Latest news for Pharmagen (OTC:PHRX) Stock

Pharmagen Inc as a distributor of specialty drugs, compounding and admix pharmacy, and producer of over-the-counter branded multivitamins to the healthcare provider market. The company distributes hard-to-find and specialty drugs to the healthcare provider market throughout the United States, while functioning as an aggregator of real-time market demand for these products. In addition, it also owns and sells a specialized over-the-counter multivitamin product called Clotamin, which is designed for patients suffering from warfarin, a blood thinner that has a known interaction with the vitamin K present in standard over-the-counter multivitamins. Geographically, all the activities are functioned through the region of United States.

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Stocks That Hit 52-Week Highs On Tuesday

Pharmagen Inc

Cadence Design Systems (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cdns#NASDAQ">CDNS</a>) has recently been on Zacks.com&#39;s list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock&#39;s performance in the near future.
Over the past month, shares of this maker of hardware and software products for validating chip designs have returned -15.9%, compared to the Zacks S&amp;P 500 composite&#39;s -0.2% change. During this period, the Zacks Computer - Software industry, which Cadence falls in, has lost 5.9%. The key question now is: What could be the stock&#39;s future direction?
While media releases or rumors about a substantial change in a company&#39;s business prospects usually make its stock &#39;trending&#39; and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.
Revisions to Earnings Estimates
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company&#39;s earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors&#39; interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For the current quarter, Cadence is expected to post earnings of $1.46 per share, indicating a change of +15.9% from the year-ago quarter. The Zacks Consensus Estimate has changed -13.6% over the last 30 days.
For the current fiscal year, the consensus earnings estimate of $5.88 points to a change of +14.2% from the prior year. Over the last 30 days, this estimate has changed -0.7%.
For the next fiscal year, the consensus earnings estimate of $6.92 indicates a change of +17.6% from what Cadence is expected to report a year ago. Over the past month, the estimate has changed -0.9%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock&#39;s price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, Cadence is rated Zacks Rank #3 (Hold).
The chart below shows the evolution of the company&#39;s forward 12-month consensus EPS estimate:
12 Month EPS
<img alt="12-month consensus EPS estimate for CDNS _12MonthEPSChartUrl" class="chart" src="https://chart-service.zacks.com/images/weekly/yesop_12_month_eps/CDNS.png" style="height:auto; width:100%" title="" />
Revenue Growth Forecast
Even though a company&#39;s earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It&#39;s almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company&#39;s potential revenue growth is crucial.
In the case of Cadence, the consensus sales estimate of $1.18 billion for the current quarter points to a year-over-year change of +15.7%. The $4.62 billion and $5.22 billion estimates for the current and next fiscal years indicate changes of +13% and +13%, respectively.
Last Reported Results and Surprise History
Cadence reported revenues of $1.06 billion in the last reported quarter, representing a year-over-year change of +8.6%. EPS of $1.28 for the same period compares with $1.22 a year ago.
Compared to the Zacks Consensus Estimate of $1.05 billion, the reported revenues represent a surprise of +1.17%. The EPS surprise was +4.07%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.
Valuation
Without considering a stock&#39;s valuation, no investment decision can be efficient. In predicting a stock&#39;s future price performance, it&#39;s crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company&#39;s growth prospects.
Comparing the current value of a company&#39;s valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
Cadence is graded F on this front, indicating that it is trading at a premium to its peers.
Conclusion
The facts discussed here and much other information on Zacks.com might help determine whether or not it&#39;s worthwhile paying attention to the market buzz about Cadence. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
<a href="https://www.zacks.com/stock/news/2310675/is-trending-stock-cadence-design-systems-inc-cdns-a-buy-now?cid=CS-BENZ-FT-tale_of_the_tape|most_searched_stocks_v1-2310675">To read this article on Zacks.com click here.</a>

Earnings

Analyst Ratings

Tech

CDNS

Is Trending Stock Cadence Design Systems, Inc. a Buy Now?

Evercore ISI Group analyst James West maintains Baker Hughes (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKR#NASDAQ">BKR</a>) with a Outperform and raises the price target from $42 to $46.

