Trump Media access to 87.5 million shares immediately and an additional $30 million in shares if the stock remains above $17.50 for 20 trading days.

Portfolio Pulse from Erica Kollmann

March 21, 2024 | 6:39 pm

AAPL

SPY

Apple Inc's stock has declined by 7% this year, underperforming the S&P 500. The decline is attributed to reduced demand from China, challenges in the AI sector, and regulatory hurdles. Berkshire Hathaway sold about 10 million Apple shares, hinting at potential future sales. Despite this, Apple's stock has potential for growth if it can surpass the $200 mark, with its recent close at $178.67 showing a 1.46% increase.

Portfolio Pulse from Zaheer Anwari

March 21, 2024 | 6:07 pm

ILMN

QCOM

An adviser to Europe's top court criticized EU antitrust regulators for overstepping their powers by blocking Illumina Inc's $7.1 billion bid for Grail Inc. The opinion could affect the EU's approach to mergers, including Qualcomm Inc's deals. Illumina completed the Grail transaction before approval, leading to a legal challenge. The adviser emphasized that the EU Commission should not have broad powers to review global mergers without significant EU presence. Illumina welcomed the recommendation, and a court ruling is expected soon. Illumina's stock rose 3.60% following the news.

Portfolio Pulse from Vandana Singh

March 21, 2024 | 5:56 pm

RDDT

Reddit Inc (NYSE:RDDT) opened for trading at $47, surpassing its targeted IPO range of $31-$34. The IPO was five times oversubscribed, indicating strong investor interest. Analysts predict a significant impact on the tech industry, with Reddit allocating 8% of IPO shares to its active users and insiders. Despite negative discussions on r/WallStreetBets, Reddit's stock rose to $52 post-IPO. This marks Reddit as the first major IPO of 2024, potentially influencing the IPO market's future.

Portfolio Pulse from Adam Eckert

March 21, 2024 | 5:24 pm

MSFT

Microsoft has agreed to pay $650 million to Inflection, a move that includes hiring Inflection's staff. This strategic decision could indicate Microsoft's intention to bolster its workforce and possibly integrate Inflection's technology or expertise into its operations.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 4:43 pm

COIN

Coinbase Inc. (NASDAQ:COIN) UK CEO Daniel Seifert highlighted Bitcoin as a viable financial alternative in challenging economies, citing regulatory advancements and the anticipation of Bitcoin's halving event as key growth drivers. Seifert emphasized the role of Bitcoin ETFs in boosting investor confidence and noted the growing mainstream acceptance of digital currencies. He also discussed the potential of Bitcoin in emerging markets, the importance of regulation for the crypto industry's future, and addressed misconceptions about Bitcoin mining's energy consumption.

Portfolio Pulse from Murtuza Merchant

March 21, 2024 | 3:09 pm

ARGX

JNJ

RHHBY

Argenx SE (NASDAQ:ARGX) shares surged due to Chugai Pharmaceutical's disappointing gMG trial results, boosting Argenx's market cap to $21.2 billion. Argenx's Vyvgart Hytrulo was FDA approved in June 2023 for gMG in adults, contributing to $1.2 billion in FY2023 revenues. Chugai's Enspryng failed to meet expectations in its Phase 3 LUMINESCE study for gMG, despite being developed with Roche Holdings AG (OTC:RHHBY). Johnson & Johnson (NYSE:JNJ) reported success in its Phase 3 VIVACITY study of nipocalimab for gMG.

Portfolio Pulse from Vandana Singh

March 21, 2024 | 3:06 pm

AUNA

Auna S.A. (NYSE:AUNA) is set to IPO on March 22, offering shares between $13.00 and $15.00 with a 180-day insider lock-up period. The company operates hospitals and clinics in Mexico, Peru, and Colombia, and offers prepaid healthcare plans in Peru and dental and vision plans in Mexico.

Portfolio Pulse from Benzinga Insights

March 21, 2024 | 3:00 pm

PARA

PARAA

Paramount Global's stock is trading lower following reports that Shari Redstone, a key figure in the company, favors a deal with Skydance over Apollo's bid for Paramount Studio.

Portfolio Pulse from Benzinga Newsdesk

March 21, 2024 | 2:55 pm