Streetbeat News

Equity Actions

CRMD

CorMedix Inc. (NASDAQ:CRMD) has announced its intention to offer and sell shares of its common stock and pre-funded warrants in an underwritten public offering. The offering is subject to market conditions and there is no assurance as to when it may be completed or its actual size. The net proceeds will be used for general corporate purposes, commercialization efforts, research and development, and working capital and general expenditures.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 8:09 pm

AMC

AMC Entertainment Holdings is facing a court hearing over a stock conversion plan that has been contested by retail investors. The company was sued for allegedly manipulating a shareholder vote to convert preferred stock to common stock, which would dilute common stockholders' ownership but allow AMC to pay down some of its $5.1 billion debt. AMC has warned that if it cannot raise capital, it may be forced into bankruptcy.

Portfolio Pulse from Happy Mohamed

June 28, 2023 | 7:57 pm

UPS

A significant investor has taken a bearish stance on United Parcel Service (NYSE:UPS), with 69% of recent trades being bearish. The price target for UPS over the last 3 months has been between $170.0 and $210.0. Barclays has maintained their Equal-Weight rating on UPS with a price target of $172, while Atlantic Equities downgraded its action to Neutral with a price target of $162. The current price of UPS is $175.94, up 0.72%.

Portfolio Pulse from Benzinga Insights

June 28, 2023 | 7:36 pm

ACHR

Stellantis has increased its stake in Archer Aviation from 7.4% to 10.6%, according to a 13D filing. This has led to a rise in Archer Aviation's share price.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 7:04 pm

MRNA

A significant bullish stance on Moderna (NASDAQ:MRNA) has been observed, with unusual options activity involving large amounts of money. The overall sentiment of these big-money traders is split between 68% bullish and 31% bearish. Whales have been targeting a price range from $110.0 to $150.0 for Moderna over the last 3 months. UBS upgraded its action to Buy with a price target of $191.

Portfolio Pulse from Benzinga Insights

June 28, 2023 | 6:47 pm

CYBN

Cybin Inc. (NYSE:CYBN) reported its FY2023 financial results, showing a net loss of $35.6 million, down from $51.0 million in FY2022. The company also announced new financing options, including issuing and selling up to an additional $22 million in common shares. Cybin has made significant progress in its two lead clinical programs, CYB003 and CYB004, and expects to submit CYB003’s Phase 1/2a Major Depressive Disorder data to the FDA in Q4. The company also announced the appointment of Sanford R. Climan as a strategic advisor.

Portfolio Pulse from Lara Goldstein

June 28, 2023 | 6:34 pm

FDX

A significant bearish stance has been taken on FedEx (NYSE:FDX) by a large investor, as indicated by unusual options activity. The overall sentiment of these big-money traders is split between 41% bullish and 58% bearish. The whales have been targeting a price range from $210.0 to $310.0 for FedEx over the last 3 months. Analysts from Stifel, Raymond James, Argus Research, and Citigroup maintain a Buy or Outperform rating on FedEx, while Morgan Stanley downgraded its action to Equal-Weight.

Portfolio Pulse from Benzinga Insights

June 28, 2023 | 6:32 pm

SHOP

A whale investor has taken a bullish stance on Shopify (NYSE:SHOP), with 52% of investors opening trades with bullish expectations and 47% with bearish. The whale has been targeting a price range from $30.0 to $92.0 for Shopify over the last 3 months. Jefferies has maintained their Hold rating on Shopify, with a price target of $65. JMP Securities downgraded its action to Market Outperform with a price target of $70.

Portfolio Pulse from Benzinga Insights

June 28, 2023 | 6:31 pm

SPY

President Joe Biden outlined his economic growth plan, criticizing trickle-down economics and advocating for a shift to 'Bidenomics'. He emphasized the importance of investing in America, promoting competition, and addressing climate security. Biden also criticized the U.S. tax structure, pledging to eliminate tax loopholes for cryptocurrency and hedge funds. The stock market, represented by SPDR S&P 500 ETF Trust (NYSE:SPY), remained steady during his speech.

Portfolio Pulse from Piero Cingari

June 28, 2023 | 6:29 pm

NBSE

NeuBase Therapeutics has announced a $5 million concurrent registered direct offering.

Portfolio Pulse from Benzinga Newsdesk

June 28, 2023 | 6:25 pm