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CRSP

VRTX

Vertex Pharmaceuticals and CRISPR Therapeutics announced FDA approval of CASGEVY, a CRISPR-based gene-editing therapy for sickle cell disease (SCD) in patients 12+ with severe symptoms. This marks the first U.S. approval of a CRISPR therapy, potentially benefiting 16,000 patients. Vertex will make a $200 million milestone payment to CRISPR and handle global development, manufacturing, and commercialization of CASGEVY, recording 100% of revenues and costs, and sharing net profits or losses with CRISPR. CASGEVY is also under review in Europe and Saudi Arabia, and a PDUFA date for TDT treatment in the U.S. is set for March 30, 2024.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 5:54 pm

ALT

KVUE

MLGO

NIO

SATL

Benzinga's Stock Whisper Index highlights five stocks that are gaining attention: Kenvue Inc (KVUE), MicroAlgo Inc (MLGO), NIO Inc – ADR (NIO), Satellogic Inc (SATL), and Altimmune Inc (ALT). Kenvue beat Q3 sales estimates with EPS in-line, while options activity suggests bearish sentiment. MicroAlgo's stock surged then fell after announcing a postgraduate training practice base. NIO delivered strong Q3 results and plans to spin off its battery division, but faced potential job cuts. Satellogic signed a multi-million dollar deal with Uzma, boosting its stock. Altimmune's Phase 2 obesity trial results were positive, especially as Pfizer halted its weight loss pill development, and M&A activity in the sector is rising.

Portfolio Pulse from Chris Katje

December 08, 2023 | 5:50 pm

BLUE

Bluebird Bio has issued a boxed warning for LYFGENIA, indicating that hematologic malignancy has occurred in patients treated with the drug. Patients are advised to monitor for evidence of malignancy with complete blood counts every 6 months and through integration site analysis.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 5:45 pm

BLUE

Bluebird Bio, Inc. (NASDAQ:BLUE) announced FDA approval of LYFGENIA for sickle cell disease treatment in patients 12+ with a history of vaso-occlusive events. LYFGENIA, a one-time gene therapy, aims to resolve these events and treat the disease's underlying cause. The approval is based on data from the HGB-206 study, with 94% of evaluable patients experiencing resolved severe VOEs. Bluebird plans to make LYFGENIA available in early 2024 through its Qualified Treatment Centers. The company will host a conference call to discuss the approval.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 5:36 pm

LLY

Eli Lilly and Company (NYSE:LLY) has announced a 15% increase in its quarterly dividend to $1.30 per share for Q1 2024, reflecting its financial strength. The dividend will be paid on March 8, 2024, to shareholders on record as of February 15, 2024. The company's recent FDA approval for Jaypirca and strong Q3 sales, particularly from Mounjaro, Verzenio, and Jardiance, have contributed to its positive outlook. However, Eli Lilly revised its FY23 adjusted EPS downwards while maintaining its revenue forecast. LLY shares saw a slight decrease of 0.07% to $587.87.

Portfolio Pulse from Nabaparna Bhattacharya

December 08, 2023 | 5:18 pm

AUVI

CURV

CYN

HCP

INTS

LULU

MBI

Crude oil prices surged over 2%, while U.S. stocks remained relatively flat after jobs data release. The Dow edged up slightly, while the NASDAQ and S&P 500 saw minor declines. Energy shares gained, but real estate shares fell. Lululemon Athletica reported strong Q3 earnings but projected weaker Q4 sales, causing concern. Intensity Therapeutics, MBIA Inc., and Torrid Holdings saw significant stock price increases due to positive developments. Conversely, Cyngn Inc., HashiCorp, and Applied UV faced steep declines after negative announcements. Gold prices fell, and silver also saw a decrease, while copper rose.

Portfolio Pulse from Avi Kapoor

December 08, 2023 | 5:12 pm

GOOG

GOOGL

Alphabet Inc's (NASDAQ:GOOG) (NASDAQ:GOOGL) stock is trading lower after reports surfaced that the company misrepresented the capabilities of its Gemini AI model in a demo video. The video, which has over a million views, showcased Gemini's multimodal capabilities but used carefully tuned text prompts with still images instead of live demonstrations. This has led to concerns about Google's transparency and trustworthiness. Despite this, Google has integrated Gemini AI into its chatbot Bard and plans to expand its use in other products.

Portfolio Pulse from Anusuya Lahiri

December 08, 2023 | 5:11 pm

PSX

Phillips 66 (NYSE:PSX) announced a 2024 capital budget of $2.2 billion, with $923 million allocated for sustaining capital and $1.3 billion for growth. The budget supports strategic priorities such as the NGL value chain, the Rodeo renewable fuels facility, and refining performance enhancements. Excluding joint venture debt repayments, the budget is $2 billion. The company aims to return $13B-$15B to shareholders by the end of 2024. The budget includes savings from business transformation efforts and the consolidation of DCP Midstream. Phillips 66's share of capital spending in joint ventures CPChem and WRB is expected to be $1 billion and self-funded. The total 2024 capital program, including joint ventures, is projected at $3.2 billion.

Portfolio Pulse from Benzinga Newsdesk

December 08, 2023 | 5:10 pm

AAPL

Morgan Stanley analyst Erik Woodring upgraded Apple Inc's (NASDAQ:AAPL) price target from $210 to $220, maintaining an Overweight rating. The upgrade follows Apple's Q4 financial results and the iPhone 15 release. Woodring cites mitigated near-term risks, recovery in fundamentals, and potential in AI and services as reasons for the bullish outlook. Despite challenges, such as iPhone sales in China and regulatory risks, the long-term upside is seen in user monetization and new product launches like Vision Pro.

Portfolio Pulse from Chris Katje

December 08, 2023 | 5:06 pm

GLD

VanEck forecasts significant growth in the cryptocurrency market for 2024, including a record inflow of over $2.4 billion into Bitcoin ETFs, a new high for Bitcoin's price in Q4 2024, Binance losing its top spot in spot trading, and stablecoins reaching a market cap of over $200 billion. The firm compares potential Bitcoin ETF inflows to historical data from the SPDR Gold Trust ETF, considering the increased money supply. The Bitcoin halving event in April 2024 is expected to lead to market consolidation and a subsequent price rally. Despite Ethereum's expected outperformance of major tech stocks, it is not predicted to surpass Bitcoin in market value. Layer-2 solutions for Ethereum are anticipated to dominate post-EIP-4844.

Portfolio Pulse from Murtuza Merchant

December 08, 2023 | 4:56 pm