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Regulatory

EXEL

IPSEY

RHHBY

Exelixis Inc, Roche Holdings AG, and Ipsen announced that their Phase 3 CONTACT-02 pivotal trial evaluating Cabometyx in combination with Tecentriq has met one of the primary endpoints, showing a significant improvement in progression-free survival. The trial is for patients with metastatic castration-resistant prostate cancer. The estimated total U.S. market value is approximately $1.9 billion. Analysts from William Blair maintain the Outperform rating on Exelixis' stock.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 6:57 pm

SPY

The U.S. National Highway Traffic Safety Administration (NHTSA) has proposed a rule that would require automakers to install a system in new vehicles to remind passengers to buckle their seat belts, including those in the rear seats. This proposal could potentially increase costs for automakers.

Portfolio Pulse from Benzinga Newsdesk

August 21, 2023 | 6:34 pm

NBIX

TEVA

The FDA has approved Neurocrine Biosciences' Ingrezza for the treatment of adults with chorea associated with Huntington's disease. The approval is supported by data from two clinical studies. Analysts from William Blair anticipate a gradual introduction of Ingrezza to the patient group, with 2024 marked as a major growth year. HC Wainwright raised the price target for Neurocrine Biosciences from $140 to $146.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 6:24 pm

DWAC

The merger between Trump Media & Technology Group (TMTG) and Digital World Acquisition Corporation (DWAC) has faced several setbacks and regulatory pressure since its announcement in October 2021. The merger approval vote has been pushed back to Dec. 31, 2023. DWAC faces a deadline of Sept. 8, 2023, to obtain shareholder approval to extend the merger to September 2024 or it faces liquidation. DWAC stock has been highly volatile in 2023, with several spikes around Trump's four indictments.

Portfolio Pulse from Chris Katje

August 21, 2023 | 6:22 pm

Micron Technology Inc (NASDAQ:MU) plans to expand memory chip production in Boise, Idaho, and Clay, New York, with the help of federal funding and tax credits. The company has applied for funds under the CHIPS Act, which aims to strengthen and diversify supply chains. Micron plans to invest $15 billion in its Idaho facility by 2032, creating 17,000 jobs. In New York, the company plans to invest up to $100 billion over the next two decades. However, the Cybersecurity Administration of China has labeled Micron as a cybersecurity threat, banning Chinese operators from purchasing from the company.

Portfolio Pulse from Anusuya Lahiri

August 21, 2023 | 6:10 pm

ETHUSD

A total of 3,204.96 Ether (ETH) worth $5,333,412 was burned from Ethereum transactions on Sunday. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and includes a variable base fee that is burned, permanently removing it from circulation. Ethereum is currently issuing new Ether at a rate of 4% per year, expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether was -1.78% yesterday.

Portfolio Pulse from Benzinga Insights

August 21, 2023 | 6:00 pm

BNBUSD

COIN

Crypto exchange Bitget is introducing level 1 KYC verification for new users from Sep. 1 and existing users have until Oct. 1 to comply. Post-deadline, non-compliant users will have limited activities on the platform. This move comes amid criticism of crypto exchanges for lax KYC checks leading to fraud and money laundering. Other exchanges like Kucoin have also enhanced their KYC protocols. Bitget has a global user base of 20 million and a 24-hour trading volume of $310 billion. Binance and Coinbase each have over 100 million users.

Portfolio Pulse from Murtuza Merchant

August 21, 2023 | 5:52 pm

ACB

CGC

CLVR

CRON

CURLF

TLRY

Curaleaf (OTCQX: CURLF) plans to start selling recreational marijuana in Germany by the end of 2024, capitalizing on the country's recent move to legalize cannabis. Germany, with its population of nearly 84 million, is expected to become one of the world's largest recreational cannabis markets. Other notable companies eyeing the German market include Tilray, Inc. (NASDAQ: TLRY), Aurora Cannabis (NASDAQ: ACB), Canopy Growth (NASDAQ: CGC), Cronos Group (NASDAQ: CRON), and Clever Leaves (NASDAQ: CLVR).

Portfolio Pulse from Maureen Meehan

August 21, 2023 | 5:20 pm

CMCSA

DIS

NFLX

SONY

WBD

A US District Judge has ruled that artworks created by AI do not qualify for copyright protection. This decision comes amidst fears of studios using AI to replace human writers. The ruling has implications for companies like Netflix Inc (NASDAQ:NFLX), Walt Disney Co (NYSE:DIS), Warner Bros Discovery Inc (NASDAQ:WBD), Comcast Corporation (NASDAQ:CMCSA), and Sony Group Corp (NYSE:SONY), who are integrating AI into their operations. The ruling could potentially affect the revenues of these companies.

Portfolio Pulse from AJ Fabino

August 21, 2023 | 4:33 pm

HCM

HUTCHMED's Phase 3 trial ESLIM-01 evaluating the use of sovleplenib for primary immune thrombocytopenia (ITP) in China has met its primary and secondary endpoints. The company plans to submit the New Drug Application (NDA) by the end of 2023. The National Medical Products Administration of China (NMPA) granted Breakthrough Therapy designation to sovleplenib in January 2022, which may lead to priority review for its use in ITP. HUTCHMED retains all rights to sovleplenib worldwide.

Portfolio Pulse from Vandana Singh

August 21, 2023 | 4:28 pm