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ANRO

Alto Neuroscience Inc (NYSE:ANRO) reported positive Phase 1 study results for ALTO-101, a PDE4 inhibitor for cognitive impairment in schizophrenia, showing favorable tolerability and pharmacokinetics with a transdermal patch compared to oral administration. The company plans a proof-of-concept study for the first half of 2024, with results expected in 2025. The transdermal delivery showed significantly higher drug concentrations and lower adverse events. William Blair reiterated an Outperform rating on ANRO, highlighting its unique position in neuropsychiatry drug development.

Portfolio Pulse from Vandana Singh

April 23, 2024 | 6:55 pm

FOSUF

Fosun International Ltd. (OTC:FOSUF) is transitioning to an 'asset-light' strategy, having reduced its debt through significant asset sales, including a recent sale of a stake in Belgian insurer Ageas to BNP Paribas. The company's debt-to-capitalization ratio improved to 50.4%, with a total of 57.3 billion yuan raised from asset sales over two years. Fosun's shift from acquisition to divestiture reflects a strategic pivot towards stabilizing its financials and focusing on core businesses, with its outlook upgraded to 'stable' by S&P Global in mid-2023.

Portfolio Pulse from The Bamboo Works

April 23, 2024 | 6:52 pm

TSLA

On Benzinga Live, Sandra from Trading Made Simple LLC discussed using debit spreads for trading Tesla (TSLA) earnings, highlighting the strategy's potential to limit risk and capitalize on earnings volatility. She shared her success with ATM and OTM Put Debit Spreads on TSLA, which were profitable ahead of Tesla's earnings report. The article also explains the benefits and considerations of using debit spreads during earnings season, such as limited risk, defined profit potential, and reduced cost.

Portfolio Pulse from Sandra Stone

April 23, 2024 | 6:51 pm

AMD

BOTZ

NVDA

SMH

Advanced Micro Devices, Inc (AMD) and Nvidia Corp (NVDA) stocks rose on Tuesday, recovering from last Friday's selloff triggered by concerns over U.S. Federal Reserve rate cuts and geopolitical tensions. Reports of Chinese companies circumventing U.S. embargoes to procure Nvidia chips have surfaced. Analysts predict Nvidia's dominance in the AI accelerator market, while AMD's new product launches and the Xilinx acquisition are expected to drive growth. Both stocks have seen significant gains over the past year, with exposure to Nvidia also available through ETFs like VanEck Semiconductor ETF (SMH) and Global X Robotics & Artificial Intelligence ETF (BOTZ).

Portfolio Pulse from Anusuya Lahiri

April 23, 2024 | 6:49 pm

SNPS

Synopsys shares are trading higher, rebounding after experiencing weakness on Tuesday.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:47 pm

CGC

Significant bullish options activity has been observed in Canopy Growth (NASDAQ:CGC), with 80% of the transactions indicating a bullish sentiment. The options data, showing a mix of puts and calls, suggests that investors are targeting a price range of $7.0 to $21.0 for CGC. The company, known for its cannabis and hemp products, is also planning to merge its U.S. assets into Canopy USA. The stock price of CGC has recently increased by 13.55% to $8.91, with potential indicators of being overbought.

Portfolio Pulse from Benzinga Insights

April 23, 2024 | 6:45 pm

NEM

Market whales have shown a mixed sentiment towards Newmont (NYSE:NEM), with a bearish lean in recent options trading. Analysis of 15 trades reveals a split in expectations, with 40% bullish and 46% bearish. Significant trading activity targets a price range of $25.0 to $42.5 for NEM. The company, the world's largest gold miner, has made strategic acquisitions and is expected to sell some higher cost mines. Current market data shows NEM's price up 0.83% at $37.77, with potential overbought signals and an upcoming earnings release. Analysts, including one from Citigroup, maintain a positive outlook with a target price of $45.

Portfolio Pulse from Benzinga Insights

April 23, 2024 | 6:45 pm

General Motors Company (NYSE:GM) shares rose after the company raised its FY24 earnings outlook following a Q1 earnings beat, signaling a strong focus on profitability and EV transformation. Analysts from Wedbush, BofA Securities, and Goldman Sachs have reiterated their positive ratings on GM, with price forecasts ranging from $45 to $75. The company's emphasis on EV margin improvement and benefits from clean energy tax credits were highlighted as key factors.

Portfolio Pulse from Nabaparna Bhattacharya

April 23, 2024 | 6:44 pm

DIS

PENN

PENN Entertainment was upgraded from Hold to Buy by Truist analyst Barry Jonas, with a price target of $23, based on the valuation of sportsbook ESPN Bet, launched in November 2023 through a licensing deal with The Walt Disney Company. Jonas believes the market has not assigned any value to ESPN Bet in its valuation of PENN, despite its potential and the value of PENN's other Interactive businesses. The first-quarter results expected on May 2 could surpass low market expectations. PENN's online licenses and iGaming business are also highlighted as valuable assets.

Portfolio Pulse from Chris Katje

April 23, 2024 | 6:42 pm

ASAN

CRWD

INTU

NET

NOW

PANW

SNOW

SOUN

TEAM

Software stocks, including ASAN, CRWD, INTU, NET, NOW, PANW, SNOW, SOUN, TEAM, ZM, and ZS, are trading higher due to overall tech strength as Treasury yields fall.

Portfolio Pulse from Benzinga Newsdesk

April 23, 2024 | 6:41 pm