Streetbeat News

Regulatory

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In 2023, the median annual list price for new drugs in the U.S. reached $300,000, a 35% increase from 2022, with a focus on rare diseases. Regeneron's Veopoz was the most expensive at $1.8 million annually. Gene therapies ranged from $2.2 million to $3.2 million. Over half of the FDA-approved drugs targeted orphan diseases. Concerns were raised about the lack of clear rationale behind these escalating prices.

Portfolio Pulse from Vandana Singh

February 26, 2024 | 5:14 pm

CENN

Cenntro Electric Group Limited (NASDAQ:CENN) is set to redomicile from Australia to the U.S., becoming a subsidiary of Cenntro Inc., a Nevada corporation. The scheme of arrangement will be implemented on February 27, 2024, allowing Cenntro's ordinary shares to be exchanged for HoldCo's common stock on a 1:1 basis without affecting their Nasdaq trading under the ticker 'CENN'. The CUSIP number will change to HoldCo's on the implementation date. Eligible shareholders as of February 22, 2024, will receive HoldCo shares, with shareholdings statements starting February 29, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 5:03 pm

IFBD

Infobird Co., Ltd (NASDAQ:IFBD), a provider of AI-powered customer engagement solutions, has postponed the effective date of its reverse stock split to March 4, 2024, due to delays in obtaining necessary regulatory clearances. The reverse split was initially scheduled to take effect after the close of business on February 26, 2024.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 5:01 pm

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U.S. Commerce Secretary Gina Raimondo indicated that some chip companies might receive only half or less of the government subsidies they requested, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 4:37 pm

MSFT

Microsoft has announced its 'AI Access Principles' at the Mobile World Congress, committing to major investments, partnerships, and programs to foster innovation and competition in the AI economy. These principles guide Microsoft's operation of AI datacenter infrastructure and assets globally, aiming to empower organizations and individuals with broad technology access. The company has launched $5.6 billion in AI datacenter investments and AI skilling programs reaching over a million people, alongside public-private partnerships for responsible AI adoption and cybersecurity. Microsoft's partnership with OpenAI and the new partnership with France's Mistral AI are highlighted, emphasizing support for AI developers and ensuring choice and fairness in the AI economy. The principles also address societal responsibilities, including cybersecurity, responsible AI standards, AI skilling initiatives, and environmental sustainability of AI datacenters.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 4:32 pm

AKLI

Akili Inc (NASDAQ:AKLI) shares surged over 100% after announcing its partner Shionogi submitted the digital therapeutic SDT-001 for marketing approval in Japan. SDT-001, a localized version of Akili's EndeavorRx, aims to improve attention in pediatric ADHD patients. The submission follows a successful Phase 3 trial demonstrating significant improvements in ADHD symptoms with no safety concerns.

Portfolio Pulse from Vandana Singh

February 26, 2024 | 4:29 pm

ACI

The U.S. Federal Trade Commission (FTC) is set to announce a lawsuit on Monday aimed at preventing the merger between Kroger and Albertsons. This legal action indicates significant regulatory hurdles for the merger, potentially affecting the future operations and stock performance of both companies.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 4:26 pm

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The International Atomic Energy Agency (IAEA) has released two quarterly reports to member states, revealing that Iran's stock of enriched uranium has increased to 5,525.5 kg. However, the stock of uranium enriched to up to 60% purity in Uranium Hexafluoride (UG6) form has decreased to 121.5 kg. The IAEA notes that approximately 42 kg of uranium enriched to 60% could theoretically be enough to produce a nuclear bomb.

Portfolio Pulse from Benzinga Newsdesk

February 26, 2024 | 4:20 pm

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New York Attorney General Letitia James has requested the FDA to investigate the safety of the asthma and allergy medication Singulair (montelukast), particularly its neuropsychiatric side effects in children. Despite a 'black box' warning added in 2020, there are concerns about the adequacy of current warnings, especially for pediatric patients. Merck & Co Inc (MRK), the original manufacturer, and Organon Inc (OGN), which now markets Singulair, are highlighted due to the drug's significant revenue and the lawsuits alleging they downplayed psychiatric risks.

Portfolio Pulse from Vandana Singh

February 26, 2024 | 3:56 pm

NVS

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Roche Holdings AG and Novartis AG announced positive results from the Phase 3 OUtMATCH study of Xolair for treating multiple food allergies, showing increased tolerance to common allergens. The FDA approved Xolair's expanded use based on this data. NVS shares slightly declined.

Portfolio Pulse from Vandana Singh

February 26, 2024 | 3:52 pm