Streetbeat News

Revenues

PTGX

Protagonist Therapeutics (NASDAQ:PTGX) announced that it will be eligible to receive $60M in milestone payments in Q4 for the advancement of JNJ-2113 into multiple clinical development programs led by Janssen Biotech, a Johnson & Johnson company. The ICONIC clinical development program in adult patients with moderate to severe psoriasis is advancing to Phase 3 with two studies starting in November, and the ANTHEM-UC Phase 2b study in adults with moderately to severely active ulcerative colitis will begin this month.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 11:07 am

GSK

IDYA

IDEAYA Biosciences has announced a development candidate nomination of a Werner Helicase Inhibitor in collaboration with GSK. The company has earned a $3 million milestone from GSK and is eligible to receive up to $465 million in development milestones and $475 million in commercial milestones, along with 50% of U.S. net profits.

Portfolio Pulse from Benzinga Newsdesk

October 09, 2023 | 10:05 am

FXI

TSLA

Tesla's sales of China-made electric vehicles in September fell by 10.9% year-on-year to 74,073 units, according to data from the China Passenger Car Association.

Portfolio Pulse from Charles Gross

October 09, 2023 | 9:18 am

GSK

GSK plc has entered into an exclusive agreement with Chongqing Zhifei Biological Products to co-promote GSK’s shingles vaccine, Shingrix, in China. The deal is worth £2.5 billion to GSK over the initial three-year period. The partnership aims to extend the availability of Shingrix and supports GSK’s goal to double global Shingrix sales to more than £4 billion by 2026. Zhifei has also granted GSK the right of first refusal for co-development and commercialisation of an RSV vaccine for older adults in China.

Portfolio Pulse from Charles Gross

October 09, 2023 | 9:14 am

OTGLY

CD Projekt Red's game 'Cyberpunk 2077' has sold over 25 million units, surpassing 'The Witcher 3: Wild Hunt'. The recent 'Phantom Liberty' expansion for the game sold three million units in its first week. Despite a troubled launch in 2020, the game has received multiple updates and a successful Netflix anime adaptation. The company also confirmed that it would be letting go of approximately 30 employees by year's end.

Portfolio Pulse from Franca Quarneti

October 06, 2023 | 8:07 pm

NFLX

Wedbush analyst Michael Pachter reiterated Netflix Inc (NASDAQ: NFLX) with an Outperform and a $525 price target. Pachter believes Netflix can generate significantly more free cash flow than its guidance suggests, and its ad-supported tier and password-sharing crackdown should further boost cash generation. Pachter's positive thesis on Netflix partially relies on the password sharing crackdown driving subscribers higher and ARPU higher, which should begin in Q4. Bernstein analyst Laurent Yoon initiated coverage on Netflix with a Market Perform rating and a price target of $375. Seaport Global analyst David Joyce initiated coverage on Netflix with a Buy rating and a price target of $482.

Portfolio Pulse from Anusuya Lahiri

October 06, 2023 | 7:22 pm

SHLS

Piper Sandler analyst Kashy Harrison has upgraded Shoals Technologies Group Inc (NASDAQ:SHLS) to Overweight from Neutral with a price target of $28. The analyst expects strong demand for SHLS's products and services and sees less risk to industry growth during 2024 due to longer project cycle times. The analyst assumes a revenue CAGR of 9%-13% for SHLS, reflecting a strong core domestic solar wiring solution business. The analyst also expects adjusted EBITDA of $47 million and bookings of $385 million for H2 FY23.

Portfolio Pulse from Lekha Gupta

October 06, 2023 | 7:12 pm

ADBE

BMO Capital Markets analyst Keith Bachman reiterated an Outperform rating on Adobe Inc. (NASDAQ:ADBE) with a price target of $645. Bachman believes Adobe's Creative Cloud's competitive differentiation and growth opportunities, aided by generative AI capabilities, will be the focus at the upcoming MAX conference. He also expects discussions on Document Cloud and Experience Cloud, highlighting future growth opportunities. Bachman sees Adobe's FY23 Adjusted EPS at $15.91 with revenues of $19.361 billion, and FY24 Adjusted EPS at $17.67 with revenues of $21.482 billion.

Portfolio Pulse from Nabaparna Bhattacharya

October 06, 2023 | 6:41 pm

AMZN

GOOG

MSFT

NVDA

Nvidia Corp's stock is trading higher as the U.S. prepares to implement another round of semiconductor technology sanctions on China. Many U.S. chip firms, including Nvidia, generate over 20% of their revenue from China. Nvidia and other chipmakers are urging the U.S. government to soften its China policy. Nvidia's revenue in the data center segment has soared from $339 million in fiscal 2016 to over $15 billion last year, bolstered by the launch of OpenAI’s AI chatbot ChatGPT. Nvidia GPUs are extensively used in AI and data centers of tech giants like Alphabet Inc, Microsoft Corp, and Amazon.Com, Inc.

Portfolio Pulse from Anusuya Lahiri

October 06, 2023 | 4:42 pm

VCIG

VCI Global Ltd (NASDAQ:VCIG) has signed a letter of intent to acquire leasing rights of Impiana Private Villas in Bali and Phuket from Impiana Sdn Bhd. The company plans to redevelop and refurbish the properties through V Capital Real Estate. This move aligns with VCIG's strategy to expand in the Southeast Asia hospitality sector. VCIG recently reported H1 FY23 revenue growth of 108.0% Y/Y to $9.5 million due to higher demand across all business segments.

Portfolio Pulse from Lekha Gupta

October 06, 2023 | 4:00 pm