Option chain shows key data for Procaps Gr's stock options at various strike prices and expiration dates. Traders use this information to analyze potential trades and assess market sentiment for Procaps Gr.

Procaps Gr (NASDAQ:PROC) Stock, Option Chain

Procaps Gr

Procaps Group SA is a developer of pharmaceutical and nutraceutical solutions, medicines, and hospital supplies. It develops, manufactures, and markets over-the-counter (OTC) and prescription drugs, nutritional supplements, and high-potency clinical solutions. The company's segment includes NextGel; Procaps Colombia; CAN; CASAND and Diabetrics. It generates maximum revenue from the Procaps Colombia segment.

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U.S. stocks were lower, with the Dow Jones index dipping more than 500 points on Tuesday.

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Procaps Group SA (NASDAQ: PROC) reported Q3 FY23 revenue of $118.41 million, beating the consensus of $110.4 million and rose 7% Y/Y (+2% Y/Y in constant currency), led by the performance of RX and OTC portfolios.

Pharma Company Procaps Beats On Q3 But Lowers FY23 Guidance: Here&#39;s Why

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Bitcoin&#8216;s (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surge toward $100,000 could face a significant pullback due to excessive market leverage, Galaxy Digital Holdings Ltd. CEO Mike Novogratz warned in a recent interview, even as the <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">cryptocurrency continues setting new records</a>.
What Happened: The billionaire investor highlighted concerning levels of leverage in the crypto ecosystem. &#8220;There&#8217;s a ton of leverage in the system right now,&#8221; Novogratz <a href="https://www.youtube.com/watch?v=QPiWKHHiXyY">said</a> on CNBC. &#8220;The crypto community is levered to the gills, and so there will be a correction.&#8221;
While Novogratz maintains that Bitcoin reaching $100,000 is &#8220;inevitable&#8221; &#8211; with prices recently touching $99,000 &#8211; he projects a potential retreat to $80,000 during a correction phase. This would represent a 20% decline from the six-digit milestone.
The warning comes amid broader market developments, including MicroStrategy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>), completing a $3 billion <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42126020/whats-going-on-with-microstrategy-stock-after-the-bell">convertible note offering to acquire additional Bitcoin</a>. The company currently holds 331,200 Bitcoin which it purchased at an average price of $49,874 per coin.
See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42125642/bitcoin-ethereum-dogecoin-prepping-for-an-early-thanksgiving-btc-is-currently-less-than-one-eth-away-from-100000-says-trader">Bitcoin, Ethereum, Dogecoin Prep For Early Thanksgiving: &#8216;BTC Is Currently (Less Than) One ETH Away From $100,000,&#8217; Says Trader</a>
Supporting Novogratz&#8217;s cautionary stance, cryptocurrency analyst Michaël van de Poppe forecasts &#8220;4-6 flash crashes&#8221; before year-end, with Bitcoin potentially <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">dropping 5-10% in single-day moves</a>. Alternative cryptocurrencies could see even steeper declines of 20-30%.
Why It Matters: Despite these concerns, Novogratz expressed optimism about crypto&#8217;s regulatory outlook under President-elect Donald Trump&#8216;s administration. &#8220;The entire cabinet almost owns bitcoin, and are proponents of digital assets,&#8221; he noted, suggesting a &#8220;paradigm shift&#8221; in cryptocurrency regulation.
The current crypto market surge has pushed total market capitalization to $3.3 trillion, with Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) trading at $3,359 and Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) reaching $262. Bitcoin currently trades at $98,563, maintaining its upward trajectory despite warnings of potential corrections.
&#8220;Normally you hit 100, you bounce off a bit,&#8221; Novogratz concluded while acknowledging the possibility of higher prices due to limited supply and strong demand, particularly from Middle Eastern investors and public equity markets.
Price Action: Bitcoin is currently trading at $99,138, up nearly 2.4% in the last 24 hours, according to <a href="https://pro.benzinga.com/dashboard">Benzinga Pro data</a>.
Read Next: 
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">Bitcoin Analyst Warns Of &#8216;4-6 Flash Crashes&#8217; Before Year-End As It Inches Closer To $100K: That&#8217;s The Moment Altcoins &#8216;Shoot Off&#8217;</a></li>
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Image Via Pixabay
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Bitcoin's Path To $100K 'Inevitable' But Crypto Community Is 'Leveraged To The Gills,' Warns Galaxy's Mike Novogratz, Predicts Correction To $80K Ahead

Silicon Valley billionaire and venture capitalist <a href="https://www.benzinga.com/news/24/09/41086806/elon-musk-mocks-vinod-khosla-after-openai-investor-mixes-up-argentinas-poverty-and-unemployment-rate">Vinod Khosla</a> has issued a bold prediction: artificial intelligence (AI) will replace most human jobs over the next 25 years.&nbsp;
In a recent blog post, Khosla wrote about the implications of AI and warned that "80% of 80% of all jobs, maybe more, can be done by AI, be it primary care doctors, psychiatrists, sales people, oncologists, farmworkers or assembly line workers, structural engineers, chip designers, you name it."
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Khosla's experience gives weight to his predictions. He cofounded Sun Microsystems and has invested heavily in tech giants like Amazon, Google and <a href="https://www.benzinga.com/news/24/09/41078513/openai-plans-to-more-than-double-chatgpt-price-over-next-5-years-report">OpenAI</a>. He has also spent over four decades studying disruptive technology and believes that AI will do most jobs "better, faster and cheaper" than humans, drastically changing the labor market.&nbsp;
<h2 class="wp-block-heading">A World Without Jobs</h2>
According to his blog, Khosla says that AI will create a world where human labor isn't necessary for most tasks. It can assist with and perform tasks like assembly line work, investment banking and even medical diagnosis.&nbsp;
The warnings Khosla discusses surrounding AI aren't meant to spread fear but to advocate for proactive solutions as our world heads in this direction. He talks about the risk of an "economic dystopia," where wealth becomes increasingly concentrated at the top – more so than it is now – and both intellectual and physical labor lose their value.&nbsp;
Khosla states that if governments don't proactively identify this problem and devise solutions for AI taking over jobs, millions could face <a href="https://www.benzinga.com/markets/equities/24/09/40760261/biden-administration-says-unemployment-is-low-but-do-americans-see-it-that-way">unemployment</a>.&nbsp;
Trending: This Jeff Bezos-backed startup will allow you to <a href="https://www.benzinga.com/money/bezos-landlord-100-dollars">become a landlord in just 10 minutes, with minimum investments as low as $100 for properties like the Byer House from Stranger Things.</a>
<h2 class="wp-block-heading">The Case for Universal Basic Income (UBI)</h2>
According to Khosla, universal basic income (UBI) is one solution to the looming AI job crisis. UBI is a government program that regularly provides every adult citizen with a set amount of money to help alleviate poverty.&nbsp;
Khosla believes that UBI will become essential as AI replaces jobs. It can provide a safety net for those whose jobs become automated. "As AI reduces the need for human labor, UBI could become crucial, with governments playing a key role in regulating AI's impact and ensuring equitable wealth distribution," he wrote.
The concept of UBI isn't new, but it has gained renewed attention as automation accelerates. Khosla joins a growing list of Silicon Valley figures, including Sam Altman and Mark Zuckerberg, who advocate for UBI to cushion the economic disruption caused by AI.
Trending: ‘Scrolling to UBI': Deloitte's #1 fastest-growing software company allows users to earn money on their phones –<a href="https://www.benzinga.com/money/mode-mobile-2"> invest today with $1,000 for just $0.25/share</a>
<h2 class="wp-block-heading">A Shorter Workweek and More Meaningful Life</h2>
While Khosla spoke about AI&#8217;s challenges, he also presented several upsides, one of which is a shorter workweek. He envisions a world where AI handles mundane, labor-intensive jobs, freeing people up to take on more fulfilling activities. He believes that with the right policies, AI could bring about a three-day workweek, where people can focus more on hobbies, spend time with loved ones and enjoy life more.&nbsp;
"Life won't become less meaningful once we eradicate undesirable, toil-intensive jobs," he wrote. "Quite the opposite – life will become more meaningful as the need to work 40 hours per week could disappear within a few decades for those countries that adapt to these technologies."
Trending: Invest in $20+ trillion home equity market today across cities like Austin, Miami, and Los Angeles through a <a href="https://www.benzinga.com/money/nada-cityfunds">unique 5-year term fund targeting a 14-20% IRR with minimums as low as $2,500</a>
<h2 class="wp-block-heading">Balancing AI Innovation and Regulation</h2>
According to <a href="https://www.cnn.com/2024/11/19/tech/ai-risks-trump-elon-musk-intl/index.html">CNN article</a>, Elon Musk has consistently voiced concerns that AI could pose an existential threat to humanity, despite his company, xAI, developing a generative AI chatbot. Musk supported a proposed California bill designed to address catastrophic risks of AI systems becoming uncontrollable. However, Governor Gavin Newsom vetoed the bill, citing potential harm to innovation. Musk's worries align with suggestions that AI regulation might feature in future executive orders.
Within Trump's circle, opinions on AI regulation vary. JD Vance, the incoming vice-president, warned that excessive regulation could solidify dominance for established tech giants, stifling new innovators crucial for American growth. Interestingly, Musk's Tesla, a major tech player, is heavily invested in AI. The company highlighted its commitment to AI advancements in its latest earnings report, emphasizing its role in shaping the future of innovation.
Musk's dual stance highlights the tension between advocating for AI safety and fostering AI-driven progress.
This story was previously reported and have been updated to reflect post-election players in AI.
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Personal Finance

