Streetbeat News

Acquisitions Mergers

VERU

Traders are circulating analyst comments suggesting that Veru could be a target for acquisition by large pharmaceutical companies due to its GLP-1 weight loss drugs. The company has been given an outperform rating and a price target of $3.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 8:14 pm

AVTX

Avalo Therapeutics has acquired a Phase 2-ready anti-IL-1β monoclonal antibody, AVTX-009, through a stock-for-stock transaction with AlmataBio. Concurrently, Avalo announced a private placement sale of preferred stock and warrants, led by Commodore Capital and TCGX, with participation from several notable investors, aiming to raise up to $185 million in gross proceeds.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 8:04 pm

IVA

Inventiva reported a significant increase in its FY23 revenues to €17.5 million, up 43.4% from €12.2 million in 2022, driven by licensing agreements with CTTQ and Hepalys for the development of lanifibranor in MASH/NASH. However, the company's net loss widened to €110.4 million from €54.3 million due to increased R&D expenses, particularly for the NATiV3 Phase III clinical trial and the LEGEND Phase IIa trial. Cash and equivalents decreased to €26.9 million, with a material uncertainty regarding the company's ability to continue as a going concern. Inventiva received significant financing in 2023, including a €35.7 million capital increase and royalty certificates issuance, and upfront and milestone payments from CTTQ and Hepalys.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 8:04 pm

CTAS

DRCT

GMDA

LIXT

MRDB

PAYS

VLD

U.S. stocks showed mixed performance with the Dow Jones gaining, while the NASDAQ slightly fell. Cintas Corporation reported better-than-expected Q3 results and raised FY24 guidance. Lixte Biotechnology, MariaDB, and PaySign saw significant stock increases, whereas Gamida Cell, Direct Digital Holdings, and Velo3D experienced sharp declines. Gold and silver prices rose, while oil and copper saw decreases.

Portfolio Pulse from Avi Kapoor

March 27, 2024 | 7:24 pm

MRK

Merck & Co Inc (NYSE:MRK) received FDA approval for Winrevair, a therapy for pulmonary arterial hypertension, driving its stock up by 3.96%. The approval, following Merck's $11 billion acquisition of Acceleron Pharma, reflects investor confidence in Winrevair's market potential. Technical analysis shows a bullish trend for Merck, with indicators suggesting buying opportunities despite potential short-term volatility.

Portfolio Pulse from Surbhi Jain

March 27, 2024 | 7:00 pm

GPN

TOST

Visa Inc (NYSE:V) and Mastercard Inc (NYSE:MA) have reached a settlement with U.S. merchants to lower credit card interchange fees by 4bps and cap swipe fees until 2030. This deal also removes anti-steering provisions, potentially benefiting merchant acquirers like Block, Inc (NYSE:SQ), Fiserv, Inc (NYSE:FI)/Clover, Toast, Inc (NYSE:TOST), and Global Payments Inc (NYSE:GPN). Analyst Dan Dolev views this as a relief from regulatory pressure for Visa and Mastercard, and beneficial for merchant acquirers due to the surcharge on specific credit cards.

Portfolio Pulse from Anusuya Lahiri

March 27, 2024 | 6:49 pm

FBTC

Fidelity Investments has filed an S-1 form with the SEC for a spot Ethereum ETF, including staking capabilities. This follows the successful launch of spot Bitcoin ETFs in the U.S., notably the Fidelity Wise Origin Bitcoin Fund (FBTC), which contributed to a significant rise in Bitcoin's price. The proposed Ethereum ETF would trade on the CBOE and offer investors the ability to earn rewards through staking. This development is part of a broader trend of major investment firms, including BlackRock, VanEck, and ARK Invest, filing for cryptocurrency ETFs.

Portfolio Pulse from Murtuza Merchant

March 27, 2024 | 6:36 pm

CURLF

MRMD

VRNOF

The upcoming Benzinga Cannabis Capital Conference will feature discussions on scaling marijuana businesses to self-sustainability, with insights from industry experts Seth Yakatan, Bryan Gerber, and Jon Levine. Yakatan emphasizes operating within market constraints due to federal illegality and capital challenges. Gerber's Hara Supply, a major player in the cone industry, serves clients like Verano Holdings and Curaleaf, boasting significant market share and profitability. Levine, of MariMed, highlights the importance of consistency and passion in achieving success in the cannabis industry. The conference aims to provide strategies for growth amidst regulatory and financial hurdles.

Portfolio Pulse from Nina Zdinjak

March 27, 2024 | 6:30 pm

GPN

In the past three months, 14 analysts have provided diverse ratings for Global Payments (NYSE:GPN), with a shift towards more bullish and neutral stances in recent evaluations. The average 12-month price target for GPN has been raised to $159.93, indicating a 10.46% increase from the previous target. Analyst actions include maintaining, raising, and lowering ratings and price targets, reflecting dynamic market conditions and company performance. Global Payments, a leader in payment processing and software solutions, merged with Total System Services in 2019, enhancing its issuer processing operations. Despite positive revenue growth, the company's ROE and ROA lag behind industry averages, presenting potential challenges.

Portfolio Pulse from Benzinga Insights

March 27, 2024 | 6:01 pm

ENPH

FSLR

SEDG

SPWR

Solar stocks surged following the announcement of a three-year, $400M deal between Suniva and Heliene to supply solar cells, enabling US solar project developers to benefit from federal subsidies for American-made equipment. SunPower, SolarEdge, Enphase Energy, First Solar, and Canadian Solar saw significant stock price increases.

Portfolio Pulse from Benzinga Newsdesk

March 27, 2024 | 5:48 pm