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HELIOS UNDERWRITING PLC by Helios Underwriting PLC

Needham analyst Ami Fadia maintains Avadel Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVDL#NASDAQ">AVDL</a>) with a Buy and lowers the price target from $22 to $19.

News

Price Target

Analyst Ratings

Avadel Pharmaceuticals plc - American Depositary Shares each representing one Ordinary Share

AVDL

Needham Maintains Buy on Avadel Pharmaceuticals, Lowers Price Target to $19

As wildfires continue to wreak havoc in Los Angeles, investor confidence in the financial stability of Edison International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EIX#NYSE">EIX</a>) is waning. The concern stems from the possibility that the company&#8217;s equipment may have sparked the fires.
What Happened: Southern California electric utility&#8217;s stock price plummeted by 10% on Wednesday, as per <a href="https://pro.benzinga.com">Benzinga Pro</a>, in the wake of the wildfires. The exact cause of the fires is yet to be determined, with investigations likely to span weeks or even months, The Wall Street Journal <a href="https://www.wsj.com/finance/wildfires-are-making-investors-nervous-about-los-angeles-area-utility-again-0f448a84">reported</a> on Thursday.
California&#8217;s &#8220;inverse condemnation&#8221; law holds utilities strictly liable&nbsp;for property damage caused by&nbsp;their power lines and equipment, irrespective of fault. This law has previously driven major utilities, such as PG&amp;E (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PCG#NYSE">PCG</a>), into bankruptcy following a single wildfire.
Pedro Pizarro, CEO of Edison, has in the past conceded the company&#8217;s susceptibility to wildfires. In a&nbsp;2019 interview with the Los&nbsp;Angeles Times, Pizarro stated that the company&#8217;s solvency was partly due to luck and risk mitigation efforts. He also cautioned that Edison could face bankruptcy in the aftermath of a major fire.
Despite legislative efforts to reduce utilities&#8217; liability risk, including laws allowing utilities to recoup wildfire costs from customers and the establishment of an insurance fund, the financial risk posed by wildfires remains substantial. The insurance fund&#8217;s total assets of $11.4 billion are overshadowed by the potential costs of a major wildfire, as evidenced by the $16.5 billion in damage caused by the 2018 Camp Fire.
Edison&#8217;s financial stability remains precarious, with negative free cash flow and the looming risk of its $18.1 billion equity being wiped out by a single catastrophic event. 
Meanwhile, the company&#8217;s market capitalization is valued at $27 billion.
Edison International has yet to respond to <a href="https://pro.benzinga.com">Benzinga</a>&#8216;s queries.
Why It Matters: The recent wildfires have already caused significant damage in the Los Angeles area. A&nbsp;destructive wildfire&nbsp;swept through the <a href="https://www.benzinga.com/25/01/42878466/wildfire-rips-through-las-pacific-palisades-neighborhood-3000-acres-burned-30000-evacuated-homes-destroyed">Pacific Palisades neighborhood</a>, burning over 3,000 acres and forcing 30,000 residents to evacuate. The National Weather Service had issued warnings for extreme fire conditions, including wind gusts up to 80 mph, which exacerbated the situation.
The ongoing fires have also sparked ethical debates, as <a href="https://www.benzinga.com/news/25/01/42891954/los-angeles-wildfires-will-be-tamed-by-this-day-predict-polymarket-users-observers-raise-ethical-question">multiple betting contracts</a> emerged on the&nbsp;Polymarket platform, allowing users to wager on the outcome of the disaster. This has raised questions about the morality of profiting from such tragic events.
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Disclaimer: This content was partially produced with the help of&nbsp;<a href="https://www.benzinga.com/author/benzinga-neuro" target="_blank" rel="noreferrer noopener">Benzinga Neuro</a>&nbsp;and was reviewed and published by Benzinga editors.
Image via Shutterstock

General

Los Angeles Wildfires Stoke Investor Fears: Edison International's Stock Ended 10% Lower On Wednesday Amid Concerns Over Possible Equipment Links To Forest Fires

Biotech

Health Care

Alterity Therapeutics Limited - American Depositary Shares

ATHE

Alterity Therapeutics In Its Letter To Shareholders Said The Company Expects Topline Data Readout In 2025 From Two Phase 2 Trials In Multiple System Atrophy

