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STRO

Sutro Biopharma Inc (NASDAQ:STRO) shares dropped 2.8% to $5.18 after announcing a $75 million underwritten offering of 14,478,764 shares at $5.18 each. The offering, closing around April 4, is led by healthcare-focused investors. Funds will support research, development, and potential acquisitions. BofA Securities is the book-runner. Wall Street views STRO as an Outperform, with a notable analyst predicting a 33.33% fall. The stock has risen 14.01% in the past 3 months, with revenue up 1217.44% over the past year.

Portfolio Pulse from Henry Khederian

April 02, 2024 | 4:46 pm

PENN

PENN Entertainment (NASDAQ:PENN) has seen a significant surge in options activity, with a mix of bearish and bullish sentiments among big-money traders. The options scanner revealed 8 unusual trades, split between puts and calls, indicating a targeted price range of $16.5 to $22.5. The company operates 43 properties across 20 states, with a focus on land-based casinos and digital wagering markets. Despite a recent price drop of -2.57% to $17.8, analysts have a positive outlook, with an average target price of $29.0.

Portfolio Pulse from Benzinga Insights

April 02, 2024 | 4:46 pm

CCL

A significant bearish sentiment has been observed in Carnival's (NYSE:CCL) options market, with a notable volume of put options compared to calls. The options activity suggests a price range of $12.0 to $25.0 for CCL. Despite this, professional analysts have issued optimistic ratings, with a consensus target price of $24.0. The company, being the largest global cruise operator, has rebounded to its pre-COVID guest levels in 2023.

Portfolio Pulse from Benzinga Insights

April 02, 2024 | 4:46 pm

MCD

Financial analysts have observed a significant bullish trend in McDonald's (NYSE:MCD) options trading, with 69% of trades being bullish. The analysis highlighted a focus on a price range between $270.0 and $320.0 for McDonald's, based on unusual trading activity. The largest trades were call options, indicating a strong bullish sentiment towards MCD. McDonald's, a global leader in the fast-food industry, has a current stock price of $279.5, slightly down by -0.26%. The next earnings report is expected in 28 days, and the current RSI values suggest the stock may be approaching oversold territory.

Portfolio Pulse from Benzinga Insights

April 02, 2024 | 4:45 pm

VVPR

VivoPower International PLC (VVPR) shares surged by 323% to $6.18 after announcing its Tembo subsidiary will merge with Cactus Acquisition Corp. 1 Limited (CCTS). The merger involves CCTS issuing 83.8 million shares at $10 each for Tembo, valuing Tembo at $838 million pre-money. VivoPower shareholders will receive a dividend in Tembo shares, with the transaction expected to complete in May 2024.

Portfolio Pulse from Henry Khederian

April 02, 2024 | 4:44 pm

ADTX

Aditxt, Inc. (NASDAQ:ADTX) announced the acquisition of Appili Therapeutics, causing volatility in its stock. The acquisition involves Aditxt's subsidiary, Adivir, Inc., purchasing all issued and outstanding Class A common shares of Appili. Appili has developed several significant projects, including FDA-approved Likmez and a biodefense program supported by a $14 million award from the U.S. Department of Defense. Following the announcement, Aditxt's trading volume surged, with over 12 million shares traded, significantly above its 100-day average.

Portfolio Pulse from Erica Kollmann

April 02, 2024 | 4:42 pm

ACOR

Acorda Therapeutics Inc (NASDAQ:ACOR) shares plummeted nearly 90% after announcing Chapter 11 bankruptcy proceedings and an asset purchase agreement with Merz Therapeutics for $185 million. The agreement includes the sale of key drugs like INBRIJA, AMPYRA, and FAMPYRA. Despite the bankruptcy filing, Acorda plans to continue operations and aims to ensure uninterrupted medication supply to patients. The company had previously canceled its Q4 and year-end 2023 earnings call but will still file its Annual Report for 2023.

Portfolio Pulse from Henry Khederian

April 02, 2024 | 4:41 pm

MU

Micron Technology, Inc. (NASDAQ:MU) reported strong fiscal Q2 2024 results, with significant revenue growth to $5.82 billion and a return to profitability, driven by AI demand and a tight supply environment. The company's gross margin improved to 18.5%, and GAAP net income reached $793 million. Despite a negative free cash flow of $29 million, forward guidance is positive, projecting Q3 revenue around $6.60 billion and improved margins.

Portfolio Pulse from Tornado

April 02, 2024 | 4:39 pm

EDR

TKO

Silver Lake is set to acquire Endeavor Group Holdings, Inc. (NYSE:EDR) in a deal valued at $13 billion in equity and $25 billion in consolidated enterprise value, marking the largest private equity sponsor take-private in the media & entertainment sector in a decade. Endeavor stockholders will receive $27.50 per share in cash, a 55% premium over the unaffected share price. The transaction, supported by significant investments and new debt financing, is expected to close by the end of Q1 2025. TKO Group Holdings, Inc. (NYSE:TKO) is not part of this transaction but will continue to benefit from its connection to Endeavor.

Portfolio Pulse from Benzinga Newsdesk

April 02, 2024 | 4:32 pm

ROIV

Roivant Sciences (NASDAQ:ROIV) and Priovant Therapeutics announced positive results from the Phase 2 NEPTUNE study of brepocitinib in non-anterior non-infectious uveitis (NIU), showing significant treatment benefits. Additionally, Roivant's board authorized a share repurchase program for up to $1.5 billion, including buying back shares from Sumitomo Pharma, which will reduce outstanding shares by about 9%. ROIV shares rose 5.37% to $10.99.

Portfolio Pulse from Vandana Singh

April 02, 2024 | 4:31 pm