AI Will Do Most Jobs 'Better, Faster, Cheaper': Silicon Valley Billionaire Vinod Khosla Calls For Universal Basic Income

ChatGPT-parent OpenAI is reportedly considering developing a web browser to challenge Alphabet Inc. subsidiary (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google&#8217;s dominance. This follows the U.S. Department of Justice's <a href="https://www.benzinga.com/government/regulations/24/11/42119020/alphabet-bleeds-over-120-billion-in-market-value-eyes-worst-day-in-10-months-after-doj-demands-google-chrome-sale">push for Google to divest Chrome browser</a>.
What Happened: OpenAI has discussed its plans with app and website developers, including notable names like Conde Nast, Redfin, Eventbrite, and Priceline, <a href="https://www.theinformation.com/articles/openai-considers-taking-on-google-with-browser">reported</a> The Information, citing people familiar with the development.
The idea is to develop a web browser that would integrate with its chatbot. The AI startup has also discussed or secured deals to power search features including travel, food, retail websites, and real estate.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/24/11/42123646/google-anthropic-deal-in-jeopardy-as-us-justice-department-looks-to-snap-online-search-monopoly">Google, Anthropic Deal In Jeopardy As US Justice Department Looks To Snap Online Search Monopoly</a>
OpenAI has also been in talks to provide AI features for Samsung Electronics Co.'s (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SSNLF#OTC">SSNLF</a>) devices, a <a href="https://www.benzinga.com/markets/equities/24/07/39711663/samsung-unveils-phones-with-gemini-ai-integration-but-hikes-prices-will-customers-budge">major partner of Google</a>, the report noted.
The ChatGPT-maker already has a partnership with Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>), according to which it powers the &#8220;Apple Intelligence&#8221; features on the company's new devices.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Sam Altman-led OpenAI has already <a href="https://www.benzinga.com/news/24/10/41663190/openai-rolls-out-chatgpt-search-google-shares-slide">ventured into the search</a> space with its SearchGPT product.
Meanwhile, Google's hold on the search market has come under scrutiny. On Thursday, DOJ argued that Google's control of Chrome is a form of antitrust monopoly.
Alphabet's shares fell more than 6% in Thursday morning trading in New York, witnessing its largest drop since January 2024.
This decline erased over $120 billion in market value, pushing Alphabet&#8217;s valuation below the $2 trillion mark.
At the time of writing, Alphabet's market capitalization was at $2.063 trillion, making it the fifth most valuable company in the world now following Nvidia Corp., Apple, Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>), and Amazon.com Inc.
Earlier this year an internal email from Microsoft surfaced, indicating that the company&#8217;s investment in OpenAI was <a href="https://www.benzinga.com/news/24/05/38582364/microsofts-fear-of-googles-ai-dominance-led-to-openai-investment-internal-email-reveals-were-multipl">motivated by fears</a> of lagging behind Alphabet&#8217;s AI advancements.
Since 2019, Microsoft has invested roughly $14 billion in ChatGPT-parent.
Price Action: On Thursday, Alphabet's Class A shares dropped 4.74%, ending at $167.63, while Class C shares decreased 4.56%, closing at $169.24. After hours, Class A shares fell another 0.42% to $166.93, and Class C shares slipped 0.38% to $168.59, according to <a href="https://benzinga.grsm.io/lxquj26b2sag">data from Benzinga Pro</a>.
Check out more of Benzinga's Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
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Photo courtesy: Shutterstock

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ChatGPT-Parent OpenAI Considers Building Its Own Web Browser To Challenge Google's Search Monopoly, Following DOJ Push To Break Up Chrome Dominance

BDSA&#8216;s October 2024 data highlights Maryland as the fastest-growing state for cannabis sales, with a year-to-date (YTD) increase of 57.8%, totaling $942.2 million.&nbsp;
<a href="https://www.benzinga.com/topic/maryland-cannabis">Maryland&#8217;s impressive performance</a> within BDSA&#8217;s tracked markets cements its place as a key emerging state in the cannabis industry.
<a href="https://www.benzinga.com/topic/ohio-cannabis">Ohio </a>followed with a 30.9% growth, reaching $522.6 million, while New Jersey achieved a 24.6% increase, amounting to $805.7 million in YTD sales.
Green Thumb Industries (OTC:<a class="ticker" href="https://www.benzinga.com/stock/GTBIF#OTC">GTBIF</a>), Curaleaf Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CURLF#OTC">CURLF</a>), Trulieve Cannabis Corp. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/TCNNF#OTC">TCNNF</a>), Cresco Labs (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CRLBF#OTC">CRLBF</a>), and Verano Holdings (OTC:<a class="ticker" href="https://www.benzinga.com/stock/VRNOF#OTC">VRNOF</a>) are publicly traded multi-state operators with active operations in both Ohio and Maryland, supporting the cannabis industry&#8217;s growth in these states.
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<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Struggling Markets</h3>
States with established cannabis markets are grappling with significant downturns. Arizona saw a 12.9% decrease in YTD sales, generating $989.8 million, while <a href="https://www.benzinga.com/topic/colorado-cannabis">Colorado</a>, another mature market, reported a 9.5% drop, totaling $1.18 billion.&nbsp;
Even <a href="https://www.benzinga.com/topic/california-cannabis">California</a>, the leader in total sales with $4.16 billion YTD, experienced a 3.6% decline, underscoring challenges faced by long-established markets.
Read Also:<a href="https://www.benzinga.com/general/health-care/24/11/41959233/yougov-poll-reveals-what-women-want-with-weed-relax-mindfulness-and-great-deals"> YouGov Poll Reveals What Women Want With Weed: Relax, Mindfulness And Great Deals</a>
<h3 class="wp-block-heading">Monthly Shifts</h3>
While year-to-date trends provide long-term insights, monthly data reveals shorter-term momentum shifts. <a href="https://bdsa.com/">According to BDSA</a>, Missouri leads recent growth with a 4.9% month-over-month (MoM) increase, totaling $123.3 million.&nbsp;
Arizona, despite its YTD struggles, achieved a 4.4% MoM rise to $93.1 million. Conversely, <a href="https://www.benzinga.com/topic/michigan-cannabis">Michigan</a> recorded the steepest monthly decline, dropping 7.7% to $246.3 million, followed by New York with a 7.3% decrease, ending at $11.1 million.
Read Next:<a href="https://www.benzinga.com/general/market-summary/24/11/42086135/pre-rolls-the-avocado-toast-of-cannabis-why-millennials-are-spending-100m-a-month"> Pre-Rolls, The Avocado Toast Of Cannabis: Why Millennials Are Spending +$100M A Month</a>

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President-elect Donald Trump picked Pam Bondi, Florida&#8217;s former attorney general, to serve as U.S. attorney general in his second administration after his initial pick, Matt Gaetz, withdrew from <a href="https://www.benzinga.com/news/legal/24/11/42078192/trumps-attorney-general-pick-matt-gaetz-resigned-from-congress-ethics-committee-to-decide-if-report-will-be-released">consideration amid controversy</a>.
What Happened: Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/113523536267976149">announced</a> the nomination Thursday on Truth Social, his social media platform, declaring his intent to reshape the Department of Justice. 
&#8220;For too long, the partisan Department of Justice has been weaponized against me and other Republicans &#8211; Not anymore,&#8221; Trump wrote. &#8220;Pam will refocus the DOJ to its intended purpose of fighting Crime, and Making America Safe Again,&#8221; 
Bondi, who served as Florida&#8217;s top prosecutor from 2011 to 2019, previously <a href="https://www.benzinga.com/general/entertainment/23/06/32686203/desantis-vs-disney-saga-trump-appointee-replaces-judge-who-recused-himself-after-accusing-g">demonstrated loyalty to Trump</a> by joining his defense team during his first impeachment trial in 2020. During that trial, Trump faced charges of attempting to pressure Ukraine to investigate the Biden family.
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">Bitcoin Analyst Warns Of &#8216;4-6 Flash Crashes&#8217; Before Year-End As It Inches Closer To $100K</a>
Why It Metters: The nomination comes hours after Gaetz, who had been nominated on Nov 13, withdrew his name from consideration. The former congressman&#8217;s nomination faced significant hurdles due to past controversies, including a Justice Department sex-trafficking investigation <a href="https://www.benzinga.com/24/11/42119848/matt-gaetz-withdraws-name-from-ag-nomination-calls-sex-trafficking-controversy-a-distraction">that concluded without charges</a>. 
The House Ethics Committee, which launched its own probe in 2021, reached a deadlock Wednesday on whether to release its investigative report.
Gaetz, who has consistently denied any wrongdoing, had <a href="https://www.benzinga.com/news/legal/24/11/42078192/trumps-attorney-general-pick-matt-gaetz-resigned-from-congress-ethics-committee-to-decide-if-report-will-be-released">submitted his resignation</a> from Congress the same day as his initial nomination.
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Image via Pixabay
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Politics

