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

Stelco Holdings Inc (OTC:STZHF) Stock, Option Chain

steel works

Analyst Color

Equities

Large Cap

News

Analyst Ratings

STZHF

Cleveland-Cliffs Inc. shares rise after mixed Q2 earnings, with lowered capex and on-track cost reduction goals. 

What&#39;s Going On With Cleveland-Cliffs Shares Today?

Business,Man,Sign,A,Contract,Investment,Professional,Document,Agreement.,Meeting

Mid Cap

Guidance

Movers

Cleveland-Cliffs to acquire Stelco Holdings Inc. for CAD70/share, valuing Stelco at 4.8x LTM Adjusted EBITDA. Deal expected to boost EPS and expand Cliffs&#39; steelmaking footprint in North America.

Cleveland-Cliffs Doubles Down on Steel with $2.5B Acquisition, Expects $120M in Annual Savings

mining shutter

Long Ideas

Commodities

Markets

Trading Ideas

CSTM

As the metals and mining sector gears up for potential growth, JPMorgan analyst Bill Peterson highlights three &#34;top stock picks.&#34;

3 Top Stock Picks In Metals, Mining Sector To Consider Right Now

Stelco Holdings Inc

Onto Innovation's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ONTO#NYSE">ONTO</a>) short percent of float has fallen 14.24% since its last report. The company recently reported that it has 1.09 million shares sold short, which is 2.89% of all regular shares that are available for trading. Based on its trading volume, it would take traders 1.56 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Onto Innovation Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1732544122_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Onto Innovation has declined since its last report. This does not mean that the stock is going to rise in the near-term but traders should be aware that less shares are being shorted.
<h3>Comparing Onto Innovation's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Onto Innovation's peer group average for short interest as a percentage of float is 7.91%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

Short Sellers

Short Ideas

ONTO

(ONTO) - Analyzing Onto Innovation's Short Interest

Genpact's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/G#NYSE">G</a>) short percent of float has risen 12.09% since its last report. The company recently reported that it has 5.20 million shares sold short, which is 3.8% of all regular shares that are available for trading. Based on its trading volume, it would take traders 6.95 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Genpact Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1732544117_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Genpact has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Genpact's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Genpact's peer group average for short interest as a percentage of float is 6.28%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

How Is The Market Feeling About Genpact?

Perhaps obviously, the real estate industry is facing an uphill challenge heading into 2025, with global elections, financing costs and mounting debt maturities being the most pressing concerns, according to the Counselors of Real Estate&#8217;s (CRE) annual Top Ten Issues report.
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</ul>
The report points to an industry grappling with unprecedented uncertainty. At the front is an estimated $2.5 trillion in commercial loan debt set to mature by 2026, forcing a reckoning in property valuations and financing structures.
&#8220;Whether the Fed reduces rates four times or two or three or five, rates are not going down to zero,&#8221; Anthony DellaPelle, CRE&#8217;s 2024 global chair, said at a conference last week. &#8220;I don&#8217;t think you&#8217;ll see people get mortgages under 3% for a long, long time unless something weird happens and I don&#8217;t wish that upon us.&#8221;
The rising cost of property insurance adds another layer of uncertainty to the market. Insurance companies, <a href="https://www.benzinga.com/real-estate/24/07/39618448/home-insurance-crisis-spares-these-states-with-minimal-rate-increases-how-much-did-climate-change-af">facing increased risk from extreme weather events and property damage</a>, have continued to raise premiums. The trend directly impacts property values and transaction feasibility across all sectors.
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>
The CRE said office vacancies are a thorny issue, with ripple effects extending beyond commercial real estate. According to HousingWire, DellaPelle cited a recent transaction in which a $32 million assessed office building sold for just $8.5 million, marking the value reset occurring in many markets. Those devaluations threaten local tax bases and could force municipalities to shift tax burdens onto residential property owners. The housing market faces its own set of challenges, <a href="https://www.benzinga.com/economics/macro-economic-events/24/07/39614880/now-owning-a-house-in-us-is-more-challenging-than-ever-as-affordability-drops-to-">particularly around affordability and inventory constraints</a>. Demographics play a role, according to the report, with many older homeowners choosing to stay put rather than trade up at higher interest rates. &#8220;Why would I sell my house and buy a new one, taking on a 7% mortgage to get a smaller house that is going to end up costing me more than my big house?&#8221; DellaPelle said.
See Also: Commercial real estate has historically outperformed the stock market, and<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> this platform allows individuals to invest in commercial real estate with as little as $5,000 offering a 12% target yield with a bonus 1% return boost today!</a>
Sustainability concerns continue to gain prominence, driven by regulatory changes and shifting consumer preferences. Property owners face mounting pressure to understand and reduce their carbon footprints, while younger buyers increasingly prioritize climate resilience in their purchasing decisions.
The geopolitical landscape adds another layer. Global conflicts and political shifts can quickly impact supply chains, construction costs and investment patterns. The report highlights how international tensions often drive foreign capital into U.S. real estate markets as investors seek safe havens.
The report suggests that success in this challenging environment requires careful attention to demographic trends and population movements. &#8220;You have to anticipate where they [people] are going,&#8221; DellaPelle said.
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<li>Warren Buffett once said, "If you don't find a way to make money while you sleep, you will work until you die."<a href="https://www.benzinga.com/money/warren-buffet-make-money-when-you-sleep"> Here&#8217;s how you can earn passive income with just $100.</a></li>
<li>Unlock the hidden potential of commercial real estate —<a href="https://www.benzinga.com/money/marcus-millichap-backed-platform-makes-it-easy-to-invest-in-real-estate"> This platform allows individuals to invest in commercial real estate offering a 12% target yield with a bonus 1% return boost today!</a></li>
</ul>

