Streetbeat News

Regulatory

PBM

Psyence Biomedical Ltd. (NASDAQ:PBM) welcomed a study published in Molecular Psychiatry, showing nature-derived psilocybin may be more therapeutic than synthetic versions, particularly in neuroplasticity effects. The study, not funded by Psyence Biomed, was conducted by Hebrew University. Psyence Biomed, focusing on nature-derived psilocybin for Palliative Care, is preparing for a Phase llb clinical trial targeting Adjustment Disorder in cancer patients. The U.S. Palliative Care market is expected to grow to $28.6 billion by 2030. Psyence Biomed's approach could potentially improve patient quality of life and reduce healthcare costs.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:11 pm

META

QQQ

SNAP

VUG

XLC

The U.S. House of Representatives has advanced a bill that could lead to a TikTok ban unless ByteDance sells its U.S. operations, amid concerns of national security risks. This has sparked interest from potential buyers and could benefit competitors like Meta Platforms Inc and Snap Inc, as users may migrate to other platforms. ETFs with exposure to these companies, such as XLC, QQQ, and VUG, might also see an impact. The bill has raised tensions between the U.S. and China, with China indicating it could block the sale, complicating the situation further.

Portfolio Pulse from Natan Ponieman

March 18, 2024 | 8:07 pm

PMVP

PMV Pharmaceuticals presented promising Phase 1 data of rezatapopt in advanced ovarian cancer at the 2024 SGO Annual Meeting. The study showed a confirmed partial response in 7 out of 15 patients, with a median duration of response of seven months and a favorable safety profile. Rezatapopt targets TP53 Y220C mutation and KRAS wild-type in advanced solid tumors and is advancing to a registrational Phase 2 study.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:02 pm

IVA

Inventiva announced positive results from its Phase II LEGEND study on lanifibranor combined with empagliflozin in treating MASH/NASH and T2D. The study met its primary efficacy endpoint, showing significant reductions in HbA1c levels, liver injury markers, and hepatic steatosis. Both treatments were well tolerated with no safety concerns. Inventiva will host an investor webcast to discuss these results.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 8:01 pm

AFIB

Acutus Medical has received a European patent (EP3294412) for a system and method aimed at improving the acquisition and analysis of cardiac information, which is crucial for diagnosing and treating cardiac abnormalities. This development could enhance Acutus Medical's position in the cardiac care market by offering advanced solutions for heart-related issues.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 7:59 pm

ACB

CGC

MJNA

TLRY

VFF

Cannabis stocks are trading higher following VP Kamala Harris's call for the DEA to reschedule marijuana, indicating a potential shift in federal policy that could benefit the industry.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 7:36 pm

OPAD

OPEN

RDFN

The National Association of Realtors (NAR) has reached a $418 million settlement that introduces significant changes to how agent commissions are negotiated, impacting online real estate platforms like Zillow and Redfin. The settlement, effective by mid-July 2024, ends the practice of seller's agents determining buyer's agent compensation and requires written agreements for commissions. This could pose revenue and profit challenges for Zillow and Redfin, which rely heavily on buy-side commissions. However, the settlement also removes a regulatory overhang, and companies with innovative models and technology, including Opendoor and Offerpad, are well-positioned to adapt and potentially benefit in the long term.

Portfolio Pulse from Surbhi Jain

March 18, 2024 | 7:12 pm

SPY

VGK

Assets of Kazakh billionaire Turlov have been arrested in connection with a case involving the withdrawal of funds from Russia. This development could have implications for market sentiment, particularly in relation to investments linked to the region.

Portfolio Pulse from Benzinga Newsdesk

March 18, 2024 | 6:53 pm

GOEV

SAIC

Science Applications International Corporation (SAIC) shares fell over 10% after reporting Q4 fiscal 2024 earnings below estimates, despite beating revenue consensus. Other stocks experienced significant movements, with Canoo Inc. (GOEV) surging 95% after its facility was approved as a Foreign Trade Zone, and various companies seeing gains due to positive developments or analyst upgrades. Conversely, several companies faced declines due to disappointing financial results, regulatory issues, or strategic decisions.

Portfolio Pulse from Avi Kapoor

March 18, 2024 | 6:37 pm

PNW

Pinnacle West Capital Corporation (NYSE:PNW) shares rose after BofA Securities upgraded the stock from Neutral to Buy, raising the price target from $71 to $80. The upgrade is based on an improving regulatory environment in Arizona, expected to drive earnings growth through the decade. The Arizona Corporation Commission's (ACC) proposed changes could reduce regulatory lag and underearning, potentially improving PNW's earned returns to ~8.5% in 2026 from ~8.1%. This is anticipated to narrow the gap between earned and allowed returns, fostering faster EPS growth than rate base.

Portfolio Pulse from Priya Nigam

March 18, 2024 | 4:54 pm