Streetbeat News

Regulatory

PBM

Psyence Biomedical's subsidiary, Psyence Australia, has received approval from the Human Research Ethics Committee to begin a Phase IIb study on the use of nature-derived psilocybin for treating Adjustment Disorder in palliative care patients recently diagnosed with cancer. This study addresses a significant need, given the estimated 56.8 million people requiring palliative care worldwide annually, many of whom experience considerable psychosocial distress post-diagnosis.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 12:06 pm

VNDA

Vanda Pharmaceuticals has received a Complete Response Letter from the FDA regarding its supplemental New Drug Application (sNDA) for HETLIOZ (Tasimelteon) aimed at treating insomnia characterized by difficulties with sleep initiation. This letter is part of the ongoing review process.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 12:03 pm

DXCM

DexCom's stock price increased following the announcement of FDA clearance for Stelo, a new product by the company. This regulatory approval is a significant milestone for DexCom, potentially opening up new markets and opportunities for growth.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 11:51 am

CRWD

JWN

QQQ

ROST

SPY

U.S. stock futures indicate a rebound with tech stocks leading, as investors await Fed Chair Powell's testimony and economic data releases. Tuesday saw a pullback in major indices due to concerns over overbought levels and upcoming economic catalysts. The SPDR S&P 500 ETF Trust and Invesco QQQ ETF are up in premarket trading. Key earnings reports and economic data, including the ADP private payrolls and Fed's Beige Book, are anticipated. Nordstrom, Ross Stores, and CrowdStrike Holdings moved significantly on earnings news.

Portfolio Pulse from Shanthi Rexaline

March 06, 2024 | 11:38 am

FXI

People's Bank of China Governor, Pan Gongsheng, announced potential cuts to banks' reserve requirements to support consumer prices and stabilize the Yuan, according to a Wall Street Journal report.

Portfolio Pulse from Charles Gross

March 06, 2024 | 10:35 am

GS

Chinese investors are increasingly moving their funds to offshore assets, reaching the country's outbound investment cap and complicating Beijing's efforts to support the domestic market and stabilize the yuan. The surge in investments abroad, particularly through the Qualified Domestic Institutional Investor (QDII) program, reflects a lack of confidence in the Chinese market. This trend is occurring despite Beijing's ambitious 5% growth target for 2024 and has been influenced by warnings from international financial experts about investing in China.

Portfolio Pulse from Benzinga Neuro

March 06, 2024 | 9:35 am

BMEA

Biomea Fusion, Inc. (NASDAQ:BMEA) announced long-term data from its Phase II COVALENT-111 study on BMF-219 for Type 2 Diabetes, showing up to 1.4% HbA1c reduction off therapy at week-26. The data will be presented at the ATTD conference in Florence, Italy.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 8:06 am

IPHA

Innate Pharma announced its plans to present preclinical data for its Nectin-4 antibody drug conjugate, IPH45, at the AACR Annual Meeting 2024. The data supports further development of IPH45, a topoisomerase I inhibitor ADC targeting Nectin-4, as it progresses towards clinical trials.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 8:01 am

HYMTF

Kia, owned by Hyundai Motor Co (OTC:HYMTF), has increased its discount on the 2024 EV9 models to $5,000, potentially reducing the starting price to $51,395. This move aims to stay competitive in the EV market against rivals like Ford and Nissan, amidst high demand and dealer markups. The discount is part of Kia's broader strategy to boost EV sales, influenced by South Korea's new EV policy to support domestic automakers against competitors like Tesla and BYD Co.

Portfolio Pulse from Benzinga Neuro

March 06, 2024 | 7:55 am

CALT

Calliditas Therapeutics AB announced that the FDA has granted a seven-year orphan drug exclusivity for TARPEYO, expiring in December 2030. This exclusivity follows the full approval of a new indication for TARPEYO.

Portfolio Pulse from Benzinga Newsdesk

March 06, 2024 | 7:37 am