Streetbeat News

Regulatory

IVA

Inventiva (NASDAQ:IVA), a biopharmaceutical company, will present the results of the LEGEND Phase IIa trial on March 19, 2024. The trial evaluates lanifibranor in combination with empagliflozin for treating MASH/NASH and T2D. The study aims to assess the safety and efficacy of this combination, with primary efficacy endpoint being the change in Hemoglobin A1c at week 24. Lanifibranor, a pan-PPAR agonist, has received FDA Breakthrough Therapy and Fast Track designation for MASH/NASH treatment.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 8:01 pm

ADM

The U.S. Justice Department is investigating Archer-Daniels-Midland (ADM) for potential improper accounting practices related to hedges in its ethanol trading unit, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 7:39 pm

AMZN

GOOGL

META

PINS

RUM

SNAP

SPY

The White House has expressed satisfaction that a bill concerning TikTok will progress, urging the Senate for swift action. The bill in question does not propose a ban on apps like TikTok, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 7:15 pm

UNH

The U.S. Department of Health and Human Services' Office for Civil Rights (OCR) has launched an investigation into a cyberattack affecting UnitedHealth Group's Change Healthcare and other healthcare entities. The attack disrupted healthcare and billing operations nationwide. OCR's investigation will determine if there was a breach of protected health information and compliance with HIPAA Rules. The Biden administration urged UnitedHealth to take action to stabilize the health system and expedite funding for affected providers. Despite efforts to restore the network by March 18, healthcare leaders expect prolonged disruptions. Cyber threats in healthcare have significantly increased, with hacking and ransomware incidents rising dramatically over the past five years.

Portfolio Pulse from Vandana Singh

March 13, 2024 | 6:49 pm

FXI

SPY

Following a recent vote by the House, TikTok has informed its employees that there will be no change in its strategic direction. The company's decision to maintain its current strategy despite the legislative scrutiny suggests confidence in its operational model and future plans.

Portfolio Pulse from Benzinga Newsdesk

March 13, 2024 | 6:10 pm

NPSCY

President Joe Biden is expected to express concerns over Nippon Steel Corporation's (OTC:NPSCY) $14.9 billion bid to acquire U.S. Steel Corporation (NYSE:X), potentially affecting the deal's progress and U.S.-Japan relations. The statement, anticipated ahead of Japan's Prime Minister's visit, reflects bipartisan opposition and concerns for union jobs and domestic manufacturing. U.S. Steel's shares dropped 12.10% to $41.15.

Portfolio Pulse from Vandana Singh

March 13, 2024 | 6:02 pm

ETHUSD

On Tuesday, 12,743.76 Ether (ETH) worth approximately $50.7 million was burned, permanently removing it from circulation. This action follows the Ethereum blockchain's EIP-1159 upgrade on August 5th, 2021, which introduced a variable base fee for transactions that is burned. The current issuance rate of new Ether is 4% annually, expected to drop to 0.5-1% with the Ethereum 2.0 upgrade, potentially making ETH a deflationary currency. The net annualized issuance rate for Ether was -16.00% yesterday.

Portfolio Pulse from Benzinga Insights

March 13, 2024 | 6:00 pm

BMY

JNJ

LEGN

The FDA's Oncologic Drugs Advisory Committee is set to review supplemental biologics license applications for two cell therapies for multiple myeloma from Johnson & Johnson/Legend Biotech and Bristol-Myers Squibb. The discussions will focus on the risk-benefit assessments of Carvykti (ciltacabtagene autoleucel) and Abecma (idecabtagene vicleucel), considering clinical benefits against risks of early death and adverse events. HC Wainwright maintains a Buy rating for Legend Biotech with a price target of $87.

Portfolio Pulse from Vandana Singh

March 13, 2024 | 5:44 pm

GGME

META

PNQI

Meta Platforms, Inc (NASDAQ:META) faces ongoing scrutiny from the FTC over its Facebook unit's privacy practices, despite a previous $5 billion fine and a 2020 privacy settlement. A U.S. appeals court has denied Meta's bid to halt the FTC's investigation, which focuses on minors' data use and facial recognition technology. The court emphasized the public interest in the FTC's privacy concerns. Meta criticizes the FTC's actions as an overreach, while the FTC has not commented on the court's decision. Investors can gain exposure to Meta through Invesco Nasdaq Internet ETF (NASDAQ:PNQI) and Invesco Next Gen Media And Gaming ETF (NYSE:GGME).

Portfolio Pulse from Anusuya Lahiri

March 13, 2024 | 5:37 pm

KTRA

Kintara Therapeutics, Inc. (NASDAQ:KTRA) announced the withdrawal of its registration statement for a public offering, leading to volatile trading. The stock has seen a significant increase in trading volume and a 13% price rise to 9 cents. Over the past year, KTRA shares have decreased by 97.05%, with a loss of $0.06 per share for investors from the beginning of the year. The stock's RSI of 23.07 suggests it is currently oversold.

Portfolio Pulse from Erica Kollmann

March 13, 2024 | 5:21 pm