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PSIL

Australia has become the first country to allow physicians to prescribe MDMA for PTSD and psilocybin for treatment-resistant depression. In the US, lawmakers are seeking to advance drug policy changes as part of the National Defense Authorization Act (NDAA), including medical cannabis access for military veterans. The American Medical Association (AMA) has published language concerning the recently-approved Current Procedural Terminology (CPT) III codes applying to psychedelic-assisted therapies. COMPASS Pathways secured up to $50 million in a new term loan facility with Hercules Capital. AdvisorShares Psychedelics ETF (NYSE:PSIL) opened Monday, July 10 at $2.03, improving from prior Monday 3’s opening at $1.89.

Portfolio Pulse from Lara Goldstein

July 11, 2023 | 3:25 pm

SBIG

SpringBig Holdings, Inc. (NASDAQ:SBIG) has announced preliminary Q2 results, expecting a revenue of $7.2 million, a 12% YoY growth. The company also expects an adjusted EBITDA loss of $(1.1) million, an improvement from $(3.4) million last year. SpringBig also completed a $4 million public equity offering and restructured its Senior Secured Convertible Notes. The company expects to turn Adjusted EBITDA positive in Q3 and generate an Adjusted EBITDA profit of $0.5 million to $1.0 million for H2 FY23. SBIG shares are trading higher by 4.80%.

Portfolio Pulse from Nabaparna Bhattacharya

July 11, 2023 | 2:54 pm

RIVN

Rivian Automotive, Inc (NASDAQ:RIVN) opened over 2% lower on Tuesday after a significant rise over the last month. The company's relative strength index (RSI) reached 86% on Monday, indicating a potential retracement to the downside. The stock's consolidation on Tuesday was taking shape in the form of an inside bar pattern, with the price action taking place within Monday’s trading range. The stock’s parabolic move higher caused it to regain the 20-day simple moving average (SMA) as support, which has thrown Rivian into a bull cycle.

Portfolio Pulse from Melanie Schaffer

July 11, 2023 | 2:34 pm

AVGO

A significant bearish stance has been taken on Broadcom (NASDAQ:AVGO) by a large investor, as indicated by unusual options activity. The sentiment among these big-money traders is split between 32% bullish and 67% bearish. The whales have been targeting a price range from $370.0 to $1000.0 for Broadcom over the last 3 months. The price of AVGO is currently down -0.65% at $872.0. Mizuho has downgraded its action to Buy with a price target of $840.

Portfolio Pulse from Benzinga Insights

July 11, 2023 | 2:30 pm

TTD

Investor Business Daily SwingTrader has reportedly purchased stock in The Trade Desk (TTD).

Portfolio Pulse from Benzinga Newsdesk

July 11, 2023 | 2:24 pm

CAT

Investor Business Daily SwingTrader has reportedly purchased Caterpillar Inc. (CAT) stock.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 2:12 pm

RDW

Redwire Corporation (NYSE:RDW) plans to open a new microgravity payload development facility and mission operations center at the Novaparke Innovation & Technology Campus in Floyd County, Indiana. The facility will support increased demand from commercial companies and academic researchers focused on improving pharmaceutical drug development, optimizing disease treatments, and enabling technologies essential for sustainable human spaceflight in low-Earth orbit (LEO) and beyond. Construction is expected to begin in the fourth quarter of this year.

Portfolio Pulse from Happy Mohamed

July 11, 2023 | 2:02 pm

AAPL

AMZN

GOOGL

INTC

META

MSFT

NVDA

ORCL

QCOM

SBUX

TSLA

Nasdaq has announced a special rebalance of the Nasdaq 100 on July 24th, an event that has only occurred once before in 2011. The rebalance will not change the securities within the index, but will adjust the weightings of each constituent. The last rebalance in 2011 saw a temporary negative reaction to the index and a reduction in the weightings of Apple, QCOM, and SBUX, while MSFT, ORCL, INTC, and GOOGL saw increases. The upcoming rebalance could potentially impact the 'Magnificent 7' (AAPL, NVDA, MSFT, TSLA, META, GOOGL, AMZN).

Portfolio Pulse from Thrasher Analytics

July 11, 2023 | 1:51 pm

ADCT

ADIL

BTTX

DSS

GDTC

SYTA

US stocks traded mostly higher with the Dow up 0.40% and the NASDAQ up 0.23%. The NFIB Small Business Optimism Index rose to a seven-month high of 91 in June. CytoMed Therapeutics, Adial Pharmaceuticals, and Better Therapeutics saw significant stock increases, while Siyata Mobile, ADC Therapeutics, and DSS, Inc. experienced drops. The US continues to lead in COVID-19 cases and deaths.

Portfolio Pulse from Lisa Levin

July 11, 2023 | 1:48 pm

TMO

Thermo Fisher Scientific Inc. (NYSE:TMO) is currently trading at $516.30, after a 0.11% drop. Over the past month, the stock fell by 1.71%, and in the past year, by 1.06%. The company's price-to-earnings (P/E) ratio is lower than the aggregate P/E of 45.05 of the Life Sciences Tools & Services industry, which could indicate that the stock is undervalued or that shareholders do not expect future growth.

Portfolio Pulse from Benzinga Insights

July 11, 2023 | 1:46 pm