Price Target

Evercore ISI Group Maintains Outperform on Baker Hughes, Raises Price Target to $46

Piper Sandler downgraded Iovance Biotherapeutics Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IOVA#NASDAQ">IOVA</a>), citing the slow launch of Amtagvi (lifileucel), a prescription medicine used to treat adults with a type of skin cancer that cannot be removed surgically or has spread to other parts of the body called unresectable or <a target="_blank" href="https://www.benzinga.com/quote/iova" rel="noreferrer noopener">metastatic melanoma</a>.
The FDA approved the one-time, individualized <a target="_blank" href="https://www.benzinga.com/pressreleases/24/02/g37186212/iovances-amtagvi-lifileucel-receives-u-s-fda-accelerated-approval-for-advanced-melanoma" rel="noreferrer noopener">T-cell therapy in February</a>.
Amtagvi is made from surgically removed tumor. Tumor-derived T cells are grown in a manufacturing center.
Tumor tissue is sent to a manufacturing center to make Amtagvi. It takes <a target="_blank" href="https://www.amtagvi.com/" rel="noreferrer noopener">about</a> 34 days from the time tumor tissue is received at the manufacturing center until Amtagvi is available to be shipped back to the healthcare provider, but the time may vary.
Piper Sandler spoke with six authorized treatment centers (ATCs) to gauge the early utilization of Amtagvi.
Despite the demand for Amtagvi based on the number of enrolled patients, initial metrics point to very few patients infused in the second quarter of 2024.
While the 6 ATCs had &#8220;enrolled&#8221; 43 patients, they had only infused 5-6 patients (13% infusion rate in 2Q24).
The challenges largely seem to stem from extended treatment timelines, with potentially a six-week wait to obtain a manufacturing slot. ATCs view this as a major issue for a patient population with progressive disease.
Piper Sandler has now lowered the estimate of $12 million for Amtagvi revenues for the second quarter (vs. consensus of $24 million) and trimmed the fiscal year 2024 Amtagvi revenue estimates to $84 million (vs. consensus of $131 million).
The analyst downgraded Iovance from Overweight to Neutral and cut the <a target="_blank" href="https://www.benzinga.com/quote/IOVA/analyst-ratings" rel="noreferrer noopener">price target from $19 to $10</a>.
In June, &nbsp;Iovance Biotherapeutics submitted a marketing authorization application to the European Medicines Agency for lifileucel for unresectable or metastatic melanoma previously treated with a PD-1 blocking antibody, and if BRAF V600 mutation positive, a BRAF inhibitor with or <a target="_blank" href="https://www.benzinga.com/pressreleases/24/06/g39544848/iovance-biotherapeutics-submits-marketing-authorization-application-to-european-medicines-agency-f" rel="noreferrer noopener">without a MEK inhibitor</a>.
Price Action: IOVA stock is down 2.83% at $8.98 at last check Monday.
Photo via Shutterstock
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/40018447/fda-greenlights-guardant-healths-shield-blood-test-analyst-cautious-on-adoption" target="_blank" rel="noreferrer noopener">FDA Greenlights Guardant Health&#8217;s Shield Blood Test, Analyst Cautious on Adoption</a>.</li>
</ul>

Analyst Color

Biotech

Equities

Downgrades

Health Care

General

IOVA

Iovance Biotherapeutics Price Forecast Slashed By 40% On Mutated Uptake For Its Newly Approved Skin Cancer Cell Therapy

Stifel analyst W. Andrew Carter maintains GrowGeneration (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRWG#NASDAQ">GRWG</a>) with a Hold and lowers the price target from $2.55 to $2.5.