Real Estate

'The Days Of Free Money Are Over': 2025 Real Estate Predictions From CRE's Top Ten Issues Report

Ares Management's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ARES#NYSE">ARES</a>) short percent of float has risen 3.4% since its last report. The company recently reported that it has 3.90 million shares sold short, which is 2.13% of all regular shares that are available for trading. Based on its trading volume, it would take traders 3.44 days to cover their short positions on average.
<h3>Why Short Interest Matters</h3>
Short interest is the number of shares that have been sold short but have not yet been covered or closed out. <a href="https://www.benzinga.com/money/how-to-short-a-stock/">Short selling</a> is when a trader sells shares of a company they do not own, with the hope that the price will fall. Traders make money from short selling if the price of the stock falls and they lose if it rises.
Short interest is important to track because it can act as an indicator of market sentiment towards a particular stock. An increase in short interest can signal that investors have become more bearish, while a decrease in short interest can signal they have become more bullish.
See Also: <a href="https://www.benzinga.com/short-interest">List of the most shorted stocks</a>
<h3>Ares Management Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1732544111_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Ares Management has grown since its last report. This does not mean that the stock is going to fall in the near-term but traders should be aware that more shares are being shorted.
<h3>Comparing Ares Management's Short Interest Against Its Peers</h3>
Peer comparison is a popular technique amongst analysts and investors for gauging how well a company is performing. A company's peer is another company that has similar characteristics to it, such as industry, size, age, and financial structure. You can find a company's peer group by reading its 10-K, proxy filing, or by doing your own similarity analysis.
According to <a href="https://pro.benzinga.com/">Benzinga Pro</a>, Ares Management's peer group average for short interest as a percentage of float is 3.22%, which means the company has less short interest than most of its peers.
Did you know that increasing short interest can actually be bullish for a stock? <a href="https://www.benzinga.com/money/how-to-make-money-on-a-short-squeeze/">This post by Benzinga Money explains how you can profit from it.</a>
This article was generated by Benzinga's automated content engine and was reviewed by an editor.

ARES

(ARES) - Analyzing Ares Management's Short Interest

WIIM

INTC

Intel shares are trading higher following a report indicating the company is close to finalizing a deal with the CHIPS Act Office for an $8 billion grant.

<ul>
<li>Intel and the Commerce Department are close to finalizing a roughly $8 billion grant for the struggling chipmaker, according to a person familiar with the matter.</li>
<li>The grant will support Intel's chip manufacturing expansion.</li>
<li>In recent quarters, Intel has looked to raise cash by selling off assets and faced a possible takeover bid from Qualcomm.</li>
</ul>
<a href="https://www.cnbc.com/2024/11/25/intel-close-to-8-billion-chips-act-grant-source.html" title="https://www.cnbc.com/2024/11/25/intel-close-to-8-billion-chips-act-grant-source.html">https://www.cnbc.com/2024/11/25/intel-close-to-8-billion-chips-act-grant-source.html</a>

Macro Notification

General

'Intel and Commerce Department close to finalizing roughly $8 billion CHIPS Act grant, source says' - CNBC

StealthGas (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GASS#NASDAQ">GASS</a>) reported quarterly earnings of $0.38 per share which beat the analyst consensus estimate of $0.33 by 15.15 percent. This is a 137.5 percent increase over earnings of $0.16 per share from the same period last year. The company reported quarterly sales of $40.45 million which beat the analyst consensus estimate of $39.20 million by 3.18 percent. This is a 16.71 percent increase over sales of $34.65 million the same period last year.

