Latest news for Biostax (OTC:BTAX) Stock

Biostax Corp is a biotechnology company utilizing the Biostax Development Engine, is a developer and marketer of pharmaceutical, biotechnology and MedTech products that have a well-defined path to market. The company is focused on driving the development and commercialization of proprietary mechanisms to prevent, intercept and improve these diseases at affordable cost. It is a therapeutic and health tech agnostic, constantly seeking assets with low acquisition costs and high growth opportunities having significant clinical and commercial potential.

Biostax Corp

Stocks hitting their 52-week high and delivering consistent performance offer attractive opportunities to investors while building a portfolio. This is because stocks near that level are perceived to be winners. However, stocks touching a new 52-week high are often predisposed to profit-taking, resulting in pullbacks and trend reversals.
Moreover, given the high price, investors often wonder if the stock is overpriced. While the speculations are not absolutely baseless, all stocks hitting a 52-week high are not necessarily overpriced.
In fact, investors might lose out on top gainers in an attempt to avoid the steep prices.
Stocks such as Universal Health Services (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/uhs#NYSE">UHS</a>), Tenet Healthcare Corp. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/thc#NYSE">THC</a>), Century Communities (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ccs#NYSE">CCS</a>) and Magnite (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mgni#NASDAQ">MGNI</a>) are expected to maintain their momentum and keep scaling new highs. Extensive information on a stock is necessary to understand whether or not there is scope for further upside.
Here, we discuss a strategy to find the right stocks. The strategy borrows from the basics of momentum investing. This technique bets on &quot;buy high, sell higher.&quot;
<h3>52-Week High: A Good Indicator</h3>
Many times, stocks that hit a 52-week high fail to scale higher despite having potential. This is because investors fear that the stocks are overvalued and expect the price to crash.
In fact, overvaluation is natural for most of these stocks as investors&#39; focus (or willingness to pay a premium) has helped them reach the level. But that does not always indicate an impending decline. Factors such as robust sales, surging profit levels, earnings growth prospects and strategic acquisitions that encouraged investors to bet on these stocks could keep them motivated if there is no tangible negative. In other words, the momentum might continue.
Also, when a string of positive developments dominates the market, investors find their under-reaction unwarranted, even if there are no company-specific driving forces.
<h3>Setting the Right Filters</h3>
We ran a screen to zero in on 52-week high stocks (trading near the high level) that hold tremendous upside potential. The screen includes parameters to shortlist stocks with strong earnings growth expectations, sturdy value metrics and price momentum.
Moreover, the screen filters stocks that are relatively undervalued compared to their peers in terms of earnings as well as sales, ensuring the continuation of their rally for some time.
<h3>Current Price/52 Week High &gt;= .8</h3>
This is the ratio between the current price and the highest price at which the stock has traded in the past 52 weeks. A value greater than 0.11 implies that the stock is trading within 20% of its 52-week high range.
<h3>% Change Price &ndash; 4 Weeks &gt; 0</h3>
It ensures that the stock price has moved north over the past four weeks.
<h3>% Change Price &ndash; 12 Weeks &gt; 0</h3>
This metric guarantees a continued upward price momentum for the stock over the past three months as well.
<h3>Price/Sales &lt;= XIndMed</h3>
The lower, the better.
<h3>P/E using F(1) Estimate &lt;= XIndMed</h3>
This metric measures the amount an investor puts into a company to obtain one dollar of earnings. It narrows down the list of stocks to those that are undervalued compared to the industry.
<h3>One-Year EPS Growth F(1)/F(0) &gt;= XIndMed</h3>
This helps choose stocks that have higher growth rates than the industry. This is a meaningful indicator, as decent earnings growth adds to investor optimism.
<h3>Zacks Rank =1</h3>
No screening is complete without the Zacks Rank, which has proved its worth since its inception. It is a fundamental truth that stocks with a Zacks Rank #1 (Strong Buy) have always managed to brave adversities and beat the market average.
<h3>Current Price &gt;= 8</h3>
This parameter will help screen stocks that are trading at $8 or higher.
<h3>Volume &ndash; 20 days (shares) &gt;= 100000</h3>
The inclusion of this metric ensures that there is a substantial volume of shares, so trading is easier.
Here are four stocks of the 11 that made it through the screen:
