Streetbeat News

Products Services

CGC

Bruce Linton, founder and former CEO of Canopy Growth Corp (NASDAQ:CGC), discussed the changing perceptions of cannabis and its potential for medical and recreational use in the future. He highlighted the shift in government policies from suppression to regulation, creating opportunities in the cannabis industry. Linton also mentioned the potential for cannabis regulation to create jobs and increase tax revenue. He is optimistic about the potential applications of cannabinoids for weight loss, animal care, and other areas.

Portfolio Pulse from AJ Fabino

June 30, 2023 | 7:15 pm

EIGR

Eiger BioPharmaceuticals Inc (NASDAQ:EIGR) announced it will focus on advancing avexitide in hyperinsulinemic hypoglycemia indications. The company will allocate resources towards the potential of avexitide in treating metabolic diseases, primarily post-bariatric hypoglycemia (PBH). Baird raised the price target for EIGR from $3 to $5 with an Outperform rating, citing a shift away from virology. The analyst sees upside potential in both PBH and congenital hyperinsulinism (CHI) indications. EIGR shares are up 16.36% at $0.6401.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 6:52 pm

CBAY

GNFT

IPSEY

Genfit SA and Ipsen SA announced topline results from the Phase III ELATIVE trial of elafibranor in primary biliary cholangitis (PBC), meeting its primary composite endpoint. However, CymaBay Therapeutics' ongoing Phase 3 RESPONSE study is expected to show a statistically significant reduction in itch with its drug, seladelpar. This has led to optimism for CymaBay's stock, with an Outperform rating maintained by a William Blair analyst.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 6:51 pm

BMRN

The FDA has approved BioMarin Pharmaceutical Inc's Roctavian gene therapy for adults with severe hemophilia A. The company's focus now shifts to its US commercial strategy, following failed attempts to launch in the EU. BioMarin plans to offer an outcomes-based warranty to all payers, ensuring reimbursements up to 100% if the patient does not respond. The company estimates that commercial Roctavian will be available in about 2 months. Analysts maintain a Neutral and Market Perform rating on BioMarin, with a raised price target from $69 to $73.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 6:41 pm

BXRX

CYT

RNLX

U.S. stocks traded higher with the Nasdaq Composite gaining more than 1% on Friday. Renalytix Plc (NASDAQ:RNLX) shares shot up 44% after the company received FDA De Novo marketing authorization for its KidneyIntelX.dkd prognostic test. Baudax Bio, Inc. (NASDAQ:BXRX) shares shot up 123% after the company agreed to acquire TeraImmune in a stock-for-stock transaction. Cyteir Therapeutics, Inc. (NASDAQ:CYT) shares were up 38% after the company announced it is discontinuing all development of CYT-0851, dissolving the company and liquidating its assets.

Portfolio Pulse from Lisa Levin

June 30, 2023 | 6:34 pm

LMDX

LumiraDx Limited (NASDAQ:LMDX) has submitted its first 510(k) application to the U.S. Food and Drug Administration (FDA) for the clearance of its 5-minute COVID Ultra Test. This marks a significant milestone for LumiraDx's expansion into the United States. The company had earlier received various Emergency Use Authorizations (EUA) for its SARS-CoV-2 Ag tests during the pandemic. The LumiraDx SARS-CoV-2 Ag Ultra Test is already available in Europe and various international markets.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 6:31 pm

RSLS

ReShape Lifesciences has received a Notice of Allowance for a U.S. patent titled 'Intragastric Device (for the treatment of obesity)'. This patent could potentially strengthen the company's intellectual property portfolio and provide a competitive edge in the obesity treatment market.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 6:24 pm

CVS

DGX

HUM

RAD

UNH

WBA

The Centers for Medicare and Medicaid Services (CMS) has released revised guidance on its authority with pharmaceutical manufacturers in the Medicare Drug Negotiation Program. This year, Medicare will start negotiating directly with drug manufacturers to reduce the price of covered, high-cost prescription drugs. The first round of negotiations will occur between 2023 and 2024, with the negotiated prices effective from 2026. CMS will also cap insulin costs at $35 per month for people who get their insulin through Medicare Part B and Medicare Advantage starting July 1, 2023.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 6:14 pm

BNTX

PFE

The European Commission has partnered with Pfizer Inc and various European pharmaceutical companies to secure the capacity to produce up to 325 million vaccines annually for potential future global health crises. Pfizer's plants in Ireland and Belgium have been chosen to reserve mRNA vaccine production capacity. The agreement also includes monitoring supply chains and maintaining facilities in a state of readiness. However, concerns have been raised about potential 'vaccine apartheid'.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 6:06 pm

GNFT

IPSEY

Ipsen SA and Genfit SA announced positive topline data from the Phase 3 ELATIVE trial evaluating the efficacy and safety of elafibranor for primary biliary cholangitis (PBC). The trial met its primary composite endpoint, with 51% of patients on elafibranor 80mg exhibiting a cholestasis response compared to 4% on placebo. Ipsen plans to discuss these results with regulatory bodies and aims to move forward with regulatory submissions to the FDA and the European Medicines Agency. Genfit shares are down 14.30% at $3.47 on the last check Friday.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 6:03 pm