Earnings

GASS

StealthGas Q3 EPS $0.38 Beats $0.33 Estimate, Sales $40.45M Beat $39.20M Estimate

Aegis Capital analyst Rommel Dionisio initiates coverage on Flora Growth (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLGC#NASDAQ">FLGC</a>) with a Buy rating and announces Price Target of $4.

Price Target

Initiation

FLGC

Aegis Capital Initiates Coverage On Flora Growth with Buy Rating, Announces Price Target of $4

Amid&nbsp;Donald Trump&#8216;s recent pledge to boost U.S. oil production significantly, questions arise about the necessity and impact of such a move.&nbsp;Vikas Dwivedi, a global energy strategist at&nbsp;Macquarie Group, has expressed skepticism regarding the need for an additional 3 million barrels per day.
What Happened: Dwivedi discussed the potential impact of Trump&#8217;s second term on the U.S. oil supply. Talking to&nbsp;<a href="https://www.cnbc.com/video/2024/11/25/us-oil-supply-increases-will-be-marginal-with-trump-2point0-macquarie.html">CNBC</a> &#8220;Squawk Box&#8221;&nbsp;on Monday, he said that anticipates only marginal increases in supply, despite Trump&#8217;s <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42130859/as-trump-backs-drill-baby-drill-his-doge-co-lead-elon-musk-believes-all-energy-generation-will-be-solar-heres-what-ubs-recommends-after-election-dip">&#8220;Drill Baby Drill&#8221; stance.</a>
&#8220;We actually think there will be marginal supply increases from the U.S. The risks to supply will eventually be marginal but in the beginning of the administration, we think, the moves that they will make will increase supply risks,&#8221; Dwivedi said, adding the risks arising particularly through attempts to limit Iranian oil exports. He noted that the Ships Act aims to eliminate entities facilitating Iranian crude sales, but this could inadvertently reduce global oil supply.
Addressing Trump&#8217;s ambitious energy policy, Dwivedi questioned the necessity of increasing U.S. oil production.
&#8220;The real challenge is: does the world need that much oil? And if the U.S. did grow 3 million barrels a day during the Trump Administration, that&#8217;s like 750,000 a day over four years,&#8221; he explained
&#8220;I think the right question to ask energy executives is are you okay with $40 oil because I think that&#8217;s what you would end up with and are you okay with trying to figure out how to maintain production and um you know still be able to do the dividends and the share buybacks that are now not as discretionary as they used to be.&#8221;
Furthermore, Dwivedi highlighted the geopolitical risks associated with a rapid U.S. withdrawal of support for Ukraine. He warned that if Ukraine feels cornered, it might target Russian oil infrastructure, which could further impact the global oil supply.
See Also:&nbsp;<a href="https://www.benzinga.com/markets/equities/24/11/42153356/is-warren-buffett-preparing-for-a-market-downturn-with-berkshire-hathaways-325b-cash-pile-analyst-says-internet-bubble-and-2008-crash-may-have-lessons?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Is Warren Buffett Preparing For A Market Downturn With Berkshire Hathaway&#8217;s $325B Cash Pile? Analyst Says</a>
Why It Matters: Trump&#8217;s energy strategy, which includes faster permitting and weaker environmental regulations, aims to cut American energy costs significantly. However, experts have warned that these<a href="https://www.benzinga.com/news/24/09/40703958/trumps-drill-baby-drill-pledge-may-not-deliver-promised-energy-price-cuts-experts-warn"> promises may not materialize</a> due to the complexities of global and regional energy markets. Many oil drillers remain cautious about increasing production, opting instead to return cash to shareholders. This hesitancy is compounded by factors like weather patterns and global conflicts, which are not easily influenced by policy changes.
Meanwhile, Elon Musk, who has been announced to head the new Department of Government Efficiency (DOGE), continues to <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/11/42130859/as-trump-backs-drill-baby-drill-his-doge-co-lead-elon-musk-believes-all-energy-generation-will-be-solar-heres-what-ubs-recommends-after-election-dip">advocate for solar power</a> as the future of energy generation, presenting a different vision from Trump&#8217;s fossil fuel-focused approach. Analysts also see an opportunity for investment in renewables, highlighting the sector&#8217;s potential for growth even amid political shifts.
Price Action: As per <a href="https://pro.benzinga.com">Benzinga Pro</a>, oil ETFs have seen slight gains in the past one month surrounding the presidential elections. As of Monday, ProShares Ultra Bloomberg Crude Oil (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UCO#NYSE">UCO</a>) increased 3.51%, SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) increased by 10.78%, while MicroSectorsTM Oil &amp; Gas Exploration &amp; Production 3X Leveraged ETNs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OILU#NYSE">OILU</a>) increased by 20.99%.
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<li><a href="https://www.benzinga.com/markets/24/11/42152947/satellite-images-reveal-north-korea-reportedly-receiving-illicit-oil-from-russia?itm_source=parsely-api" target="_blank" rel="noreferrer noopener">Satellite Images Reveal North Korea Reportedly Receiving Illicit Oil from Russia</a></li>
</ul>
Image via Shutterstock