Universal Health Services owns and operates (through its subsidiaries) acute care hospitals, behavioral health centers, surgical hospitals, ambulatory surgery centers and radiation oncology centers.
Universal Health&#39;s Acute Care and Behavioral Health segments have been pivotal in driving top-line growth, fueled by expansions in licensed bed capacity. The company anticipates positive impacts on its Acute Care unit from Medicaid supplemental programs.
Strategic buyouts have played a significant role in augmenting its growth trajectory by broadening its portfolio of facilities. It beat second-quarter earnings estimates on Acute Care strength. The company maintains a robust liquidity position, enabling it to pursue growth initiatives and distribute capital through buybacks and dividends. It has resorted to a constant dividend payout of 20 cents per share since 2019.
The Zacks Consensus Estimate for UHS&#39; 2024 earnings has moved north by 9.2% to $15.03 per share in the past 30 days. The company surpassed the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 14.58%.
Tenet Healthcare is a major investor-owned healthcare services company operating general hospitals and related facilities across multiple states, with key offices in California and Florida.
Tenet&#39;s revenue growth is fueled by increasing patient admissions, while its strategy of acquisitions and alliances aims to expand the scale of its business through inorganic growth. It has been undertaking divestitures to eliminate unprofitable businesses and focus on allocating capital to higher return-generating investments. Its performance in Ambulatory Care is driving the results.
Net operating revenues for the Ambulatory Care unit are likely to be between $4.325-$4.475 billion in 2024. Tenet&#39;s financial performance is further enhanced by contractual rate increases in its Conifer joint venture. This combination of organic growth, strategic acquisitions, operational optimization and strong performance in key business units positions Tenet Healthcare for continued success in the healthcare services sector.
The Zacks Consensus Estimate for THC&#39;s 2024 earnings has moved north by 16.8% to $10.21 per share in the past 30 days. The company surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 58.48%.
Century Communities is a home building and construction company. Its activities comprise land acquisition, development and entitlements, and the acquisition, development, construction, marketing, and sale of various single-family detached and attached residential home projects.
The company&#39;s initiative of offering affordable homes along with several incentive offerings, including lot premiums, interest rate buydowns and discounts on base home prices, is expected to be a tailwind. Also, its focus on building homes on a spec basis bodes well. This initiative of the company helps in direct cost control, sparks the availability of quick move-ins and assures buyers of financing certainty.
Furthermore, despite the improving inventory of existing home sales, the company is likely to benefit from increasing new home contracts, thanks to its improved cycle times and increased level of home starts. The company&#39;s focus on affordability, along with the reduced cycle times and cost-reduction initiatives, positions it well for the rest of 2024.
The Zacks Consensus Estimate for 2024 earnings has moved north by 3.1% to $10.43 per share in the past 30 days. CCS surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 35.57%.
Magnite provides sell-side advertising platform. The company&#39;s omnichannel advertising platform enables publishers to monetize across all auction types and formats, including CTV, desktop display, video, audio and mobile.
Magnite intends to continuously invest in providing seamless services to its clients from different domains. The combination of SpringServe and Magnite streaming SSP offers a complete solution that includes ad serving, yield monetization, audience capabilities and a host of tools to protect the consumer viewing experience and honor complex rules of competitive separation and frequency capping.
ClearLine, the company&#39;s self-service direct buying platform, is continuing to gain traction with numerous agencies and multiple brands testing and transacting through it. Contributions from a robust partner base, including the likes of Sling, Hulu, Pluto, Tubi, Discovery and Fox, and device manufacturing companies like Roku and Samsung, are expected to have contributed to MGNI&#39;s revenues in the upcoming quarters.
The Zacks Consensus Estimate for MGNI&#39;s 2024 earnings has remained steady at 82 cents per share in the past 30 days. The company beat the Zacks Consensus Estimate twice in the trailing four quarters while missing the same twice, the average surprise being 252.78%.
Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material.
<a href="https://www.zacks.com/stock/news/2314000/4-stocks-trading-near-52-week-high-that-can-climb-further?cid=CS-BENZ-FT-analyst_blog|rw-2314000">To read this article on Zacks.com click here.</a>

