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Regulatory

CING

Cingulate Inc. shares have risen following the announcement that the company received guidance from the FDA on its CTx-1301 clinical program. The company anticipates submitting the New Drug Application (NDA) for CTx-1301 in the first half of 2025.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 3:18 pm

ZJYL

Jin Medical International Ltd. received a notice from Nasdaq for non-compliance with Listing Rule 5550(a)(3) due to insufficient public holders. The company failed to present a compliance plan, leading Nasdaq to initiate delisting procedures. Trading suspension is stayed pending a hearing on March 14, 2024, where the company must prove its ability to comply with listing requirements. Jin Medical is reviewing options to regain compliance.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 3:06 pm

BJDX

CING

CTSO

NVFY

ROI

SNES

U.S. stocks opened higher with the Dow Jones gaining over 50 points. Health care shares led gains, while energy shares declined. U.S. initial jobless claims rose to 218,000, above market estimates. Nova LifeStyle, Inc. (NVFY) surged 243%, Cingulate Inc. (CING) jumped 138% after FDA guidance for its ADHD product, and SenesTech, Inc. (SNES) rose 51% following an analyst's buy rating. Conversely, Cytosorbents Corporation (CTSO) fell 36%, Bluejay Diagnostics, Inc. (BJDX) dropped 31% after announcing a public offering, and RiskOn International, Inc. (ROI) declined 27% ahead of an AI platform announcement.

Portfolio Pulse from Avi Kapoor

December 28, 2023 | 3:03 pm

Cryptocurrency hedge funds are experiencing a resurgence after a difficult 2022, with leaders like Pantera Capital, Chainview Capital, and Stoka Global LP reporting significant gains. The industry's recovery is notable despite the FTX collapse and the closure of numerous crypto hedge funds. The anticipation of U.S. approval for spot Bitcoin ETFs and macroeconomic factors contribute to the optimism for further growth. Pantera Capital is focusing on altcoins, while funds like Alt Tab Capital are gearing up for a potential bull run.

Portfolio Pulse from Murtuza Merchant

December 28, 2023 | 3:00 pm

ALEAF

BUD

TCNNF

TLRY

The most-read cannabis stories of 2023 on Benzinga included a range of topics from the benefits of cannabis for aging brains, political shifts towards legalization, and high-profile celebrity endorsements. Key highlights include a study suggesting cannabis does not negatively impact cognition in older adults, Elon Musk's comments on psychoactive drugs, a man ditching morphine for marijuana to alleviate arthritis, Aleafia Health's expansion into Europe's medical cannabis market, a pathogen threatening California's cannabis crops, Florida's telehealth renewals for medical marijuana, GOP senators admitting legalization impacts drug cartels, Tilray's acquisition of beer brands from Anheuser-Busch, Snoop Dogg's anti-Trump TikTok video, Georgia's medical cannabis sales in pharmacies, and Ohio's GOP-led Senate approving expanded marijuana legislation.

Portfolio Pulse from Nina Zdinjak

December 28, 2023 | 2:54 pm

CING

NVS

Cingulate Inc (CING) saw its stock trading higher after receiving FDA guidance for its ADHD drug candidate CTx-1301. The company plans to submit an NDA in 1H 2025 using Novartis AG's (NVS) Focalin XR as a reference. Cingulate has stopped enrollment in two Phase 3 studies and will update its Pediatric Study Plan. It requires $17M-$21M to file the NDA, less than expected. Cingulate is also planning to initiate clinical plans for CTx-1302 and may develop CTx-2103 for anxiety, pending additional capital. The company is addressing Nasdaq compliance issues due to board member resignations and will present a plan at a hearing in February 2024. CING shares surged 174.2% to $10.94.

Portfolio Pulse from Vandana Singh

December 28, 2023 | 2:50 pm

TELL

Tellurian Inc. has announced that $37.9 million of its 10% senior secured notes due in 2025 will be extinguished. In exchange, the company will issue 47.9 million shares to an institutional investor holding the notes, according to an SEC filing.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 2:36 pm

LOPE

The FTC has sued Grand Canyon Education, Inc. (LOPE) and Grand Canyon University for deceptive marketing practices regarding their doctoral programs. The lawsuit alleges that the institutions misrepresented the cost and course requirements, falsely marketed themselves as a nonprofit, and made abusive telemarketing calls. The FTC's complaint highlights that less than 2% of GCU doctoral graduates completed their program at the advertised cost, with most requiring additional costly continuation courses.

Portfolio Pulse from Nabaparna Bhattacharya

December 28, 2023 | 2:29 pm

SGHT

Sight Sciences, Inc. (NASDAQ:SGHT) has announced that five Medicare Administrative Contractors (MACs) have withdrawn their final local coverage determinations (LCDs) for Micro-Invasive Glaucoma Surgery (MIGS) that were set to take effect on January 29, 2024. This decision means that there will be no change to the current Medicare coverage for MIGS procedures performed with Sight Sciences' OMNI Surgical System. The company's CEO, Paul Badawi, expressed appreciation for the collaborative efforts of various stakeholders in the review process and looks forward to continued engagement to ensure access to MIGS procedures.

Portfolio Pulse from Benzinga Newsdesk

December 28, 2023 | 2:16 pm

BITQ

BTBT

CIFR

COIN

MSTR

PLTR

TSLA

Bitcoin SV surged 51%, outperforming Bitcoin and Ethereum. Microstrategy's increased Bitcoin holdings prompted Canaccord Genuity to raise its price target. Ark Invest bought ProShares Bitcoin ETF shares and sold Coinbase, Block, and Palantir shares. In other markets, Bit Digital and Cipher Mining stocks moved higher. US politics and economy saw developments, including corporate default warnings from Fitch and a recession forecast by Peter Schiff. Tech giants like Google, Apple, and Microsoft made headlines with AI and security updates. In the EV sector, Tesla and Xiaomi made news, while Ford recalled F-Series cars. Credit Suisse was fined by Singapore, and New Fortress Energy secured a significant contract in Brazil.

Portfolio Pulse from Akanksha Bakshi

December 28, 2023 | 2:10 pm