GRWG

Stifel Maintains Hold on GrowGeneration, Lowers Price Target to $2.5

AZZ (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/azz#NYSE">AZZ</a>) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.
Over the past month, shares of this electrical equipment maker have returned +6.4%, compared to the Zacks S&amp;P 500 composite&#39;s -0.2% change. During this period, the Zacks Manufacturing - Electronics industry, which AZZ falls in, has lost 1.6%. The key question now is: What could be the stock&#39;s future direction?
Although media reports or rumors about a significant change in a company&#39;s business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.
Earnings Estimate Revisions
Rather than focusing on anything else, we at Zacks prioritize evaluating the change in a company&#39;s earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.
Our analysis is essentially based on how sell-side analysts covering the stock are revising their earnings estimates to take the latest business trends into account. When earnings estimates for a company go up, the fair value for its stock goes up as well. And when a stock&#39;s fair value is higher than its current market price, investors tend to buy the stock, resulting in its price moving upward. Because of this, empirical studies indicate a strong correlation between trends in earnings estimate revisions and short-term stock price movements.
AZZ is expected to post earnings of $1.26 per share for the current quarter, representing a year-over-year change of -0.8%. Over the last 30 days, the Zacks Consensus Estimate has changed +0.5%.
For the current fiscal year, the consensus earnings estimate of $4.94 points to a change of +9.1% from the prior year. Over the last 30 days, this estimate has changed -0.6%.
For the next fiscal year, the consensus earnings estimate of $5.65 indicates a change of +14.4% from what AZZ is expected to report a year ago. Over the past month, the estimate has changed -1.9%.
Having a strong externally audited track record, our proprietary stock rating tool, the Zacks Rank, offers a more conclusive picture of a stock&#39;s price direction in the near term, since it effectively harnesses the power of earnings estimate revisions. Due to the size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, AZZ is rated Zacks Rank #3 (Hold).
The chart below shows the evolution of the company&#39;s forward 12-month consensus EPS estimate:
12 Month EPS
<img alt="12-month consensus EPS estimate for AZZ _12MonthEPSChartUrl" class="chart" src="https://chart-service.zacks.com/images/weekly/yesop_12_month_eps/AZZ.png" style="height:auto; width:100%" title="" />
Revenue Growth Forecast
While earnings growth is arguably the most superior indicator of a company&#39;s financial health, nothing happens as such if a business isn&#39;t able to grow its revenues. After all, it&#39;s nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it&#39;s important to know a company&#39;s potential revenue growth.
In the case of AZZ, the consensus sales estimate of $409.47 million for the current quarter points to a year-over-year change of +2.7%. The $1.61 billion and $1.7 billion estimates for the current and next fiscal years indicate changes of +4.8% and +5.5%, respectively.
Last Reported Results and Surprise History
AZZ reported revenues of $413.21 million in the last reported quarter, representing a year-over-year change of +5.7%. EPS of $1.46 for the same period compares with $1.14 a year ago.
Compared to the Zacks Consensus Estimate of $400.57 million, the reported revenues represent a surprise of +3.16%. The EPS surprise was +11.45%.
The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates each time over this period.
Valuation
Without considering a stock&#39;s valuation, no investment decision can be efficient. In predicting a stock&#39;s future price performance, it&#39;s crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company&#39;s growth prospects.
Comparing the current value of a company&#39;s valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.
As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.
AZZ is graded A on this front, indicating that it is trading at a discount to its peers.
Bottom Line
The facts discussed here and much other information on Zacks.com might help determine whether or not it&#39;s worthwhile paying attention to the market buzz about AZZ. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.
<a href="https://www.zacks.com/stock/news/2310674/azz-inc-azz-is-a-trending-stock-facts-to-know-before-betting-on-it?cid=CS-BENZ-FT-tale_of_the_tape|most_searched_stocks_v1-2310674">To read this article on Zacks.com click here.</a>

