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IVVD

Invivyd, Inc. (NASDAQ:IVVD) announced FDA emergency use authorization (EUA) for PEMGARDA (pemivibart) for pre-exposure prophylaxis of COVID-19 in certain adults and adolescents with moderate-to-severe immune compromise. This marks the first EUA for a monoclonal antibody (mAb) based on Invivyd's novel technology platform, aimed at addressing rapid viral evolution. The authorization is supported by positive data from the CANOPY clinical trial and ongoing in vitro activity against major SARS-CoV-2 variants. Product availability in the U.S. is expected imminently. Invivyd also reported having $200.6 million in cash and cash equivalents as of December 31, 2023, and raised an additional $40.5 million in February 2024 to strengthen its balance sheet ahead of the PEMGARDA launch.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 7:07 pm

CUTR

IDN

ISPR

LULU

SINT

SMLP

U.S. stocks traded mixed with the Nasdaq Composite up by 0.3%. Lululemon's shares plummeted over 15% after issuing a weak Q1 forecast despite better-than-expected Q4 results. Summit Midstream Partners surged 38% after announcing a $625 million sale of its Utica position. Intellicheck's shares rose 70% following a year-over-year increase in Q4 EPS. Cutera, Sintx Technologies, and Ispire Technology saw significant drops after disappointing financial results and public offering announcements.

Portfolio Pulse from Avi Kapoor

March 22, 2024 | 6:50 pm

LCID

STLA

TSLA

President Joe Biden approved new EPA emissions standards requiring two-thirds of new vehicles to be EVs by 2032. General Motors (GM) and Stellantis (STLA) expressed support, aligning with their EV goals. The UAW union emphasized job protection during the transition. EV makers like Lucid Group (LCID) and Tesla (TSLA), through a fan's tweet endorsed by Elon Musk, showed enthusiasm for the new rule, highlighting the affordability of Tesla models with federal tax credits.

Portfolio Pulse from Neil Dennis

March 22, 2024 | 6:45 pm

ACN

IETC

VNSE

RBC Capital Markets analyst Daniel R. Perlin maintained an Outperform rating on Accenture Plc (ACN), raising the price target to $381 from $374, despite a challenging macro environment and a decline in demand for smaller projects. The company's strong acceleration in GenAI projects, with bookings of $600 million in the quarter, is a key growth driver. However, FY24 guidance was revised lower, with revenue and adjusted EPS estimates reduced. Accenture's positioning to aid clients in digital and AI transitions supports a premium valuation, according to Perlin. Investors can also gain exposure through IETC and VNSE ETFs. ACN shares dropped 1.99% to $338.17.

Portfolio Pulse from Nabaparna Bhattacharya

March 22, 2024 | 6:39 pm

CTEX

ICLN

NXT

BMO Capital Markets analyst Ameet Thakkar initiates coverage on Nextracker Inc. (NASDAQ:NXT) with a Market Perform rating and a $69 price target, citing the company's leadership in the solar tracker market and expected doubling of its addressable market by the end of the decade. Despite Nextracker's strong performance and positive outlook, its current valuation premium and recent outperformance have led to a cautious stance. Investors can also gain exposure to Nextracker through IShares Global Clean Energy ETF (NASDAQ:ICLN) and ProShares S&P Kensho Cleantech ETF (NYSE:CTEX).

Portfolio Pulse from Lekha Gupta

March 22, 2024 | 6:35 pm

ABBV

The FDA has approved Mirvetuximab Soravtansine-Gynx for the treatment of Frα positive, platinum-resistant epithelial ovarian, fallopian tube, or primary peritoneal cancer. This marks a significant advancement in the treatment options available for patients with these types of cancer.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 6:30 pm

LULU

NKE

Nike Inc (NYSE:NKE) and Lululemon Athletica (NASDAQ:LULU) both surpassed their latest earnings expectations, yet their shares fell due to pessimistic near-term outlooks. Nike's sales are expected to drop in the first half of the 2025 fiscal year as it shifts its product portfolio, aiming to compete with newer brands by updating its sneaker styles. Lululemon faces a slowdown in demand, particularly in North America, despite strong holiday sales. Both companies are adjusting their strategies amid a challenging macroeconomic environment.

Portfolio Pulse from Upwallstreet

March 22, 2024 | 6:25 pm

RBLX

Recent options trading activity for Roblox (NYSE:RBLX) shows a bearish sentiment among significant investors, with 70% of detected trades being bearish and 30% bullish. The trading activity suggests an expected price range for Roblox's stock between $32.5 and $52.5 over the next three months. The largest trades include both calls and puts, with varying sentiments and strike prices. Roblox, an online video game platform, is currently experiencing a slight decrease in stock price, with an upcoming earnings announcement in 47 days.

Portfolio Pulse from Benzinga Insights

March 22, 2024 | 6:16 pm

JOBY

Air taxi startup Joby plans to launch its service in Dubai before the U.S., indicating a strategic move to tap into international markets ahead of domestic operations. This decision could reflect on the company's global market penetration strategy and regulatory navigation.

Portfolio Pulse from Benzinga Newsdesk

March 22, 2024 | 5:59 pm

NKTX

Nkarta Inc (NASDAQ:NKTX) stock fell 29.4% to $9.17 after announcing the deprioritization of its NKX101 cancer drug program following a review of preliminary safety and response data. The company is redirecting resources to its lead pipeline program, NKX019, for autoimmune disease. Despite initial promising results, the aggregate CR/CRi rate for NKX101 in a clinical trial was lower than expected. Nkarta plans to focus on NKX019, with a study on lupus nephritis set to begin in the first half of 2024. As of December 31, 2023, Nkarta reported having sufficient funds to support operations into 2026.

Portfolio Pulse from Vandana Singh

March 22, 2024 | 5:49 pm