Trump Picks Former Florida AG Pam Bondi For Justice Department After Matt Gaetz Withdraws

Green Wednesday,to be celebrated next week on November 27, has become the cannabis industry's answer to Black Friday. This annual shopping event, known for its surge in sales, offers a critical opportunity for retailers to optimize their shelves based on insights into consumer behavior. According to New Frontier Data, understanding cannabis user archetypes can help businesses target key segments effectively and maximize revenue during this peak sales period.
One prominent consumer group, Savvy Connoisseurs, represents 13% of U.S. cannabis users and stands out as the most frequent and high-spending segment. These consumers, 75% of whom are under 45, use cannabis multiple times daily (54%) and purchase weekly (65%). Their typical spending exceeds $50 per visit (71%), making them a prime audience for Green Wednesday promotions. With diverse preferences across smokable and non-smokable products, this group's demand for flowers, edibles, and vapes underscores the importance of offering variety and discounts to drive engagement.
<ul>
<li>Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can&#8217;t afford to miss out if you're serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Relaxation Drives Recreational Lifestylers</h3>
Contemporary Lifestylers, who make up 16% of <a href="https://www.benzinga.com/topic/cannabis-marketing">cannabis consumers</a>, are another key segment on Green Wednesday. Consuming primarily to relax and unwind, they are frequent buyers, with over half purchasing weekly. <a href="https://newfrontierdata.com/equio-features/">According to New Frontier</a>, edibles and vape pens are popular among this group, alongside traditional smoking methods. They tend to stick to legal markets, sourcing primarily from dispensaries.
<h3 class="wp-block-heading">Medical And Dual-Use Consumers Eye Holiday Deals</h3>
Medical Lifestylers and Modern Medicinals use cannabis primarily for health reasons, including pain management and sleep improvement. Together, they account for nearly a quarter of <a href="https://www.benzinga.com/topic/cannabis-branding">consumers</a>. 
These segments often prefer non-smokable forms like<a href="https://www.benzinga.com/analyst-ratings/analyst-color/23/05/32279262/exclusive-are-topicals-an-untapped-market-for-cpg-brands-in-the-cannabis-industry"> tinctures and topicals</a>, with many making weekly purchases.
Green Wednesday promotions can strategically target Savvy Connoisseurs and recreational users with variety and discounts while appealing to medical users through wellness-focused offerings. 
With 37% of U.S. adults using cannabis at least annually, this shopping event continues to expand its reach and impact.
Read Next:<a href="https://www.benzinga.com/general/health-care/24/11/41959233/yougov-poll-reveals-what-women-want-with-weed-relax-mindfulness-and-great-deals"> YouGov Poll Reveals What Women Want With Weed: Relax, Mindfulness And Great Deals</a>

Green Wednesday's Biggest Weed Buyers: The Surprising Archetypes Driving Sales

NVIDIA Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) continues to dominate the artificial intelligence landscape, with CNBC&#8217;s Jim Cramer and Wall Street analysts reinforcing their bullish outlook following <a href="https://www.benzinga.com/news/earnings/24/11/42099904/nvidia-beats-q3-revenue-eps-estimates-supply-constraints-ding-stock-huang-says-age-of-ai-is-in-full-steam">the company&#8217;s stellar third-quarter earnings report</a>.
What Happened: &#8220;The demand is accelerating because the payoff is so great,&#8221; Cramer <a href="https://www.cnbc.com/2024/11/21/demand-for-nvidia-products-isnt-letting-up-jim-cramer-says.html">said</a> on Thursday, citing CEO Jensen Huang&#8216;s assertion that customers earn five dollars for every dollar invested in Nvidia chips. 
This compelling return on investment, Cramer argues, makes Nvidia&#8217;s products essential for major tech companies. &#8220;That means they have no choice but to buy Nvidia's chips,&#8221; he said. 
The sentiment is echoed by Wedbush&#8216;s Dan Ives, who called the results a &#8220;jaw-dropper.&#8221; Ives predicts the Nasdaq could surge to 25,000, <a href="https://www.benzinga.com/markets/equities/24/11/42102642/nvidia-delivered-jaw-dropping-q3-earnings-says-dan-ives-this-is-the-fourth-revolution-playing-out-in-front-of-our-eyes">driven by an extraordinary multiplier effect</a> where &#8220;one dollar spent on GPU chips translates to an $8 to $10 impact across the tech sector.&#8221;
See Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42127938/bitcoin-analyst-warns-of-4-6-flash-crashes-before-year-end-as-it-inches-closer-to-100k-thats-the-moment-altcoins-shoot-off">Bitcoin Analyst Warns Of &#8216;4-6 Flash Crashes&#8217; Before Year-End As It Inches Closer To $100K</a>
Why It Matters: Nvidia reported third-quarter revenue of $35.1 billion, up 94% year-over-year, with Data Center revenue alone reaching $30.8 billion. The company&#8217;s CFO Colette Kress projects gross margins will temporarily dip to the low 70% range as the <a href="https://www.benzinga.com/24/11/42102796/nvidia-projects-gross-margin-recovery-as-blackwell-systems-drive-unprecedented-ai-demand">new Blackwell systems ramp up production</a>.
Rosenblatt analyst Hans Mosesmann maintained a Buy rating while <a href="https://www.benzinga.com/24/11/42121003/nvidia-to-rally-more-than-50-here-are-10-top-analyst-forecasts-for-thursday">raising the price target</a> from $200 to $220. 
This optimism is reflected in a <a href="https://www.benzinga.com/tech/24/11/42121665/could-another-magnificent-7-stock-beat-nvidia-in-2025-poll-says-not-likely-27-pick-this-potential-winner">recent Benzinga poll</a>, where 48% of respondents believed Nvidia would continue to dominate the &#8220;Magnificent Seven&#8221; stocks in 2025, followed by Tesla Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TSLA#NASDAQ">TSLA</a>) at 27%.
Huang describes this period as &#8220;the beginnings of two fundamental shifts in computing,&#8221; highlighting the transition to <a href="https://www.benzinga.com/24/11/42102796/nvidia-projects-gross-margin-recovery-as-blackwell-systems-drive-unprecedented-ai-demand">machine learning and AI&#8217;s emergence</a> as an industrial capability. The company projects fourth-quarter revenue of $37.5 billion, with Oracle Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ORCL#NYSE">ORCL</a>) already planning AI computing clusters scaling to over 131,000 Blackwell GPUs.
Price Action: Nvidia&#8217;s stock has surged more than 196% year-to-date, significantly outperforming the broader market and its &#8220;Magnificent Seven&#8221; peers, including Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) at 23.3% and Microsoft Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSFT#NASDAQ">MSFT</a>) at 11.4%, according to <a href="https://www.benzinga.com/pro/">data from Benzinga Pro</a>.
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Image Via Flickr
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

AMZN

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ORCL

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Jim Cramer Doubles Down On Nvidia: 'Demand Is Accelerating' As AI Customers 'Have No Choice' But To Buy Its Chips