Earnings

Earnings Beats

News

Small Cap

Markets

Analyst Ratings

Trading Ideas

MGNI

4 Stocks Trading Near 52-Week High That Can Climb Further

Vertically integrated cannabis company Jushi Holdings Inc. (CSE:<a class="ticker" href="https://www.benzinga.com/stock/USH#CSE">USH</a>) (OTCQX:<a class="ticker" href="https://www.benzinga.com/stock/JUSHF#OTCQX">JUSHF</a>) refinanced its existing $53 million loan due December 31, 2024, by issuing a new $48.5 million senior secured term loan and using around $7.4 million in cash. The new loan carries an interest rate of 12.25% per year, payable quarterly. 
"The refinancing strengthens Jushi's balance sheet by continuing the company's commitment towards deleveraging and secures an attractive cost of capital amidst the current credit environment," stated James Cacioppo, Jushi CEO, chairman and founder. "We were able to attract new institutional lenders to our term loan which is a testament to our operational strength and suite of assets in key high-growth states which we believe will soon realize their full potential."
The term loan amortizes quarterly at the rate of 2.5%, starting one year after issuance and matures within 30 months, or 91 days prior to the maturity of the company's existing second lien notes due Dec. 2026. Investors in the new loan received five-year warrants at 40%, allowing them to buy shares at $1 each. The warrants were offered and sold in a private placement only to accredited investors and qualified institutional buyers.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/06/39146583/exclusive-learn-how-this-cannabis-banking-innovators-lead-with-lending-strategy-drives-financial">EXCLUSIVE: Learn How This Cannabis Banking Innovator&#8217;s &#8216;Lead with Lending&#8217; Strategy Drives Financial Success</a>
<h2 class="wp-block-heading">Term Loan Highlights</h2>
"Following this refinancing and including the early extinguishment of one of our acquisition-related promissory notes in early July, our short-term debt subject to scheduled repayments is less than $1 million as of July 31, 2024," Cacioppo continued. "We remain focused to deliver value to our shareholders and are excited with the regulatory changes that we anticipate on both the state and federal levels. We would also like to thank SunStream Bancorp Inc. for their support in Jushi since its financing of the Existing 1st Lien Credit Facility in October 2021."
As of July 31, following the refinancing, Jushi has about $19 million in cash and has made significant debt payments, leaving less than $1 million in short-term debt.
An entity affiliated with Cacioppo took part in the loan with a principal amount of $9 million and received 3.6 million warrants. Denis Arsenault, founder and significant equity holder of the company, also participated in the refinancing with $7 million and received 2.8 million warrants.
Adjustments were made to Jushi's previous debt agreements to align with the new loan terms, with consents from note holders.
Jushi obtained consent from noteholders of the company's previous debt agreements in order to make necessary aliments with the new loan terms.
<h2 class="wp-block-heading">Second Quarter 2024 Financial Results</h2>
The Florida-based company also announced that it will report its financial results for the second quarter ended June 30, 2024, after the market closes on Wednesday, August 7, 2024.
Management will host a conference call and audio webcast on Wednesday, August 7, 2024, at 4:30 p.m. ET to discuss the company's financial results.
Price Action
Jushi shares traded 1.79% higher at 57 cents per share at the time of writing Thursday morning.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cannabis/24/07/40075688/cannabis-companies-about-to-release-earnings-reports-get-your-news-here-glass-house-schwazze-and">Cannabis Companies About To Release Earnings Reports, Get Your News Here: Glass House, Schwazze And More</a></li>
</ul>
<figure class="wp-block-image size-full"><a href=" https://www.benzinga.com/events/cannabis-conference/"><img loading="lazy" decoding="async" width="970" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/08/01103117/CCC-Oct-24-Banner-1-2.gif" alt="" class="wp-image-470666" /></a></figure>
Photo: Courtesy of SD_FlowerPower via Shutterstock

Cannabis

CSE:USH

JUSHI HLDGS INC CL B by Jushi Holdings Inc.

JUSHF

Jushi Cuts $53M Debt With New $48M Loan, Now Holds Less Than $1M In Short-Term Debt

Canada Goose Holdings Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GOOS#NYSE">GOOS</a>) stock is moving lower on Thursday. Before the market opened, the clothing company reported fiscal earnings for its 2025 <a href="https://www.benzinga.com/news/24/07/39777087/why-canada-goose-goos-shares-are-falling">fiscal year first quarter</a>.
The Details: Canada Goose reported sales of CAD$88.1 million ($63.83 million) beating analyst estimates of CAD$87.14 million.
Total revenue consisted of CAD$63.1 million from direct to consumer revenue, CAD$16 million from wholesale revenue and CAD$7.1 million from other revenue. In addition, Canada Goose reported a loss of 80 Canadian cents per share, missing analyst estimates of a loss of 79 Canadian cents per share.
Canada Goose reported an adjusted EBIT loss of CAD$96 million and an operating loss of CAD$96.9 million. The company's gross profit decreased by 5% year-over-year, totaling CAD$52.6 million. Additionally, inventory decreased by 7% year-over-year, amounting to CAD$484.3 million.
The clothing company maintained its guidance for the fiscal year 2025. Canada Goose said revenue is expected to grow slightly year-over-year, with around 25% of the increase coming in the first half of fiscal year 2025 and 75% in the second half, following a similar pattern to fiscal year 2024.
&#8220;Canada Goose had a solid start to the year, as our Spring-Summer 2024 collection attracted new and existing customers to shop in our stores and online, contributing to revenue growth in our&nbsp;first quarter, which was especially robust in the Asia Pacific region,&#8221; said Dani Reiss, chairman and CEO of Canada Goose. 
&#8220;I&#8217;m encouraged by the early progress we made across our fiscal 2025 key operating imperatives, evolving our brand and product, welcoming our first-ever Creative Director, Haider Ackermann, advancing our retail execution plans, and introducing new ways of working to inspire greater operating discipline and efficiencies across the organization.&#8221;
Related Link: <a href="https://www.benzinga.com/markets/cannabis/24/07/39679623/the-hottest-new-brand-in-trippy-fashion-meet-the-ann-wagners">The Hottest New Brand In &#8216;Trippy&#8217; Fashion: Meet The Ann Wagners</a>
GOOS Price Action: At the time of writing, Canada Goose stock is trading 3.98% lower at $11.09 per data from <a href="https://www.benzinga.com/pro/">Benzinga Pro</a>.
Images: Photo via Shuttershock

