Streetbeat News

Regulatory

PEV

Phoenix Motor has received a Nasdaq listing delinquency letter due to its failure to file a timely 10-Q report. This could have short-term negative implications for the company's stock price.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 8:34 pm

MDXXF

TRUFF

Red Light Holland Corp. and PharmAla Biotech Holdings Inc. have successfully completed the first phase of psilocybin extraction, marking a significant milestone in their collaboration. The companies aim to produce naturally derived Active Pharmaceutical Ingredients (API) from psilocybin truffles at a commercial scale. The next steps involve optimizing and validating the extraction process.

Portfolio Pulse from Patricio Liddle

May 29, 2024 | 8:27 pm

SPCE

Virgin Galactic has received a notice from the NYSE regarding its failure to maintain an average closing price above $1 over a 30-day period. The company plans to regain compliance by seeking stockholder approval for a reverse stock split.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 8:18 pm

MEDS

TRxADE Health has received a late filing notice from Nasdaq, indicating that the company has not timely filed its quarterly report. This could lead to potential delisting if the issue is not resolved promptly.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 8:13 pm

SWSS

Clean Energy Special Situations Corp. received a noncompliance notice from Nasdaq for failing to file its Q1 10-Q for the period ended March 31, 2024. This delinquency could lead to the delisting of the company's securities from Nasdaq.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 8:04 pm

ATRA

Atara Biotherapeutics will present preclinical data on ATA3219, an allogeneic CD19-targeted CAR T therapy, at the ISCT 2024 Annual Meeting. ATA3219 shows promising results in depleting CD19-specific B-cells in autoimmune diseases like systemic lupus erythematosus and multiple sclerosis, with lower pro-inflammatory cytokine levels compared to autologous CAR T cells. A Phase 1 study is expected to start in Q4 2024.

Portfolio Pulse from Benzinga Newsdesk

May 29, 2024 | 8:02 pm

DKNG

DraftKings Inc (NASDAQ:DKNG) shares are trading lower after the Illinois State Senate approved a significant sports betting tax hike, which will more than double the current tax rate. Despite the bearish technical indicators, analysts maintain a bullish outlook with a consensus Buy rating and a price target suggesting a potential upside of 56.49%.

Portfolio Pulse from Surbhi Jain

May 29, 2024 | 7:50 pm

TMUS

USM

VZ

T-Mobile US, Inc. (NASDAQ:TMUS) announced its acquisition of United States Cellular Corp (NYSE:USM) for $4.4 billion, acquiring 4.5 million retail mobile customers and 30% of USM's wireless spectrum. Benchmark analyst Matthew Harrigan reiterated a Buy rating on TMUS with a price target of $200, highlighting the deal's alignment with T-Mobile's M&A strategy. The acquisition is expected to bolster T-Mobile's 5G leadership and market expansion, though it may face antitrust scrutiny.

Portfolio Pulse from Anusuya Lahiri

May 29, 2024 | 7:50 pm

LLY

The FDA has granted accelerated approval to Eli Lilly's (NYSE:LLY) drug selpercatinib (Retevmo) for pediatric patients with certain RET mutations in thyroid cancer. This marks the first FDA approval of targeted therapy for pediatric patients under 12 years of age with RET alterations. The approval is based on the LIBRETTO-121 study, which showed a confirmed overall response rate (ORR) of 48% and durable responses in pediatric and young adult patients.

Portfolio Pulse from Vandana Singh

May 29, 2024 | 7:02 pm

FFIE

Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) shares plummeted after disappointing FY23 sales results and Nasdaq compliance issues. The company missed sales estimates, withdrew its production target guidance, and received a Nasdaq notice for failing to file a timely 10-Q report. Despite these setbacks, Faraday Future plans to unveil a new strategy and ramp up production of its FF 91 vehicle.

Portfolio Pulse from Vaishali Prayag

May 29, 2024 | 6:43 pm