Apple Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) is reportedly developing a conversational AI-powered Siri to compete with OpenAI's ChatGPT and Alphabet Inc. subsidiary (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) Google&#8217;s Gemini Live voice assistant.
What Happened: The new version of Siri will leverage large language models to allow back-and-forth interactions with quicker and more advanced responses, <a href="https://www.bloomberg.com/news/articles/2024-11-21/apple-readies-more-conversational-llm-siri-in-bid-to-rival-openai-s-chatgpt">reported</a> Bloomberg, citing people with knowledge of the matter.
Internally called "LLM Siri," the upgraded voice assistant is being tested as a separate app and will eventually replace the current interface on iPhones, iPads, and Macs.
See Also:&nbsp;<a href="https://www.benzinga.com/tech/24/11/41932289/ai-capabilities-plateauing-say-andreessen-horowitz-founders-echoing-concerns-of-openai-co-founder-ilya-sutskever?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">AI Capabilities Plateauing, Say Andreessen Horowitz Founders, Echoing Concerns Of OpenAI Co-Founder Ilya Sutskever</a>
Siri has long <a href="https://www.benzinga.com/news/23/04/32074627/alexa-vs-siri-amazon-and-apples-battle-to-make-worlds-best-personal-assistant-just-got-more-intense">lagged behind rivals</a> like Amazon.com, Inc.'s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Alexa, and Google Assistant in conversational capabilities. Now, Apple intends to close that gap using the power of AI.
The new assistant will be part of <a href="https://www.benzinga.com/news/24/07/39665558/apples-most-awaited-siri-ai-upgrade-will-not-come-until-2025-report">Apple Intelligence</a> and focus on user privacy while enabling ChatGPT-like features, including text writing and summarization.
Apple also plans to continue offering third-party chatbot integrations like ChatGPT and Gemini alongside LLM Siri.
The overhaul is expected to be announced alongside iOS 19 and macOS 16 in 2025, with a consumer rollout slated for spring 2026, the report noted.
Subscribe to the&nbsp;<a href="https://bztechtrends.beehiiv.com/subscribe" target="_blank" rel="noreferrer noopener">Benzinga Tech Trends newsletter</a>&nbsp;to get all the latest tech developments delivered to your inbox.
Why It Matters: Last month, Bloomberg columnist Mark Gurman <a href="https://www.bloomberg.com/news/newsletters/2024-10-20/apple-s-latest-ipad-mini-highlights-ai-advantage-sonos-considers-new-headphones-m2hkz4mn?srnd=undefined">reported</a> that Apple research showed that ChatGPT outperformed Siri by at least 25% in accuracy.
The standout feature between the two lies in ChatGPT's conversational design.
"Some at Apple believe that its generative AI technology — at least, so far — is more than two years behind the industry leaders," Gurman stated at the time.
However, the iPhone-maker is gradually catching up. Earlier, Apple CEO Tim Cook had said that the launch of Apple Intelligence was among the <a href="https://www.benzinga.com/success-stories/24/10/41441641/apple-ceo-tim-cook-says-apple-intelligence-will-make-products-profoundly-different-new-ai-technol">most significant technology</a> releases in Apple&#8217;s history.
In October, Apple also reported fiscal <a href="https://www.benzinga.com/news/earnings/24/10/41666494/apple-q4-earnings-revenue-beat-eps-beat-installed-base-hits-new-highs-iphone-sales-rise-as-apple-in">fourth-quarter revenue</a> of $94.9 billion, surpassing analysts&#8217; projections of $94.56 billion.
During the earnings call, Cook said that the rapid adoption of iOS 18.1 compared to iOS 17.1 is a definite sign of users' <a href="https://www.benzinga.com/news/24/10/41674713/apple-users-hungry-for-ai-tim-cook-says-ios-18-1-has-twice-the-adoption-rate-of-17-1-what-it-means-f">interest in Apple Intelligence</a>.
Price Action: At the time of writing, Apple shares rose 0.018% to $228.56 in after-hours trading, after a 0.21% drop to $228.52 in Thursday&#8217;s regular session, according to<a href="https://benzinga.grsm.io/lxquj26b2sag"> Benzinga Pro data</a>.
Check out more of Benzinga&#8217;s Consumer Tech coverage by&nbsp;<a href="https://www.benzinga.com/topic/consumer-tech" target="_blank" rel="noreferrer noopener">following this link</a>.
Read Next:
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<li><a href="https://www.benzinga.com/24/11/42071334/apples-100-million-gamble-tech-giant-moves-to-lift-indonesias-iphone-ban">Apple&#8217;s $100 Million Gamble, Tech Giant Moves to Lift Indonesia&#8217;s iPhone Ban</a></li>
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Photo courtesy: Unsplash

Apple Prepares To Take On OpenAI's ChatGPT, Google Gemini 'Live' With LLM Siri In 2025: Report

Leading cryptocurrency analyst Michaël van de Poppe predicts several significant market corrections, even as Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42125642/bitcoin-ethereum-dogecoin-prepping-for-an-early-thanksgiving-btc-is-currently-less-than-one-eth-away-from-100000-says-trader">trades near record highs at $98,192</a>.
What Happened: &#8220;Bitcoin is going to take liquidity on lower levels,&#8221; van de Poppe warned on X, forecasting &#8220;4-6 flash crashes&#8221; before year-end. These corrections could see Bitcoin drop 5-10% in a single day, while alternative cryptocurrencies might experience even steeper declines of 20-30%.
However, van de Poppe suggests these dramatic drops could present strategic entry points for investors. &#8220;After such a flash crash on Bitcoin, that&#8217;s the moment where Bitcoin consolidates, and altcoins shoot off,&#8221; he explained, describing the market&#8217;s rotation pattern.
Despite Bitcoin&#8217;s approach toward $100,000, market sentiment remains notably subdued compared to previous bull runs, suggesting potential volatility ahead as van de Poppe predicts. &#8220;Timing those flash crashes is hard, but they do happen,&#8221; he cautioned, advising investors to prepare for these market movements.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true">FLASH CRASH! What do you mean? Well, <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is going to take liquidity on lower levels, it will. There will be crashes of 5-10% on a day.<a href="https://twitter.com/hashtag/Altcoins?src=hash&amp;ref_src=twsrc%5Etfw">#Altcoins</a> might fall 20-30%, which are the days you should activate your entries. However, after such a flash crash on Bitcoin, that&#39;s… <a href="https://t.co/DTbIcs4Kob">pic.twitter.com/DTbIcs4Kob</a>
&mdash; Michaël van de Poppe (@CryptoMichNL) <a href="https://twitter.com/CryptoMichNL/status/1859650485306916953?ref_src=twsrc%5Etfw">November 21, 2024</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
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See Also: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42125642/bitcoin-ethereum-dogecoin-prepping-for-an-early-thanksgiving-btc-is-currently-less-than-one-eth-away-from-100000-says-trader">Bitcoin, Ethereum, Dogecoin Prep For Early Thanksgiving: &#8216;BTC Is Currently (Less Than) One ETH Away From $100,000,&#8217; Says Trader</a>
Why It Matters: The warning comes amid a broader cryptocurrency market surge, with total market capitalization reaching $3.3 trillion. Major institutions continue showing confidence in the sector, exemplified by MicroStrategy Inc.&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) recent $3 billion <a href="https://www.benzinga.com/trading-ideas/movers/24/11/42126020/whats-going-on-with-microstrategy-stock-after-the-bell">convertible note offering to acquire additional Bitcoin</a>.
Supporting van de Poppe&#8217;s market rotation theory, other analysts including Milkybull project an upcoming &#8220;altseason&#8221; extending through March 2025. Technical indicators suggest alternative cryptocurrencies could see significant gains <a href="https://www.benzinga.com/24/11/42030200/bitcoin-dominance-decline-expected-next-month-analyst-projects-altseason-to-peak-by-march-2025">following Bitcoin&#8217;s correction periods</a>.
Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>) is trading at $3,324, up 7.71%, in the last 24 hours, while Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) reached $254.05, gaining 6.79%.
Bitcoin is currently trading at $98,407, up 3.65% in the last 24 hours.
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Image Via Pixabay
Disclaimer:&nbsp;This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Bitcoin Analyst Warns Of '4-6 Flash Crashes' Before Year-End As It Inches Closer To $100K: That's The Moment Altcoins 'Shoot Off'

Several US states stand out as having not adopted legal adult-use cannabis or medical marijuana. One of them is <a href="https://www.benzinga.com/markets/cannabis/24/09/40858225/this-gubernatorial-nominees-cannabis-plan-could-generate-172m-annually-for-island-of-prohibition">Indiana</a>, where a new Republican-backed group is calling on state lawmakers to adopt policies to tax and regulate cannabis for adults 21 and older in the state.
A group called Safe and Regulated Indiana, which seeks to reshape Indiana&#8217;s approach to cannabis by focusing on public health, safety, and economic opportunity, came out on Thursday, <a href="https://indianacapitalchronicle.com/briefs/prominent-republicans-back-safe-and-regulated-marijuana-legalization-group/">reported</a> Indiana Capital Chronicle. 
"By embracing a smart and evidence-based approach that prioritizes public health, safety, and economic opportunity, we can give Hoosiers the access that they deserve and demand," said Joe Elsener, the group's spokesman and former Indiana Republican Party executive director.
<h3 class="wp-block-heading">Focus On Regulation, Not Legalization</h3>
Safe and Regulated Indiana's messaging avoids the term "legalization," but rather stresses "regulation."
A multimedia ad campaign <a href="https://app.frame.io/presentations/b3d9e5a9-44e4-4719-ac58-1124fcb33db0">already online </a>promotes the idea of taxing and regulating cannabis like alcohol to generate new tax revenue, reduce illegal drug sales and allow &#8220;new tax revenue for law enforcement,&#8221; to focus on violent crimes. It also claims regulation will put illegal dealers out of business.
"Tell your legislator it's time for safe and regulated marijuana," the ad concludes.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/09/40858225/this-gubernatorial-nominees-cannabis-plan-could-generate-172m-annually-for-island-of-prohibition">This Gubernatorial Nominee&#8217;s Cannabis Plan Could Generate $172M Annually For &#8216;Island Of Prohibition&#8217; Indiana</a>
Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. If you're serious about the business, you can't afford to miss out.
<h3 class="wp-block-heading">Economic And Public Safety Impacts</h3>
Indianapolis City-County Councilor Michael-Paul Hart stated that regulating cannabis like tobacco and alcohol could prevent underage access, create thousands of jobs, and bring "hundreds of millions of dollars of new revenue" to Indiana.
<a href="https://www.benzinga.com/markets/cannabis/23/01/30362663/lawmakers-file-marijuana-bills-in-island-of-prohibition-indiana">Neighboring states </a>like Illinois, Michigan and Ohio have already legalized recreational marijuana, while Kentucky has approved medical cannabis.
However, Indiana's leadership remains resistant. Outgoing Governor Eric Holcomb has long opposed legalization, and Governor-elect Mike Braun recently expressed conditional support for medical cannabis, contingent on law enforcement input. Earlier in 2024, <a href="https://www.benzinga.com/topic/indiana-cannabis">Indiana</a> Democrats introduced <a href="https://www.benzinga.com/markets/cannabis/24/01/36579299/indiana-democrats-propose-bills-to-legalize-medical-and-adult-use-cannabis">bills to legalize</a> medical and adult-use cannabis.
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Cover: Safe and Regulated

