Streetbeat News

Regulatory

SPY

USA Building Permits for the month came in at 1.467 million, slightly above the estimate of 1.460 million but below the prior figure of 1.498 million.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:28 pm

BTCUSD

ETHUSD

The global cryptocurrency market has grown significantly in 2023, with 42 countries advancing crypto regulations, including Europe's MiCA legislation. Goldman Sachs highlighted the increasing institutionalization of the crypto market, with CME leading in Bitcoin futures by open interest. The SEC was active in regulating the crypto industry, despite losing a case against Ripple over XRP. The crypto market looks forward to the 2024 Bitcoin halving event and potential SEC approval of spot Bitcoin ETFs. Bitcoin and Ethereum surged by 18% and 12%, respectively, while other cryptocurrencies like Avalanche, Cardano, and Polkadot also saw significant gains. DeFiLlama data shows a notable increase in the total value locked on various blockchain platforms.

Portfolio Pulse from Khyathi Dalal

December 22, 2023 | 1:25 pm

NPSCY

X

The White House has expressed concerns over the proposed acquisition of U.S. Steel (NYSE:X) by Japan's Nippon Steel (OTC:NPSCY), citing national security and supply chain implications. The $14.1 billion deal is under scrutiny by the Committee on Foreign Investment in the United States (CFIUS). U.S. Steel and Nippon Steel are cooperating with the review process. The United Steelworkers union and several legislators have also expressed concerns about the deal's impact on domestic steel production.

Portfolio Pulse from Benzinga Neuro

December 22, 2023 | 1:12 pm

GELYY

STLA

Geely Automobile Holding Ltd's EV exports face potential delays and cost increases due to hostilities in the Red Sea, prompting shippers to reroute around the Cape of Good Hope instead of the Suez Canal. This could lead to quintupled shipping costs and a vessel shortage. China's vehicle exports to Europe have surged, causing EU regulatory concerns. Stellantis N.V. is monitoring the situation to adapt its strategy.

Portfolio Pulse from Shivani Kumaresan

December 22, 2023 | 1:09 pm

DSNKY

MRK

The FDA has accepted and granted priority review to Daiichi Sankyo and Merck's joint Biologics License Application for patritumab deruxtecan, a treatment for EGFR-mutated non-small cell lung cancer.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:04 pm

SEEL

Seelos Therapeutics' CEO Raj Mehra released a letter to stockholders discussing the company's recent reverse stock split and public offering, compliance with Nasdaq's minimum bid price requirement, and updates on their lead programs SLS-002 and SLS-005. SLS-002 was selected for a DOD-funded trial for PTSD treatment, retaining commercial rights. SLS-005 showed potential in a Phase IIb/III study for Spinocerebellar Ataxia. The company is seeking partnerships and has two proposals for the upcoming Special Meeting of Stockholders on January 10, 2024, including increasing authorized shares to 400 million and issuing more shares to Lind Partners under a convertible note.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:03 pm

SRPT

Sarepta Therapeutics has submitted an efficacy supplement to the FDA to expand the label for ELEVIDYS to include Duchenne Muscular Dystrophy patients without restrictions on age or ambulatory status. This could potentially increase the patient population eligible for treatment with ELEVIDYS.

Portfolio Pulse from Benzinga Newsdesk

December 22, 2023 | 1:02 pm

NVO

The FDA and Novo Nordisk have warned of counterfeit Ozempic in the U.S. market. Thousands of units of the diabetes drug have been seized, with confirmed counterfeit components including needles, pen labels, and packaging. The FDA has identified a specific lot and serial number to avoid and is investigating five non-serious adverse events related to the counterfeit product. High demand for Ozempic and Wegovy has led to supply restrictions and the emergence of knockoffs. Novo Nordisk's stock (NVO) fell slightly in premarket trading.

Portfolio Pulse from Vandana Singh

December 22, 2023 | 12:52 pm

AZN

IONS

The FDA has approved AstraZeneca and Ionis Pharmaceuticals' Wainua (eplontersen) for the treatment of polyneuropathy of hereditary transthyretin-mediated amyloidosis in adults. Wainua is unique as it can be self-administered via an auto-injector. The approval is based on positive results from the NEURO-TTRansform Phase 3 trial. The companies plan to commercialize Wainua in the U.S. and seek approval in other regions. Analysts estimate peak sales could reach $3.5 to $7 billion with expanded approval. IONS shares rose 7% and AZN shares increased 0.47% in premarket trading.

Portfolio Pulse from Vandana Singh

December 22, 2023 | 12:49 pm

HOOK

Hookipa Pharma has filed a prospectus related to the proposed resale of 15 million shares of common stock by a selling stockholder. The filing is on Form S-3, which is used by companies to register securities with the SEC.

Portfolio Pulse from Charles Gross

December 22, 2023 | 12:37 pm