Movers

GOOS

What's Going On With Canada Goose Stock Thursday?

WIIM

Canada Goose shares are trading lower following mixed Q1 results.

Piper Sandler analyst Arvind Ramnani maintains Clearwater Analytics Hldg (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CWAN#NYSE">CWAN</a>) with a Neutral and raises the price target from $20 to $23.

Price Target

CWAN

Piper Sandler Maintains Neutral on Clearwater Analytics Hldg, Raises Price Target to $23

Match Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MTCH#NASDAQ">MTCH</a>) reported better-than-expected second-quarter revenue results and issued strong third-quarter revenue guidance, <a href="https://www.benzinga.com/news/earnings/24/07/40051630/match-group-stock-climbs-on-strong-q2-results-hinge-revenue-up-48">after the closing bell on Tuesday</a>.
Match Group reported quarterly earnings of 48 cents per share, in-line with the analyst consensus estimate. Quarterly sales clocked in at $864 million which beat the analyst consensus estimate of $856.4 million and is a 4.15% increase from the same period last year.
"Match Group delivered Q2 results that were slightly ahead of our expectations for both Total Revenue and Adjusted Operating Income, despite incremental FX headwinds and Canada&#8217;s abrupt enactment of a retroactive Digital Services Tax," said Bernard Kim, Match Group's CEO.
Match Group shares fell 4.7% to trade at $36.34 on Thursday.
These analysts made changes to their price targets on Match Group following earnings announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58bd551cb85e930001592b02/youssef-squali">Truist Securities analyst Youssef Squali </a>maintained Match Group with a Hold and raised the price target from $33 to $37.</li>
<li>S<a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58041885846faa000106a9ae/mark-kelley">tifel analyst Mark Kelley</a> maintained the stock with a Hold rating, while increasing the price target from $34 to $39.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58ecd4830bd9910001845462/brad-erickson">RBC Capital analyst Brad Erickson</a> maintained Match Group with an Outperform and raised the price target from $33 to $47.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/5e1c83ca7da4190001b36e41/benjamin-black">Deutsche Bank analyst Benjamin Black</a> maintained the stock with a Buy and raised the price target from $38 to $45.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/6228cce726d793000121adf5/alexandra-steiger">Goldman Sachs analyst Alexandra Steiger</a> maintained Match Group with a Buy, while boosting the price target from $39 to $45.</li>
</ul>
Read Next:
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<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40101200/top-3-health-care-stocks-that-are-set-to-fly-this-quarter"> Top 3 Health Care Stocks That Are Set To Fly This Quarter</a></li>
</ul>

MTCH

These Analysts Boost Their Forecasts On Match Group Following Upbeat Sales

Benchmark analyst Matthew Harrigan maintains T-Mobile US (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMUS#NASDAQ">TMUS</a>) with a Buy and raises the price target from $200 to $220.