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GOP-Led Group Calls For Legal Cannabis In Indiana: 'Tell Your Legislator It's Time'

A decades-long Danish study has found no significant link between cannabis use and increased age-related cognitive decline in men, challenging persistent <a href="https://www.benzinga.com/markets/cannabis/24/09/40989263/long-term-medical-cannabis-use-has-no-significant-harmful-effects-on-memory-or-impulse-control-n">stereotypes about cannabis consumers.</a>
<h3 class="wp-block-heading">Key Findings</h3>
Researchers from the University of Copenhagen followed 5,162 men over an average of 44 years, examining cognitive aging from early adulthood to late midlife.
See Also: <a href="https://www.benzinga.com/24/11/42122260/study-reveals-psychedelic-ritual-cocktail-in-ancient-egyptian-mug">Study Reveals Psychedelic Ritual Cocktail In Ancient Egyptian Mug</a>
Contrary to common assumptions, the study revealed that cannabis users experienced slightly less cognitive decline than non-users. The average cognitive decline across the participants was 6.2 IQ points, with cannabis users showing 1.3 fewer IQ points of decline compared to non-users.
The findings, <a href="https://onlinelibrary.wiley.com/doi/10.1002/brb3.70136">published</a> in the journal Brain and Behavior, align with prior studies suggesting cannabis use is not associated with greater cognitive impairment in adulthood. 
However, the researchers caution that further investigations are necessary to determine if these results indicate no adverse long-term effects or if the effects of <a href="https://www.benzinga.com/markets/cannabis/24/08/40536603/can-thc-turn-back-the-clock-cannabis-reverses-brain-aging-boosts-mental-capacity-new-study-sugge">cannabis use dissipate over time.</a>
<h3 class="wp-block-heading">Expert Reactions</h3>
"These results contradict one of the more prominent and longstanding stereotypes about cannabis and cannabis consumers,&#8221; said Paul Armentano, deputy director of the National Organization for the Reform of Marijuana Laws (NORML).
"It is even more unfortunate that studies refuting these long-held stereotypes seldom receive the type of mainstream attention they deserve."
<h3 class="wp-block-heading">Context And Broader Implications</h3>
While this study adds to evidence refuting claims of significant cognitive decline in cannabis users, it is essential to note the distinction between adult and adolescent cannabis exposure. 
The US Centers for Disease Control and Prevention (CDC) warns that heavy cannabis use during adolescence may cause permanent changes to the developing brain, which continues to mature until approximately age 25.
In contrast, a separate recent study found <a href="https://www.benzinga.com/markets/cannabis/23/03/31293224/study-asserts-long-term-cannabis-use-leads-to-hippocampal-shrinkage-lower-iq-poor-learning-abil-">no adverse effects</a> on brain structure or cognitive function among adult medical cannabis users after a year of consistent use.
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Long-Term Study Reveals Cannabis May Slow Cognitive Decline: Everything You Need To Know

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Colorado's cannabis industry is facing a steep decline in sales and <a href="https://www.benzinga.com/markets/cannabis/24/05/38712820/legal-cannabis-states-raked-in-20b-since-2014-peaking-at-4b-in-2023-new-report-shows">tax revenue</a>, falling to levels below 2018 figures. Tax collections from marijuana sales peaked at $424 million during the 2020-21 fiscal year but plummeted 41% to $248 million in 2023-24.&nbsp;
<h3 class="wp-block-heading">Hemp THC Sales Bypass Cannabis Regulations</h3>
This downturn, detailed in a recent <a href="https://coloradosun.com/2024/11/21/colorado-marijuana-sales-taxes-intoxicating-hemp/">article</a> in The Colorado Sun, is attributed to increased market competition, falling wholesale cannabis prices, and the rise of so-called intoxicating hemp products. These <a href="https://www.benzinga.com/markets/cannabis/24/01/36584043/real-weed-or-a-lab-high-delta-8-and-delta-9-thc-explained">psychoactive hemp-derived products</a>, such as delta-8 THC, mimic the effects of delta-9 THC but are less potent and have <a href="https://www.benzinga.com/markets/cannabis/24/11/41775784/hemp-vs-marijuana-industry-tensions-rise-amid-rejection-of-cannabis-legalization-in-florida-the-">gained widespread popularity</a>.
Since the legalization of hemp in 2018 under the federal <a href="https://www.benzinga.com/government/regulations/24/11/42068539/billion-dollar-strike-farm-bill-amendment-could-change-the-hemp-industry">Farm Bill</a>, a <a href="https://www.benzinga.com/markets/cannabis/23/01/30442687/controversial-delta-8-thc-products-garner-2b-in-sales-over-2-years-so-whats-the-problem">$2.2 billion quasi-legal market for hemp-derived THC products</a> has emerged. These products, including THC-infused seltzers, gummies, and brownies, often bypass the regulatory framework governing marijuana sales.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter <a href="https://newsletteremail.benzinga.com/subscribe">here</a>. If you&#8217;re serious about the business, you can&#8217;t afford to miss out.</li>
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As a result, they are <a href="https://www.benzinga.com/markets/cannabis/24/08/40561082/delta-8-thc-exposure-is-lower-in-states-where-recreational-marijuana-is-legal-say-researchers-ba">sold in unlicensed venues</a> such as gas stations and farmers markets, competing directly with Colorado's heavily regulated marijuana market.&nbsp;
&#8220;You&#8217;ve put a pretty robust regulatory structure in place around marijuana, and you have this product that is sort of laughing in the face of that structure,&#8221; said Craig Harper, Joint Budget Committee staff director, at a recent budget hearing, according to The Colorado Sun.
<h3 class="wp-block-heading">Lawmakers Push For Stricter Hemp Rules</h3>
State lawmakers have attempted to curb this competition. In 2023, Colorado restricted intoxicating hemp sales to licensed marijuana retailers.&nbsp;
Meanwhile, state attorneys general, including Colorado's Phil Weiser, <a href="https://www.benzinga.com/markets/cannabis/24/01/36617725/12-state-attorneys-general-to-dea-reschedule-marijuana-to-defend-public-safety-cannabis-stocks-j">are urging Congress to impose stricter federal limits</a> on hemp-derived THC. However, enforcement challenges persist due to <a href="https://www.benzinga.com/government/regulations/24/11/42068539/billion-dollar-strike-farm-bill-amendment-could-change-the-hemp-industry">legal ambiguities</a>.
<h3 class="wp-block-heading">Cannabis Tax Cuts Impact State Programs</h3>
The <a href="https://www.benzinga.com/markets/cannabis/24/08/40641980/denvers-marijuana-revenue-drops-34-but-cannabis-crime-rates-remain-low">declining cannabis tax revenue</a> has forced the state to cut programs funded by these taxes, including delaying a $20 million payment to a public school construction grant program.&nbsp;
Moreover, the Colorado Sun notes Governor Jared Polis has proposed further reductions in marijuana-funded services for the 2025 legislative session.
Read Also: <a href="https://www.benzinga.com/markets/cannabis/24/08/40641980/denvers-marijuana-revenue-drops-34-but-cannabis-crime-rates-remain-low">Denver&#8217;s Marijuana Revenue Drops 34%, But Cannabis Crime Rates Remain Low</a>
<h3 class="wp-block-heading">Nationwide Trends Highlight Colorado's Struggles</h3>
Colorado is not alone in experiencing declining cannabis sales. Washington and California, both early adopters of legalization, have reported drops in revenue. However, <a href="https://www.benzinga.com/markets/cannabis/24/10/41322446/is-colorados-cannabis-market-back-on-track-a-5-sales-boost-says-yes">Colorado's 8% year-over-year decline surpasses the national average</a>, highlighting the unique pressures on its market.
As competition from hemp THC products grows and regulatory uncertainties persist, Colorado's marijuana industry faces mounting pressure to adapt.
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Image generated with AI tools.

