Streetbeat News

Regulatory

CENN

Cenntro Electric has announced a reverse stock split effective December 8, 2023, to regain compliance with Nasdaq listing requirements. The reverse split is aimed at increasing the market price of Cenntro's common stock to meet the minimum bid price requirement set by Nasdaq.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:43 pm

ACRHF

AYRWF

CRLBF

CURA

IIPR

NLCP

REFI

TCNNF

Zuanic & Associates initiated coverage of New Lake Capital Partners (NLCP) with an Overweight rating, citing its significant growth in net real estate assets from $124 million in 2020 to $375 million in Q3 2023. NLCP, a sale-leaseback stock in the cannabis sector, faces a stagnant AFFO per share but has bought back over $9 million in stock. It offers a 12% dividend yield and trades at a 30% discount to NAV, compared to peers like IIPR, which trades at a 22% premium. NLCP's portfolio includes stakes in Curaleaf, Cresco, Trulieve, and others. The company has low leverage and is well-positioned for growth, with expected federal reforms potentially benefiting the sector.

Portfolio Pulse from Nicolás Jose Rodriguez

December 06, 2023 | 12:37 pm

CYBN

Cybin Inc. has been granted an additional U.S. patent for its CYB003 Deuterated Psilocybin Analog Program, which may strengthen its intellectual property portfolio and potentially enhance its position in the psychedelic therapy market.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:36 pm

AMZN

BABA

PDD

Amazon.com Inc (NASDAQ:AMZN) is slashing fees for sellers of low-priced clothing to compete with Chinese fast-fashion company Shein. Amazon will charge only 5% for clothing under $15 and 10% for items between $15 and $20, down from the previous 17%. Shein is planning a confidential U.S. IPO at a valuation of up to $90 billion. Amazon's move comes as it faces challenges in the apparel sector, including the closure of its Amazon-style clothing stores. Alibaba Group Holding Limited (NYSE:BABA) was recently surpassed in value by PDD Holdings Inc (NASDAQ:PDD), which operates the shopping app Temu.

Portfolio Pulse from Anusuya Lahiri

December 06, 2023 | 12:33 pm

RDY

Dr. Reddy's Laboratories has agreed to make several payments to Coya Therapeutics, including a $7.5M upfront payment, $4.2M upon IND application acceptance, another $4.2M upon first patient dosing in a Phase 2 trial, and up to $40M in development and regulatory milestones. Additionally, Coya is eligible for up to $677.25M in sales-based milestones.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:24 pm

RYTM

Rhythm Pharmaceuticals reported positive results from a Phase 3 trial of Setmelanotide in pediatric patients over a 52-week period, achieving the primary endpoint. The announcement was made during an R&D event where updates on MC4R pathway programs were discussed.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:23 pm

ADAP

Adaptimmune Therapeutics announced the completion of a rolling Biologics License Application (BLA) submission to the U.S. FDA for Afami-cel, a treatment for advanced Synovial Sarcoma.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:19 pm

VYGR

Voyager Therapeutics has chosen a lead candidate for its gene therapy program targeting Superoxide Dismutase 1-mutated Amyotrophic Lateral Sclerosis (ALS). The company expects to file an Investigational New Drug (IND) application with the FDA by mid-2025.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:16 pm

RDY

Dr. Reddy's Laboratories has agreed to make a series of payments to Coya Therapeutics, including a $7.5M upfront payment, $4.2M upon IND application acceptance, $4.2M upon first patient dosing, and up to $40M in development and regulatory milestones. Additionally, Coya is eligible for up to $677.25M in sales-based milestones.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 12:09 pm

CTRN

Citi Trends has implemented a Limited Duration Stockholder Rights Plan in response to rapid share accumulation by a stockholder. This plan triggers if a person or group acquires 16% or more of the company's stock, or 20% for certain passive investors. The plan is not a response to a specific takeover bid and is not meant to prevent fair offers. It is set to expire on December 4, 2024, unless acted upon sooner.

Portfolio Pulse from Benzinga Newsdesk

December 06, 2023 | 11:48 am