Streetbeat News

Equity Actions

BIOL

Biolase, Inc. has filed an S-1/A form with the SEC, indicating its intention to offer up to 8.8 million units on a best efforts basis. This type of offering suggests that the company is seeking to raise capital, but the underwriters are not obligated to purchase any unsold units.

Portfolio Pulse from Charles Gross

January 31, 2024 | 11:08 am

TEVA

Teva Pharmaceutical Industries Ltd. has announced its plan to divest its active-pharmaceutical ingredient (API) business, known as TAPI. This move is part of Teva's growth strategy, aiming to focus on capital reallocation towards growth and innovation, and to enhance patient services. The divestiture is expected to benefit shareholders and allow the API business to independently pursue new growth opportunities in the $85 billion global API market. TAPI employs approximately 4,300 people worldwide.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 11:04 am

TSLA

Delaware Chancery Court Chief Judge Kathleen McCormick struck down Tesla CEO Elon Musk's $55 billion 2018 compensation plan, causing uncertainty among analysts and investors. The decision could lead to an appeal or a new compensation package. Analysts like Gary Black and Daniel Ives commented on the potential impacts, while Musk suggested Tesla might change its incorporation to Texas. Tesla's stock fell 3.35% in premarket trading following the news.

Portfolio Pulse from Shanthi Rexaline

January 31, 2024 | 10:17 am

AMZN

Morgan Stanley analyst Brian Nowak maintains an Overweight rating on Amazon (NASDAQ:AMZN), citing potential for substantial shareholder returns and stock outperformance. Despite recent underperformance compared to mega-cap peers, Nowak sees Amazon primed for outsized beats with improving North American profitability, a growing digital ad business, and AWS growth. He suggests a robust grocery strategy, AWS leadership in cloud, and a consistent capital return strategy through share buybacks as key drivers for future success.

Portfolio Pulse from Anusuya Lahiri

January 31, 2024 | 8:30 am

PCVX

Vaxcyte, Inc. (NASDAQ:PCVX) has priced a public offering of 10,937,500 common shares and pre-funded warrants to purchase an additional 781,250 shares at $64 per share and $63.999 per warrant, respectively. The exercise price for the warrants is $0.001 per share.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:37 am

IMCR

Immunocore has upsized its offering of convertible senior notes to $350 million with an additional option for purchasers to buy up to $52.5 million more. The notes have a 2.50% interest rate and are due in 2030. The offering, initially set at $300 million, is expected to close on February 2, 2024, subject to customary closing conditions.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:34 am

NVO

Novo Nordisk's Board has announced its intention to initiate a new share repurchase program of up to DKK 20 billion. This move is part of the company's capital allocation strategy and reflects its commitment to returning value to shareholders.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 7:05 am

ARKK

HOOD

PINS

SOFI

TSLA

ZM

Ark Investment Management, led by Cathie Wood, bought 28,684 Tesla shares worth $5.5 million, continuing its support for the company despite a recent earnings miss. Ark also increased its holdings in Robinhood, Pinterest, and SoFi Technologies, while selling shares of Zoom Video Communications. Ark's Bitcoin ETF purchases were paused after a period of buying since its debut. Tesla remains a key focus for Ark, with a bullish price target of $2,000 by 2027, largely based on the potential of Tesla's robo-taxi service.

Portfolio Pulse from Shanthi Rexaline

January 31, 2024 | 6:47 am

TSLA

Redwood Materials, co-founded by Tesla's J.B. Straubel, used a Tesla Cybertruck to transport 10,000 pounds of recycled battery materials in Nevada. This showcases the Cybertruck's utility in heavy-duty work and supports Redwood's mission to create a circular supply chain for battery materials. Redwood is expanding its operations, including building a cathode plant, and has raised significant capital for enhancing its capacity and selling U.S.-produced battery materials. The company's efforts are crucial as the demand for lithium-ion batteries is expected to increase substantially.

Portfolio Pulse from Benzinga Neuro

January 31, 2024 | 5:59 am

CRBP

Corbus Pharmaceuticals announced its intention to offer and sell shares of its common stock or pre-funded warrants in an underwritten registered public offering. The offering's completion, size, and terms are subject to market conditions. Proceeds will fund clinical development and provide working capital and general corporate purposes.

Portfolio Pulse from Benzinga Newsdesk

January 31, 2024 | 5:55 am