Colorado's Marijuana Sales, Tax Revenue Slump Amid Hemp Competition

<a href="https://www.benzinga.com/startups/24/10/41552860/boeing-plans-to-sell-off-major-assets-as-the-company-scrambles-to-remain-profitable-and-stay-competi">Boeing </a>has initiated layoffs that will impact 2,199 workers in Washington state. The move is part of broader plans to downsize its workforce by about 17,000 amid persistent financial and operational struggles.&nbsp;
According to a notice filed with Washington's Employment Security Department, the aerospace company will continue implementing job cuts nationwide, raising concerns about its trajectory in a highly competitive industry.
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The reductions are part of a strategy announced in October when Boeing revealed plans to reduce its workforce by 10%. The layoffs affect multiple divisions – commercial airplanes, defense and global services – and span facilities in several states, including Missouri, Arizona, South Carolina and its base in Arlington, Virginia.&nbsp;
According to The Seattle Times, these cuts mark one of the largest workforce adjustments Boeing has made in recent years. Before the layoffs, Boeing employed around 66,000 workers in Washington.&nbsp;
Over 400 Society of Professional Engineering Employees in Aerospace (SPEEA) members received notices last week, although these employees will remain on payroll until mid-January.&nbsp;
Trending: This Adobe-backed AI marketing startup went from a $5 to $85 million valuation working with brands like L'Oréal, Hasbro, and Sweetgreen in just three years –<a href="https://www.benzinga.com/money/rad-ai-2"> here's how there's a limited time opportunity to invest at $1,000 for only $0.50/share before it closes TONIGHT.</a>
The Machinists' union also confirmed that many unionized workers recently returned to assembly lines following a nearly two-month strike. In an October call with analysts, Boeing CEO Kelly Ortberg said that the Machinists&#8217; strike wasn't the primary factor driving <a href="https://www.benzinga.com/startups/24/10/41493900/meta-ceo-zuckerberg-dismisses-workers-making-over-six-figures-for-taking-advantage-of-company-food-d">layoffs</a> but was instead tied to overstaffing.
He highlighted challenges in scaling production, particularly for the 737 MAX, under Federal Aviation Administration (FAA) restrictions limiting production to 38 planes per month – a target Boeing has yet to achieve consistently.
According to the FAA, the company's compliance issues contributed to delays in ramping up production. A recent incident involving a detached door plug in flight on an Alaska Airlines plane further eroded confidence in Boeing's safety standards.
Financially, Boeing continues to face turbulence. The company reported a $6.1 billion loss for the third quarter of 2024, citing slower production rates and supply chain disruptions. According to Travel And Tour World, demand for new aircraft remains 15% below pre-pandemic levels, compounding recovery challenges.
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Still, some experts see the layoffs as a calculated step. In an interview on KIRO 7, Scott Hamilton said, "Boeing is bloated and needs to lose some weight – and these cuts will be tough but necessary."
However, critics argue that Boeing's aggressive downsizing will do more harm than good. Ray Goforth, the Executive Director of the Society of Professional Engineering Employees in Aerospace (SPEEA), said in a statement: "Rather than resolve the IAM strike and focus the company's resources on rebuilding the trust of regulators and customers, Boeing leadership has decided to harm every aspect of the company."
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Boeing Announces 2,200 Job Cuts In Washington And Oregon – Is The Aerospace Giant Bracing For Turbulence?

Canopy Growth Corporation&#8216;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>) stock has fallen significantly from its recent highs in May 2024.
After reaching a peak of $16.41, the stock now trades around $3.93, raising questions about its potential for recovery and long-term investment viability. In this article, we take a closer look at Canopy&#8217;s medium-term performance and provide insights for investors who might be curious about this key industry player.
<h3 class="wp-block-heading">Fibonacci Analysis: Key Resistance And Support Levels</h3>
A Fibonacci retracement analysis shows that the stock has retraced to the&nbsp;78.6% level (circa $3.86), a critical support point. Holding above this level could trigger a potential bounce, while failure to do so risks further declines toward the pre-rally starting point of&nbsp;$2.57.
On the upside, the&nbsp;61.8% retracement level (circa $6.36)&nbsp;represents a significant resistance zone. The stock tested this level twice: once during the last week of October and again during the first week of November. Breaking through this resistance would signal renewed investor confidence and could open the door to testing the&nbsp;50% level ($8.50) &#8211; a psychologically important milestone.
The company reported&nbsp;$1.23 billion in total assets&nbsp;for the <a href="https://www.benzinga.com/news/earnings/24/11/41843751/canopy-growth-q2-net-revenue-drops-9-yoy-projects-positive-earnings-ahead">most recent quarter</a>, with&nbsp;$509.668 million in shareholder equity&nbsp;and a&nbsp;market capitalization of $396.154 million.
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="781" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21175121/Captura-de-pantalla-2024-11-21-a-las-19.50.57-1024x781.png" alt="" class="wp-image-659928" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21175121/Captura-de-pantalla-2024-11-21-a-las-19.50.57-1024x781.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21175121/Captura-de-pantalla-2024-11-21-a-las-19.50.57-300x229.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21175121/Captura-de-pantalla-2024-11-21-a-las-19.50.57-768x586.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/21175121/Captura-de-pantalla-2024-11-21-a-las-19.50.57.png 1416w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
Chart created using <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>
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Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.
<h3 class="wp-block-heading">Is Canopy A Good Investment?</h3>
At current levels, Canopy Growth presents a high-risk, high-reward profile, similar to other <a href="https://www.benzinga.com/topic/cannabis-stocks">cannabis companies</a>. The&nbsp;78.6% retracement support&nbsp;makes it appealing for speculative investors betting on a recovery. However, if the stock falls below $3.86, further declines could follow, raising concerns about profitability and long-term sustainability.
In the short term, there may be trading opportunities, but careful monitoring of other technical indicators is necessary.
For long-term investors, Canopy's future depends on its ability to<a href="https://www.benzinga.com/general/market-summary/24/11/42100955/the-u-s-cannabis-strategy-no-ones-talking-about-inside-canopys-300m-plan"> grow revenue</a>,<a href="https://www.benzinga.com/markets/cannabis/24/10/41381387/canopy-growth-slashes-debt-with-100m-loan-prepayment-saves-14m-in-interest"> reduce debt</a>, and capitalize on the U.S. market: something that the company seems to be <a href="https://www.benzinga.com/general/market-summary/24/11/42100955/the-u-s-cannabis-strategy-no-ones-talking-about-inside-canopys-300m-plan">set to do</a>. But, from a technical standpoint, until the stock breaks above&nbsp;circa $6.36, signaling a broader reversal, caution is recommended.
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Cover: Benzinga Pro

What's Happening With Canopy Growth: Is It Time To Buy?

According to an SEC <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1498710/000095010324016405/dp220813_8k.htm">filing</a>, Spirit Airlines, Inc. (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SAVEQ#OTC">SAVEQ</a>) CEO Ted Christie was paid a $3.8 million retention bonus just one week before the budget airline<a href="https://www.benzinga.com/24/11/42032477/spirit-airlines-eyes-financial-stability-with-chapter-11-filing-and-equity-injection"> filed for bankruptcy. </a>
The Details: Spirit Airlines <a href="https://www.benzinga.com/pressreleases/24/11/n42030743/spirit-airlines-announces-comprehensive-agreement-to-deleverage-balance-sheet-and-position-the-com">filed for</a> Chapter 11 bankruptcy protection on Monday and announced a comprehensive balance sheet restructuring plan aimed at reducing its debt and allowing the airline to continue <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42083607/as-spirit-airlines-files-for-bankruptcy-experts-weigh-potential-impact-on-flight-prices-this-is-not-a-black-and-white-situation">to operate</a> through the bankruptcy process.&nbsp;
Spirit's existing bondholders agreed to take a $350 million ownership position in a reorganized airline and erased $795 million of debt. They also agreed to provide $300 million of debt-in-possession financing, giving Spirit access to cash that will allow it to continue to pay employee wages and benefits through its reorganization.
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"This set of transactions will materially strengthen our balance sheet and position Spirit for the future while we continue executing on our strategic initiatives to transform our guest experience, providing new enhanced travel options, greater value and increased flexibility," Christie said. 
The troubled airline also saw its stock delisted from the New York Stock Exchange (the ticker was SAVE) and is now trading in the over-the-counter marketplace. Spirit disclosed the shares are expected to be canceled and will have no value when the reorganization process is completed. 
Spirit <a href="https://www.sec.gov/ix?doc=/Archives/edgar/data/1498710/000095010324016405/dp220813_8k.htm">approved</a> large retention bonuses for its top executives on Nov. 12, six days before the company announced the restructuring and filed for bankruptcy. CEO Christie&#8217;s retention bonus was $3.8 million, which he gets to keep if he remains with the company for another year.  
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Photo: Courtesy of Spirit Airlines, Inc.

