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COGT

Cogent Biosciences, Inc. (NASDAQ:COGT) reported positive data from Part 1b of the SUMMIT trial for bezuclastinib in NonAdvSM patients, showing significant symptom reduction and quality-of-life improvements. The trial, presented at the AAAAI meeting, demonstrated a 51% mean change in Total Symptom Score at week 12, with 70% of patients achieving a ≥50% reduction. The safety profile was comparable to placebo, with no severe adverse events. SUMMIT Part 2 has been initiated globally. Cogent plans an investor webcast to discuss these findings.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 7:45 pm

BMR

Beamr Imaging has launched Beamr Cloud, a new video processing service offering high quality, high scale, and low cost solutions. This technology, previously exclusive to tech giants like Google and Meta, is now available to a wider audience.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 7:42 pm

ARM

INTC

MSFT

UMC

Intel Corp (NASDAQ:INTC) hosted Intel Foundry Direct Connect, where CEO Pat Gelsinger outlined the future of Intel, including the division into Intel Products and Intel Foundry. The event detailed updates to the Foundry services roadmap, including new business units, volume production updates, and partnerships. Notably, Intel is expanding its foundry services and has design wins with Microsoft Corp (NASDAQ:MSFT) and Arm Holdings Plc (NASDAQ:ARM) for SoCs. Additionally, Intel announced a partnership with United Microelectronics Corp (NYSE:UMC) for 12nm production. Despite these developments, Oppenheimer analyst Rick Schafer maintains a Perform rating on INTC, citing the company's ongoing efforts to achieve process leadership and foundry ambitions.

Portfolio Pulse from Anusuya Lahiri

February 22, 2024 | 7:37 pm

JANX

Janux Therapeutics has filed a U.S. patent application (#20240059790) for tumor-activated antibodies targeting PSMA and effector cell antigens, indicating progress in their cancer treatment research.

Portfolio Pulse from Charles Gross

February 22, 2024 | 7:33 pm

RIVN

Rivian Automotive reported a Q4 loss of $1.36 per share, with a per-vehicle loss of $43,000. Despite this, CEO RJ Scaringe remains confident in achieving positive gross margin in Q4 2023 through cost-cutting measures, including workforce reduction and operational efficiencies. The company's 2024 production guidance is below analyst estimates due to a planned production facility shutdown for significant vehicle changes.

Portfolio Pulse from Erica Kollmann

February 22, 2024 | 7:25 pm

SYTA

Siyata Mobile has received a significant order for 1000 units of its UV350 devices, indicating strong demand for its products.

Portfolio Pulse from Benzinga Newsdesk

February 22, 2024 | 7:03 pm

META

SONY

Sony Group Corp. (NYSE:SONY) announced plans to introduce PC support for its PS VR2 system in 2024, aiming to expand its game offerings beyond the PS5. The PS VR2, which debuted last year with over 30 games, has not had recent sales figures released, raising concerns about its performance. In comparison, Meta Platforms Inc.'s (NASDAQ:META) Meta Quest outsold the PS VR2 by over 30 units for each PS VR2 unit on Amazon in the U.S. during the holiday season.

Portfolio Pulse from Franca Quarneti

February 22, 2024 | 6:59 pm

MSFD

MSFT

MSFU

Microsoft is leading in AI with its investment in OpenAI, powering products like Copilot, and leveraging Azure for backend processing. This has propelled Microsoft's growth, with Azure's revenue up 30% last quarter. The partnership with OpenAI, especially in AI and cloud services, is challenging AWS's market dominance. For investors, Direxion offers leveraged ETFs, MSFU for bulls and MSFD for bears, to capitalize on Microsoft's performance.

Portfolio Pulse from Johnny Rice

February 22, 2024 | 6:58 pm

RACE

Ferrari (NYSE:RACE) stock reached a new 52-week high of $411.90, outperforming the S&P 500 Index significantly over the past year and so far in 2024. Key growth drivers include Warren Buffett's endorsement, a 34% surge in net profit for 2023, raised forecasts for 2024, full order books until 2025, and an approaching $100 billion market cap. UBS rated the stock a Buy with a price target of $448. Ferrari's share buyback program and competitive differentiation in the auto sector also contribute to its strong performance.

Portfolio Pulse from Surbhi Jain

February 22, 2024 | 6:54 pm

RIOT

Recent analysis of unusual options activity for Riot Platforms (NASDAQ:RIOT) shows a bullish sentiment among traders, with 70% of trades being bullish. The analysis revealed 10 unusual trades, including 2 puts valued at $63,525 and 8 calls valued at $348,030, targeting a price window of $15.0 to $35.0. Riot Platforms, a Bitcoin mining company, is currently trading at $15.23, up by 0.86%, with an RSI suggesting it may be approaching overbought. An earnings release is anticipated in 11 days, and an analyst from Needham maintains a Buy rating with a target price of $18.

Portfolio Pulse from Benzinga Insights

February 22, 2024 | 6:46 pm