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GRTX

Galera Therapeutics has received a notice of allowance for its U.S. patent application 17/378,852, titled 'Pentaaza Macrocyclic Ring Complexes Possessing Oral Bioavailability,' aimed at reducing oral mucositis in head-and-neck cancer patients from chemoradiation.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 7:58 pm

SOFI

SoFi Technologies, Inc. (NASDAQ:SOFI) shares have risen over 10% in the past five days, despite a more than 20% decline year-to-date. This comes ahead of its Q1 earnings report on April 29, with expectations of 1 cent per share and $555.997 million in revenue. The stock's recovery follows a drop in student loan-related companies after President Biden announced a $7.4 billion student debt cancellation. SoFi does not pay dividends but may engage in buyback programs, a factor for investors considering the stock's value.

Portfolio Pulse from Erica Kollmann

April 26, 2024 | 7:54 pm

AIQ

ANET

BOTZ

COHR

DELL

FLEX

JBL

ROBO

Microsoft, Alphabet, and Meta's increased investments in AI and cloud capex are expected to benefit Arista Networks, Coherent Corp, Dell Technologies, Lumentum Holdings, Flex Ltd., and Jabil Inc., according to a JPMorgan report. This investment surge indicates a strong year ahead for data center capex, with industry growth forecasts for data center investments from top CSPs now in the mid-teens range for 2024. AI-focused ETFs like BOTZ, AIQ, and ROBO are also anticipated to see positive impacts.

Portfolio Pulse from Surbhi Jain

April 26, 2024 | 7:37 pm

IBRX

ImmunityBio, Inc. (NASDAQ:IBRX) shares surged after announcing positive overall survival results in its QUILT 3.055 study for NSCLC patients. The trial showed median overall survival nearly double that of standard chemotherapy. Additionally, the FDA approved ImmunityBio's Anktiva plus BCG for NMIBC. Trading volume spiked, with over 26.6 million shares traded compared to the 100-day average of 4.774 million.

Portfolio Pulse from Erica Kollmann

April 26, 2024 | 7:26 pm

BUD

SAM

TAP

TLRY

Boston Beer Co (NYSE:SAM) reported Q1 financial results surpassing analyst expectations with net revenue of $426.1 million, a 3.1% increase over estimates, and EPS of $1.04, significantly above the 9 cents estimate. The company's success is partly attributed to a backlash against Anheuser-Busch Inbev (NYSE:BUD) by conservative beer drinkers. Despite concerns of THC cannibalizing alcohol sales, both Boston Beer and Tilray Brands Inc. (NASDAQ:TLRY) have seen growth in their alcohol segments, with Tilray's alcohol revenue jumping 117% to $47 million. Boston Beer continues to explore the cannabis beverage market with products like Teapot, Canada's premier cannabis tea brand, while other beer giants like Molson Coors Beverages Co. (NYSE:TAP) have exited cannabis ventures.

Portfolio Pulse from Anthony Noto

April 26, 2024 | 6:58 pm

RIVN

Rivian announced plans to open its fast-charging network to all electric vehicles by late 2024, leading to a rise in its share price.

Portfolio Pulse from Benzinga Newsdesk

April 26, 2024 | 6:57 pm

ABBV

CVS

Evernorth Health Services, a subsidiary of The Cigna Group (NYSE:CI), announced its Accredo arm will offer a Humira biosimilar with no out-of-pocket costs to patients. This initiative, starting in June, is expected to save patients an average of $3,500 annually. The biosimilar, produced for Quallent Pharmaceuticals, is priced about 85% lower than Humira, AbbVie Inc's (NYSE:ABBV) arthritis drug. Despite the introduction of biosimilars, AbbVie has retained over 98% of the Humira market. CVS Health Inc's (NYSE:CVS) pharmacy benefits unit has begun shifting prescriptions to biosimilars, impacting Humira's market share.

Portfolio Pulse from Vandana Singh

April 26, 2024 | 6:41 pm

MBLY

NVDA

QCOM

Mobileye Global Inc (NASDAQ:MBLY) reported a significant 48% year-on-year revenue decline for Q1, attributed to stiff competition and a surprising downturn in EV adoption. Analyst Adam Jonas from Morgan Stanley downgraded Mobileye's rating from Equal-Weight to Underweight and lowered the price target from $26 to $25, citing limited near-term growth potential for its SuperVision product due to reduced EV adoption and increased competition from companies like Nvidia Corp (NASDAQ:NVDA), Qualcomm Inc (NASDAQ:QCOM), and others exploring ADAS technologies.

Portfolio Pulse from Priya Nigam

April 26, 2024 | 6:36 pm

ALPN

VRTX

Vertex Pharmaceuticals Inc (VRTX) has seen significant success with its cystic fibrosis drug Trikafta, generating $26 billion in revenues since 2019 and expected to reach $10 billion in annual sales next year. The company is now focusing on developing non-opioid painkillers, with VX-548 in late-stage trials and potential FDA approval this year. Vertex also acquired Alpine Immune Sciences Inc (ALPN) for $4.9 billion to develop treatments for autoimmune kidney disease. Analysts predict Vertex's new pain medication could bring in $2.3 billion in annual sales by 2030.

Portfolio Pulse from Vandana Singh

April 26, 2024 | 6:34 pm

VKTX

Viking Therapeutics (NASDAQ:VKTX) has seen significant options trading activity, with a bullish sentiment prevailing among financial giants. Analysis revealed 27 unusual trades, with a majority being calls. The trading activity suggests a focus on a price band between $20.0 and $115.0. The company, specializing in biopharmaceutical development for metabolic and endocrine disorders, is currently trading up by 4.23% at $71.77. Analyst ratings from HC Wainwright & Co. have set a target price at $90.0.

Portfolio Pulse from Benzinga Insights

April 26, 2024 | 6:31 pm