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Spirit Airlines CEO Gets $3.8 Million Bonus 1 Week Before Company Files Bankruptcy

Best known for providing election polls and analysis, Nate Silver has a new prediction, or rather a suggestion that Vice President Kamala Harris should become president, despite losing the <a href="https://www.benzinga.com/news/24/11/41768178/donald-trump-defeats-kamala-harris-to-win-2024-election">2024 presidential election.</a>
What Happened: Silver doesn't think that Harris should be declared the winner of the 2024 presidential election, but rather should take over for outgoing President Joe Biden for the remainder of his term ahead of Donald Trump's <a href="https://www.benzinga.com/general/social-media/24/11/41784933/donald-trumps-wealth-soars-with-2024-election-win-heres-how-much-president-elect-is-worth-ho">return to the White House.</a>
"Is there any particular reason to assume Biden is competent to be president right now? It's a very difficult job. It's a dangerous world. Extremely high-stakes decisions in Ukraine. He should resign and let Harris serve out the last two months," Silver <a href="https://x.com/NateSilver538/status/1859267392578179197">tweeted</a>.
The comments from Silver come after it was reported that Biden avoided the press while in South America for the G-20 summit, as <a href="https://nypost.com/2024/11/20/us-news/pollster-nate-silver-calls-on-biden-to-resign-after-claiming-he-isnt-competent-let-harris-serve/">reported </a>by the New York Post.
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Why It's Important: Age has been an important topic during the 2024 election cycle with Biden 82 years old and President-elect Trump 78 years old.
When Biden leaves the White House, he will break the record for the oldest president at the end of their term by more than four years, surpassing Ronald Reagan who was nearly 78 when he left the White House in 1989.
Trump will break the record for the oldest president at the start of a term, breaking Biden's current record of 78 years, 61 days set in January 2021.
Silver previously argued Biden should be replaced on the Democratic ticket for the 2024 election, an event that came true after Biden withdrew from the race after a poor showing in the first presidential debate.
Biden<a href="https://www.benzinga.com/news/econ-s/24/11/42038707/gold-natural-gas-prices-rally-us-russia-tensions-escalate-over-ukraines-long-range-strikes"> recently authorized</a> Ukraine to use U.S.-supplied missiles in their attacks against Russia, an event that has escalated tensions in Europe and led to more concerns about the president's decisions during his last remaining time in the White House.
If Biden were to step down, Harris would become the first female president of the U.S., although it would come as a short-time event and after American voters have still not elected a female president to the White House.
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Photo: Shutterstock

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Nate Silver Says Biden Should Resign, Have Harris Take Over Presidency: 'It's A Very Difficult Job'

Germany&#8217;s medical cannabis imports reached 20.1 tons in Q3 2024, a substantial increase from previous quarters. This surge follows the April 2024 revision of the country&#8217;s narcotics law, which has facilitated greater access to medical cannabis. 
Despite this growth, medical cannabis users still represent less than 0.3% of the population, indicating significant potential for market expansion.
<ul>
<li>Get Benzinga&#8217;s exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter&nbsp;<a href="https://newsletteremail.benzinga.com/subscribe" target="_blank" rel="noreferrer noopener">here</a>. You can't afford to miss out if you&#8217;re serious about the business.</li>
</ul>
<h3 class="wp-block-heading">Rejection Rates And Market Dynamics</h3>
Historically, approximately 40% of imported cannabis in Germany has been either rejected or re-exported, with pharmacies purchasing about 60% of imports, according to analyst <a href="https://zuanicgroup.com/">Pablo Zuanic</a> of Zuanic and Associates.
In Q3 2024, as importers rushed to build inventories, rejection rates likely increased, potentially resulting in pharmacies purchasing between 50% and 55% of imports. 
This suggests that out of the 20.1 tons imported, pharmacies acquired between 10 and 11 tons, doubling the levels seen before the April reforms.
<h3 class="wp-block-heading">Shifts In Exporter Market Shares</h3>
<a href="https://www.benzinga.com/topic/canada-cannabis">Canada</a> remains the largest supplier, exporting 8.1 tons to<a href="https://www.benzinga.com/topic/germany-cannabis"> Germany</a> in Q3 2024. However, its market share declined to 40% from 59% in Q1.&nbsp;Several Canadian companies actively operate in Germany's cannabis market, including Aurora Cannabis Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ACB#NASDAQ">ACB</a>), Canopy Growth Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CGC#NASDAQ">CGC</a>), and Tilray Brands Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TLRY#NASDAQ">TLRY</a>), leveraging their expertise in cultivation and distribution to meet the growing demand.
<a href="https://www.benzinga.com/topic/portugal-cannabis">Portugal</a>&#8216;s share increased to 21%, with <a href="https://www.benzinga.com/topic/denmark">Denmark</a> at 13%, and Spain and Uruguay each contributing 5%. Notably, the Netherlands&#8217; share dropped to 2% from 8% in 2023.
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<h3 class="wp-block-heading">Implications For The Market</h3>
The annualized value of Germany&#8217;s medical cannabis market is estimated at €352 million (US$375 million). According to Zuanic, "With less than 0.3% of the population currently using medical cannabis, the market remains underdeveloped but has immense growth potential."
Zuanic explains that if Germany reaches a 1% penetration rate, similar to Canada&#8217;s, "that would imply more than 4-5x upside." However, achieving this growth will require <a href="https://www.benzinga.com/general/biotech/24/08/40298228/think-you-can-do-it-all-20-000-reasons-why-automation-outperforms-a-broad-approach-in-cannabis">addressing key challenges</a>. "More consistent and ample supplies across price and quality spectrums, new formats being allowed, and streamlined prescription systems."
Despite these hurdles, Zuanic says he is still optimistic. "It is still early days, but the German medical cannabis market could accelerate as these issues along the supply chain improve," he added, signaling the potential for significant expansion in this nascent market.
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German Cannabis: 20 Tons, 10M Grams - And That's Only 0.3% Of The Market, What's Missing?

<a href="https://investorplace.com">InvestorPlace - Stock Market News, Stock Advice &amp; Trading Tips</a>
Every investment category must answer the big question, why? For undervalued <a href="https://investorplace.com/industries/healthcare/biotech/">biotech stocks</a>, it comes down to advantaging a supremely relevant sector without paying full price.



Of course, the broader healthcare ecosystem offers a compelling narrative for market participants. As the Covid-19 pandemic demonstrated, no matter how advanced we become as a society, a microscopic virus can impose devastation. In order to protect individuals and communities at large, enterprises need a way to address diseases: infectious, chronic, whatever the case may be.



Further, undervalued biotech stocks enjoy a massive canvas for value expansion. According to Grand View Research, the global biotech arena <a href="https://www.grandviewresearch.com/industry-analysis/biotechnology-market">could be worth $3.88 trillion by 2030</a>. If so, that would imply a compound annual growth rate (CAGR) of 13.96% from 2023.



Plus, let&rsquo;s consider the unfortunate rise of cancer and other serious diseases. It wouldn&rsquo;t be surprising in the least if the aforementioned projection was conservative. With that in mind, below are undervalued biotech stocks to consider.



<h2>Procaps (PROC)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/05/biotech_bigpharma1600-300x169.png" alt="Light blue pills on white background. Pharmaceutical industry, medical treatment, presciption drugs concept. Digital 3D render., biotech stocks, big pharma. EVAX stock"><div>Source: Hernan E. Schmidt / Shutterstock.com</div></div>Based in Luxembourg, Procaps (NASDAQ:<a href="https://investorplace.com/stock-quotes/proc-stock-quote/">PROC</a>) develops, produces and markets pharmaceutical solutions. It formulates and manufactures <a href="https://finance.yahoo.com/quote/PROC/profile/">branded prescription drugs</a> in multiple therapeutic areas, such as feminine care, pain relief, skin care and digestive health, among other needs. It should be noted that since the start of the year, PROC lost more than 41% of its equity value. Still, for those who want to speculate on undervalued biotech stocks, PROC could be a high-risk, high-reward idea. Right now, shares trade hands at 0.65X trailing-year sales. For the drug manufacturing sector, the median <a href="https://www.gurufocus.com/stock/PROC/summary?search=proc">value stands at 2.08X</a>. More importantly, the market has already demonstrated that it will accept a higher valuation for the business.



Over the last four quarters, PROC stock traded at an <a href="https://finance.yahoo.com/quote/PROC/key-statistics/">average sales multiple of around 0.94X</a>. Theoretically, then, the biotech room can potentially grow into its prior valuation. Over the longer term, that&rsquo;s what Wall Street experts are anticipating.



For fiscal 2024, sales could rise 3.5% to reach $424.15 million. In the following year, the top line could bump up to $460.35 million.



<h2>MiMedx (MDXG)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2024/02/medical-biotech-stocks1600-300x169.png" alt="Healthcare business graph data and growth, Medical examination and doctor analyzing medical report network connection on tablet screen. VANI stock"><div>Source: PopTika / Shutterstock.com</div></div>Headquartered in Marietta, Georgia, MiMedx (NASDAQ:<a href="https://investorplace.com/stock-quotes/mdxg-stock-quote/">MDXG</a>) develops and <a href="https://finance.yahoo.com/quote/MDXG/profile/">distributes placental tissue allografts</a> for various sectors of the healthcare ecosystem. Specifically, MiMedx processes human placental tissues through its proprietary process to produce allografts. This methodology carries the advantage of retaining the tissue&rsquo;s inherent biological properties and regulatory proteins.



MDXG stock is a speculative entity, losing about 12% of market value since the start of the year. Nevertheless, the red ink may be creating a discounted opportunity. Presently, MDXG trades at 3.21X trailing-year revenue. However, during the first quarter of this year, the multiple did pop up to 3.5X. On the surface, that might not seem like much of a discount.



