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Bankruptcy

PNC

PNC Financial Services Group reported a 2% quarter-on-quarter decrease in its Q2 net interest income to $3.5 billion. The bank also reported a 2% decrease in average deposits to $425.7 billion.

Portfolio Pulse from Bill Haddad

July 18, 2023 | 10:40 am

BBIO

GNTY

JZXN

NOVN

PMN

VRAY

U.S. stocks traded higher with the Dow Jones gaining 0.25%. Guaranty Bancshares (GNTY) reported better-than-expected Q2 results. ProMIS Neurosciences (PMN), BridgeBio Pharma (BBIO), and GreenPower Motor Company (GP) saw their shares rise after positive news. Novan (NOVN), ViewRay (VRAY), and Jiuzi Holdings (JZXN) shares fell due to various reasons. Oil traded down 1.8% to $74.08.

Portfolio Pulse from Lisa Levin

July 17, 2023 | 7:05 pm

NOVN

PMN

Several stocks experienced significant movement in Monday's mid-day session. ProMIS Neurosciences, Acumen Pharmaceuticals, BridgeBio Pharma, Lixte Biotechnology Holdings, and Healthcare Triangle were among the top gainers, with shares jumping due to various reasons such as positive preclinical data, successful Phase 1 studies, and strong financial results. On the other hand, Novan, ViewRay, UTime Limited, Jiuzi Holdings, and BYND Cannasoft Enterprises were among the biggest losers, with shares falling due to factors such as asset sales, Chapter 11 filings, and direct offerings.

Portfolio Pulse from Lisa Levin

July 17, 2023 | 5:14 pm

NOVN

Novan has announced that it is selling substantially all of its assets and has filed for Chapter 11 bankruptcy protection. This has led to a decrease in the company's share price.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 3:34 pm

LGND

NOVN

Novan Inc (NOVN) shares are trading lower after Ligand Pharmaceuticals Incorporated (LGND) offered to acquire the company's assets. The deal includes $15 million in cash and up to $15 million in DIP financing. Novan has filed for Chapter 11 reorganization and has entered into a stalking horse acquisition offer with Ligand. The transaction aims to preserve and maximize the value of Novan's commercial business and berdazimer gel development assets. Novan's shares are down 68.1% at $0.20.

Portfolio Pulse from Vandana Singh

July 17, 2023 | 2:25 pm

ABOS

BBIO

BCAN

NOVN

PMN

VRAY

U.S. stocks traded slightly higher with the Dow Jones, NASDAQ, and S&P 500 all seeing gains. The NY Empire State Manufacturing Index fell by 5.5 points to a reading of +1.1 in July. ProMIS Neurosciences, BridgeBio Pharma, and Acumen Pharmaceuticals saw significant stock increases due to positive clinical trial results. Novan, ViewRay, and BYND Cannasoft Enterprises saw significant stock decreases due to asset sales and bankruptcy filings.

Portfolio Pulse from Lisa Levin

July 17, 2023 | 2:02 pm

KSCP

Capybara Research has released a short report on Knightscope, a security camera and robotics company, predicting a significant decline in its equity due to inevitable extensive dilution. The report highlights Knightscope's consistent lack of profitability, inability to scale, ineffective robotic technology, lack of customer satisfaction, and the threat of delisting from Nasdaq. The company is no longer under the “Baby Shelf” rule and can now fully utilize its $100m shelf to raise capital. The report also criticizes Knightscope's CEO, William Santana Li, for his track record of failed ventures and questionable ethical practices.

Portfolio Pulse from Happy Mohamed

July 17, 2023 | 1:43 pm

VRAY

ViewRay Inc (NASDAQ:VRAY) shares dropped by 44% to $0.20 after the company filed voluntary Chapter 11 petitions. The company plans to sell its business and assets, and has secured $6 million in debtor-in-possession financing. It will continue operations using existing cash reserves. The company announced board resignations and new appointments, including a new CEO, Paul Ziegler.

Portfolio Pulse from Henry Khederian

July 17, 2023 | 1:16 pm

LGND

NOVN

Novan has entered into an agreement to sell substantially all of its assets, including Berdazimer Gel, 10.3% (Sb206), and has filed for Chapter 11 protection. Ligand has committed to fund $15M in debtor-in-possession financing.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 12:48 pm

VRAY

ViewRay has filed for voluntary Chapter 11 bankruptcy, leading to a decrease in its share price.

Portfolio Pulse from Benzinga Newsdesk

July 17, 2023 | 11:50 am