OILU

Amid Trump's 'Drill Baby, Drill' Pledge, Strategist Predicts US Oil Supply Will See 'Marginal' Increase: 'Does The World Need That Much Oil?'

D. Boral Capital analyst Jason Kolbert maintains Imunon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IMNN#NASDAQ">IMNN</a>) with a Buy and maintains $29 price target.

IMNN

D. Boral Capital Maintains Buy on Imunon, Maintains $29 Price Target

AMPG

AmpliTech Group shares are trading lower after the company priced a $1.4 million registered direct offering at $0.92 per share.

Nano Nuclear Energy shares are trading lower after the company announced a $60 million private placement with three accredited institutional investors.

Gemini Bioproducts, LLC ("GeminiBio"), a leading supplier of cell culture reagents and process liquids, and a portfolio company of BelHealth Investment Partners, LLC ("BelHealth"), a Florida-based healthcare private equity firm, today announced the acquisition of selected fetal bovine serum (FBS) product rights and inventory from Bio-Techne (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TECH#NASDAQ">TECH</a>).
GeminiBio has a 39-year history of supporting FBS customers. With this agreement, GeminiBio builds on these capabilities, by securing the manufacturing and global sales rights for Bio-Techne's R&amp;D Systems fetal bovine serum (FBS) product brands, Optima, Premium Select, and Premium. Following Bio-Techne's decision to discontinue their FBS products, GeminiBio worked closely with the company to create a seamless transition plan, ensuring continuous access to these high-quality FBS products for existing customers.

Asset Sales

TECH

Gemini Bioproducts, LLC Acquires Selected Fetal Bovine Serum Product Rights And Inventory From Bio-Techne; No Financial Terms Disclosed

Biotech

LEXX

Lexaria Completes Dosing In Human Pilot Study #3 Investigating DehydraTECH-Processed Tirzepatide From Zepbound

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades and downgrades, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li><a href="https://www.benzinga.com/analyst-stock-ratings/analyst/62cd59300ee57b0001a11a55/robert-cox">Goldman Sachs analyst Robert Cox</a> downgraded Arthur J. Gallagher &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AJG#NYSE">AJG</a>) from Buy to Neutral and maintained the price target of $313. Arthur J. Gallagher shares closed at $304.29 on Friday. <a href="https://www.benzinga.com/quote/AJG/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Citigroup analyst Keith Horowitz downgraded the rating for M&amp;T Bank Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MTB#NYSE">MTB</a>) from Buy to Neutral but raised the price target from $220 to $230. M&amp;T Bank shares closed at $221.12 on Friday. <a href="https://www.benzinga.com/quote/MTB/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Telsey Advisory Group analyst Joseph Feldman downgraded Five Below, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FIVE#NASDAQ">FIVE</a>) from Outperform to Market Perform and lowered the price target from $102 to $95. Five Below shares closed at $86.92 on Friday. <a href="https://www.benzinga.com/quote/FIVE/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Wells Fargo analyst Stephen Baxter downgraded the rating for HCA Healthcare, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HCA#NYSE">HCA</a>) from Equal-Weight to Underweight and slashed the price target from $400 to $320. HCA Healthcare shares closed at $324.93 on Friday. <a href="https://www.benzinga.com/quote/HCA/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Goldman Sachs analyst Tina Hou downgraded NIO Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NIO#NYSE">NIO</a>) from Neutral to Sell and lowered the price target from $4.8 to $3.9. Nio shares closed at $4.84 on Friday. <a href="https://www.benzinga.com/quote/NIO/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying NIO stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-full is-resized"><img loading="lazy" decoding="async" width="1010" height="601" src="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25090521/image-269.png" alt="" class="wp-image-663428" style="width:583px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25090521/image-269.png 1010w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25090521/image-269-300x179.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2024/11/25090521/image-269-768x457.png 768w" sizes="(max-width: 1010px) 100vw, 1010px" /></figure>
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<li><a href="https://www.benzinga.com/24/11/42137942/jim-cramer-says-this-stock-is-a-bitcoin-play-and-he-prefers-to-own-bitcoin">Jim Cramer Says This Stock Is A Bitcoin Play And He Prefers To Own Bitcoin</a></li>
</ul>

