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TPET

Trio Petroleum Corp (TPET) has restarted oil production at McCool Ranch Field, Monterey County, with the HH-1 and 58X wells producing approximately 400 barrels of fluid per day. The 35X well is also expected to restart soon. Additionally, oil production will restart at the South Salinas Project's HV-3A well. TPET acquired McCool Ranch in October 2023 and plans to develop the area further with horizontal wells. The company aims to increase cash flow and shareholder value through smart acquisitions and operational efficiency.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:47 pm

AREC

American Resources Corporation's subsidiary, ReElement Technologies, has signed a sales agreement with USA Rare Earth LLC for the production and sale of ultra-pure rare earth oxides. The agreement, starting in 2025, will eventually lead to over $65 million in annual revenue by 2028 from the sale of over 900 metric tons of high purity oxides annually. This partnership aims to support the domestic production of permanent magnets and contribute to the U.S. supply chain for rare earth and critical battery elements, utilizing ReElement's patented, environmentally friendly technology.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:41 pm

BKSY

BlackSky Technology Inc. (NYSE:BKSY) has been awarded a multi-million dollar contract by the U.S. Department of Defense to supply and annotate thousands of multi-frame burst images. These images will be used to train artificial intelligence models for identifying moving targets in commercial motion imagery. The contract includes subscription-based access to BlackSky's Spectra tasking and analytics platform, which will support various customer-approved exercises, technology demonstrations, and operations.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:39 pm

SIDU

Sidus Space (NASDAQ:SIDU) is set to launch its LizzieSat satellite today, March 4, 2024, as part of SpaceX's Transporter-10 Rideshare mission. This launch, taking place at Vandenberg Space Force Base in California, represents a significant milestone for Sidus Space and the broader space industry, highlighting the importance of cooperation and innovation in space technologies.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:38 pm

NKTR

Nektar Therapeutics (NASDAQ:NKTR) announced a $30M private placement financing with TCGX, selling 25M shares at $1.20 each, a significant premium. The financing, expected to close by March 6, 2024, aims to extend Nektar's cash runway into Q3 2026 and support Phase 2b studies of rezpegaldesleukin for auto-immune disorders.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:37 pm

FBIO

Fortress Biotech (FBIO) and Cyprium Therapeutics have received a $4.1M grant from the National Institute of Neurological Disorders and Stroke (NINDS) to advance the development of AAV-ATP7A gene therapy for Menkes Disease. This funding will support further research and development efforts for this rare genetic disorder treatment.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:35 pm

LNTH

Lantheus Holdings, Inc. (LNTH) has announced that the U.S. Food and Drug Administration (FDA) has approved DEFINITY, an ultrasound enhancing agent, for use in pediatric patients. This approval expands the potential patient base for DEFINITY, which is already used in adult patients to improve the clarity of ultrasound images. The approval for pediatric use could lead to increased demand and usage of DEFINITY, potentially impacting Lantheus' revenues and market position positively in the short term.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:32 pm

GOOG

GOOGL

A former Google engineer warned over five years ago about the inevitable threat AI posed to Google's search engine, a concern that has resurfaced with Google's mishandling of its Gemini AI chatbot. Despite the company's significant reliance on search revenue, which accounted for 56% of its total revenue in Q4 2023, Google's leadership has acknowledged issues with Gemini's quality control. The ongoing antitrust lawsuit against Google has brought to light internal emails from Eric Lehman, the engineer, predicting the rise of AI over traditional search methods.

Portfolio Pulse from Rounak Jain

March 04, 2024 | 1:28 pm

INCY

Incyte announced its dermatology portfolio data will be presented at the 2024 American Academy of Dermatology Annual Meeting, including two late-breaking abstracts on ruxolitinib cream (Opzelura) for hidradenitis suppurativa and povorcitinib (INCB54707) for prurigo nodularis. The event will highlight Incyte's commitment to addressing unmet needs in dermatology. Key data presentations are scheduled for March 11, 2024. Opzelura is FDA-approved for nonsegmental vitiligo and atopic dermatitis, while povorcitinib is in Phase 2 trials for several conditions.

Portfolio Pulse from Benzinga Newsdesk

March 04, 2024 | 1:24 pm