Streetbeat News

Regulatory

TMC

The Metals Company (TMC) has regained compliance with Nasdaq's minimum bid requirement, according to a written notice received from Nasdaq on June 30.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 6:32 pm

LMDX

LumiraDx Limited (NASDAQ:LMDX) has submitted its first 510(k) application to the U.S. Food and Drug Administration (FDA) for the clearance of its 5-minute COVID Ultra Test. This marks a significant milestone for LumiraDx's expansion into the United States. The company had earlier received various Emergency Use Authorizations (EUA) for its SARS-CoV-2 Ag tests during the pandemic. The LumiraDx SARS-CoV-2 Ag Ultra Test is already available in Europe and various international markets.

Portfolio Pulse from Happy Mohamed

June 30, 2023 | 6:31 pm

SOFI

SoFi Technologies, Inc (NASDAQ:SOFI) experienced high volatility and was trading lower after the Supreme Court blocked President Joe Biden’s plan to cancel student debt. Despite this, SoFi, a provider of student loans, could potentially benefit from the news. The stock had risen higher on June 28 and June 29, negating a previous downtrend. If the stock bounces on Monday, it will confirm a new uptrend pattern.

Portfolio Pulse from Melanie Schaffer

June 30, 2023 | 6:30 pm

KBE

KRE

SPY

XLF

The Federal Housing Finance Agency (FHFA) is reportedly considering recommending limitations on big banks' borrowing from Federal Home Loan Banks (FHLBs). This news could potentially impact the banking sector, including ETFs like KBE, KRE, SPY, and XLF.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 6:24 pm

RSLS

ReShape Lifesciences has received a Notice of Allowance for a U.S. patent titled 'Intragastric Device (for the treatment of obesity)'. This patent could potentially strengthen the company's intellectual property portfolio and provide a competitive edge in the obesity treatment market.

Portfolio Pulse from Benzinga Newsdesk

June 30, 2023 | 6:24 pm

CVS

DGX

HUM

RAD

UNH

WBA

The Centers for Medicare and Medicaid Services (CMS) has released revised guidance on its authority with pharmaceutical manufacturers in the Medicare Drug Negotiation Program. This year, Medicare will start negotiating directly with drug manufacturers to reduce the price of covered, high-cost prescription drugs. The first round of negotiations will occur between 2023 and 2024, with the negotiated prices effective from 2026. CMS will also cap insulin costs at $35 per month for people who get their insulin through Medicare Part B and Medicare Advantage starting July 1, 2023.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 6:14 pm

ATVI

MSFT

SONY

Microsoft CEO Satya Nadella has criticized Sony for the existence of console exclusives, stating he would prefer to eliminate them. This statement contradicts Microsoft's recent actions, as their acquisitions have resulted in several games becoming console exclusives. The FTC hearing against Microsoft has focused on the company's decision to make all ZeniMax games exclusive to Xbox, which is seen as 'powerful evidence' against the proposed $68.7-billion acquisition of Activision Blizzard.

Portfolio Pulse from Franca Quarneti

June 30, 2023 | 6:08 pm

BNTX

PFE

The European Commission has partnered with Pfizer Inc and various European pharmaceutical companies to secure the capacity to produce up to 325 million vaccines annually for potential future global health crises. Pfizer's plants in Ireland and Belgium have been chosen to reserve mRNA vaccine production capacity. The agreement also includes monitoring supply chains and maintaining facilities in a state of readiness. However, concerns have been raised about potential 'vaccine apartheid'.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 6:06 pm

GNFT

IPSEY

Ipsen SA and Genfit SA announced positive topline data from the Phase 3 ELATIVE trial evaluating the efficacy and safety of elafibranor for primary biliary cholangitis (PBC). The trial met its primary composite endpoint, with 51% of patients on elafibranor 80mg exhibiting a cholestasis response compared to 4% on placebo. Ipsen plans to discuss these results with regulatory bodies and aims to move forward with regulatory submissions to the FDA and the European Medicines Agency. Genfit shares are down 14.30% at $3.47 on the last check Friday.

Portfolio Pulse from Vandana Singh

June 30, 2023 | 6:03 pm

ETHUSD

On Thursday, 5,079.60 Ether (ETH) worth $9,841,681 was burned from Ethereum transactions. This is a result of the Ethereum blockchain's EIP-1159 upgrade, which changes the fee model and burns a variable base fee from each transaction. Ethereum is currently issuing new Ether at a rate of 4% per year, but this is expected to decrease to around 0.5-1% with the Ethereum 2.0 upgrade. The net annualized issuance rate for Ether yesterday was -5.87%.

Portfolio Pulse from Benzinga Insights

June 30, 2023 | 6:00 pm