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Stock Prices

DXCM

DexCom, Inc. (NASDAQ:DXCM) shares are trading higher by 3.75% after Leerink Partners initiated coverage on the stock with an Outperform rating and a $110 price target. However, the stock has been under pressure due to the FDA's announcement of the establishment of a Digital Health Advisory Committee and the popularity of weight loss drugs. The new FDA committee could create uncertainty for companies in the digital health sector due to potential new regulations.

Portfolio Pulse from Henry Khederian

October 16, 2023 | 6:36 pm

AEO

BURL

FTCH

GPS

KSS

NKE

ROST

SBH

SFIX

UAA

VFC

Shares of retail, apparel and e-commerce stocks are trading higher amid broader strength in consumer discretionary stocks. Companies such as AEO, BURL, FTCH, GPS, KSS, NKE, ROST, SBH, SFIX, UAA, VFC are mentioned.

Portfolio Pulse from Benzinga Newsdesk

October 16, 2023 | 6:36 pm

ACCD

ALHC

HCAT

HUM

PHR

Alignment Healthcare Inc (ALHC) has maintained a 4-star rating from the Centers for Medicare & Medicaid Services for its California Medicare Advantage HMO. Its North Carolina HMO achieved a 4.5-star rating. Raymond James has upgraded Alignment Healthcare to a Strong Buy and increased the price target to $10. The company's valuation trades at 0.5x 2024E and 0.4x 2025E revenue, which is undemanding given the growth potential. This is compared to Humana Inc (HUM), which trades at ~$10,000 of EV per MA life, and Accolade Inc (ACCD), Health Catalyst Inc (HCAT), and Phreesia Inc (PHR), which trade at 1-2x revenue.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 6:36 pm

MREO

RARE

Ultragenyx Pharmaceutical Inc (NASDAQ:RARE) and Mereo BioPharma Group plc (NASDAQ:MREO) released interim data from the Phase 2 portion of the Phase 2/3 Orbit study of setrusumab. The data showed that setrusumab significantly reduced the incidence of fractures in patients with osteogenesis imperfecta. The annualized fracture rate across all 24 patients in the study was reduced by 67%. Following the news, MREO shares are up 31.78% at $1.70, and RARE shares are up 13.26% at $38.02.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 6:31 pm

ALDX

CNSL

ETWO

OMER

PCTI

SCHW

STRM

U.S. stocks traded higher with the S&P 500 gaining over 1% on Monday. The Charles Schwab Corporation reported better-than-expected earnings for Q3, despite a 16% YoY decline in net revenue. Consolidated Communications Holdings shares rose 16% after announcing an acquisition agreement with Searchlight Capital Partners and British Columbia Investment Management. PCTEL shares rose 47% after Amphenol Corp agreed to acquire the company. E2open Parent Holdings shares rose 24% after Elliott Investment Management reported a 9% stake in the company. Aldeyra Therapeutics shares dropped 67% after receiving feedback from the FDA on their new drug application. Streamline Health Solutions shares fell 68% after announcing a strategic restructuring to cut expenses. Omeros Corporation shares fell 32% after announcing the discontinuation of the ARTEMIS-IGAN trial.

Portfolio Pulse from Lisa Levin

October 16, 2023 | 6:30 pm

BSX

Boston Scientific (NYSE:BSX) has outperformed the market over the past 15 years, producing an average annual return of 12.48%. If an investor had bought $1000 of BSX stock 15 years ago, it would be worth $5,649.44 today.

Portfolio Pulse from Benzinga Insights

October 16, 2023 | 6:30 pm

WCN

Waste Connections (NYSE:WCN) has outperformed the market over the past 10 years, producing an average annual return of 16.59%. If an investor had bought $1000 of WCN stock 10 years ago, it would be worth $4,650.07 today.

Portfolio Pulse from Benzinga Insights

October 16, 2023 | 6:30 pm

MLTX

MoonLake Immunotherapeutics (NASDAQ:MLTX) announced positive 24-week topline results from its Phase 2 MIRA trial of sonelokimab for moderate-to-severe hidradenitis suppurativa (HS). The data showed further improvements in HiSCR75 response rates and other clinically relevant outcomes. Needham maintains a Buy rating for MLTX, with a price target of $76. MLTX shares are up 10.20% at $60.24.

Portfolio Pulse from Vandana Singh

October 16, 2023 | 6:30 pm

BCHUSD

Bitcoin Cash (CRYPTO: BCH) surged by 12.4% to $244.62 on Monday morning due to false rumors of the iShares Bitcoin Spot ETF receiving approval. The rumors were refuted by BlackRock, confirming that their Bitcoin ETF application is still under review. CoinTelegraph apologized for a misleading tweet about the BlackRock Bitcoin ETF and is conducting an internal investigation.

Portfolio Pulse from Henry Khederian

October 16, 2023 | 6:23 pm

BLK

BTCUSD

GBTC

Bitcoin's price surged from $27,900 to $30,000 due to a misleading announcement about a spot ETF approval on social media, leading to $100 million in liquidations within an hour. The price later dropped to $28,000 amid doubts raised by market experts. A Blackrock spokesperson confirmed that the iShares Bitcoin ETP application is still under review by the SEC. The SEC's recent decision regarding Grayscale is believed to enhance the likelihood of the Grayscale Bitcoin Trust transitioning into a spot ETF.

Portfolio Pulse from Murtuza Merchant

October 16, 2023 | 6:15 pm