Streetbeat News

Products Services

INCY

MOR

Incyte Corporation (NASDAQ:INCY) has agreed to acquire Escient Pharmaceuticals for $750 million, aiming to enhance its portfolio with EP262 and EP547, targeting inflammatory diseases. Cantor Fitzgerald initiated coverage on Incyte with a Neutral rating, citing undervaluation due to its cash flow and concerns over its pipeline prospects. The analyst suggests a significant stock buyback and prioritizing R&D to improve valuation. William Blair remains optimistic, highlighting the potential of povorcitinib and the Escient deal's complement to Incyte's portfolio.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 7:03 pm

BNTX

MRNA

PFE

Moderna Inc. is engaged in a patent trial in London against Pfizer Inc. and BioNTech SE over the use of mRNA technology in COVID-19 vaccines. Moderna alleges patent infringement, while Pfizer and BioNTech contest the claim. The trial could impact future mRNA technology use and financial compensations. Moderna seeks royalties from Pfizer and BioNTech's vaccine, Comirnaty, to offset declining sales of its own vaccine, Spikevax. The outcome may influence global intellectual property disputes and the development of mRNA-based treatments.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 7:00 pm

DELL

INTC

Dell shares are experiencing an uptick due to overall strength in the technology sector. Additionally, Dell announced an expansion of its edge partner ecosystem, including collaborations with Hyundai AutoEver and Intel.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 7:00 pm

ANRO

Alto Neuroscience Inc (NYSE:ANRO) reported positive Phase 1 study results for ALTO-101, a PDE4 inhibitor for cognitive impairment in schizophrenia, showing favorable tolerability and pharmacokinetics with a transdermal patch compared to oral administration. The company plans a proof-of-concept study for the first half of 2024, with results expected in 2025. The transdermal delivery showed significantly higher drug concentrations and lower adverse events. William Blair reiterated an Outperform rating on ANRO, highlighting its unique position in neuropsychiatry drug development.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 6:55 pm

TSLA

On Benzinga Live, Sandra from Trading Made Simple LLC discussed using debit spreads for trading Tesla (TSLA) earnings, highlighting the strategy's potential to limit risk and capitalize on earnings volatility. She shared her success with ATM and OTM Put Debit Spreads on TSLA, which were profitable ahead of Tesla's earnings report. The article also explains the benefits and considerations of using debit spreads during earnings season, such as limited risk, defined profit potential, and reduced cost.

Portfolio Pulse from Sandra Stone

April 23, 2024 | 6:51 pm

AMD

BOTZ

NVDA

SMH

Advanced Micro Devices, Inc (AMD) and Nvidia Corp (NVDA) stocks rose on Tuesday, recovering from last Friday's selloff triggered by concerns over U.S. Federal Reserve rate cuts and geopolitical tensions. Reports of Chinese companies circumventing U.S. embargoes to procure Nvidia chips have surfaced. Analysts predict Nvidia's dominance in the AI accelerator market, while AMD's new product launches and the Xilinx acquisition are expected to drive growth. Both stocks have seen significant gains over the past year, with exposure to Nvidia also available through ETFs like VanEck Semiconductor ETF (SMH) and Global X Robotics & Artificial Intelligence ETF (BOTZ).

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 6:49 pm

CGC

Significant bullish options activity has been observed in Canopy Growth (NASDAQ:CGC), with 80% of the transactions indicating a bullish sentiment. The options data, showing a mix of puts and calls, suggests that investors are targeting a price range of $7.0 to $21.0 for CGC. The company, known for its cannabis and hemp products, is also planning to merge its U.S. assets into Canopy USA. The stock price of CGC has recently increased by 13.55% to $8.91, with potential indicators of being overbought.

Portfolio Pulse from Benzinga Insights

April 23, 2024 | 6:45 pm

GM

General Motors Company (NYSE:GM) shares rose after the company raised its FY24 earnings outlook following a Q1 earnings beat, signaling a strong focus on profitability and EV transformation. Analysts from Wedbush, BofA Securities, and Goldman Sachs have reiterated their positive ratings on GM, with price forecasts ranging from $45 to $75. The company's emphasis on EV margin improvement and benefits from clean energy tax credits were highlighted as key factors.

Portfolio Pulse from Nabaparna Bhattacharya

April 23, 2024 | 6:44 pm

DIS

PENN

PENN Entertainment was upgraded from Hold to Buy by Truist analyst Barry Jonas, with a price target of $23, based on the valuation of sportsbook ESPN Bet, launched in November 2023 through a licensing deal with The Walt Disney Company. Jonas believes the market has not assigned any value to ESPN Bet in its valuation of PENN, despite its potential and the value of PENN's other Interactive businesses. The first-quarter results expected on May 2 could surpass low market expectations. PENN's online licenses and iGaming business are also highlighted as valuable assets.

Portfolio Pulse from Chris Katje

April 23, 2024 | 6:42 pm

DOGEUSD

Dogecoin (DOGE) experienced a 6% increase over the past week, with a video hinting at DOGE payments on X and suggestions from an analyst to short DOGE between $0.18 and $0.20. The video featured Elon Musk and implied the integration of Dogecoin as a payment method on X, Tesla, and SpaceX. However, analyst CrediBULL Crypto plans to short Dogecoin, predicting a drop to $0.04 to $0.05 as Bitcoin approaches $100,000. DOGE's large transaction volume and daily active addresses have also seen significant increases.

Portfolio Pulse from Khyathi Dalal

April 23, 2024 | 6:24 pm