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CDTX

JNJ

Cidara Therapeutics reacquires global rights to CD388 from Johnson & Johnson for $85M and announces a $240M private placement financing led by RA Capital Management. The financing, with significant contributions from Bain Capital Life Sciences, BVF Partners, and Canaan Partners, will fund the Phase 2b trial of CD388, a universal preventative against influenza A and B. The reacquisition and financing are seen as transformational for Cidara, with CD388 positioned as a key asset in its pipeline.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:47 pm

CDTX

Cidara Therapeutics, Inc. (CDTX) has divested its antifungal drug, rezafungin, to Mundipharma, enabling an estimated $128 million in cost savings. This strategic move allows Cidara to concentrate on advancing its Cloudbreak DFC pipeline, including the development of its lead oncology candidate, CBO421. The divestiture includes transferring future royalties, milestones, and other assets related to rezafungin to Mundipharma, which already held commercial rights outside the U.S. and Japan. This decision follows Cidara's successful development and approval of rezafungin in the US, EU, and UK for life-threatening fungal infections.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:46 pm

ACRV

Acrivon Therapeutics announced a 50% confirmed overall response rate with ACR-368 in Oncosignature-Positive Gynecological Cancers, marking the initial clinical validation of its AP3 Patient Selection Platform. This platform has demonstrated the ability to prospectively predict ACR-368 RECIST responders, indicating a significant advancement in targeted cancer therapy.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:45 pm

ACRV

Acrivon Therapeutics announced positive Phase 2b clinical data for ACR-368 in ovarian and endometrial cancers, showing a 50% response rate in OncoSignature-positive patients. The company also highlighted the initial clinical validation of its AP3 platform and accelerated IND filing timelines for ACR-2316, a dual WEE1/PKMYT1 inhibitor. The R&D event showcased the potential of ACR-368 and ACR-2316, along with the AP3 platform's ability to predict treatment responders.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:44 pm

KPTI

Karyopharm Therapeutics Inc. (NASDAQ:KPTI) announced its participation in the 2024 American Society of Clinical Oncology Annual Meeting, where it will present updated data on selinexor for endometrial cancer and myelofibrosis. The company highlighted the long-term benefits of selinexor, a novel cancer therapy, in a Phase 3 study of endometrial cancer patients with TP53wt tumors. Additionally, Karyopharm will present on selinexor's use in myelofibrosis in both a Phase 3 trial design and a Phase 2 study. Selinexor, marketed as XPOVIO in the U.S., is approved for multiple oncology indications and is being further investigated in various cancer types.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:42 pm

PEGA

Pegasystems has announced its strong position to accelerate profitable growth, highlighting its financial strength and unique GenAI capabilities. The company's focus on leveraging artificial intelligence through its GenAI technology positions it for significant advancements and potential market leadership.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:34 pm

CCS

Century Communities projects to deliver 10,000 to 11,000 homes in 2024, with expected home sales revenues ranging from $3.8 billion to $4.2 billion.

Portfolio Pulse from Benzinga Newsdesk

April 24, 2024 | 8:29 pm

AMZN

MSFT

Amazon.com Inc's Fallout TV series on Prime Video has significantly increased the number of Fallout game players, with Bethesda, a Microsoft Corp. subsidiary, reporting nearly 5 million daily players. The surge in gameplay has been supported by data from Steam, showing increased players for Fallout 4, Fallout 76, and Fallout: New Vegas, along with revenue growth for Fallout Shelter. The upcoming next-gen update for Fallout 4 is expected to attract even more players.

Portfolio Pulse from Franca Quarneti

April 24, 2024 | 8:23 pm

HCP

IBM

IBM reported Q1 earnings with a slight revenue miss and an EPS beat. Revenue grew 1% YoY to $14.46 billion, missing estimates by $0.09 billion, while EPS at $1.68 exceeded expectations. The company highlighted growth in software revenue and its AI strategy, including the success of watsonx. IBM also announced the acquisition of HashiCorp Inc for $35 per share, a deal valued at $6.4 billion, expected to close by end of 2024. IBM anticipates mid-single digit revenue growth and $12 billion in free cash flow for the full year.

Portfolio Pulse from Adam Eckert

April 24, 2024 | 8:23 pm

SNAP

Deep-pocketed investors have shown a bearish sentiment towards Snap Inc. (NYSE:SNAP), with a significant move in options trading detected by Benzinga's options scanner. The data reveals 52 unusual options activities, with a bearish majority of 69% and bullish minority of 26%. Notable trades include both puts and calls with strike prices ranging from $8.5 to $30. Significant trading activity suggests expectations for Snap's stock price movement within this range over the next three months. Snap, known for its social networking app Snapchat, has over 400 million daily active users and derives most of its revenue from advertising. Despite the bearish options sentiment, Snap's stock is currently neutral with an RSI indicator and is expected to release its next earnings in 1 day. Analysts have recently adjusted their ratings and price targets for SNAP, with an average target price of $13.

Portfolio Pulse from Benzinga Insights

April 24, 2024 | 8:16 pm