TMUS

Benchmark Maintains Buy on T-Mobile US, Raises Price Target to $220

Boeing Co&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BA#NYSE">BA</a>)&nbsp;shares are trading lower today following second quarter earnings miss reported yesterday. Several analysts raised <a target="_blank" href="https://www.benzinga.com/quote/BA/analyst-ratings" rel="noreferrer noopener">the price target on the stock</a>.
Boeing reported a&nbsp;revenue decline of&nbsp;15%&nbsp;Y/Y to&nbsp;$16.866 billion, missing the consensus of&nbsp;$17.23 billion, and adjusted loss per share of&nbsp;$(2.90)&nbsp;<a target="_blank" href="https://www.benzinga.com//node/40066164" rel="noreferrer noopener">missed the consensus of&nbsp;$(1.91)</a>.
Also, Boeing announced Robert K. &#8220;Kelly&#8221; Ortberg as the&nbsp;company&#8217;s new president and chief executive <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/40073628/who-is-boeings-new-ceo-kelly-ortberg-former-rockwell-collins-chief-comes-out-of-retirement" rel="noreferrer noopener">officer, effective August 8, 2024</a>.
Stifel analyst Bert W. Subin upped the price target from $230 to $235 while maintaining a Buy rating.
The analyst writes that the key announcement is Kelly Ortberg&#8217;s appointment as Boeing CEO. Ortberg&#8217;s hire could drive much-needed cultural change and mark a new chapter for Boeing, with strong demand and improving supply on the horizon.
Subin doesn&#8217;t anticipate an increase in delivery estimates after earnings but doesn&#8217;t expect significant cuts either, suggesting a potential turning point.
At the call, CFO Brian West revealed that free cash flow (FCF) will remain negative in the third quarter but is expected to recover in the fourth quarter. As production increases—MAX reaching ~38/month and 787 ~5/month by year-end—inventory should stabilize, with additional aircraft deliveries expected to boost results, writes the analyst.
Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39928770/boeing-resumes-737-max-deliveries-to-china-after-regulatory-delay-report" rel="noreferrer noopener">Boeing Resumes 737 MAX Deliveries To China After Regulatory Delay: Report</a>
RBC Capital Markets analyst Ken Herbert raised the price target from $210 to $220 and reiterated the Outperform rating.
The analyst says that the key upcoming catalysts are Kelly Ortberg&#8217;s expected reset of company expectations and the resolution of the IAM contract in September.
Herbert anticipates no strike at Boeing and views the catalyst path as favorable, especially if Boeing achieves its planned delivery increase in H2 2024, which is crucial for improving the FCF outlook.
Goldman Sachs analyst Noah Popona maintained a Buy rating with a price target of $242.
The analyst writes that the press release doesn&#8217;t provide 2024 guidance, but they anticipate Boeing will outline its production ramp through the end of the year and reaffirm its $10 billion mid-term framework.
Last month, Boeing agreed to finalize a guilty plea to a criminal fraud conspiracy charge and pay at least $243.6 million for breaching a 2021&nbsp;<a target="_blank" href="https://www.benzinga.com/news/24/07/39959380/whats-going-on-with-boeing-shares-on-thursday" rel="noreferrer noopener">agreement with the U.S. Justice Department</a>.
Boeing stock has lost around 25%&nbsp;in the last 12 months.&nbsp;Investors can gain exposure to the stock via&nbsp;IShares U.S.&nbsp;Aerospace &amp; Defense ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/ITA#BATS">ITA</a>) and&nbsp;First Trust Exchange-Traded Fund First Trust Indxx Aerospace &amp; Defense ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MISL#NYSE">MISL</a>).
Price Action: BA shares are down 6.47% at $178.26 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Shutterstock
Read Next:
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<li><a href="https://www.benzinga.com/news/24/07/39979702/return-of-astronauts-aboard-boeings-starliner-uncertain-even-after-50-days-of-launch-nasa-hints-at-p" target="_blank" rel="noreferrer noopener">Return Of Astronauts Aboard Boeing&#8217;s Starliner Uncertain Even After 50 Days Of Launch: NASA Hints At Possibility Of Using SpaceX&#8217;s Dragon Spacecraft To Bring Them Back</a></li>
</ul>

Analyst Color

Equities

Large Cap

Reiteration

iShares Dow Jones US Aerospace & Defense Index Fund

MISL

Boeing's Turning Point: Analysts Raise Price Forecasts, Highlighting CEO Change and Anticipated Delivery Growth

Goldman Sachs analyst Christine Cho maintains Wingstop (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WING#NASDAQ">WING</a>) with a Neutral and raises the price target from $407 to $458.

WING

Goldman Sachs Maintains Neutral on Wingstop, Raises Price Target to $458

Goldman Sachs analyst George Tong maintains UL Solutions (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ULS#NYSE">ULS</a>) with a Neutral and raises the price target from $40 to $45.

Goldman Sachs Maintains Neutral on UL Solutions, Raises Price Target to $45

Argus Research analyst Jacob Kilstein downgrades Digital Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DLR#NYSE">DLR</a>) from Buy to Hold.

Downgrades

Argus Research Downgrades Digital Realty Trust to Hold

Goldman Sachs analyst Jerry Revich maintains Terex (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TEX#NYSE">TEX</a>) with a Neutral and raises the price target from $64 to $72.

