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IGMS

SNY

IGM Biosciences Inc (NASDAQ:IGMS) is shifting its focus towards treating colorectal cancer and autoimmune diseases, discontinuing all blood cancer-related studies. The company plans to file an IND application in 2024 for IGM-2644, aimed at treating autoimmune diseases. As part of the strategic change, IGM Biosciences will stop the development of several product candidates and reduce its workforce by 22%, extending its cash runway into Q2 2026. The company will maintain its collaboration with Sanofi SA (NASDAQ:SNY) on oncology, immunology, and inflammation products.

Portfolio Pulse from Vandana Singh

December 06, 2023 | 3:10 pm

RIOT

Riot Platforms Inc (NASDAQ:RIOT), a Bitcoin mining company, reported a 21% increase in Bitcoin production in November compared to October, and a 6% increase year-over-year, producing 552 Bitcoin. The company sold 540 Bitcoin and holds 7,358 Bitcoins. Despite a 9% increase in network difficulty, Riot's production was aided by the return of hash rate in Building G at the Rockdale Facility and reduced curtailment activity. Riot has a long-term purchase agreement with MicroBT, including an initial order of 33,280 miners and a second order for 66,650 miners, aiming to increase its self-mining capacity by 26 EH/s for a total of 38 EH/s by 2025. Riot shares were slightly up following the announcement.

Portfolio Pulse from Adam Eckert

December 06, 2023 | 3:08 pm

CAH

Cardinal Health Inc has issued a recall for Nurse Assist products that are included within various kits and trays. The recall could potentially impact the company's reputation and financials due to the costs associated with the recall process and potential legal liabilities.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:57 pm

GRFX

Graphex Group Limited has received a preliminary offer from a NASDAQ-listed blank check company to acquire its subsidiary, Graphex Technologies, for $100M-$200M in stock. The acquisition aims to make Graphex Tech an independent U.S. company serving the Li-ion battery anode material market in North America. The deal is subject to shareholder approval, registration of shares, and compliance with regulatory bodies. The transaction is expected to close in the first half of 2024, with Graphex Group distributing shares to its shareholders post-acquisition. CEO John DeMaio will continue to lead Graphex Tech, which is positioning itself as a key player in the EV battery supply chain amid graphite export restrictions from China.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:56 pm

NVO

A study analyzing medical records and insurance claims data showed that 40% of patients prescribed Novo Nordisk's obesity drug Wegovy were still using it after a year, indicating higher adherence compared to older medications. The study, published in Obesity, involved 1,911 adults and found that greater weight loss at six months predicted continued use at one year. In contrast, only 13% and 10% of patients remained on Orexigen Therapeutics' Contrave and Vivus's Qsymia, respectively, after a year. The study did not explore why patients stopped taking the drugs but noted insurance coverage and pre-certification criteria as factors affecting adherence. Dr. Hamlet Gasoyan raised concerns about the cost of new anti-obesity drugs and their impact on insurance coverage decisions. Novo Nordisk's stock (NYSE:NVO) was down 0.94% at $98.69.

Portfolio Pulse from Vandana Singh

December 06, 2023 | 2:53 pm

AMD

AMD announced the 'Advancing AI' event scheduled for December 6, 2023, to launch the AMD Instinct MI300 data center GPU accelerator family. The event will feature AMD Chair and CEO Dr. Lisa Su, along with other executives, AI ecosystem partners, and customers discussing AMD's impact on AI and high-performance computing. The event will be both in-person and livestreamed at 1:00 pm ET.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:52 pm

IPA

MLGO

NRSN

OPTN

PHVS

SERA

U.S. stocks traded higher with the Dow up 0.21%, NASDAQ up 0.28%, and S&P 500 up 0.32% following economic reports. Private payrolls increased by 103,000 in November, below expectations of 130,000. Industrials shares rose by 0.8%, while energy shares fell by 0.6%. Sera Prognostics (SERA) surged 144% after a positive study recommendation. MicroAlgo (MLGO) jumped 62% on plans for a training practice base. Pharvaris (PHVS) gained 33% after meeting its primary endpoint in a clinical study. Conversely, ImmunoPrecise Antibodies (IPA) fell 37% after announcing a public offering, NeuroSense Therapeutics (NRSN) dropped 28% following trial results, and OptiNose (OPTN) declined 25% after an FDA review extension. Oil and silver prices fell, while gold and copper rose.

Portfolio Pulse from Lisa Levin

December 06, 2023 | 2:42 pm

TSLA

Traders are circulating research data indicating a significant increase in Tesla Cybertruck orders, which reportedly surged 60-fold between November 15, 2023, and December 3, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:42 pm

NEON

Neonode Inc. has been awarded a contract by a leading commercial vehicle OEM to supply its MultiSensing Driver Monitoring System software. The company will receive licensing revenues starting in 2025 when the first vehicles equipped with their software reach the market. Additionally, Neonode will generate non-recurring engineering revenues.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:26 pm

MCD

McDonald's has set a goal to expand its global restaurant count to 50,000 by 2027. The company also aims to grow its loyalty program to 250 million 90-day active users and achieve $45 billion in annual system-wide sales to loyalty members by the same year.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:25 pm