Streetbeat News

Regulatory

BSX

Boston Scientific Corporation (NYSE:BSX) has received FDA approval for its POLARx Cryoablation System, a device for treating patients with paroxysmal atrial fibrillation. The system features a unique catheter that can adjust to two balloon sizes, allowing physicians to better tailor care for individual patients. The system has demonstrated safety and effectiveness in clinical trials, with a primary event-free rate of 96.0% at 12 months.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 9:06 pm

DNMR

Danimer Scientific's subsidiary, Meredian Bioplastics, has been invited by the U.S. Department of Energy's Loan Programs Office into the due diligence and term sheet negotiation process of the DOE's Title XVII Loan Guarantee Program. This follows the successful submission and review of the company's application for Meredian's proposed bioplastics manufacturing facility in Bainbridge, Georgia. If successful, a loan guaranteed by the DOE would assist funding the company's capacity expansion efforts.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 9:04 pm

BMO

BNPQY

MFG

WFC

Regulators have imposed over $500 million in fines on Wall Street banks for unauthorized use of WhatsApp and email for communication between employees. Wells Fargo & Co (WFC) and BNP Paribas (BNPQY) were among the banks fined, with Wells Fargo responsible for $125 million and BNP Paribas for $110 million. Other smaller firms like Mizuho Financial Group Inc (MFG), BMO Capital Markets (BMO), and Wedbush were also fined. Wells Fargo’s stock traded lower by 1.29% to $44.48 following the news.

Portfolio Pulse from Aaron Bry

August 08, 2023 | 8:50 pm

CRLBF

GTBIF

VRNOF

Illinois' cannabis industry is undergoing significant transformation, with Governor J.B. Pritzker highlighting the creation of over 30,000 jobs since legalization. Major companies in the state include Cresco Labs Inc (CRLBF), Verano Holdings Corp. (VRNOF), and Green Thumb Industries Inc. (GTBIF). Viola CHI, a subsidiary of Viola Brands, is emerging as a key player in the sector, with plans to expand its retail presence in Chicago. The company is also involved in legal proceedings against the state for fair treatment in license allocation.

Portfolio Pulse from Joana Scopel

August 08, 2023 | 8:32 pm

LLY

NVO

Novo Nordisk (NVO) announced that its weight-loss drugs, Wegovy, Ozempic, and Rybelsus, can reduce the risk of heart attack in overweight patients by 20%. This could potentially save 139,400 lives each year in the US. The announcement drove NVO shares up by 16.5%. The company's competitor, Eli Lilly (LLY), also saw its shares climb by 13.9% following the positive results and NVO's announcement. LLY's drug Mounjaro, another GLP-1 drug, is expected to follow Wegovy's path in getting FDA approval for weight loss later this year.

Portfolio Pulse from Natan Ponieman

August 08, 2023 | 7:40 pm

BLK

BRPHF

PYPL

Galaxy Digital Holdings CEO, Mike Novogratz, predicts that the approval of Bitcoin ETFs by the SEC is imminent, possibly within the next 4-6 months. He cites insights from BlackRock and Invesco, and highlights recent developments such as BlackRock's filing for an ETF and the positive stance of its CEO towards Bitcoin. Novogratz also mentions the potential of AI and the resilience of the crypto community. He notes the importance of stablecoins and their potential to disrupt traditional banking systems, citing PayPal's recent move to issue a stablecoin.

Portfolio Pulse from Murtuza Merchant

August 08, 2023 | 7:00 pm

BNBUSD

Crypto exchange Binance has become the first to be fully licensed in El Salvador, receiving the Bitcoin Services Provider license and the non-provisional Digital Assets Services Provider license. Binance now has approvals in 18 international markets. The licenses will allow Binance to expand its products and services in El Salvador, working closely with the government to promote cryptocurrency adoption.

Portfolio Pulse from Murtuza Merchant

August 08, 2023 | 5:49 pm

ACB

CGC

A New York judge has halted the issuance of new cannabis licenses under a program that favors people with previous drug conviction charges. This comes after a lawsuit filed by a group of disabled military veterans who argue that the system of awarding and issuing licenses to certain social equity applicants violates the state Constitution. The lawsuit is the latest setback to the state’s rollout of a recreational cannabis market, which has been delayed by legal challenges.

Portfolio Pulse from Happy Mohamed

August 08, 2023 | 5:45 pm

BURU

PTRA

SEAC

VVOS

The article lists the stocks that gained and lost the most in Tuesday's mid-day session. Notable gainers include Nuburu, Inc. (NYSE:BURU) which jumped 185.6% after announcing a contract with NASA, and Vivos Therapeutics, Inc. (NASDAQ:VVOS) which gained 91.1% after a 10% fall on Monday. Notable losers include Proterra Inc. (NASDAQ:PTRA) which dipped 79.6% after filing for Chapter 11 bankruptcy, and SeaChange International, Inc. (NASDAQ:SEAC) which fell 41.3% after announcing voluntary SEC deregistration and Nasdaq delisting.

Portfolio Pulse from Lisa Levin

August 08, 2023 | 5:13 pm

MCRB

Seres Therapeutics reported Q2 revenues of $126.47 million, beating estimates. The company's net income was $46.6 million, primarily due to the $125 million milestone received upon FDA approval of VOWST. However, EPS of $0.36 missed the analyst consensus. The company plans to announce an additional microbiome therapeutic program in H2 2023. VOWST, the first FDA-approved orally administered microbiome therapeutic, saw broad early demand with 610 completed prescription enrollment forms received.

Portfolio Pulse from Nabaparna Bhattacharya

August 08, 2023 | 5:03 pm