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INO

Stephens initiated coverage on INOVIO Pharmaceuticals Inc (NASDAQ:INO) with an Overweight rating and a price target of $20, highlighting the company's diversified clinical pipeline and the potential of its lead program INO-3107 for Accelerated Approval by the FDA. INO-3107, aimed at treating recurrent respiratory papillomatosis (RRP), could become the first non-surgical treatment for RRP. The FDA marketing application submission for INO-3107 is expected in the second half of 2024. The company's DNA Medicines pipeline also includes early-stage programs for various diseases. The analyst believes the leadership's efficiencies will de-risk the platform technology.

Portfolio Pulse from Vandana Singh

May 14, 2024 | 6:37 pm

ASND

The FDA has extended the review period for Ascendis Pharma's TransCon PTH, a treatment for adults with hypoparathyroidism, by three months. The new Prescription Drug User Fee Act (PDUFA) goal date is now set for August 14, 2024.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 6:37 pm

ALAB

QCOM

The AI industry is poised for a wave of mergers and acquisitions (M&A) as companies running low on funds look for exits, with Astera Labs' recent IPO being an exception. Hugging Face's CEO highlighted the risky bets and financial struggles within the sector. The lack of widespread AI application and high operating costs are pushing smaller firms towards consolidation with larger entities. Qualcomm is participating in an upcoming AI summit, indicating interest in the evolving AI landscape. OpenAI's release of GPT-4o suggests advancements in AI technology, while the overall M&A activity in AI has already exceeded last year's total, with $35 billion spent across 104 deals.

Portfolio Pulse from Natan Ponieman

May 14, 2024 | 6:31 pm

AAPL

GOOGL

META

KeyBanc analyst Justin Patterson reiterated a Buy rating on Alphabet Inc (NASDAQ:GOOGL) with a $200 price target, highlighting the potential of AI innovations and new monetization opportunities at the upcoming Google I/O 2024. Patterson emphasizes Alphabet's scale and AI's role in creating new revenue streams, particularly through the integration of Gemini across Google products. He anticipates updates on Android 15, Wear OS, search generative experience, and Cloud, all powered by Gemini. Patterson also notes Alphabet's consistent revenue growth in digital advertising and the potential for monetizing non-advertising services.

Portfolio Pulse from Anusuya Lahiri

May 14, 2024 | 6:05 pm

MULN

Mullen Technologies, Inc. reported the sale of 362 vehicles in the second quarter of 2024, showcasing its operational progress.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 6:03 pm

AMC

GME

IWM

PLUG

SPWR

UUP

Wall Street trades flat amid mixed producer inflation data and anticipation for consumer inflation report. Fed Chair Powell sees prolonged current monetary policy, while President Biden imposes significant tariffs on Chinese imports. The U.S. dollar index and Treasury yields fell, while small caps and meme stocks like GameStop and AMC surged. Commodities saw mixed movements, and Bitcoin dropped. Key ETFs and stocks like Insulet, Plug Power, SunPower, and Delcath Systems reacted to various news, including earnings and significant financial developments.

Portfolio Pulse from Piero Cingari

May 14, 2024 | 5:59 pm

ADBE

Adobe shares are trading lower following the unveiling of the Veo Generative Video AI Model by Google DeepMind's CEO.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 5:48 pm

PHG

Koninklijke Philips N.V. (NYSE:PHG) has filed a lawsuit against SoClean, alleging that SoClean's ozone-based cleaning systems for breathing devices contributed to injuries related to Philips' recalled CPAP, BiPAP sleep therapy devices, and ventilators. Philips is seeking to allocate a portion of its recent $1.1 billion settlement over these injuries to SoClean, claiming at least 15% of users affected by the settlement used SoClean products. The lawsuit also targets DWHP, a private equity firm with investments in SoClean, accusing it of promoting SoClean's products for use with Philips devices despite knowing the risks. Philips asserts that SoClean's systems emitted ozone levels above federal limits and that SoClean was aware of the hazards for years before taking action.

Portfolio Pulse from Vandana Singh

May 14, 2024 | 5:44 pm

PLTR

Palantir Technologies (NYSE:PLTR) shares are up after reporting Q1 financial results with a 21% revenue increase to $634 million, beating estimates. Adjusted EPS was $0.08, in line with expectations. Q2 revenue is forecasted slightly below street view, between $649 million and $653 million. Full-year 2024 revenue guidance was raised to $2.677 billion-$2.689 billion, with a significant focus on U.S. commercial revenue growth and AI Platform dominance. Analysts have raised price targets following these announcements.

Portfolio Pulse from Lekha Gupta

May 14, 2024 | 5:44 pm

GOOG

GOOGL

Alphabet has launched Music AI Sandbox, a suite of music AI tools, during a Google event. This initiative marks a significant step in integrating AI into creative processes, potentially transforming how music is created, shared, and consumed. The announcement could signal Alphabet's deeper foray into AI and creative technologies, aligning with broader industry trends towards AI-driven innovation.

Portfolio Pulse from Benzinga Newsdesk

May 14, 2024 | 5:36 pm