Goldman Sachs Maintains Neutral on Terex, Raises Price Target to $72

Macro Economic Events

Politics

Global

Economics

General

White Houses Sullivan Says No Money Was Exchanged In Prisoner Swap Deal; Released Detainees Will Be On American Soil Later Thursday

On Thursday, Agios Pharmaceuticals Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AGIO#NASDAQ">AGIO</a>) released topline results from the global Phase 3 ACTIVATE-KidsT study of mitapivat in children aged 1 to &lt;18 years with PK deficiency <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40093772/agios-announces-results-from-phase-3-activate-kidst-study-of-mitapivat-in-children-with-pk-deficie" rel="noreferrer noopener">who are regularly transfused</a>.
Pyruvate kinase deficiency is a&nbsp;rare genetic disorder characterized by the premature destruction of red blood cells.
Using Bayesian methodology, the prespecified statistical criterion for the primary endpoint in ACTIVATE-KidsT was not met using low or moderate borrowing of data from the ACTIVATE-T study in adults.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/06/39141375/why-is-agios-pharmaceuticals-stock-trading-higher-on-monday" rel="noreferrer noopener">Why Is Agios Pharmaceuticals Stock Trading Higher On Monday</a>?
In the ACTIVATE-KidsT study, 28.1% of patients in the mitapivat arm achieved the primary endpoint of transfusion reduction response, compared to 11.8% of patients in the placebo arm.
Transfusion-free response and normal hemoglobin response were secondary endpoints in this study and were only observed in patients in the mitapivat arm.
Mitapivat was generally safe and well-tolerated, with safety results consistent with the safety profile for mitapivat previously observed in adults with PK deficiency who are regularly transfused.
Six patients (18.8%) in the mitapivat arm compared to 0 in the placebo arm had a transfusion-free response, defined as no red blood cell transfusions from Week 9 through Week 32 of the double-blind period.
Four patients (12.5%) in the mitapivat arm achieved a normal hemoglobin response compared to 0 in the placebo arm.
Pyrukynd&nbsp;(mitapivat) is a pyruvate kinase activator indicated for hemolytic anemia in adults with pyruvate kinase (PK) deficiency in&nbsp;the&nbsp;U.S. and PK deficiency in adult patients in the&nbsp;European Union.
In addition, Agios has completed enrollment in the ACTIVATE-Kids study of mitapivat in children with PK deficiency who are not regularly transfused and expects to report topline data in 2025.
In the second quarter, the company reported Pyrukynd sales of $8.6 million, up <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40093822/agios-reports-business-highlights-and-second-quarter-2024-financial-results" rel="noreferrer noopener">from $6.71 million a year ago</a>, missing the consensus of $9.31 million.&nbsp;
The company reported an EPS loss of $(1.69), up from $(1.51) a year ago and missing the consensus of $(1.60).
Price Action: AGIO stock is down 4.87% at $44.14 at last check Thursday.
Read Next:
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<li><a href="https://www.benzinga.com/news/earnings/24/08/40107403/cignas-q2-profit-beats-analyst-estimates-as-evernorth-health-services-growth-builds-momentum-reiter" target="_blank" rel="noreferrer noopener">Cigna&#8217;s Q2 Profit Beats Analyst Estimates As Evernorth Health Services Growth Builds Momentum, Reiterates Annual Outlook</a>.</li>
</ul>

Biotech

Health Care

AGIO

Agios Pharmaceuticals' Rare Blood Disorder Drug Misses Primary Goal In Pediatric Study, Stock Slides

The euro-backed stablecoin EURC (CRYPTO: EURC) has officially launched on the Base mainnet, a leading Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/23/08/33675011/coinbase-launches-its-own-blockchain-what-you-need-to-know-about-base">Layer 2 network</a>.
What Happened: Circle, the issuer of EURC, has announced that its Circle Mint and associated APIs now support the minting and redemption of EURC on Base for financial institutions.
This <a href="https://www.circle.com/blog/eurc-now-available-on-base">integration</a> is expected to enhance liquidity and accessibility for euro-denominated transactions on the network.
Jesse Pollak, Creator of Base told Benzinga that Circle&#8217;s launch of EURC on Base is a major step towards updating the traditional financial system and creating a new global on-chain economy. 
He noted their potential to &#8220;bring huge benefits and innovation to businesses, consumers, and provide better access to financial services for the underbanked.&#8221;
EURC joins USDC (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>), another stablecoin issued by Circle, on the Base platform.
Both EURC and USDC have achieved compliance with the European Union&#8217;s <a href="https://www.benzinga.com/23/06/32930726/eu-crypto-regulations-and-adoption-mica-a-balancing-act-between-compromise-and-facilitation">Markets in Crypto Assets</a> (MiCA) regulation, positioning them as trusted options for businesses operating within the EU&#8217;s regulatory framework.
Several key industry players have already pledged support for EURC on Base, including Aerodrome, Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>), Coinbase Wallet and Uniswap Labs (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/uni/usd">UNI</a>).
This backing from established entities in the cryptocurrency space suggests a strong foundation for EURC&#8217;s adoption and use on the Base network.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/"><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40097155/bitcoin-down-to-64-500-ethereum-etfs-stutter-why-did-crypto-not-rally-after-the-fomc-meeti">Bitcoin Down To $64,500, Ethereum ETFs Stutter: Why Did Crypto Not Rally After The FOMC Meeting?</a>
Why It Matters: The introduction of EURC on Base opens up new possibilities for global commerce, potentially streamlining cross-border payments, enabling access to crypto capital markets, and providing a euro-denominated store of value within the digital asset ecosystem.
Stablecoins like EURC &#8220;make it easier for everyone, everywhere to transact across borders,&#8221; Pollack said.
It&#8217;s worth noting that USDC has already established a significant presence on Base, with nearly $3 billion in circulation and a reported 97% market share among stablecoins on the platform. 
This existing infrastructure may provide a blueprint for EURC&#8217;s integration and growth on Base.
Pollak expressed enthusiasm about the launch, stating, &#8220;We are thrilled to have EURC launching a trusted euro stablecoin on Base and we believe that it&#8217;s a critical next step for growing the on-chain economy.&#8221;
As the digital asset landscape continues to evolve, the launch of EURC on Base represents another step towards the maturation and diversification of the stablecoin market. 
Industry observers and participants will be keenly watching how this development impacts euro-denominated transactions and liquidity within the broader cryptocurrency ecosystem.
What&#8217;s Next: For those interested in learning more about the future of digital assets, including developments like the EURC launch, Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19 promises to offer valuable insights and discussions on the latest trends and innovations in the space.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40076664/trump-launches-limited-edition-bitcoin-themed-sneakers-following-bitcoin-2024-keynote-repo">Trump Launches Limited Edition Bitcoin-Themed Sneakers Following Bitcoin 2024 Keynote: Report</a></li>
</ul>
Image: Shutterstock

