Streetbeat News

Regulatory

PDD

Grizzly Research has issued a short report on PDD Holdings, alleging that the company is fraudulent and its shopping app TEMU is hidden spyware posing a security threat to U.S. national interests. The report claims that TEMU has hidden functions allowing for extensive data exfiltration and has been downloaded over 100 million times in the U.S. and Europe. Grizzly Research also suspects that TEMU is selling stolen data from Western customers. Furthermore, the report criticizes PDD's financials as unreliable and indicates that its China business is rapidly declining.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 2:35 pm

CBAY

CymaBay Therapeutics Inc (NASDAQ:CBAY) announced positive topline results from its Phase 3 RESPONSE study of seladelpar for adult patients with primary biliary cholangitis (PBC). The trial achieved the primary and all key secondary endpoints, supporting advancement to regulatory discussions and filing for regulatory approval with the FDA, the UK Medicines and Healthcare Products Regulatory Agency, and the European Medicines Agency. The company's shares are up 7.16% at $14.80 on the last check Thursday.

Portfolio Pulse from Vandana Singh

September 07, 2023 | 2:20 pm

COIN

PYPL

San Francisco-based cryptocurrency exchange, Kraken, has announced its phased introduction of support for euro and British pound deposits through PayPal Holdings Inc. The funding option is currently available only on the Kraken mobile app for users in Europe and the U.K., excluding Hungary and Croatia. In the last month, Kraken added PayPal’s new stablecoin, PayPal USD (PYUSD) on its platform. Coinbase Global Inc also announced that its German and U.K. customers can use PayPal to buy crypto on the exchange.

Portfolio Pulse from Khyathi Dalal

September 07, 2023 | 2:20 pm

BEAM

Beam Therapeutics Inc. has reported new preclinical data demonstrating the ability of its drug candidate, BEAM-302, to correct the PiZ mutation associated with severe alpha-1 antitrypsin deficiency (AATD). The data was presented at the Alpha-1 Antitrypsin Deficiency 2023 Meeting. The company plans to submit a regulatory application for authorization to initiate clinical trials of BEAM-302 in the first quarter of 2024.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 2:03 pm

SPY

White House officials have announced that President Biden is set to nominate former Obama administration official Michael Whitaker to head the Federal Aviation Administration (FAA).

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 2:00 pm

COYA

Coya Therapeutics (NASDAQ:COYA) has successfully engineered regulatory T cell derived exosomes with CTLA-4 protein to selectively target immune cells. This technology could potentially deliver targeted therapies across multiple diseases. The technology requires no genetic modifications and overcomes known limitations of exosome manipulation. The company's proprietary technology expands its pipeline to include autoimmune disorders and cancer.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 1:26 pm

ONDS

Airobotics, a company owned by Ondas Holdings (NASDAQ:ONDS), has become the first US company to receive the FAA's Airworthiness Certification for a Drone-In-A-Box. The Optimus-1EX Uncrewed Aircraft was granted a Type Certificate, allowing it to operate in complex urban environments. The certification was achieved after four years of intensive engineering and operational review processes. The Optimus System is already operating in the United Arab Emirates and Airobotics plans to conduct similar operations in urban environments across the U.S.

Portfolio Pulse from Happy Mohamed

September 07, 2023 | 1:23 pm

NUE

PKX

RS

SLX

X

The US and EU are negotiating a partnership to counter China's steel surplus, potentially introducing tariffs targeting imports from China. This is part of the broader Global Arrangement on Sustainable Steel and Aluminum, which aims to settle a dispute that began when former President Trump imposed tariffs on metal imports from Europe. The VanEck Steel ETF (NYSE:SLX), which includes various sectors such as materials, metals, and mining, has shown a 35% return over the past year. Notable US steel producers include POSCO Holdings Inc. (NYSE:PKX), U.S. Steel Corp. (NYSE:X), Nucor Corp. (NYSE:NUE), and Reliance Steel & Aluminum Co. (NYSE:RS).

Portfolio Pulse from Piero Cingari

September 07, 2023 | 1:20 pm

HRMY

Harmony Biosciences has been granted Orphan Drug designation for Pitolisant, leading to a rise in its share prices.

Portfolio Pulse from Benzinga Newsdesk

September 07, 2023 | 1:13 pm

ELOX

Eloxx Pharmaceuticals has submitted an Investigational New Drug (IND) application to the U.S. FDA for ELX-02 for the treatment of Alport syndrome. All 3 Alport patients treated with ELX-02 had disease regression, suggesting clinical benefit with longer treatment duration. There is significant strategic interest in ZKN-013 following FDA approval to start Phase 1 trial.

Portfolio Pulse from Benzinga Newsdesk

September 07, 2023 | 1:03 pm