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ALXO

OCEA

PNT

SDC

VERY

WE

U.S. stocks fell with the S&P 500 dropping around 1.5% on Tuesday. Job openings increased by 690,000 to 9.61 million in August. Vericity, Inc. (VERY) shares rose 86% after iA Financial Group announced its acquisition. POINT Biopharma Global Inc. (PNT) shares rose 85% after Eli Lilly And Co (LLY) agreed to acquire it. ALX Oncology Holdings Inc. (ALXO) shares rose 50% after releasing interim Phase 2 data. SmileDirectClub, Inc. (SDC) shares dropped 41% after receiving a delisting notice from Nasdaq. Ocean Biomedical, Inc. (OCEA) shares fell 28% after announcing its cancer-targeting immunotherapy antibody candidate results. WeWork Inc. (WE) shares fell 23% after opting not to make aggregate interest payments.

Portfolio Pulse from Lisa Levin

October 03, 2023 | 6:36 pm

OCEA

Ocean Biomedical has announced a non-dilutive amendment to its existing agreement with a key financing partner. The details of the amendment were not disclosed.

Portfolio Pulse from Benzinga Newsdesk

October 03, 2023 | 6:32 pm

VLO

Piper Sandler analyst Ryan M. Todd reiterated an Overweight rating on Valero Energy Corporation (VLO), raising the price target to $171 from $168. Despite a reduction in EPS/EBITDA estimates, Todd believes VLO's earnings power remains robust due to global capacity tightness, supportive demand, and an advantaged cost structure. Todd expects VLO to accelerate buyback pace in Q3 and sees it as an attractive investment option due to its inexpensive valuation. However, he revised Q3 EPS/EBITDA estimates lower due to net headwinds to refining capture and DGD margins.

Portfolio Pulse from Nabaparna Bhattacharya

October 03, 2023 | 6:32 pm

XBRAF

Cannabis company Xebra Brands Ltd. plans to complete a non-brokered private placement of up to CA$1 million ($733,898) according to a binding commitment from a strategic investor. The company will issue up to 12 million units at CA$0.05 per unit and a concurrent placement of up to a principal amount of CA$400,000 of unsecured convertible debenture units. The strategic investor will have the right to appoint one director to the company's board and a board observer. The closing of the unit offering will be on or about October 6, 2023.

Portfolio Pulse from Jelena Martinovic

October 03, 2023 | 6:22 pm

IBM

A significant bearish stance on IBM (NYSE:IBM) has been observed in recent unusual options activity. The sentiment among big-money traders is split between 36% bullish and 63% bearish. Whales have been targeting a price range from $120.0 to $160.0 for IBM over the last 3 months. RBC Capital has downgraded its action to Outperform with a price target of $188. IBM's stock price is currently down -0.18% at $140.55.

Portfolio Pulse from Benzinga Insights

October 03, 2023 | 6:01 pm

VALE

A whale investor has taken a bullish stance on Vale (NYSE:VALE), with 66% of the investors opening trades with bullish expectations and 33% with bearish. The whale has been targeting a price range from $5.0 to $15.0 for Vale over the last 3 months. JP Morgan has maintained their Overweight rating on Vale, with a price target of $18. The price of VALE is currently down -1.51% at $13.02.

Portfolio Pulse from Benzinga Insights

October 03, 2023 | 6:01 pm

ABBV

A significant investor has taken a bearish stance on AbbVie (NYSE:ABBV), with 60% of recent trades being bearish and 40% bullish. The total amount for put options is $239,135 and for call options is $139,784. Whales have been targeting a price range from $65.0 to $160.0 for AbbVie over the last 3 months. Raymond James has downgraded its action to Outperform with a price target of $177.

Portfolio Pulse from Benzinga Insights

October 03, 2023 | 5:46 pm

PLTR

A significant bullish position has been taken on Palantir Technologies (NYSE:PLTR), with 20 uncommon options trades spotted. The sentiment among these traders is split, with 55% bullish and 45% bearish. The whales have been targeting a price range from $3.0 to $35.0 for Palantir over the last 3 months. Wedbush and HSBC have downgraded their actions on Palantir to Outperform and Hold respectively, with price targets of $25 and $16.

Portfolio Pulse from Benzinga Insights

October 03, 2023 | 5:31 pm

MAIA

REGN

MAIA Biotechnology has received FDA clearance for its Investigational New Drug application for THIO, a treatment for non-small-cell-lung-cancer. THIO will be evaluated in the US as part of the ongoing THIO-101 global phase 2 clinical trial. The drug is being tested with Regeneron Pharmaceuticals' cemiplimab to evaluate anti-tumor activity and immune response in patients. MAIA recently approved a share repurchase program of up to $800,000 of its Class A common stock through September 2024.

Portfolio Pulse from Nabaparna Bhattacharya

October 03, 2023 | 5:25 pm

JD

A whale investor has taken a bullish stance on JD.com (NASDAQ:JD), with 70% of the investors opening trades with bullish expectations and 30% with bearish. The whale has been targeting a price range from $22.5 to $38.76 for JD.com over the last 3 months. The price of JD is currently down -2.65% at $28.3. Loop Capital has maintained their Hold rating on JD.com, with a price target of $39.

Portfolio Pulse from Benzinga Insights

October 03, 2023 | 5:16 pm