Streetbeat News

Regulatory

SERA

Sera Prognostics' stock price has risen following the recommendation by the DSMB to halt enrollment in its PRIME study due to efficacy, indicating positive results.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:17 pm

ASPN

Aspen Aerogels' stock is up following the announcement of a commercial award for its PyroThin EV Thermal Barrier segment and news of an application for a loan from the U.S. Department of Energy Loan Programs Office.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:11 pm

SCLX

Scilex Holding Company has announced that its product ZTlido has been added to the Medicaid Preferred Drug List in two new states, one in the Midwest and one in the South. This inclusion could potentially increase the accessibility and usage of ZTlido in these regions.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 2:05 pm

AFCG

REFI

Zuanic & Associates initiated coverage of Chicago Atlantic Real Estate Finance Inc. (REFI) with an Overweight rating, highlighting its unique position as a capital provider to the cannabis industry with high Yield-to-Maturity rates due to a capital supply-demand imbalance. REFI's core business is providing senior loans to state-licensed cannabis operators, and it is managed by Chicago Atlantic REIT Manager LLC. The cannabis sector's limited banking access and potential federal reform could expand REFI's opportunities. REFI has a competitive advantage with shorter loan durations, lower loan-to-value ratios, and a modest debt leverage. It is compared favorably to AFC Gamma Inc. (AFCG), with expectations of annual loan book growth of 10% and a robust dividend yield.

Portfolio Pulse from Nicolás Jose Rodriguez

December 06, 2023 | 1:57 pm

PXD

XOM

Exxon Mobil Corporation (XOM) projects increased oil and gas production, aiming for 4.2 million barrels per day by 2027, with a focus on growth in the Permian and Guyana. The company has improved its earnings power since 2019, adding about $10 billion to its annual earnings and cash flow. Exxon Mobil plans to grow annual earnings and cash flow by $14 billion from year-end 2023 through 2027 and achieve $6 billion in additional structural cost reductions by 2027. Upstream earnings are expected to more than double by 2027. Capital expenditures are projected to be $23-$25 billion in 2024 and $22-$27 billion annually from 2025 through 2027. The company is on track for $17.5 billion in share repurchases in 2023 and plans to increase this to $20 billion annually through 2025 after the Pioneer Natural Resources Company (PXD) merger, subject to market conditions. However, the merger is under scrutiny by U.S. antitrust enforcers. ExxonMobil is also investing in lower-emissions opportunities, with more than $20 billion planned through 2027. XOM shares saw a slight decrease in premarket trading.

Portfolio Pulse from Nabaparna Bhattacharya

December 06, 2023 | 1:55 pm

LCID

NVDA

PLUG

QQQ

SPY

TSLA

XOM

Wall Street is set for a rebound with U.S. futures indicating a positive open after two days of declines. The ADP National Employment Report showed weaker-than-expected private employment growth, fueling speculation about potential Fed rate cuts in 2024. Job openings decreased, suggesting a softening labor market. Oil prices fell, while gold prices rose. Chinese stocks dropped after Moody's downgraded China's credit outlook. Bitcoin and Ethereum's market value surpassed $1 trillion. SPDR S&P 500 ETF Trust (SPY) and Invesco QQQ ETF (QQQ) are up in premarket trading. NVIDIA, Tesla, Lucid Group, and Exxon Mobil saw premarket gains, while Altria Group, Philip Morris, and Plug Power faced declines.

Portfolio Pulse from Piero Cingari

December 06, 2023 | 1:49 pm

SQFT

Presidio Property Trust, Inc. (SQFT) has been granted an additional 180 days by Nasdaq to meet the minimum bid price requirement of $1.00 for continued listing. The company must maintain a closing bid price of at least $1.00 for ten consecutive trading days before June 3, 2024, to regain compliance. Failure to do so may lead to delisting, but Presidio can appeal to a Nasdaq Hearings Panel. Presidio will monitor its stock price and explore options to address the deficiency.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:48 pm

FBIO

Cyprium Therapeutics has received a $4.5 million payment upon closing a deal related to its drug CUTX-101. The company is also eligible for royalties and up to $129 million in development and sales milestones. Additionally, Cyprium retains full ownership of any FDA Priority Review Voucher that may be issued upon NDA approval for CUTX-101.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:42 pm

FBIO

Cyprium Therapeutics, a subsidiary of Fortress Biotech (NASDAQ:FBIO), has completed the transfer of its CUTX-101 product candidate for Menkes disease to Sentynl Therapeutics, a subsidiary of Zydus Lifesciences Ltd. Cyprium received $4.5 million at closing and is eligible for royalties and up to $129 million in milestones. Cyprium retains ownership of any FDA priority review voucher. CUTX-101 has shown significant improvement in survival for Menkes disease patients and has received multiple FDA designations.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 1:41 pm

NVDA

Nvidia Corp (NASDAQ:NVDA) is working to ensure its new chips for the Chinese market comply with U.S. export restrictions. Nvidia dominates China's AI chip market but faces challenges from U.S. curbs and Chinese competitors like Huawei. The company delayed a new AI chip launch in China until next year, aiming to adhere to U.S. regulations. Nvidia's sales in China account for 20% of its revenue, with additional sales in Singapore. Nvidia is also investing in Singapore's AI ecosystem and planning to enhance Japan's AI capabilities through partnerships and an AI research lab. NVDA stock rose 1.09% in premarket trading.

Portfolio Pulse from Anusuya Lahiri

December 06, 2023 | 1:38 pm