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EURC

Euro Stablecoin EURC Stablecoin Launches On Ethereum Layer-2 Blockchain Base

As Donald Trump has already announced his support for the cryptocurrency industry, Galaxy CEO Mike Novogratz suggests that his political opponent, Vice President Kamala Harris, may <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40108287/can-kamala-harriss-engagement-with-crypto-leaders-change-us-policy-insights-from-anthony-s">soon follow suit.</a>
What Happened: Harris, expected to be the Democratic nominee to challenge Trump in the upcoming November election, has remained relatively silent on her <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40099280/vice-president-kamala-harris-chances-up-to-43-is-her-crypto-pivot-driving-the-surge">stance regarding cryptocurrencies</a>.
Trump made a notable appearance at the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) 2024 conference last week, where he <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40018935/trumps-bitcoin-conference-pledge-can-he-really-fire-sec-chair-gensler">vowed to dismiss</a> SEC Chair Gary Gensler if reelected and pledged to &#8220;keep 100% of all Bitcoin the US government currently holds or acquires.&#8221;
His running mate, JD Vance (R-Ohio), is also seen as favorable towards cryptocurrency.
Novogratz emphasized during Galaxy's earnings call on Thursday the importance of bipartisan support for cryptocurrency, noting that it is essential for the technology&#8217;s future growth, <a href="https://blockworks.co/news/novogratz-hopeful-vp-harris-will-be-pro-crypto">according</a> to Blockworks.
He expressed optimism that Harris will soon make her position clear.
"I am fairly certain, and hopeful, that nominee Harris … is going to soon make comments that show that she's from San Francisco — the land of innovation — and that she wants to be a pro-innovation, pro-crypto president," Novogratz said.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/events/digital-assets/ "><img loading="lazy" decoding="async" width="300" height="250" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/03/27091545/Benzinga-conference.gif" alt="Benzinga future of digital assets conference" class="wp-image-267246" /></a></figure>
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40101355/bitcoins-joined-the-big-leagues-but-were-not-bullish-enough-says-bitwise-cio-matt-hougan">Bitcoin&#8217;s Joined The Big Leagues, But: &#8216;We&#8217;re Not Bullish Enough,&#8217; Says Bitwise CIO Matt Hougan</a>
Historically, Republican politicians have been more vocal in their support for the cryptocurrency sector. However, there has been significant progress among Democrats as well. 
Several have joined Republicans in supporting measures to overturn the SEC's Staff Accounting Bulletin 121 and the <a href="https://www.benzinga.com/markets/cryptocurrency/24/05/39004550/exclusive-all-you-need-to-know-about-the-fit21-crypto-bill">FIT21 Act</a>.
"I am working really hard on the Democratic side now mostly because we don't want to be a one-party industry; we're a technology and a movement and it should be bipartisan," Novogratz added. 
"If we get the Democrats to go where I think they're going … now we've got both sides, and we can be less worried about Washington and more worried about prosecuting our business."
Beyond the political landscape, Novogratz pointed out that the macroeconomic environment appears favorable for Bitcoin and cryptocurrencies in general. 
The Federal Reserve recently decided to maintain interest rates, but a rate cut is widely anticipated in September. "Lowering rates adds to the narrative of crypto," Novogratz stated.
Neither Harris nor Trump have extensively discussed addressing the national deficit by cutting spending, despite the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40029079/biden-on-track-to-break-trumps-record-says-peter-schiff-as-us-debt-tops-35-trillion">national debt</a> surpassing $35 trillion.
"Until that paradigm shifts — and it's hard to see it shifting — Bitcoin as a store of value and bitcoin as digital gold is going to have an amazing appeal to investors around the world," Novogratz said.
Bitcoin is currently trading at $62,600, down 6% over the past 24 hours.
What&#8217;s Next: These developments set the stage for Benzinga&#8217;s <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19, where industry leaders and policymakers will discuss the evolving landscape of digital currencies, regulatory challenges, and the potential future role of cryptocurrencies in the global economy.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/08/40099280/vice-president-kamala-harris-chances-up-to-43-is-her-crypto-pivot-driving-the-surge">Vice President Kamala Harris Chances Up To 43%: Is Her Crypto Pivot Driving The Surge?</a></li>
</ul>