AZZ Inc. Is a Trending Stock: Facts to Know Before Betting on It

Walt Disney Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIS#NYSE">DIS</a>) shares are trading higher Monday following a strong box office <a href="https://www.benzinga.com/general/entertainment/24/07/40003208/ryan-reynolds-hugh-jackman-starrer-deadpool-wolverine-breaks-box-office-records-rakes-in-ov">opening from &#8220;Deadpool and Wolverine.&#8221;</a>
What Happened: Disney&#8217;s strong box office performance of Disney/Marvel&#8217;s &#8220;Deadpool &amp; Wolverine&#8221; has set IMAX records with a $36.5 million global debut. This opening marks the biggest R-rated and July opening, the eighth biggest IMAX opening ever and the biggest since &#8220;Avatar: The Way of Water.&#8221;
&#8220;Deadpool &amp; Wolverine&#8221; achieved an all-time opening weekend record for a rated-R film, with $205 million domestically. The film also became AMC Entertainment Holdings&#8217; (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AMC#NYSE">AMC</a>) highest revenue-generating merchandise program of the year, surpassing &#8220;Despicable Me 4&#8221; and now ranks as AMC's second-highest merchandise program in its history.
AMC CEO Adam Aron praised the return to high levels of moviegoing this summer, citing the success of &#8220;Deadpool &amp; Wolverine,&#8221; &#8220;Inside Out 2&#8221; and &#8220;Despicable Me 4.&#8221; 
Upcoming Earnings: Disney is also set to report its third-quarter earnings on August 7th before market open, with estimated earnings per share (EPS) of $1.19 and projected revenue of $23.03 billion.
DIS Price Action: Disney shares were trading up by 2.39% at $92.08 according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro.</a>
<figure class="wp-block-image size-large is-resized"><a href="http://www.benzinga.com/pro/register/?utm_source=BZprocontent072924&amp;t=be2bearmibe3na1"><img loading="lazy" decoding="async" width="1024" height="541" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29131009/DIS-1-1024x541.png" alt="" class="wp-image-463041" style="width:474px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29131009/DIS-1-1024x541.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29131009/DIS-1-300x158.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29131009/DIS-1-768x406.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/07/29131009/DIS-1.png 1392w" sizes="(max-width: 1024px) 100vw, 1024px" /></a></figure>
See Also:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40015706/amc-entertainment-stock-is-rising-monday-whats-going-on">AMC Entertainment Stock Is Rising Monday: What&#8217;s Going On?</a></li>
</ul>
Photo courtesy: Shutterstock.

Why Disney Shares Are Trading Higher Today

Stifel analyst W. Andrew Carter maintains Hydrofarm Holdings Group (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HYFM#NASDAQ">HYFM</a>) with a Hold and lowers the price target from $0.9 to $0.75.

HYFM

Stifel Maintains Hold on Hydrofarm Holdings Group, Lowers Price Target to $0.75

Raymond James analyst John Davis downgrades Everi Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EVRI#NYSE">EVRI</a>) from Strong Buy to Market Perform.

EVRI

Raymond James Downgrades Everi Hldgs to Market Perform

HC Wainwright &amp; Co. analyst Edward White reiterates Syndax Pharmaceuticals (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SNDX#NASDAQ">SNDX</a>) with a Buy and maintains $41 price target.

Reiteration

SNDX

HC Wainwright & Co. Reiterates Buy on Syndax Pharmaceuticals, Maintains $41 Price Target

Raymond James analyst Frank Louthan downgrades Charter Communications (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHTR#NASDAQ">CHTR</a>) from Market Perform to Underperform.

CHTR

Raymond James Downgrades Charter Communications to Underperform

Northcoast Research analyst John Healy upgrades Brunswick (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BC#NYSE">BC</a>) from Neutral to Buy and announces $100 price target.

Upgrades

Northcoast Research Upgrades Brunswick to Buy, Announces $100 Price Target

TD Cowen analyst Andrew Charles reiterates McDonald's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) with a Buy and maintains $285 price target.

