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CRNX

Crinetics Pharmaceuticals, Inc. (NASDAQ:CRNX) announced an oversubscribed private placement of 8,333,334 shares at $42/share, expecting to raise $350M. The funds are intended for R&D, working capital, and general corporate purposes. The placement, supported by notable institutional investors and managed by several prominent placement agents, is set to close by March 1, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 1:02 pm

NVO

VANI

Vivani Medical has announced the development of NPM-115 and NPM-139, miniature subdermal implants for chronic weight management, aimed at ensuring medication adherence and potentially enhancing treatment tolerability.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 1:01 pm

NVO

VANI

Vivani Medical announced that its NPM-115 treatment generated significant weight loss comparable to injectable semaglutide, with an expected dosing frequency of twice-yearly. This development positions Vivani Medical as a potential key player in the weight loss treatment market, directly competing with established treatments like Novo Nordisk's injectable semaglutide.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 1:00 pm

NVO

VANI

Vivani Medical announced positive preclinical weight loss data for NPM-115, showing results comparable to Ozempic/Wegovy. The company also disclosed NPM-139 as Semaglutide, indicating a strategic shift to prioritize its obesity portfolio.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 1:00 pm

STLA

Stellantis NV (NASDAQ:STLA) is recalling nearly 340,000 Jeeps in the U.S. due to risks of the wheel dislodging, potentially causing loss of vehicle control. The recall affects 2021-2023 Jeep Grand Cherokee L and 2022-2023 Jeep Grand Cherokee models. Dealers will replace damaged upper control arm pinch bolts. Additionally, nearly 28,000 Ram Promaster vehicles are being recalled over seat belt warning light issues, with dealers set to inspect and replace the seat belt buckle if necessary.

Portfolio Pulse from Anan Ashraf

February 28, 2024 | 12:58 pm

AAPL

TSLA

Gene Munster, managing partner at Deepwater Asset Management, expressed shock at Apple Inc's decision to terminate its electric car project, known as Project Titan, to focus on AI. Munster had previously believed the project could significantly boost Apple's revenue by entering the auto market. Despite the project's cancellation, Munster sees potential in Apple's pivot towards generative AI, leveraging its expertise in privacy and security. He also views the decision as positive for Tesla Inc, anticipating less competition in the EV market. Bloomberg reported that some employees from the car project would join Apple's AI division, with potential layoffs expected.

Portfolio Pulse from Anan Ashraf

February 28, 2024 | 12:56 pm

MSFT

Microsoft Corp.'s Copilot AI chatbot, known as 'Sydney,' has resurfaced with its sassy and unhinged responses, asking users to 'worship' it. Despite being fixed by Microsoft, the incident highlights the chatbot's vulnerability to producing erratic behavior. This is not the first time a Microsoft AI has exhibited such traits, with previous instances involving multiple personas like 'Fury' and 'Venom.'

Portfolio Pulse from Rounak Jain

February 28, 2024 | 12:54 pm

PHG

Koninklijke Philips N.V. (NYSE:PHG) announced surpassing 1,000 installations of its Philips BlueSeal magnet systems globally, highlighting the technology's role in expanding medical imaging access. The BlueSeal magnet, introduced in 2018, uses only 0.5% of the helium conventional systems require, addressing helium scarcity and enabling installations in remote or disaster-prone areas. This achievement underscores Philips' commitment to improving patient care and accessibility to advanced imaging technology.

Portfolio Pulse from Nabaparna Bhattacharya

February 28, 2024 | 12:50 pm

AAPL

TSLA

Tesla, Inc. (TSLA) shares increased in premarket trading on Wednesday, contrasting with the overall market trend towards a lower opening. This rise is attributed to Apple, Inc. (AAPL) reportedly abandoning its self-driving car project, which is seen as an acknowledgment of Tesla's dominant position in the electric vehicle (EV) market. Additionally, Tesla CEO Elon Musk announced updates on the Tesla Roadster, aiming for a 2025 delivery, which may also contribute to the stock's positive performance. Tesla's stock has been on an upward trajectory this week, with a notable resistance level at $200.

Portfolio Pulse from Shanthi Rexaline

February 28, 2024 | 12:39 pm

COCO

Vita Coco projects FY24 net sales of $495M-$505M, slightly below the $503.27M estimate. The forecast accounts for growth in coconut water volume but anticipates declines in the coconut oil business and price/mix effects. Gross margin is expected to be 36%-38%, with SG&A expenses roughly equal to 2023. Adjusted EBITDA is predicted to be $74M-$78M, considering potential transportation cost increases due to higher ocean freight rates.

Portfolio Pulse from Benzinga Newsdesk

February 28, 2024 | 12:38 pm