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Regulatory

AXSM

BIIB

SAGE

Axsome Therapeutics reported Q2 sales of $46.7 million, beating the consensus of $40.19 million. Sales from Auvelity, a prescription oral medicine for major depressive disorder (MDD), reached $27.6 million. The FDA's rejection of Sage Therapeutics and Biogen's zuranolone for MDD is seen as a positive for Axsome's Auvelity. Analysts believe this will increase Auvelity's competitive edge as a novel-acting branded antidepressant.

Portfolio Pulse from Vandana Singh

August 07, 2023 | 4:07 pm

Zoom has updated its terms of service to allow the use of some customer data for training its AI models. The data includes product usage, telemetry, and diagnostic data. The company clarified that it does not use audio, video, or chat content for AI training without customer consent. However, when users enable Zoom's generative AI features, they sign a consent form allowing Zoom to use their content for AI training.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 4:00 pm

CDNA

NTRA

CareDx, Inc. (NASDAQ:CDNA) announced that the US District Court for the District of Delaware issued an injunction prohibiting Natera (NASDAQ:NTRA) from falsely advertising and overstating the scientific performance of its Prospera transplant test. This follows a decision by the District Court to uphold a March 2022 jury verdict that found Natera violated the Lanham Act by falsely advertising the test. CareDx intends to appeal the District Court's decision regarding the monetary damages awarded by the jury.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 3:10 pm

HOOD

SEC chair Gary Gensler has expressed concern over the potential impact of AI on financial markets, suggesting that reliance on a few foundational models could lead to future financial crises. He also questioned whether AI tools on trading apps like Robinhood prioritize the investor. Gensler emphasized that the responsibility for any flawed financial advice given by AI chatbots rests with investment advisers.

Portfolio Pulse from AJ Fabino

August 07, 2023 | 3:04 pm

BNBUSD

Cryptocurrency exchange Huobi experienced a net outflow of over $73.3 million this past week, coinciding with the detention of several of its top executives by Chinese authorities. The exchange's stablecoin reserves have also decreased by 33%, settling at $99.47 million over the week. Huobi advisor Justin Sun tweeted the number “4”, a term often used in the crypto sphere to address situations filled with fear, uncertainty, and doubt.

Portfolio Pulse from Murtuza Merchant

August 07, 2023 | 2:44 pm

SPY

USO

VGK

The Chief of Staff for the Ukrainian President announced that participants of the weekend talks in Saudi Arabia agreed to hold another meeting of political advisers in 1-1.5 months. All countries present at the talks fully supported Ukraine's independence and territorial integrity.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 2:37 pm

AAPL

PYPL

RTX

SAGE

UBS

YELL

PayPal has launched a USD-backed stablecoin, PYUSD, issued by Paxos Trust Co. The FDA approved Sage Therapeutics and Biogen's Zurzuvae for postpartum depression but rejected it for major depressive disorder. Yellow Corp has filed for bankruptcy. RTX's subsidiary Pratt & Whitney is recalling jet engines, affecting airlines globally. Apple is hiring for roles in generative AI. Credit Suisse plans to cut 80% of its Hong Kong-based investment banking staff. Sohu.com, Tyson Foods, Gogo, and BioNTech reported declines in their recent earnings, while TreeHouse Foods, Henry Schein, and Elanco Animal Health reported growth.

Portfolio Pulse from Vandana Singh

August 07, 2023 | 2:34 pm

ADBE

EU antitrust regulators have opened an in-depth investigation into Adobe's acquisition of Figma. The regulators believe the deal may hinder Figma's potential growth as a rival to Adobe. A decision is expected by December 14.

Portfolio Pulse from Happy Mohamed

August 07, 2023 | 2:32 pm

SAGE

Sage Therapeutics shares are trading lower after the FDA issued a Complete Response Letter (CRL) for its New Drug Application for zuranolone for treatment of adults with major depressive disorder. The FDA stated that additional studies will be needed as the application didn't provide substantial evidence of effectiveness. The company's shares were down 49.4% at $18.26.

Portfolio Pulse from Adam Eckert

August 07, 2023 | 2:30 pm

ASRT

Assertio Holdings Inc (ASRT) shares are trading higher by 12.48% after the company reported Q2 financial results and withdrew its 2023 financial outlook due to the recent approval of a generic indomethacin suppository by the U.S. FDA. Zydus Lifesciences Limited received the approval and has been granted a CGT designation and 180-day CGT exclusivity to market the product.

Portfolio Pulse from Henry Khederian

August 07, 2023 | 2:09 pm