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ETHUSD

On Thursday, 8,310.25 Ether (ETH) worth $15,531,275 was burned from Ethereum transactions. This follows the Ethereum blockchain's upgrade known as EIP-1159, which changed the fee model and burns a base fee from each transaction. 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 yesterday was -11.99%.

Portfolio Pulse from Benzinga Insights

July 07, 2023 | 6:00 pm

DKNG

DraftKings Inc (NASDAQ:DKNG) stock is trading higher after Oppenheimer analyst Jed Kelly maintained an Outperform rating and raised its price target from $30 to $36. The company's NY handle share surpassed FanDuel for the first time since OSB launch in January 2022. DraftKings and FanDuel dominate market share in new OSB states, accounting for 70-80% and 75-85% of Handle and Gross gaming revenue in each market during April and May. DraftKings expects favorable legislation outcomes in either IA/IL/NY over the next 18 months.

Portfolio Pulse from Anusuya Lahiri

July 07, 2023 | 5:41 pm

CRIS

The FDA has removed the partial clinical hold on Curis Inc's TakeAim Leukemia Phase 1/2 study of emavusertib for hematologic malignancies. The recommended phase 2 dose for emavusertib has been established. HC Wainwright maintains its Buy rating for Curis but lowers the price target to $6 from $9 due to delayed launch expectations for AML/MDS and the dilution associated with the recent capital raise. The analyst forecasts a launch for emavusertib for AML/MDS in late 2027, with sales of $23.3 million that year, growing to $452 million in 2029.

Portfolio Pulse from Vandana Singh

July 07, 2023 | 5:28 pm

BIIB

ESALY

The FDA has approved a supplemental marketing application for Biogen Inc (NASDAQ:BIIB) and Eisai Co Ltd's (OTC:ESALY) Leqembi, the first approved treatment shown to reduce the rate of disease progression in adults with Alzheimer's disease. Concurrently, CMS confirmed broader Medicare coverage for Leqembi. Analysts from William Blair, Raymond James, Oppenheimer, and Needham provided their perspectives on the development, with a general consensus that the approval and expanded coverage may not significantly change the outlook for Leqembi.

Portfolio Pulse from Vandana Singh

July 07, 2023 | 5:25 pm

ALPMY

GSK

MRK

PFE

Goldman Sachs research suggests the global pharmaceutical sector has approximately $700 billion available for M&A and investments. This comes as patents for some blockbuster drugs are nearing expiration. Recent examples include Astellas Pharma acquiring Iveric Bio, Pfizer proposing to acquire Seagen, GSK agreeing to acquire BELLUS Health, and Merck announcing to acquire Prometheus Biosciences. The healthcare sector had a challenging start to 2023 due to regulatory & growth concerns, macroeconomic rotations, and investor preference for large-cap technology stocks.

Portfolio Pulse from Vandana Singh

July 07, 2023 | 5:18 pm

IFF

International Flavors & Fragrances, Inc.'s (NYSE:IFF) unit Danisco Animal Nutrition & Health has announced that its phytase enzyme, Axtra PHY GOLD, has been authorized for in-feed use in the EU. The enzyme does not interfere with digestion and animal performance and works faster than any other competitor's phytase to break down phytate present in grains. It is available globally in markets including the U.S., Latin America, Asia Pacific, and most recently in the EU. IFF shares are trading higher by 2.02% to $79.61.

Portfolio Pulse from Nabaparna Bhattacharya

July 07, 2023 | 4:51 pm

MRVL

NVDA

SMH

TSM

US Treasury Secretary Janet Yellen criticized China's 'unfair' economic system during her inaugural diplomatic visit, accusing it of undermining the competitiveness of US companies. Despite this, she stressed the goal of her visit was to revive economic and trade discussions. Following her comments, US semiconductor stocks rose, with the VanEck Semiconductor ETF (SMH) up 0.9%, NVIDIA Corp. (NVDA) gaining 1.7%, Marvell Technology, Inc. (MRVL) rising by 1.5%, and Taiwan Semiconductor Manufacturing Company (TSM) up 1.5%.

Portfolio Pulse from Piero Cingari

July 07, 2023 | 4:25 pm

ALZN

BIIB

LLY

SAVA

The FDA has fully approved Biogen Inc.’s Alzheimer’s treatment, Leqembi, making it the first Alzheimer’s antibody treatment to reach full approval. Following this, Medicare announced it will cover the treatment under certain conditions. Other companies with Alzheimer’s treatments in the pipeline include Eli Lilly & Co, Cassava Sciences Inc, and Alzamend Neuro Inc.

Portfolio Pulse from Aaron Bry

July 07, 2023 | 4:16 pm

LCID

Lucid Group Inc's (LCID) shares are trading higher by 4.8% to $7.42, rebounding after Thursday's weakness. The rise is attributed to better-than-expected U.S. jobs data, which could lead to further rate hikes. Higher interest rates can increase the cost of capital for electric vehicle companies like Lucid, impacting their ability to secure favorable terms for raising funds and potentially leading to higher component prices.

Portfolio Pulse from Henry Khederian

July 07, 2023 | 3:47 pm

SPY

Federal Reserve's Goolsbee stated that the job market is strong but cooling. He mentioned that prices move first, then wages, and believes that it's possible to lower the unemployment rate without leading to a recession and still manage to bring down prices.

Portfolio Pulse from Happy Mohamed

July 07, 2023 | 3:41 pm