Streetbeat News

Regulatory

NONOF

The family of a man who committed suicide is seeking a warning label on the weight loss drug Ozempic, claiming it contributed to his death. The man's mood changes were linked to his use of the Type 2 diabetes medicine. The FDA and the drug’s manufacturer, Novo Nordisk (OTC:NONOF), are monitoring the safety of the drug and will take appropriate actions if a new safety signal for suicidal ideation/behavior is identified.

Portfolio Pulse from Benzinga Neuro

September 11, 2023 | 8:40 am

AZN

AZNCF

AztraZeneca's Tagrisso plus chemotherapy has extended median progression-free survival by nearly 9 months in EGFR-mutated advanced lung cancer in the FLAURA2 Phase 3 trial. The trial included patients with locally advanced or metastatic non-small cell lung cancer.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 8:31 am

AAPL

Apple Inc. (NASDAQ:AAPL) faced a challenging week with its stock value plummeting by $190 billion in two days due to competition from Huawei and a limited ban in China. The stock had been on an upward trajectory since 2022, but faced a period of weakness due to expectations of further rate hikes by the Federal Reserve. The stock hit a low point in late August but was showing signs of recovery, bolstered by positive expectations surrounding the upcoming iPhone 15 launch event. However, a double blow struck the stock hard, resulting in a significant 6.4% pullback on Wednesday and Thursday.

Portfolio Pulse from Shanthi Rexaline

September 11, 2023 | 8:30 am

VRNA

The FDA has approved a New Drug Application for Verona Pharma's Ensifentrine, a maintenance treatment for Chronic Obstructive Pulmonary Disease.

Portfolio Pulse from Benzinga Newsdesk

September 11, 2023 | 6:35 am

BTCUSD

COIN

Coinbase CEO Brian Armstrong has criticized the SEC's approach towards cryptocurrencies, suggesting that a change in SEC leadership could help resolve the ongoing dispute between Coinbase and the SEC. Armstrong maintains that Coinbase has strong relationships with the SEC staff and commissioners, and remains optimistic that clarity regarding the operations of the US crypto industry will eventually be achieved. The SEC filed a lawsuit against Coinbase in June as part of its crackdown on the cryptocurrency market.

Portfolio Pulse from Mehab Qureshi

September 11, 2023 | 5:20 am

BTCUSD

The U.S. Department of Justice (DOJ) has taken legal action to reclaim $5.2 million in Bitcoin (CRYPTO: BTC) from a teenage hacker, Ahmad Wagaafe Hared, who stole the cryptocurrency from crypto executives in 2016. The stolen Bitcoin was obtained as part of a SIM-swapping scheme orchestrated by Hared and two co-conspirators.

Portfolio Pulse from Mehab Qureshi

September 11, 2023 | 3:20 am

BTCUSD

COIN

DOGEUSD

ETHUSD

Major cryptocurrencies including Bitcoin, Ethereum, and Dogecoin experienced a decline as investors await the SEC's ruling on the introduction of a spot Bitcoin ETF in the US. Coinbase revealed its strategic plans for international expansion, focusing on obtaining licenses in key financial jurisdictions. The Grayscale Ethereum Trust (ETHE) discount to net asset value (NAV) has reached its narrowest point in a year due to the recent regulatory filing for the first spot Ether ETF. Analysts predict a range-bound market for cryptocurrencies in the short term.

Portfolio Pulse from Mehab Qureshi

September 11, 2023 | 2:30 am

MSOS

The U.S. cannabis sector has been under pressure with low volume and sentiment. However, the sector saw a significant development when the Department of Health and Human Services (HHS) recommended moving marijuana to a Schedule III designation, which would lower the effective tax rate for U.S. plant-touching companies from 70%+ to a normal rate. This could potentially lead to a 2-3x turn for U.S. cannabis plant-touching securities. The U.S. cannabis ETF (MSOS) has been under pressure, but the potential regulatory changes could have a positive impact.

Portfolio Pulse from Todd Harrison

September 10, 2023 | 9:58 pm

MSOS

Bipartisan talks over a marijuana banking bill have been productive and an agreement is imminent. Maryland cannabis retailers sold a record $92M of product during their second month of adult-use. Medical cannabis patients saw an improved quality of life and lower pain, anxiety and depression after three months of use. Short interest on U.S. cannabis ETF MSOS (NYSE:MSOS) increased 4% recently. Three-in-five Floridians support cannabis legalization. The cannabis landscape is taking shape with potential catalysts that could significantly impact the industry.

Portfolio Pulse from Todd Harrison

September 10, 2023 | 4:57 pm

CGC

CRON

OGI

SNDL

TLRY

US legal cannabis sales are predicted to exceed $28 billion in 2023, prompting Canadian cannabis producers to consider focusing on exporting or partnering with US companies. Some Canadian companies, such as Canopy Growth and Sundial Growers, have already made strides in the US market. Canopy Growth has outperformed other producers since the news of cannabis rescheduling. Canadian cannabis exports reached C$160 million in FY23, a 50% increase from the previous fiscal year.

Portfolio Pulse from Nicolás Jose Rodriguez

September 10, 2023 | 4:48 pm