Streetbeat News

Regulatory

IVVD

The FDA granted emergency use authorization to Invivyd Inc's Pemgarda for COVID-19 prevention in individuals with immune compromise. Invivyd announced financial details, including a cash runway into Q4 2024, and shared interim data from the CANOPY Phase 3 trial of VYD222 (Pemgarda), showing promising results against COVID-19. However, IVVD shares dropped 13.20% to $3.79.

Portfolio Pulse from Vandana Singh

March 25, 2024 | 1:44 pm

LXRX

Lexicon Pharmaceuticals, Inc. (NASDAQ:LXRX) announced four presentations on sotagliflozin at the American College of Cardiology session, highlighting its efficacy in reducing stroke and heart attack risk among patients with type 2 diabetes, CKD, and high CV risk. The FDA approved sotagliflozin in 2023 for reducing cardiovascular death and hospitalization in adults with heart failure or type 2 diabetes, CKD, and other cardiovascular risk factors.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 1:25 pm

ESPR

Esperion Therapeutics Inc's (NASDAQ:ESPR) stock is trading higher after the FDA approved new label expansions for its drugs NEXLETOL and NEXLIZET, based on CLEAR Outcomes data. These expansions include indications for cardiovascular risk reduction and LDL-C lowering in primary and secondary prevention patients. The approvals make over 70 million patients eligible for these treatments. The company also anticipates a final determination from the European Medicines Agency on label expansions in Europe by the second quarter of 2024.

Portfolio Pulse from Vandana Singh

March 25, 2024 | 1:24 pm

KHC

Kraft Heinz has been selected to receive up to $170 million from the U.S. Department of Energy to implement clean energy projects at 10 of its U.S. plants, aiming to reduce carbon emissions by over 99% from 2022 levels. This funding supports Kraft Heinz's goal of achieving net-zero greenhouse gas emissions by 2050. The projects will involve installing various technologies like heat pumps and solar panels, expected to create 500 construction jobs. This initiative is part of Kraft Heinz's broader ESG goals and its commitment to environmental sustainability.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 1:12 pm

GEHC

GE HealthCare has received FDA clearance for nCommand Lite by IONIC Health, enabling multi-vendor, multi-modality remote operations. GE HealthCare will exclusively distribute this product, enhancing its offerings in the healthcare technology sector.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 1:04 pm

MCD

The number of cannabis dispensaries in the US has surpassed McDonald's locations, reflecting changing attitudes towards cannabis. Over half of Americans live in areas allowing recreational use, with nearly 15,000 dispensaries nationwide. Challenges include competition with the illicit market and high taxes. The Benzinga Cannabis Capital Conference in Florida will address these issues and opportunities in the cannabis industry.

Portfolio Pulse from Abbey Higginbotham

March 25, 2024 | 1:04 pm

AMD

BA

TSLA

Cryptocurrencies like Bitcoin, Ethereum, and Dogecoin are gaining momentum as analysts predict a positive outlook for the altcoin market and a potential rise in Bitcoin's value to $70K. In the US markets, stocks such as Esperion Therapeutics and Masimo are moving higher in pre-market sessions, despite a fall in investor sentiment. Political developments include potential actions by Trump regarding a bankruptcy trigger and Biden's comments on Trump's golf skills. In technology, AMD and Nvidia show divergent premarket movements, while China plans to replace AMD and Intel chips and Microsoft Windows in state computers. Tesla faces scrutiny over its production and valuation, but also sees developments with its Cybertruck and team. Boeing's labor union seeks a board voice, and Cathie Wood's Ark invests further in Tesla while selling a Bitcoin-linked stock. Other notable mentions include developments in Ukraine, Facebook, Nissan's electrification plans, and energy sector movements.

Portfolio Pulse from Akanksha Bakshi

March 25, 2024 | 12:51 pm

CLF

Cleveland-Cliffs Inc (NYSE:CLF) shares rose after being selected to receive $575 million from the U.S. Department of Energy for decarbonization projects in Ohio and Pennsylvania. This funding, part of the DOE's Industrial Demonstrations Program, aims to reduce greenhouse gas emissions and operating costs. The company's revenue has grown at an average rate of 114.94% annually over the past five years, with an average one-year price target from analysts at $19.50, indicating a potential downside in 2025.

Portfolio Pulse from Adam Eckert

March 25, 2024 | 12:48 pm

ESPR

MASI

MLGO

MicroAlgo Inc. (MLGO) shares surged 102% following the announcement of a new deep clustering algorithm. Masmi (MASI) shares rose 15% after the company considered separating its consumer business. Esperion (ESPR) shares increased 26% after FDA approval for NEXLETOL and NEXLIZET for heart attack and cardiovascular procedure prevention.

Portfolio Pulse from ryanfaloona@benzinga.com

March 25, 2024 | 12:40 pm

ABBV

LABP

AbbVie Inc. is set to acquire Landos Biopharma for approximately $137.5 million, or $20.42 per share in cash, with an additional contingent value right of up to $11.14 per share, subject to clinical development milestones. This acquisition aims to advance the clinical development of NX-13, a novel oral treatment for autoimmune diseases such as ulcerative colitis and Crohn's disease. The transaction is expected to close in the second quarter of 2024, pending customary closing conditions and approval by Landos' stockholders.

Portfolio Pulse from Benzinga Newsdesk

March 25, 2024 | 12:32 pm