Chile has rejected the proposed $2.5 billion Dominga iron and copper mining project. Andes Iron, a domestic <a target="_blank" href="https://www.benzinga.com/topic/mining" rel="noreferrer noopener">exploration and mining company</a>, aimed to establish two open-pit mines and a seaport near the Humboldt Penguin National Reserve.
However, the regulators rejected the project again, citing environmental concerns for an area home to a unique mix of species, including Humboldt penguins, dolphins, and endangered parrots.
The mines were expected to extract 12 million tons of iron and 150,000 tons of copper annually for 22 years, generating 1,400 jobs in a country that is the world's top copper producer.
In 2017, socialist President Michelle Bachelet's administration first rejected the project, leading to the resignation of two top ministers. In 2019, the Chilean Supreme Court ordered a reevaluation, and under the current government of President Gabriel Boric, the project was rejected again in January 2023.
This latest decision by Chile's Committee of Ministers follows an environmental court's mandate to revisit that ruling.
The project's potential impact on biodiversity influenced their decision. The committee noted a lack of a credible mitigation plan, particularly for the burrowing parrot, whose habitat and food sources were inadequately assessed.
"It was not possible to determine or evaluate the real impact on these species," the committee stated.
As <a target="_blank" href="https://www.reuters.com/markets/commodities/chile-rejects-environmental-permit-dominga-copper-iron-mine-2025-01-08/" rel="noreferrer noopener">per</a> the Reuters report, Andes Iron criticized the ruling, accusing the government of bias since the nearby Cruz Grande port received environmental approval.
"The action of the Committee of Ministers sets an unfortunate precedent never seen before in the history of Chile in terms of environmental permits," the company said in a <a target="_blank" href="https://www.dominga.cl/andes-iron-llama-al-comite-de-ministros-a-respetar-fallo-de-justicia-ambiental/" rel="noreferrer noopener">statement</a>.
Despite continuously rejecting this prospective project, Chile remains committed to growing its copper output. State-owned miner Codelco recently showed <a target="_blank" href="https://www.benzinga.com/news/guidance/25/01/42840568/chiles-codelco-targets-turnaround-with-modest-copper-output-increase-and-strategic-lithium-ventures" rel="noreferrer noopener">signs of a production turnaround</a> and is raising $1.5 billion in bonds to fund its capital expenditure plans.
After spending between $4 and $5 billion last year, these expenditures could reach nearly $6 billion in 2025, aiming to push the copper output toward the goal of 1.7 million tons per year by the decade's end. The financing deal, sourced by Bank of America, Citigroup, JPMorgan Chase &amp; Co., and Banco Santander, is expected to close by January 13.
Read Next:
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<li><a href="https://www.benzinga.com/news/global/25/01/42884764/how-trump-could-impact-chinas-role-in-emerging-greenland-mining-frontier" target="_blank" rel="noreferrer noopener">How Trump Could Impact China's Role In Emerging Greenland Mining Frontier</a></li>
</ul>
Photo via Shutterstock

Government

Regulations

Financing

Commodities

Legal

COPX

CPER

JJCTF

JJMTF

JJNTF

Chile Rejects Dominga Project Once Again, Taps Debt Market To Help Its Copper Growth

Needham analyst Matt Dezort maintains CyberArk Software (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CYBR#NASDAQ">CYBR</a>) with a Buy and raises the price target from $360 to $410.