TD Cowen Reiterates Buy on McDonald's, Maintains $285 Price Target

Piper Sandler believes Tesla Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) may have solved the autonomous vehicle puzzle. Despite CEO Elon Musk&#8217;s track record of overpromising, the analyst highlighted the latest version of <a href="https://www.benzinga.com/news/24/07/40005002/tesla-ceo-elon-musk-gives-fresh-timeline-for-fsd-access-on-cybertruck-says-it-should-be-coming-out-i">Tesla&#8217;s Full Self-Driving as the real deal</a>.
What Happened: Piper Sandler analyst Alexander Potter maintained Tesla with an <a href="https://www.benzinga.com/analyst-stock-ratings">Overweight rating</a> on Sunday, noting that recent advancements in the EV maker&#8217;s Full Self-Driving technology appear to be underappreciated.
Based on recent reviews on the X social media platform, the Piper Sandler analyst believes the latest Full Self-Driving software from Tesla, version 12.5, is &#8220;revolutionary.&#8221;
&#8220;We think investors should consider the possibility that Tesla&#8217;s decision to host a robo-taxi event (October 10th) isn&#8217;t a ploy to distract from falling EV sales. Instead, it could catalyze a realization that FSD matters more than anything else,&#8221; Potter said in a note to clients this week.
Tesla shares are down nearly 7% year-to-date. Despite reporting a couple of weak quarters, Musk&nbsp;has downplayed the results and shifted investor attention toward his vision for the future around <a href="https://www.benzinga.com/topic/ai">AI</a>, Full Self-Driving and robotaxis.&nbsp;
Potter argues that Musk&#8217;s focus is in the right place. A majority of Piper Sandler&#8217;s price forecast is based on Full Self-Driving revenue assumptions. If you take Full Self-Driving out of the equation, Piper Sandler&#8217;s model implies fair value of just $77 per share. 
&#8220;If investors own TSLA at this valuation, we think they must implicitly believe in FSD,&#8221; Potter said. 
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39938160/8-tesla-analysts-size-up-margins-fsd-robotaxis-new-evs-as-stock-tanks-the-realities">8 Tesla Analysts Size Up Margins, FSD, Robotaxis, New EVs As Stock Tanks: &#8216;The Realities Of Today Vs. The Dreams Of Tomorrow&#8217;</a>
The Piper Sandler analyst expects Full Self-Driving take-rates to inflect &#8220;sharply upward,&#8221; beginning around 2030. The analyst further anticipates approximately 100% fleet-wide Full Self-Driving adoption in 20 years. 
Further adding to the analyst&#8217;s Full Self-Driving thesis, Potter expects subscription prices to eventually rise to more than $500 per month, up from the current price of $99 per month. 
&#8220;We also think Tesla will eventually sell EVs for ~$31k apiece, at 0% gross margin &#8230; but ultimately, just like cheap flip-phones, we don&#8217;t think anyone will buy non-FSD cars,&#8221; Potter said. 
Potter expects Tesla&#8217;s <a href="https://www.benzinga.com/topic/tesla-fsd">Full Self-Driving</a> to be a major driver of margin expansion, starting in the late 2020s, as he anticipates 90% gross margin on Full Self-Driving-related revenue. Piper Sandler has a price target of $300 on Tesla shares.
TSLA Price Action: Tesla shares were up 5.65% at $232.22 at the time of publication Monday, according to <a href="http://pro.benzinga.com">Benzinga Pro</a>.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/news/24/07/40009883/senior-tesla-executive-reveals-cybertruck-range-extender-will-not-be-removable-to-avoid-safety-risks">Senior Tesla Executive Reveals Cybertruck Range Extender Will Not Be Removable To Avoid Safety Risks</a></li>
</ul>
Photo: Courtesy of Tesla.

Long Ideas

TSLA

Tesla Analyst Says Full Self-Driving 'Matters More Than Anything Else,' Latest Version Is 'Revolutionary,' Will Take Stock To $300

Craig-Hallum analyst George Sutton maintains WisdomTree (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WT#NYSE">WT</a>) with a Buy and raises the price target from $12 to $15.

