Streetbeat News

Regulatory

PYPL

PayPal has announced the launch of a U.S. dollar-denominated stablecoin, PayPal USD (PYUSD), which is fully backed by U.S. dollar deposits, short-term U.S. treasuries, and similar cash equivalents. The stablecoin, issued by Paxos Trust Company, can be redeemed 1:1 for U.S. dollars and will be available to consumers, merchants, and developers. It is designed to reduce friction for payments in virtual environments, facilitate fast transfers of value, and foster the expansion into digital assets.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 1:09 pm

BIIB

SAGE

The FDA has approved Sage Therapeutics Inc (SAGE) and Biogen Inc's (BIIB) Zurzuvae (zuranolone) 50 mg for adults with postpartum depression (PPD). The drug is the first oral, once-daily, 14-day treatment for PPD and is expected to be commercially available in Q4 2023. However, the FDA rejected the drug for the treatment of adults with major depressive disorder (MDD), stating that additional studies will be needed. The stocks of both companies might fall due to the smaller patient population for PPD.

Portfolio Pulse from Vandana Singh

August 07, 2023 | 12:57 pm

PSTX

Shares of Poseida Therapeutics have been halted due to pending code news.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 12:56 pm

EVOK

Evoke Pharma (NASDAQ:EVOK) and EVERSANA have announced that their abstract on the use of GIMOTI (nasal metoclopramide) in reducing healthcare visits for diabetic gastroparesis patients will be presented at the American Neurogastroenterology and Motility Society (ANMS) Annual Meeting. The study involved 294 patients and found that GIMOTI reduced the need for doctor's office, emergency department, inpatient, and outpatient visits. The announcement coincides with Gastroparesis Awareness Month.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 12:53 pm

BTCUSD

XRPUSD

Pro-XRP lawyer John Deaton expected Ripple's native token (XRP) to break $1 after a court ruling determined it is not considered security in certain circumstances. Despite a surge of over 75% in XRP following the ruling, it peaked at $0.84. The ruling was a significant development in the legal battle between Ripple and the SEC, which alleged that Ripple engaged in unregistered sales of XRP, considered by the agency to be a security. At the time of writing, XRP was trading at $0.61.

Portfolio Pulse from Mehab Qureshi

August 07, 2023 | 12:48 pm

JAGX

Jaguar Health, Inc. (NASDAQ:JAGX) announced positive results from an independent pilot phase 2 study of crofelemer for the management of neratinib-associated diarrhea in patients with HER2+ early-stage breast cancer. The study showed that crofelemer, Jaguar's FDA approved drug, may be effective for the management of neratinib-induced diarrhea. The results warrant further investigation of crofelemer for treatment of cancer therapy-related diarrhea (CTD). Top line results from the Company's ongoing phase 3 OnTarget clinical trial are expected in late October 2023.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 12:44 pm

MBRX

Moleculin Biotech, Inc. (NASDAQ:MBRX) has hired Shareholder Intelligence Services, LLC to investigate potential naked short selling of its stock. The analytics firm will provide data on share ownership, purchases, sales, and custody, as well as other information related to the company's public shareholders and market activity.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 12:43 pm

VAL

Valaris Limited (NYSE:VAL) and its subsidiary, Valaris Finance Company LLC, plan to offer an additional $350 million in aggregate principal amount of their 8.375% Senior Secured Second Lien Notes due 2030. The proceeds will be used to finance the purchase of drillships VALARIS DS-13 and VALARIS DS-14, and for general corporate purposes. The securities will be offered to qualified institutional buyers and persons outside the United States.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 12:39 pm

GRI

GRI Bio has presented preclinical data indicating that oral administration of GRI-0803 inhibited lupus nephritis and significantly improved overall survival in animal models. The company expects to commence Phase 1a/b SLE study in 1H 2024 with topline results expected 2H 2024.

Portfolio Pulse from Benzinga Newsdesk

August 07, 2023 | 12:37 pm

GFGD

The Growth for Good Acquisition Corporation (NASDAQ:GFGD) has announced that its Registration Statement on Form S-4 for the business combination with Zero Nox Inc., a provider of sustainable, off-highway vehicle electrification, has been approved by the SEC. The business combination has been unanimously approved by the boards of both companies. Upon closing, the combined company will be named Zero Nox Inc. and will be listed on the NASDAQ under the ticker symbol 'ZNOX'. An extraordinary general meeting of shareholders is scheduled for August 23, 2023.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 12:35 pm