Still, it&rsquo;s important to consider what experts are anticipating moving forward. For fiscal 2024, they&rsquo;re targeting revenue of $361.49 million. If so, that would represent a 12.4% lift from last year&rsquo;s print of $321.48 million. And fiscal 2025 could see the top line move up to $406.17 million, another 12.4% leap.



To be sure, MiMedx represents a higher-risk idea. Still, it qualifies as one of the undervalued biotech stocks to consider.



<h2>MEI Pharma (MEIP)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/10/biotechnology1600-300x169.png" alt="Biotechnology stocks, biomedical stocks"><div>Source: aslysun / Shutterstock.com</div></div>Operating out of San Diego, California, MEI Pharma (NASDAQ:<a href="https://investorplace.com/stock-quotes/meip-stock-quote/">MEIP</a>) is a small outfit, featuring only 46 full-time employees. It&rsquo;s a clinical-stage pharmaceutical firm, focusing on the development and commercialization of various therapies for the treatment of cancer. The company has developed a <a href="https://finance.yahoo.com/quote/MEIP/profile/">therapeutic called Zandelisib</a>, which addresses relapsed and refractory follicular lymphoma.



Another high-risk entity, MEIP stock dropped almost 52% of equity value since the start of the year. However, it also appears that the volatility has slowed down. In the trailing month, shares only slipped about 0.3%. Further, the sales multiple seems attractive at only 0.29X. In the past year (Q1 2023 to Q1 2024), the multiple averaged about 0.59X.



It&rsquo;s also worth pointing out that MEIP trades at a trailing-year earnings multiple of 0.74X. Moving forward to the end of the year, analysts anticipate earnings per share to reach $3.62. On the top line, sales may enjoy a 33.8% lift to $65.3 million. Assuming these projections hold true, MEIP could easily grow into its valuation on earnings and sales. Thus, it&rsquo;s one of the undervalued biotech stocks to consider.



<h2>Incyte (INCY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2019/09/incy-stock-1-300x169.jpg" alt="incy stock"><div>Source: Eyesonmilan / Shutterstock.com</div></div>Based in Wilmington, Delaware, Incyte (NASDAQ:<a href="https://investorplace.com/stock-quotes/incy-stock-quote/">INCY</a>) is a biopharmaceutical firm engaged in the discovery, development and commercialization of therapeutics for hematology and oncology. It also specializes in conditions revolving around inflammation and autoimmunity. It&rsquo;s a sizable player compared to the speculative plays among undervalued biotech stocks, with more than 2,500 full-time employees.



Financially, Incyte is a solid entity. During the trailing 12 months (TTM), Incyte posted net income of $745.44 million or earnings of $3.30 per share. Revenue reached $3.77 billion. Still, INCY stock trades at 3.64X trailing-year sales. Over the past year, this stat averaged 3.98X.



On the bottom line, the market prices INCY at 13.16X forward earnings. In the past year, the average multiple clocked in at 14.61X. But here&rsquo;s the kicker: analysts anticipate sizable expansion of the top and bottom lines.



Fiscal 2024 could see EPS at $4.30, up 22.16% over the prior year. Revenue could jump 10.6% to reach $4.09 billion. Therefore, it&rsquo;s one of the undervalued biotech stocks to put on your radar.



<h2>United Therapeutics (UTHR)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/05/uthr_unitedtheraputics1600-300x169.png" alt="In this photo illustration United Therapeutics Corporation (UTHR) logo is seen on a mobile phone screen."><div>Source: viewimage / Shutterstock.com</div></div>Headquartered in Silver Spring, Maryland, United Therapeutics (NASDAQ:<a href="https://investorplace.com/stock-quotes/uthr-stock-quote/">UTHR</a>) engages in the development and commercialization of products to address unmet medical needs, particularly for patients suffering from chronic and life-threatening diseases. It offers multiple products, including <a href="https://finance.yahoo.com/quote/UTHR/profile/">Tyvaso DPI</a>, which is an inhaled dry powder for the treatment of pulmonary arterial hypertension (PAH).



Financially, United represents another solid idea among undervalued biotech stocks. Net income during the TTM period landed at $1.05 billion or $21.13 per share. Revenue in the cycle reached $2.5 billion. Currently, the market prices UTHR stock at 6.34X trailing-year sales, which admittedly is at a premium.



However, analysts believe that in fiscal 2024, sales could hit $2.74 billion, up 17.8% from the prior year&rsquo;s tally of $2.33 billion. Assuming a shares outstanding count of $44.37 million, UTHR would trade at a projected sales multiple of around 5.16X.



Now, the average multiple over the past year came in at 5.24X. So, ever so slightly, UTHR ranks among the undervalued biotech stocks. Plus, the benefit here is that you&rsquo;re dealing with a profitable and growing enterprise.



<h2>Harmony Biosciences (HRMY)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2021/12/shutterstock_1726134715-300x169.png" alt="Biochemical/biotech research scientist team working with microscope"><div>Source: Mongkolchon Akesin / Shutterstock.com</div></div>Operating out of Plymouth Meeting, Pennsylvania, Harmony Biosciences (NASDAQ:<a href="https://investorplace.com/stock-quotes/hrmy-stock-quote/">HRMY</a>) is a commercial-stage pharmaceutical firm focusing on the development and commercialization of therapies for patients with rare and neurological diseases. Its <a href="https://finance.yahoo.com/quote/HRMY/profile/">main product is WAKIX</a>, a molecule with a novel mechanism for the treatment of excessive daytime sleepiness in adults with narcolepsy.



For a relatively small enterprise, Harmony offers robust financials. During the TTM period, the company posted net income of $137.7 million or earnings of $2.32 per share. On the top line, sales in the period reached $617.51 million. In the most recent quarter, HRMY&rsquo;s quarterly sales growth rate (year-over-year0 landed at 29.8%.



Right now, HRMY stock trades at 2.91X trailing-year sales. In the past one-year period, the average multiple stood at 4.05X. Even better, covering experts see Harmony&rsquo;s revenue rising by 22% to $710.15 million. Further, the high-side target runs up to $718.4 million.



For fiscal 2025, the consensus view calls for $836.82 million, up 17.8%. As a bonus, EPS in fiscal 2025 may also soar nearly 75% to $3.90. It&rsquo;s one of the undervalued biotech stocks to consider.



<h2>ScyNexis (SCYX)</h2>



<div><img width="300" height="169" src="https://investorplace.com/wp-content/uploads/2022/10/droplet-test-tube-biotech-1600-3-300x169.jpg" alt="Photo of test tubes and droplet with purple and reddish-orange sunset visual effect, representing biotech"><div>Source: shutterstock.com/Romix Image</div></div>Based in Jersey City, New Jersey, ScyNexis (NASDAQ:<a href="https://investorplace.com/stock-quotes/scyx-stock-quote/">SCYX</a>) falls under the drug manufacturing ecosystem. <a href="https://finance.yahoo.com/quote/SCYX/profile/">Per its public profile</a>, ScyNexis develops medicines to overcome and prevent difficult-to-treat and drug-resistant infections. One of its main products is Brexafemme for the treatment of patients with certain feminine conditions. It also offers other treatments for important but sensitive conditions.



SCYX stock is a difficult entity to bet on. Since the start of the year, it lost about 10% of market value. Over the past 52 weeks, it&rsquo;s down about 34%. At the same time, it also offers some financial substance. During the TTM period, the company posted net income of $101.33 million or $2.11 per share. Revenue landed at $140.38 million. Its latest quarterly sales growth rate clocked in at 21.5%.



That said, analysts anticipate an 82% erosion in the top line for fiscal 2024 to $25.1 million. Last year, the company generated sales of $140.14 million. Obviously, that&rsquo;s not a great look, leading to a trailing-year sales multiple of 0.69X. In the past year, this stat averaged 10.41X.



However, in fiscal 2025, a gradual recovery trek may materialize, resulting in sales of $44.07 million. Further, the high-side target calls for $116.25 million, making SCYX potentially one of the undervalued biotech stocks.



On the date of publication, Josh Enomoto did not have (either directly or indirectly) any positions in the securities mentioned in this article.&nbsp;The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com&nbsp;<a href="https://investorplace.com/corporate/investorplace-publishing-guidelines/" target="_blank">Publishing Guidelines</a>.
<div>A former senior business analyst for Sony Electronics, Josh Enomoto has helped broker major contracts with Fortune Global 500 companies. Over the past several years, he has delivered unique, critical insights for the investment markets, as well as various other industries including legal, construction management, and healthcare. Tweet him at @EnomotoMedia.</div><h3>More From InvestorPlace</h3>
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The post <a href="https://investorplace.com/2024/07/7-undervalued-biotech-stocks-to-buy-for-big-time-returns/">7 Undervalued Biotech Stocks to Buy for Big-Time Returns</a> appeared first on <a href="https://investorplace.com">InvestorPlace</a>.

7 Undervalued Biotech Stocks to Buy for Big-Time Returns

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