Craig-Hallum Maintains Buy on WisdomTree, Raises Price Target to $15

Former President Donald Trump promised that if reelected, he would remove Gary Gensler from his position as Chair of the <a href="https://markets.businessinsider.com/news/etf/exclusive-why-gary-gensler-should-ve-held-the-line-on-bitcoin-etfs-and-sec-s-biggest-mistake-1033007268?op=1">Securities and Exchange Commission</a> (SEC).
What Happened: This <a href="https://x.com/VentureCoinist/status/1817306455441043734">declaration</a> has quickly become one of Trump&#8217;s most potent talking points, striking a chord with cryptocurrency enthusiasts who have long been at odds with Gensler&#8217;s regulatory stance.
Trump&#8217;s statement, delivered with his characteristic bravado at the Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/24/07/40008257/kamala-harris-not-liked-by-crypto-crowd-trump-may-be-preferred-as-bitcoin-awaits-100k">conference</a>, tapped into a wellspring of frustration within the crypto community.
Gensler, appointed by President Biden in 2021, has been a controversial figure in the world of digital assets, often criticized for what many perceive as an overly aggressive approach to <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39667693/crypto-regulation-sparks-legal-spats-ripple-sec-and-pending-s-1-approvals-in-focus">cryptocurrency regulation</a>.
However, the feasibility of Trump&#8217;s promise is far from certain. 
The president&#8217;s authority to dismiss the SEC chair is a matter of legal ambiguity, with no clear precedent in U.S. history. 
The SEC was established as an independent agency, with commissioners, including the chair, typically serving fixed terms to shield them from political interference.
Some <a href="https://www.benzinga.com/markets/cryptocurrency/23/12/36427850/will-gary-gensler-survive-2-republican-house-members-attempt-to-oust-sec-chair">Republican lawmakers</a> have attempted to address this issue directly.
They&#8217;ve introduced legislation aimed at granting the president the power to remove the SEC chair. 
However, constitutional experts are skeptical about the viability of such a move, suggesting that any attempt to forcibly remove Gensler would likely face significant legal hurdles and potential Supreme Court scrutiny.
<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>
Why It Matters: Adding another layer to this complex situation, recent reports suggest that the entire debate might be rendered moot.
According to analysis from 10x Research, Gensler is expected to step down from his position in 2025, following the conclusion of <a href="https://www.benzinga.com/content/39890405/sec-chair-gary-gensler-likely-to-resign-in-2025-following-bidens-exit-10x-research">President Biden&#8217;s current term</a>.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/07/40012557/key-bitcoin-indicators-reveal-whether-this-rally-is-when-75k-breaks">Key Bitcoin Indicators Reveal Whether This Rally Is When $75K Breaks</a>
This prediction aligns with the longstanding tradition of SEC chairs resigning when a new administration takes office, particularly when there&#8217;s a shift in the political party occupying the White House.
The potential departure of Gensler, whether through resignation or a hypothetical dismissal, could signal a significant shift in the regulatory landscape for cryptocurrencies. 
Under Gensler&#8217;s leadership, the SEC has taken a hard line on <a href="https://www.benzinga.com/markets/cryptocurrency/21/08/22327833/where-sec-chief-gary-gensler-stands-on-crypto-regulation">crypto regulation</a>, arguing that many digital assets should be classified as securities and thus fall under the agency&#8217;s purview.
This approach has led to high-profile legal battles with major players in the crypto industry, including Ripple (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/xrp/usd">XRP</a>) and Coinbase (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/COIN#NASDAQ">COIN</a>).
Trump&#8217;s promise to remove Gensler has reignited debates about the role of government oversight in the rapidly evolving world of digital assets. 
Supporters of the former president&#8217;s stance argue that less regulation would foster innovation and <a href="https://www.benzinga.com/general/gaming/24/07/40003000/top-trump-trade-isnt-the-dollar-but-gold-as-survey-participants-foresee-severe-disruptions-to-mark">economic growth</a> in the crypto sector.
Critics, however, warn that a more hands-off approach could leave investors vulnerable to fraud and market manipulation.
As the 2024 presidential election looms, the future of cryptocurrency regulation has emerged as a significant campaign issue. 
The stark contrast between the current administration&#8217;s approach and Trump&#8217;s promises highlights the potential for dramatic policy shifts depending on the election&#8217;s outcome.
As this debate continues to evolve, industry leaders, regulators, and investors are eagerly anticipating further discussion on these critical issues at Benzinga&#8217;s upcoming <a href="https://www.benzinga.com/events/digital-assets/agenda/">Future of Digital Assets</a> event on Nov. 19.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/07/39992521/polymarket-trader-down-130-000-on-daredevil-bet-as-michelle-obamas-nominee-odds-tumble">Polymarket Trader Down $130,000 On Daredevil Bet As Michelle Obama&#8217;s Nominee Odds Tumble</a></li>
</ul>
Image: Shutterstock

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

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$BTC

$XRP

COIN

Trump's Bitcoin Conference Pledge: Can He Really Fire SEC Chair Gensler?

B of A Securities analyst Omar Dessouky maintains Magnite (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MGNI#NASDAQ">MGNI</a>) with a Buy and raises the price target from $15 to $17.

MGNI

B of A Securities Maintains Buy on Magnite, Raises Price Target to $17

BMO Capital analyst Fadi Chamoun maintains Saia (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SAIA#NASDAQ">SAIA</a>) with a Market Perform and lowers the price target from $500 to $480.

