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ARQT

The FDA has approved Arcutis Biotherapeutics' Zoryve for seborrheic dermatitis in individuals nine years and older. Zoryve is a steroid-free foam and the first drug with a new mechanism of action for this condition in over 20 years. The STRATUM trial showed rapid disease clearance and significant itch relief. Arcutis plans to make Zoryve available by January 2024. The company also reported positive Phase 3 trial results for roflumilast cream in young children with atopic dermatitis. Following the news, ARQT shares rose 22.54% in premarket trading.

Portfolio Pulse from Vandana Singh

December 18, 2023 | 12:03 pm

CKPT

The FDA issued a Complete Response Letter (CRL) to Checkpoint Therapeutics for their Cosibelimab application for treating metastatic or locally advanced cutaneous squamous cell carcinoma. The CRL relates to issues found during an inspection of a third-party contract manufacturing organization used by Checkpoint.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 12:03 pm

ADM

Archer-Daniels Midland (NYSE:ADM) has received 5 indifferent analyst ratings in the last quarter with no bullish or bearish ratings. The average 12-month price target among these analysts is $76.6, which is a 6.87% decrease from the previous target of $82.25. Analysts consider various factors including company financials and market conditions to provide these ratings.

Portfolio Pulse from Benzinga Insights

December 18, 2023 | 12:00 pm

CRM

Wolfe Research analyst Alex Zukin has upgraded Salesforce (NYSE:CRM) from Peer Perform to Outperform and set a price target of $315. This upgrade suggests a positive outlook for Salesforce's stock performance.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:57 am

TROX

BMO Capital analyst John McNulty has upgraded Tronox Holdings (NYSE:TROX) from Market Perform to Outperform and increased the price target from $11 to $18.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:51 am

X

Shares of United States Steel Corp (NYSE: X) surged approximately 28% after the announcement of its acquisition by Nippon Steel Corp (OTC: NISTF) for $14.1 billion plus debt, totaling an enterprise value of $14.9 billion. The offer price of $55 per share is a 40% premium over U. S. Steel's closing price on December 15, 2023. The deal, approved by both companies' boards, is expected to close in the second or third quarter of 2024, subject to shareholder and regulatory approvals. U. S. Steel recently provided Q4 guidance with adjusted EPS of $0.20-$0.25 and adjusted EBITDA of approximately $250 million.

Portfolio Pulse from Lekha Gupta

December 18, 2023 | 11:43 am

BLNK

Shares of Blink Charging (BLNK) rose 8% in premarket trading after Citadel reported a stake in the company on Friday. The investment by a significant hedge fund like Citadel often suggests confidence in the company's prospects, potentially influencing other investors' perceptions and leading to increased demand for the stock.

Portfolio Pulse from Charles Gross

December 18, 2023 | 11:39 am

ZOM

Zomedica has expanded the market opportunity for its Truforma Diagnostic Platform by launching three new assays for canine gastrointestinal disease diagnostics. The assays include tests for Canine Pancreatic Lipase (cPL), Cobalamin (B12), and Folate. The cPL cartridge is currently available for shipping, while the Cobalamin & Folate cartridge will be available around December 23, 2023.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:35 am

WWW

Wolverine World Wide, Inc. (NYSE:WWW) has announced the sale of its minority ownership interest in the entity that owns Saucony's intellectual property in China and its equity interest in the Merrell and Saucony joint venture entities to Xtep. This strategic move, valued at $61 million, transitions the business from a joint venture to a license and distribution rights model, aiming to leverage Xtep's expertise in China and focus Wolverine Worldwide on global brand-building.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:34 am

CSGP

Needham analyst Mayank Tandon has reaffirmed a Buy rating on CoStar Group (NASDAQ:CSGP) and increased the price target from $80 to $105.

Portfolio Pulse from Benzinga Newsdesk

December 18, 2023 | 11:31 am