CYBR

Needham Maintains Buy on CyberArk Software, Raises Price Target to $410

Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) spot ETFs faced substantial net outflows of $742 million on Jan.8.
<a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42840886/bitcoin-spot-etf-inflows-hit-987-million-but-watch-this-mid-january-fiscal-deadline">Bitcoin ETFs</a> led the decline, recording $583 million in outflows, with Blackrock&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBIT#NASDAQ">IBIT</a>), Fidelity&#8216;s (CBOE: FBTC), and Ark &amp; 21Shares (CBOE: ARKB) contributing $124 million, $258 million and $148 million, respectively, according to <a href="https://sosovalue.com/assets/etf/us-btc-spot?from=moved">data</a> from SoSo Value.
<a href="https://www.benzinga.com/money/what-is-ethereum-etf">Ethereum spot ETFs</a> saw $159 million in withdrawals, $147 million of which stemmed from Fidelity&#8216;s (CBOE: FETH), data shows.
This comes as <a href="https://blog.cex.io/ecosystem/bitcoin-supply-shock-34857">research</a> from the cryptocurrency exchange CEX.IO suggests a Bitcoin supply shock is unlikely in 2025, despite market fluctuations and ETF movements.
CEX.IO's analysis, released today, indicates that 70% of Bitcoin&#8217;s circulating supply is in free float, providing ample liquidity to mitigate the risk of a supply shock. 
Their research further highlights a 1.75 million Bitcoin decrease in long-term holder (LTH) supply in 2024, signaling potential for significant selling pressure within this group in the upcoming year. 
While U.S. spot ETFs absorbed 2.4 times the annual mined supply of Bitcoin in 2024, they account for less than 4% of overall trading volume. 
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42885028/gary-gensler-says-10000-15000-projects-wont-survive-crypto-market-is-wrapped-up-in-sentiment">Gary Gensler Says 10,000-15,000 Projects Won&#8217;t Survive, Crypto Market Is &#8216;Wrapped Up In Sentiment&#8217;</a>
This suggests that while influential, ETF trading volume is not the dominant force in the market.
The report revealed a redistribution of Bitcoin supply with exchange reserves dropping 21% while over-the-counter (OTC) balances increased by 105%, and about 40% of Bitcoin's transaction volume in 2024 was exchange related. 
CEX.IO also quadrupled its market share in 2024, becoming a top 2 exchange for Bitcoin market depth, with a 61% increase in USD denominated 2% market depth. 
The exchange's report argues that with a substantial amount of Bitcoin held by long-term holders ready to take profits, the market will likely see continued adherence to the traditional 4-year market cycle. 
This analysis states that despite the recent outflows in spot ETFs, these market trends mitigate the risk of a severe supply shock in 2025.
Read Next: 
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<li><a href="https://www.benzinga.com/markets/cryptocurrency/25/01/42882375/92000-is-bitcoins-key-support-heres-what-top-analyst-says-will-happen-if-it-fails">$92,000 Is Bitcoin&#8217;s Key Support — Here&#8217;s What Top Analyst Says Will Happen If It Fails</a></li>
</ul>
Image: Shutterstock

Coverage of Bitcoin, Etherum, Ripple and all the latest digital currencies.

Cryptocurrency

$BTC

$ETH

ARK 21Shares Bitcoin ETF ARK 21Shares Bitcoin ETF

ARKB

Fidelity Wise Origin Bitcoin Fund Fidelity Wise Origin Bitcoin Fund

FBTC

Fidelity Ethereum Fund Fidelity Ethereum Fund

FETH

IBIT

Bitcoin, Ethereum ETFs See $742 Million In Outflows, Supply Shock Unlikely In 2025, Report Shows

KKR &amp; Co. Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KKR#NYSE">KKR</a>) has announced the extension of the tender offer period for its acquisition of FUJI SOFT INCORPORATED, extending the<a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42892784/kkr-further-extends-second-tender-offer-for-fuji-soft" rel="noreferrer noopener"> deadline from January 9 to January 24.</a>
This decision was made following market conditions, where FUJI SOFT&#8217;s share price has remained above the tender offer price of 9,451 yen.
The extension will allow FUJI SOFT shareholders to make more informed decisions amid ongoing developments, including Bain Capital&#8217;s attempts to acquire the company and recent public statements from both FUJI SOFT and Bain Capital.
Bain Capital, which had previously waived the board&#8217;s support for its offer, is now pursuing a hostile partial takeover to seize control of FUJI SOFT.
See Also:&nbsp;<a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/25/01/42888800/goldman-sachs-flags-market-correction-risk-as-inflation-trump-policies-stir-uncertainty" rel="noreferrer noopener">Goldman Sachs Flags Market Correction Risk As Inflation, Trump Policies Stir Uncertainty</a>
Bain Capital made it a condition precedent of their tender offer that the Second Tender Offer by the Offeror be unsuccessful or withdrawn, and Bain Capital has expressed its intention to begin its tender offer from late January 2025 or after.
However, KKR, through its vehicle FK Co., remains committed to privatizing the company, despite Bain Capital&#8217;s moves. KKR has no intention of withdrawing its offer and is prepared to continue with the tender offer even if it is unsuccessful initially.
As the largest shareholder, KKR is confident that Bain Capital&#8217;s offer will not gain traction.
In a notable turn, FUJI SOFT&#8217;s founding family contacted KKR on December 27, 2024, to propose a potential collaboration involving KKR, Bain Capital, and the founding family in a privatization effort.
Despite the uncertainty surrounding Bain Capital&#8217;s intentions, KKR said it remains committed to FUJI SOFT&#8217;s privatization, which aims to enhance corporate value and growth.
Read Next:
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<li><a href="https://www.benzinga.com/markets/equities/25/01/42890014/jim-cramer-warns-on-quantum-stories-as-stocks-plunge-we-need-you-out-before-the-froth-goes-away" target="_blank" rel="noreferrer noopener">Jim Cramer Warns On &#8216;Quantum Stories&#8217; As Stocks Plunge: &#8216;We Need You Out Before The Froth Goes Away&#8217;</a></li>
</ul>

