Streetbeat News

Acquisitions Mergers

STKS

The ONE Group Hospitality has announced its plan to acquire Safflower Holdings Corp. in a deal valued at $365 million. This strategic move aims to expand The ONE Group's portfolio and market presence.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 8:11 pm

JNJ

SWAV

Shockwave Medical, Inc. (NASDAQ:SWAV) shares surged following a Wall Street Journal report that Johnson & Johnson (NYSE:JNJ) is in talks to acquire the company. Shockwave Medical has seen a significant increase in its stock value, with shares trading well above its 50-day moving average and reaching a new 52-week high. The company, which focuses on novel technologies for cardiovascular disease, has a market value of nearly $11 billion. Analysts have a mixed outlook on SWAV, with an average 12-month price target of $262.

Portfolio Pulse from Erica Kollmann

March 26, 2024 | 7:53 pm

PSX

Phillips 66 (PSX.N) is exploring the sale of its 25% stake in the Rockies Express Pipeline, valued over $1 billion including debt. The pipeline stretches from Wyoming and Colorado to Eastern Ohio. Phillips 66 aims to raise about $3 billion from asset sales this year, amidst pressure from Elliott Management to improve operations. The company is in talks with potential buyers, including private equity and infrastructure funds, to sell the stake which has a book value of $451 million but is expected to fetch a premium.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 7:45 pm

FSR

LCID

Fisker Inc (NYSE:FSR) was delisted from the NYSE due to low trading prices, triggering a potential repurchase of convertible notes which the company cannot afford. This follows a warning of potential bankruptcy and a search for a sale. Jim Cramer expressed concerns on CNBC about Lucid Group Inc (NASDAQ:LCID) following Fisker's path due to insufficient sales, despite Lucid's recent $1-billion investment from Ayar and a focus on growth. Lucid's shares were down 4.1% at $2.80.

Portfolio Pulse from Adam Eckert

March 26, 2024 | 7:27 pm

IGC

IGC Pharma, Inc. (NYSE:IGC) announced a $3 million investment from Bradbury Asset Management for 8,823,529 shares at $0.34 each. The funds will support corporate purposes and advancement of IGC-AD1. The deal is subject to NYSE approval and shares are unregistered.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 7:02 pm

JNJ

SWAV

Shockwave Medical's stock price has increased following news that Johnson & Johnson is reportedly in discussions to acquire the company.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 6:37 pm

MRK

SMMT

Stifel initiated coverage on Summit Therapeutics (SMMT) with a Buy rating and a price target of $8, highlighting ivonescimab's potential in lung cancer treatment. Ivonescimab, in phase 3 trials, could challenge Merck's (MRK) Keytruda. Akeso out-licensed ivonescimab to Summit for up to $5 billion. Positive phase 1/2 data and strategic trial designs boost confidence in ivonescimab's success. SMMT shares rose 13.7% to $3.73.

Portfolio Pulse from Vandana Singh

March 26, 2024 | 6:36 pm

DWAC

Trump Media & Technology Group (TMTG) went public through a merger with Digital World Acquisition Corporation (NASDAQ:DWAC), despite facing multiple setbacks including shareholder vote delays, investigations, and legal actions. Market experts view TMTG as a 'meme stock' and a way to bet on or against Trump rather than its underlying business. The stock saw a 37% increase on its debut day, with shares hitting new 52-week highs. Trump, owning 80 million shares, faces a six-month lockup, with speculation about potential share sales to free up capital.

Portfolio Pulse from Chris Katje

March 26, 2024 | 6:36 pm

JNJ

SWAV

Johnson & Johnson is reportedly in discussions to acquire Shockwave Medical, according to sources cited by the Wall Street Journal. This potential acquisition could significantly impact both companies' market positions and financial outlooks.

Portfolio Pulse from Benzinga Newsdesk

March 26, 2024 | 6:19 pm

BMMJ

Body and Mind Inc. (BMMJ) reported its Q2 fiscal year 2024 financial results, showing a 94% reduction in net loss year-over-year and flat revenue growth. The company announced the divestiture of its Nevada operations for $2 million to focus on expanding in the Illinois and New Jersey markets, which are seen as underserved. Gross profit and margin improved, while operating expenses decreased. BMMJ's stock dropped 15.9574% following the announcement.

Portfolio Pulse from Jelena Martinovic

March 26, 2024 | 6:16 pm