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RYZB

Radiopharmaceuticals startup RayzeBio Inc has filed for an initial public offering (IPO) to raise up to $100 million. The company, which focuses on cancer therapies, plans to list on the Nasdaq under the symbol RYZB. Its lead candidate, RYZ101, is designed to deliver a potent alpha particle radioisotope to tumors. The IPO proceeds will also be used to develop RYZ801 and RYZ811, two radiopharmaceuticals for phase 1 trials in hepatocellular carcinoma. RayzeBio has already secured $418 million in funding from investors including venBio Partners, Venrock Healthcare Capital Partners, Versant Ventures, and Viking Global Investors.

Portfolio Pulse from Vandana Singh

August 25, 2023 | 5:56 pm

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MNK

RAD

Rite Aid Corp (NYSE:RAD) is reportedly on the brink of bankruptcy due to its role in the opioid crisis and a significant debt burden exceeding $3.3 billion. The company is facing numerous lawsuits and has seen its stock value drop by over 80% within a year. Other pharmaceutical companies like Purdue Pharma, Mallinckrodt Plc (NYSE:MNK), and Endo International Plc (OTC:ENDPQ) have also faced bankruptcy due to opioid-related litigations.

Portfolio Pulse from Vandana Singh

August 25, 2023 | 5:52 pm

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BMY

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MRK

PFE

AstraZeneca has announced a legal challenge against the U.S. government's Inflation Reduction Act (IRA) that allows Medicare to negotiate more competitive drug prices. Other pharmaceutical companies including Johnson & Johnson, Merck & Co, Bristol Myers Squibb, Eli Lilly, and Pfizer have echoed this sentiment, suggesting that such a provision threatens the innovation and development of new therapeutic solutions. The pharmaceutical world is watching closely as the U.S. Department of Health and Human Services is set to negotiate prices for ten high-value drugs next month.

Portfolio Pulse from Vandana Singh

August 25, 2023 | 5:49 pm

XOM

A significant investor has taken a bearish stance on Exxon Mobil (NYSE:XOM), with 55% of recent trades being bearish and 45% bullish. The total amount for puts is $703,616 and for calls is $1,514,683. Whales have been targeting a price range from $55.0 to $116.0 for Exxon Mobil over the last 3 months. The current price of XOM is up 1.49% at $107.93. Mizuho, UBS, and Morgan Stanley have maintained their Buy and Overweight ratings on Exxon Mobil, with price targets of $131, $139, and $124 respectively.

Portfolio Pulse from Benzinga Insights

August 25, 2023 | 5:46 pm

A significant bearish stance has been taken on Goldman Sachs Gr (NYSE:GS) as indicated by unusual options activity. The sentiment among these big-money traders is 80% bearish and 20% bullish. The whales have been targeting a price range from $270.0 to $380.0 for Goldman Sachs Gr over the last 3 months. The price of GS is currently down -0.31% at $318.98. Atlantic Equities upgraded its action to Neutral with a price target of $351, while Oppenheimer maintained their Outperform rating with a price target of $461.

Portfolio Pulse from Benzinga Insights

August 25, 2023 | 5:46 pm

CMG

A significant investor has taken a bearish stance on Chipotle Mexican Grill (NYSE:CMG), with 53% of recent trades being bearish and 46% bullish. The total amount for put options is $1,346,049 and for call options is $584,602. Whales have been targeting a price range from $1620.0 to $2200.0 for Chipotle over the last 3 months. The current price of CMG is $1872.0, down -0.02%. Several financial institutions have maintained their positive ratings on Chipotle, with price targets ranging from $2200 to $2250.

Portfolio Pulse from Benzinga Insights

August 25, 2023 | 5:45 pm

Boeing has announced that it continues to support its customers in China, with over 95% of their current 737 Max fleet in service, according to Bloomberg.

Portfolio Pulse from Benzinga Newsdesk

August 25, 2023 | 5:40 pm

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GOCO

HALL

HIPO

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HUIZ

KINS

RELI

ROOT

SPNT

STC

During Friday's intraday session, insurance stocks saw significant movement. Gainers included Root (NASDAQ:ROOT), Kingstone Companies (NASDAQ:KINS), Hallmark Financial Servs (NASDAQ:HALL), Reliance Global Group (NASDAQ:RELI), Hippo Holdings (NYSE:HIPO), and SiriusPoint (NYSE:SPNT). Losers included Huize Holding (NASDAQ:HUIZ), GoHealth (NASDAQ:GOCO), Heritage Insurance Hldgs (NYSE:HRTG), Fanhua (NASDAQ:FANH), F&G Annuities & Life (NYSE:FG), and Stewart Information Servs (NYSE:STC).

Portfolio Pulse from Benzinga Insights

August 25, 2023 | 5:40 pm

JWN

Nordstrom Inc (NYSE:JWN) beat Q2 earnings estimates but Telsey Advisory Group analyst Dana Telsey lowered the price target to $19 from $21 due to decelerating trends in Q3. Despite the Q2 beat, JWN reiterated its FY23 outlook of revenue decline of 4%-6% Y/Y. Telsey sees sales trends decelerating at the beginning of August across JWN's two banners. Citigroup and UBS also reduced their price targets for JWN.

Portfolio Pulse from Lekha Gupta

August 25, 2023 | 5:37 pm

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BAC

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HSBC

LPLA

MTB

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SYF

WFC

The article reports on significant options activity in the financial sector, highlighting trades involving 10 US-listed companies: Bank of America (BAC), HSBC Holdings (HSBC), American Express (AXP), Synchrony Financial (SYF), Futu Holdings (FUTU), M&T Bank (MTB), Wells Fargo (WFC), Charles Schwab (SCHW), LPL Financial Holdings (LPLA), and Blackstone (BX). The trades vary in sentiment from bullish to bearish and neutral, with different expiration dates and strike prices.

Portfolio Pulse from Benzinga Insights

August 25, 2023 | 5:35 pm