Equities

Markets

KKR Extends Tender Offer For FUJI SOFT Amid Bain Capital's Hostile Partial Bid

Needham analyst Kyle Peterson reiterates Axos Financial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AX#NYSE">AX</a>) with a Buy and maintains $85 price target.

Reiteration

Needham Reiterates Buy on Axos Financial, Maintains $85 Price Target

Needham analyst Kyle Peterson maintains Alight (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ALIT#NYSE">ALIT</a>) with a Buy and lowers the price target from $11 to $9.

ALIT

Needham Maintains Buy on Alight, Lowers Price Target to $9

Needham analyst Serge Belanger reiterates Liquidia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LQDA#NASDAQ">LQDA</a>) with a Buy and maintains $19 price target.

LQDA

Needham Reiterates Buy on Liquidia, Maintains $19 Price Target

Following SER-155 administration, there was a statistically significant decrease in fecal albumin, an established biomarker of epithelial barrier integrity, and a positive impact on biomarkers of systemic inflammation and immune homeostasis, in both cases as compared to placebo.

MCRB

Seres Therapeutics Announced New Translational Biomarker Results For Exploratory Endpoints From Its SER-155 Phase 1b Placebo-controlled Study In Patients Undergoing Allogenic Stem Cell Transplantation

MAIN

Main Street Capital Has Announced Its Private Loan Portfolio Activity For Fourth Quarter Of 2024, Main Street Originated New Or Increased Commitments In Its Private Loan Portfolio Of $123.4M And Funded Total Investments Across Its Private Loan Portfolio With A Cost Basis Totaling $108M

Mantle Ridge beneficially owns approximately $1.3 billion of the outstanding common shares of Air Products and Chemicals.

Mantle Ridge Sends Letter To Air Products Shareholders; Urges Shareholders To Vote Blue Proxy Card

Needham analyst David Saxon reiterates Globus Medical (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GMED#NYSE">GMED</a>) from Hold to Hold.

