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SCLX

Scilex Holding Company (NASDAQ:SCLX) announced its intention to seek FDA approval for a label modification of Gloperba to include dosing flexibility for patients with renal impairment. The proposed adjustments include dose adjustments for patients with mild or moderate renal or hepatic impairment, a starting dose of 0.3 mg/day for those with severe renal impairment, and a total recommended dose of 0.3 mg twice a week for patients undergoing dialysis.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 3:02 pm

ECNS

KC

WFH

Kingsoft Cloud Holdings Ltd (NASDAQ:KC) reported Q4 fiscal 2023 revenue of $242.6 million, slightly above consensus, with a 19.2% Y/Y decrease. Adjusted EPS was $(0.05), better than expected. The stock surged 18.80% to $3.82. Revenue decline was attributed to scaling down CDN services and phasing out loss-making clients. Adjusted gross profit rose significantly due to strategic adjustments and cost control. The company is focusing on AI cloud computing, contributing to 8% of public cloud revenues. Investors can also gain exposure through Direxion Work From Home ETF (NYSE:WFH) and iShares MSCI China Small-Cap ETF (NYSE:ECNS).

Portfolio Pulse from Anusuya Lahiri

March 20, 2024 | 2:50 pm

TSLA

Tesla, Inc. (NASDAQ:TSLA) announced a price hike for the Model Y starting in the second quarter, following a quarter-end discount on Models S, X, and Y. Analysts are divided on the implications of these price adjustments for Tesla's demand and margins. Gene Munster of Deepwater Asset Management sees a challenging near term but remains optimistic for 2025 and 2026. Ross Gerber views the price hike as an old sales tactic. Tesla's Q1 delivery expectations are tempered due to slow sales in China and production ramp-up issues, with an estimated delivery of 435,000 units versus a consensus of 475,000 units.

Portfolio Pulse from Shanthi Rexaline

March 20, 2024 | 2:43 pm

NVO

Novo Nordisk A/S (NYSE:NVO) stock experienced a slight decline following an Oprah Winfrey TV special discussing weight loss drugs, including Ozempic and Wegovy, despite the drugs' popularity and recent FDA approval expansions. Retail investors on Reddit remain optimistic about NVO's future growth, citing the company's pipeline of weight-loss drugs and the potential of its experimental drug, amycretin. NVO shares closed down 1.16% at $131.35 on Tuesday and were down another 0.5% at $130.72 on Wednesday morning.

Portfolio Pulse from Erica Kollmann

March 20, 2024 | 2:36 pm

SPOT

TME

Tencent Music Entertainment Group (TME) exceeded fourth quarter expectations with strong profit growth despite a revenue dip, attributed to strategic agility and growth in paid subscriptions. The company's revenue fell 7% YoY to $957.02 million, but net profit rose 16.9% to $198 million. Paid user base grew 21% YoY to 106.7 million, nearly matching the combined U.S. paid subscribers of Spotify (SPOT) and Apple Music. For the full year, revenue declined 2.1% to $3.91 billion, while net profits increased 36% to $735 million. The core music streaming business saw significant growth, with sales reaching $2.44 billion, a 38.8% YoY increase.

Portfolio Pulse from Upwallstreet

March 20, 2024 | 2:36 pm

ACB

Aurora Cannabis Inc. (NASDAQ:ACB) has received Good Manufacturing Practice (GMP) certification from Australia's Therapeutic Goods Administration (TGA) for its Canadian facilities, River and Ridge. This certification enables Aurora to expand its product offerings in the Australian market, which is rapidly growing and estimated to be worth AUD 400 million. The company's international medical cannabis revenue grew 41% year-over-year, with significant contributions from Australia and Europe. Aurora also acquired the remaining interest in Indica Industries Pty Ltd, operating as MedReleaf Australia, for AUD$50 million.

Portfolio Pulse from Jelena Martinovic

March 20, 2024 | 2:26 pm

RIOT

Riot Platforms Inc (NASDAQ:RIOT) shares increased following an upgrade from JPMorgan. Analyst Reginald Smith upgraded the stock from Neutral to Overweight with a $15 price target, citing Riot's industry-leading power contracts, scale, liquidity, and potential for significant hashrate growth to 31.5 EH/s by year-end. The upgrade comes amid a 25% decline in RIOT shares over the last month and broader crypto market volatility. Riot Platforms focuses on blockchain technologies aiming to be a leading bitcoin-driven infrastructure platform.

Portfolio Pulse from Adam Eckert

March 20, 2024 | 2:25 pm

XTLB

XTL Biopharmaceuticals (XTLB) is set to acquire The Social Proxy, obtaining all issued and outstanding share capital, initially representing 44.6% of the share capital, with a payment of $430,000 to Social Proxy shareholders. This acquisition expands XTLB's IP portfolio into AI web data, as The Social Proxy is an AI company focused on developing a platform for AI & BI applications. Additionally, The Social Proxy has secured $1.5 million in a private placement.

Portfolio Pulse from Benzinga Newsdesk

March 20, 2024 | 2:23 pm

TSHA

Taysha Gene Therapies Inc (NASDAQ:TSHA) reported positive initial clinical data from the first pediatric patient in the REVEAL Phase 1/2 trial of TSHA-102 for Rett syndrome, showing improved symptoms and no serious adverse events. The company received approval to advance to higher dose cohorts and expects further data in 2H 2024. TSHA shares surged 23.1% to $2.77.

Portfolio Pulse from Vandana Singh

March 20, 2024 | 2:22 pm

TRUG

TruGolf Holdings Inc (NASDAQ:TRUG) stock surged 52% to $1.75 after announcing a partnership with AI firm mlSpatial to enhance its APOGEE launch monitor. The collaboration involves integrating an advanced AI engine and gives TruGolf an option to acquire mlSpatial's assets in the future.

Portfolio Pulse from Henry Khederian

March 20, 2024 | 2:11 pm