SAIA

BMO Capital Maintains Market Perform on Saia, Lowers Price Target to $480

Northland Capital Markets analyst Nehal Chokshi downgrades SPS Commerce (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SPSC#NASDAQ">SPSC</a>) from Outperform to Market Perform and raises the price target from $205 to $209.

SPSC

Northland Capital Markets Downgrades SPS Commerce to Market Perform, Raises Price Target to $209

Texas To Consider Penalizing CenterPoint For Storm Response Failures

This whale alert can help traders discover the next big trading opportunities.
Whales are entities with large sums of money and we track their transactions here at Benzinga on our options activity scanner.
Traders will search for circumstances when the market estimation of an option diverges heavily from its normal worth. High amounts of trading activity could push option prices to exaggerated or underestimated levels. 
Here's the list of options activity happening in today's session: 
<table>
<thead>
<tr>
<th>Symbol</th>
<th>PUT/CALL</th>
<th>Trade Type</th>
<th>Sentiment</th>
<th>Exp. Date</th>
<th>Strike Price</th>
<th>Total Trade Price</th>
<th>Open Interest</th>
<th>Volume</th>
</tr>
</thead>
<tbody>
<tr>
<td>AAL</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>02/21/25</td>
<td>$8.00</td>
<td>$31.4K</td>
<td>40</td>
<td>2.5K</td>
</tr>
<tr>
<td>ENVX</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/02/24</td>
<td>$14.00</td>
<td>$55.0K</td>
<td>350</td>
<td>2.2K</td>
</tr>
<tr>
<td>UBER</td>
<td>CALL</td>
<td>SWEEP</td>
<td>NEUTRAL</td>
<td>08/02/24</td>
<td>$65.00</td>
<td>$49.5K</td>
<td>788</td>
<td>1.9K</td>
</tr>
<tr>
<td>MMM</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/09/24</td>
<td>$119.00</td>
<td>$45.1K</td>
<td>0</td>
<td>1.4K</td>
</tr>
<tr>
<td>BR</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$220.00</td>
<td>$187.7K</td>
<td>19</td>
<td>276</td>
</tr>
<tr>
<td>DAL</td>
<td>PUT</td>
<td>TRADE</td>
<td>BEARISH</td>
<td>01/17/25</td>
<td>$42.00</td>
<td>$72.5K</td>
<td>4.8K</td>
<td>250</td>
</tr>
<tr>
<td>NOC</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BEARISH</td>
<td>08/16/24</td>
<td>$460.00</td>
<td>$193.0K</td>
<td>677</td>
<td>207</td>
</tr>
<tr>
<td>LYFT</td>
<td>CALL</td>
<td>TRADE</td>
<td>BULLISH</td>
<td>12/19/25</td>
<td>$10.00</td>
<td>$47.2K</td>
<td>396</td>
<td>200</td>
</tr>
<tr>
<td>PAYC</td>
<td>PUT</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>08/16/24</td>
<td>$165.00</td>
<td>$30.5K</td>
<td>117</td>
<td>137</td>
</tr>
<tr>
<td>XPO</td>
<td>CALL</td>
<td>SWEEP</td>
<td>BULLISH</td>
<td>11/15/24</td>
<td>$110.00</td>
<td>$105.0K</td>
<td>507</td>
<td>98</td>
</tr>
</tbody>
</table>