GMED

Needham Reiterates Hold on Globus Medicalto Hold

Palo Alto Networks Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PANW#NASDAQ">PANW</a>) was downgraded to &#8216;hold&#8217; by Deutsche Bank because the cybersecurity stock owned by Nancy Pelosi could be affected by a sector-wide &#8220;consolidation down-cycle&#8221;. This follows <a href="https://www.benzinga.com/topic/nancy-pelosi">Pelosi&#8217;s</a> February 2024 purchase of nearly $1.25 million in call options of PAWN, which expire on Jan. 17.
What Happened: In its 2025 Software Outlook, Deutsche Bank predicts that the cybersecurity sector will underperform broader software this year after a strong 2024. The bank believes that the market overestimated the impact of consolidation in 2024. &#8220;We expect 2025 will remain in a consolidation down-cycle,&#8221; stated Deutsche&#8217;s research note dated Jan. 7.
Ahead of its expiry on Jan. 17, Nancy Pelosi&#8217;s call options have a strike price of $200 apiece and the current share price of $172.83, as of Wednesday&#8217;s close, is still below the strike price.
Cybersecurity consolidation is the process of centralizing and streamlining cybersecurity tools, technologies, and processes to improve an organization&#8217;s security posture. The goal is to create a unified, more efficient, and cost-effective security infrastructure.
&#8220;Consolidation is no doubt a powerful force, but it&#8217;s subject to cyclical peaks and troughs,&#8221; the report said. The bank also said that it struggles to see fundamentals living up to last year&#8217;s expansion. &#8220;We expect market preference in 2025 will tilt in favor of best-of-breed vs. best-of-suite platforms,&#8221; it added.
&#8220;After a year where Security stocks outperformed Apps and Infrastructure, the overall category is more likely to underperform broader Software in 2025, in our view,&#8221; the note added.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/25/01/42893264/charlie-mungers-top-pick-costco-reports-strong-december-sales-analysts-expect-a-7-jump-in-january">Charlie Munger&#8217;s Top Pick Costco Reports Strong December Sales: Analysts Expect A 7% Jump In January</a>
Why It Matters: Deutsche Bank cited four factors contributing to this consolidation slowdown, which include easing IT spending, a surge in AI innovation, a temporary pause in mergers and acquisitions following a July 19 outage, and increased competition in pricing.
The <a href="https://www.benzinga.com/news/24/10/41562639/delta-air-lines-sues-crowdstrike-for-500m-over-july-outage-that-disrupted-flights-affecting-1-3m-cus">disruption</a> on July 19 resulted in flight cancellations globally and impacted sectors such as banking, healthcare, and hospitality.
Despite the downgrade, Deutsche Bank acknowledged the strength of Palo Alto Networks and CrowdStrike as leading cybersecurity companies. However, the bank believes that the current market conditions favor smaller, more innovative players.
Price Action: Shares of Palo Alto advanced 2.82% over the last six months, underperforming the Nasdaq 100 index which gained 3.56% in the same period.
According to <a href="https://www.benzinga.com/quote/PANW/analyst-ratings">Benzinga</a>, Palo Alto has a consensus price target of $373.63 apiece based on the ratings of 42 analysts.
The high is $450 per share issued by RBC Capital on Nov. 21, 2024, and the low is $130 apiece issued by Guggenheim on Jan. 7, 2025.
The average price target of $150 between Deutsche Bank and Guggenheim implies a 13.14% downside for PANW.
<figure class="wp-block-image size-full"><a href="https://www.benzinga.com/quote/PANW/analyst-ratings"><img loading="lazy" decoding="async" width="946" height="352" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09062719/panw-anr.png" alt="" class="wp-image-725841" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09062719/panw-anr.png 946w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09062719/panw-anr-300x112.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/09062719/panw-anr-768x286.png 768w" sizes="(max-width: 946px) 100vw, 946px" /></a></figure>
Read Next:
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<li><a href="https://www.benzinga.com/25/01/42891870/avadel-pharmaceuticals-misses-earnings-estimate-but-posts-150-increase-in-sales-from-its-narcolepsy-drug-lumryz" target="_blank" rel="noreferrer noopener">Avadel Pharmaceuticals Misses Earnings Estimates But Posts 150% Sales Increase From Narcolepsy Drug LUMRYZ</a></li>
</ul>
Photo courtesy: Shutterstock

Market Summary

Downgrades

PANW

Nancy Pelosi's Stock Pick Palo Alto Networks Gets A Downgrade From Top Investment Bank As Sector-Wide Consolidation Down-Cycle Weighs on Sentiment

Enhancements to Veritone Contact enable law enforcement agencies to access stop data analytics in near real-time, swiftly identify trends, implement agency improvements and support its efforts to comply with California's Racial and Identity Profiling Act (RIPA)

VERI

Veritone Launches Contact Analytics To Provide California Law Enforcement With Real-Time Data Insights

Total retail sales for the full year 44,851 in 2024, down 15% versus 2023.&nbsp;

PSNY

Polestar Q4 Retail Sales 12,256 Cars, Up 5.3% YoY; Order Intake Up 37.2%

<ul>
<li>Single agent and combination data from Phase 1b AML/MDS trial presented at ASH 2024 showed potential of LYT-200 to serve broad range of patients across various lines of treatment</li>
<li>LYT-200 is currently being evaluated in two Phase 1/2 trials for the potential treatment of AML/MDS and head and neck cancers</li>
</ul>

PRTC

The FDA Has Granted Fast Track Designation To PureTech Health's LYT-200 For Acute Myeloid Leukemia

RAPP

Rapport Therapeutics' Positron Emission Tomography Trial And Second Multiple Ascending Dose Trial For RAP-219, Demonstrated RAP-219 Achieved Target Receptor Occupancy Associated With Maximal Efficacy In Prior Preclinical Models Within Five Days Of Dosing While Maintaining A Differentiated Tolerability Profile

As of December 31, 2024, Climb Bio had cash, cash equivalents and&nbsp;short-term marketable securities of approximately $212.9 million.
Following its entry into the license agreement, Climb Bio anticipates that its existing cash resources will be sufficient to fund its planned operations, including the development of budoprutug and CLYM116, through 2027.

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