Streetbeat News

Regulatory

MRK

PFE

Merck & Co Inc and Ridgeback Biotherapeutics have withdrawn their COVID-19 pill application in the European Union due to regulatory hurdles and insufficient data. The drug's effectiveness, at only 30%, has been overshadowed by Pfizer Inc.'s COVID drug, Paxlovid, which has nearly 90% effectiveness. Merck expects a significant decline in sales of the drug, Lagevrio, in FY23, down to approximately $1.0 billion from $5.7 billion in 2022.

Portfolio Pulse from Vandana Singh

June 27, 2023 | 6:06 pm

TCNNF

Florida's Attorney General Ashley Moody has submitted a brief to the state Supreme Court outlining her opposition to cannabis legalization appearing on the 2024 ballot. She criticized Trulieve Cannabis Corp. (OTCQX: TCNNF) for its support of the initiative, accusing the company and its CEO Kim Rivers of spreading misinformation. Moody argued that the initiative would not change the current cannabis market structure and accused Trulieve of using the amendment to entrench its monopoly.

Portfolio Pulse from Maureen Meehan

June 27, 2023 | 6:02 pm

SPY

The Federal Trade Commission (FTC) and the Department of Justice (DOJ) have proposed changes to the Hart-Scott-Rodino (HSR) form to make merger reviews more effective and efficient, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2023 | 6:00 pm

ETHUSD

On Monday, 3,015.03 Ether (ETH) worth $5,729,244 was burned from Ethereum transactions. 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, lowering the supply of Ether. 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 -1.88%.

Portfolio Pulse from Benzinga Insights

June 27, 2023 | 6:00 pm

TSLA

SAE International, a global association of engineers and technical experts, is aiming to standardize Tesla's charging standard within six months or less, according to Reuters.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2023 | 5:56 pm

XPEV

Shares of XPeng Inc - ADR (NYSE:XPEV) are trading higher by 5.60% to $10.75 during Tuesday's session. This is following Chinese Premier Li Qiang's announcement that China is on track to reach its 5% annual growth target and plans to stimulate markets and open select sectors of its economy to international participation. Li also assured the government's continued support for the presence of foreign companies and addressed concerns regarding new data management regulations.

Portfolio Pulse from Henry Khederian

June 27, 2023 | 5:55 pm

BTCUSD

ETHUSD

EU officials suspect that Binance, a major cryptocurrency exchange, is faking accounts in Ireland and Malta, according to a report by Protos. This could potentially lead to regulatory scrutiny and legal issues for the company.

Portfolio Pulse from Benzinga Newsdesk

June 27, 2023 | 5:54 pm

BIDU

Shares of Baidu Inc (NASDAQ:BIDU) are trading higher by 3.27% after Chinese Premier Li Qiang announced plans to stimulate markets and open select sectors of the economy to international participation. The Premier also assured the government's continued support for the presence of foreign companies and addressed concerns regarding new data management regulations.

Portfolio Pulse from Henry Khederian

June 27, 2023 | 5:48 pm

ARGX

UCBJF

UCBJY

The FDA has approved UCB SA's Rystiggo for generalized myasthenia gravis (gMG) in adult patients who are anti-acetylcholine receptor or anti-muscle-specific tyrosine kinase antibody positive. Rystiggo is the only FDA-approved treatment for these two most common subtypes of gMG. The approval is based on data from the Phase 3 MycarinG study. Rystiggo will be commercially available in the U.S. in Q3 2023. Last week, the FDA also approved Argenx SE's Vyvgart Hytrulo for gMG in adult patients who are anti-acetylcholine receptor antibody positive.

Portfolio Pulse from Vandana Singh

June 27, 2023 | 5:47 pm

BTCUSD

ETHUSD

Nevada's regulator is seeking to place Prime Trust, a crypto custodian and payments provider, into receivership, according to Bloomberg. The news may impact the value of cryptocurrencies such as Bitcoin (BTCUSD) and Ethereum (ETHUSD).

Portfolio Pulse from Happy Mohamed

June 27, 2023 | 5:38 pm