$BTC

Mike Novogratz Predicts Kamala Harris May Soon Embrace Crypto In Light Of Donald Trump's Pro-Crypto Stance

Goldman Sachs analyst Adam Hotchkiss maintains Q2 Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/QTWO#NYSE">QTWO</a>) with a Buy and raises the price target from $59 to $86.

QTWO

Goldman Sachs Maintains Buy on Q2 Holdings, Raises Price Target to $86

Goldman Sachs analyst Kate McShane maintains Mister Car Wash (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCW#NYSE">MCW</a>) with a Sell and raises the price target from $5 to $6.

Goldman Sachs Maintains Sell on Mister Car Wash, Raises Price Target to $6

Mastercard Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MA#NYSE">MA</a>) reported better-than-expected second-quarter <a href="https://www.benzinga.com/news/earnings/24/07/40069076/mastercard-q2-earnings-revenue-and-profit-beat-rise-in-discretionary-consumer-spending-and-travel-b">financial results on Wednesday</a>.
Mastercard reported fiscal second-quarter net revenues of $7.0 billion, up 10% year over year and 13% year over year on a neutral currency basis, beating the analyst consensus estimate of $6.85 billion. Adjusted EPS rose 24% year over year to $3.59, exceeding the analyst consensus estimate of $3.51.
CEO Michael Miebach said, &#8220;This was supported by continued healthy consumer spending, robust cross-border volume growth of 17%, and demand for our value-added services and solutions where net revenue increased 18%, or 19% on a currency-neutral basis."
For the third quarter, Mastercard expects net revenue growth in the low-double-digit versus the $6.85 billion analyst consensus estimate. For fiscal 2024, Mastercard projects net revenue growth of low-double-digits (prior low-end of low-double-digits) versus the $27.84 billion analyst consensus estimate.
Mastercard shares fell 0.6% to trade at $461.04 on Thursday.
These analysts made changes to their price targets on Mastercard following earnings announcement.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58a462ca43eaaa0001e788dc/james-friedman">Susquehanna analyst James Friedman</a> maintained Mastercard with a Positive rating, while raising the price target from $535 to $540.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/58e64304b85e9300014c97f1/daniel-perlin">RBC Capital analyst Daniel Perlin</a> maintained the stock with an Outperform and boosted the price target from $500 to $526.</li>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/6203b5d2e008470001d757b2/rufus-hone">BMO Capital analyst Rufus Hone</a> maintained Mastercard with an Outperform and raised the price target from $510 to $520.</li>
<li><a href="https://widgets.benzinga.com/analyst-stock-ratings/analyst/6454c3bfaaeafc00016ab1c3/alex-markgraff">Keybanc analyst Alex Markgraff</a> maintained Mastercard with an Overweight rating, while boosting the price target from $490 to $515.</li>
</ul>
Read More:<a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40101200/top-3-health-care-stocks-that-are-set-to-fly-this-quarter"> </a>
<ul>
<li><a href="https://www.benzinga.com/trading-ideas/long-ideas/24/08/40101200/top-3-health-care-stocks-that-are-set-to-fly-this-quarter">Top 3 Health Care Stocks That Are Set To Fly This Quarter</a></li>
</ul>

Mastercard Analysts Increase Their Forecasts Following Upbeat Results

Keybanc analyst Philip Gibbs maintains Universal Stainless (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/USAP#NASDAQ">USAP</a>) with a Overweight and raises the price target from $36 to $46.

USAP

Keybanc Maintains Overweight on Universal Stainless, Raises Price Target to $46

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