<h2>Explanation</h2>
These bullet-by-bullet explanations have been constructed using the accompanying table. 
• Regarding AAL (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAL#NASDAQ">AAL</a>), we observe a put option sweep with bullish sentiment. It expires in 207 day(s) on February 21, 2025. Parties traded 1013 contract(s) at a $8.00 strike. This particular put needed to be split into 23 different trades to become filled. The total cost received by the writing party (or parties) was $31.4K, with a price of $31.0 per contract. There were 40 open contracts at this strike prior to today, and today 2539 contract(s) were bought and sold. 
• For ENVX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ENVX#NASDAQ">ENVX</a>), we notice a put option sweep that happens to be bearish, expiring in 4 day(s) on August 2, 2024. This event was a transfer of 500 contract(s) at a $14.00 strike. This particular put needed to be split into 5 different trades to become filled. The total cost received by the writing party (or parties) was $55.0K, with a price of $110.0 per contract. There were 350 open contracts at this strike prior to today, and today 2249 contract(s) were bought and sold. 
• For UBER (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UBER#NYSE">UBER</a>), we notice a call option sweep that happens to be neutral, expiring in 4 day(s) on August 2, 2024. This event was a transfer of 500 contract(s) at a $65.00 strike. This particular call needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $49.5K, with a price of $99.0 per contract. There were 788 open contracts at this strike prior to today, and today 1947 contract(s) were bought and sold. 
• Regarding MMM (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MMM#NYSE">MMM</a>), we observe a put option sweep with bullish sentiment. It expires in 11 day(s) on August 9, 2024. Parties traded 902 contract(s) at a $119.00 strike. This particular put needed to be split into 13 different trades to become filled. The total cost received by the writing party (or parties) was $45.1K, with a price of $50.0 per contract. There were 0 open contracts at this strike prior to today, and today 1496 contract(s) were bought and sold. 
• Regarding BR (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BR#NYSE">BR</a>), we observe a call option sweep with bullish sentiment. It expires in 109 day(s) on November 15, 2024. Parties traded 276 contract(s) at a $220.00 strike. This particular call needed to be split into 35 different trades to become filled. The total cost received by the writing party (or parties) was $187.7K, with a price of $680.0 per contract. There were 19 open contracts at this strike prior to today, and today 276 contract(s) were bought and sold. 
• For DAL (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAL#NYSE">DAL</a>), we notice a put option trade that happens to be bearish, expiring in 172 day(s) on January 17, 2025. This event was a transfer of 250 contract(s) at a $42.00 strike. The total cost received by the writing party (or parties) was $72.5K, with a price of $290.0 per contract. There were 4844 open contracts at this strike prior to today, and today 250 contract(s) were bought and sold. 
• For NOC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOC#NYSE">NOC</a>), we notice a call option sweep that happens to be bearish, expiring in 18 day(s) on August 16, 2024. This event was a transfer of 100 contract(s) at a $460.00 strike. This particular call needed to be split into 18 different trades to become filled. The total cost received by the writing party (or parties) was $193.0K, with a price of $1930.0 per contract. There were 677 open contracts at this strike prior to today, and today 207 contract(s) were bought and sold. 
• For LYFT (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LYFT#NASDAQ">LYFT</a>), we notice a call option trade that happens to be bullish, expiring in 508 day(s) on December 19, 2025. This event was a transfer of 100 contract(s) at a $10.00 strike. The total cost received by the writing party (or parties) was $47.2K, with a price of $472.0 per contract. There were 396 open contracts at this strike prior to today, and today 200 contract(s) were bought and sold. 
• For PAYC (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PAYC#NYSE">PAYC</a>), we notice a put option sweep that happens to be bullish, expiring in 18 day(s) on August 16, 2024. This event was a transfer of 28 contract(s) at a $165.00 strike. This particular put needed to be split into 7 different trades to become filled. The total cost received by the writing party (or parties) was $30.5K, with a price of $1090.0 per contract. There were 117 open contracts at this strike prior to today, and today 137 contract(s) were bought and sold. 
• For XPO (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XPO#NYSE">XPO</a>), we notice a call option sweep that happens to be bullish, expiring in 109 day(s) on November 15, 2024. This event was a transfer of 79 contract(s) at a $110.00 strike. This particular call needed to be split into 23 different trades to become filled. The total cost received by the writing party (or parties) was $105.0K, with a price of $1333.0 per contract. There were 507 open contracts at this strike prior to today, and today 98 contract(s) were bought and sold. 
Options Alert Terminology 
 - Call Contracts: The right to buy shares as indicated in the contract. 
 - Put Contracts: The right to sell shares as indicated in the contract. 
 - Expiration Date: When the contract expires. One must act on the contract by this date if one wants to use it. 
 - Premium/Option Price: The price of the contract. 
For more information, visit our <a href="https://pro.benzinga.com/blog/how-to-understand-option-alerts/">Guide to Understanding Options Alerts</a> or read <a href="https://www.benzinga.com/markets/options">more news on unusual options activity</a>. 
This article was generated by Benzinga's automated content engine and reviewed by an editor.

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