Streetbeat News

Acquisitions Mergers

OPK

OPKO Health's shares surged following the announcement that Labcorp will acquire select assets of OPKO's BioReference Health for $237.5 million.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 3:34 pm

DOGE-USD

Dogecoin (DOGE) experienced a 15% rally in the past 24 hours, with a 40% increase in weekly gains, attributed to a surge in whale transactions and daily active addresses. Dogecoin20, an Ethereum-based derivative, raised $10 million in its presale. Large transaction volumes for Dogecoin rose by 92.8%, reaching $5.29 billion, and daily active addresses increased by 13.5%, totaling 199,190. A significant transfer of 250 million DOGE to Robinhood was reported. Optimism is high in the Dogecoin community, partly due to Elon Musk's payment company obtaining more licenses. Dogecoin's market cap surpassed $30 billion, with predictions of its price reaching between $0.465 to $1.

Portfolio Pulse from Khyathi Dalal

March 28, 2024 | 3:31 pm

WNNR

Andretti Acquisition has completed its business combination with Zapata Computing, and the merged entity will debut on the Nasdaq on April 1, 2024. This move is expected to enhance the visibility and financial flexibility of the newly formed company.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 3:14 pm

AVTX

REX

REX American Resources Corporation (NYSE:REX) reported quarterly GAAP earnings of $1.16 per share, surpassing estimates of 68 cents, causing its shares to jump 23.2% to $54.15. Other stocks also saw significant gains, including Avalo Therapeutics, Inc. (NASDAQ:AVTX) with a 430% increase after acquiring a Phase 2-ready anti-IL-1β mAb and announcing a private placement financing of up to $185 million. Various companies across different sectors recorded gains in their stock prices following positive earnings reports, acquisitions, and analyst upgrades.

Portfolio Pulse from Avi Kapoor

March 28, 2024 | 3:00 pm

SMMT

Akeso Inc. reported a significant profit of 1.94 billion yuan for 2023, driven by a surge in licensing income and product sales. The company's partnership with Summit Therapeutics contributed significantly to its revenue. Akeso's rights issue aims to raise funds for further R&D, leveraging its positive earnings. The company's flagship product, cadonilimab, and its next anticipated drug, ivonescimab, are key to its future growth. Despite a high P/E ratio, analysts are optimistic about Akeso's earnings outlook.

Portfolio Pulse from The Bamboo Works

March 28, 2024 | 2:58 pm

DNA

Ginko Bioworks Holdings' stock price increased following the announcement of a contract award worth up to $6 million from the Defense Advanced Research Projects Agency (DARPA).

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 2:57 pm

NVDA

SMCI

The Market Ear report highlights the potential for AI to drive significant productivity gains across various sectors, potentially leading to a new market high with the S&P500 reaching a fair value of 5,900. The article illustrates AI's potential through Suno, an AI music company, which can create songs based on prompts. It suggests that while AI may disrupt traditional roles in music and other industries, investing in AI technology providers like Super Micro Computer, Inc. (SMCI) and Nvidia Corporation (NVDA) could be a safer bet.

Portfolio Pulse from David Pinsen

March 28, 2024 | 2:57 pm

AVTX

BDRX

GMDA

KOD

PMEC

XLO

U.S. stocks showed mixed performance with the Dow Jones slightly down, NASDAQ falling, and S&P 500 gaining. Avalo Therapeutics surged 435% after acquiring a Phase 2-ready anti-IL-1β mAb and announcing a significant private placement financing. Xilio Therapeutics soared 154% following an exclusive license agreement with Gilead Sciences. Biodexa Pharmaceuticals also saw a significant rise after promising results against brain cancers. Conversely, Primech Holdings, Gamida Cell, and Kodiak Sciences experienced notable declines. U.S. initial jobless claims dropped to 210,000, and the U.S. economy grew by 3.4% in Q4.

Portfolio Pulse from Avi Kapoor

March 28, 2024 | 2:32 pm

WNNR

ZPTA

Zapata AI and Andretti Acquisition Corp. (NYSE:WNNR) have completed their business combination, with Zapata AI's shares set to trade on Nasdaq under the ticker 'ZPTA'. This move provides Zapata AI with the financial flexibility to fuel innovation and drive enterprise customer acquisition, leveraging its proprietary industrial generative AI techniques. The company, now operating as Zapata AI, aims to solve complex industrial-scale problems for enterprises and government customers, including notable names like Sumitomo Mitsui Trust Bank and DARPA. Zapata AI's offerings, including Zapata AI Sense and Zapata AI Prose, are powered by its Orquestra reference architecture, supporting integration across multiple cloud environments.

Portfolio Pulse from Benzinga Newsdesk

March 28, 2024 | 2:31 pm

CVS

ELV

HUM

NVO

Major U.S. health insurers including CVS Health Inc (CVS), Elevance Health Inc (ELV), and Kaiser Permanente will start covering Novo Nordisk A/S's (NVO) Wegovy, an anti-obesity drug, for certain Medicare patients with heart-related conditions. This decision, following new CMS guidelines, marks a significant policy shift as weight-loss drugs were previously excluded from Medicare coverage. The coverage extension could lead to increased drug spending for insurers. Novo Nordisk's shares rose 0.83% to $129.11.

Portfolio Pulse from Vandana Singh

March 28, 2024 | 2:25 pm