Downgrades

Pre-Market Outlook

FIVE

This Nio Analyst Turns Bearish; Here Are Top 5 Downgrades For Monday

KODK

Kodak Retirement Income Plan Trust Sells $764.4M In Illiquid Assets To Mastercard Foundation For $550.6M Cash, Signs Additional Agreements For $87.3M Sale To Other Investors, Retaining $161.3M In Illiquid Assets And $917.2M In Hedge Fund Assets Pending Redemption Proceeds

D. Boral Capital analyst Jason Kolbert maintains Anavex Life Sciences (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVXL#NASDAQ">AVXL</a>) with a Buy and maintains $46 price target.

AVXL

D. Boral Capital Maintains Buy on Anavex Life Sciences, Maintains $46 Price Target

Loop Capital analyst Alan Gould maintains Warner Music Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WMG#NASDAQ">WMG</a>) with a Hold and lowers the price target from $38 to $35.

Loop Capital Maintains Hold on Warner Music Gr, Lowers Price Target to $35

Dear Damon shareholders, supporters, reservation holders and enthusiasts,
I am deeply grateful for your steadfast support and dedication over the past two and half years – a period that has proven challenging for us all. Your belief in our mission has been a cornerstone of our perseverance during a time when many early-stage startups struggled to survive. You deserve a transparent account of the journey we have endured together and an understanding of the hurdles that has led us to where we are now, starting with a roadmap of what we need to do to get to production.
Path To Production, Explained
Currently with 15 in-house engineers, we are leveraging a combination of our employees alongside key subcontractors and external experts to advance development. Late-stage engineering is mostly complete, with vehicle mechanics 90% finalized. Power electronics are also 90% complete, with ongoing validation and the integration of key features. Similarly, mechanical and cooling systems are 90% complete, while the battery system is 70% complete, with efforts focused on the development of the cell interconnect system.
With adequate funding, the project is expected to progress to the pre-production stage,&nbsp;starting with validation and design confirmation, where we'll aim to make a run of pre-production prototypes and test them against our design requirements and regulations to confirm the designs before we release to tooling. Ordering all the tools to make our first run of parts from will be the next big milestone, subject to our ability to raise sufficient capital to make this substantial investment. This pre-production phase has an estimated completion of late 2025. The Production &amp; Commercialization Stage is expected to occur in parallel, focusing on the establishment of the final assembly and test facility at our HQ in San Rafael, CA, along with the development of distribution and delivery infrastructure. This stage is expected to conclude in 2026 and pending additional capital to achieve, serial production can then begin.
Commercial production is expected to commence after passing various internal and external tests and undergoing a self-certification process required for US-bound vehicle homologation. These tests include: the completion of Damon's ride quality and long-term durability testing, completion of FCC Title 47 certification for the onboard charger, completion of UN 38.3 battery testing, completion of Damon's internal battery testing, extreme temperature operation verification, brake testing per FMVSS, and an internal and external review of FMVSS compliance with our engineering subcontractor.
What Led Us Here
In the spring of 2022, Damon successfully raised a US$26M Series B financing, which marked the beginning of our efforts to raise a Series C round with the assistance of two major banks. This funding was intended to kickstart production. However, following the volatile SPAC era, the financial landscape shifted dramatically. The bursting of this bubble led to a severe downturn in the markets, and our efforts to secure a Series C production financing were unsuccessful. Despite these circumstances, the company was able to bridge itself with the support of various investors - enough to cover essential costs, having significantly reduced expenses across the board.
Navigating Funding Challenges
Since early 2022, inflation rates grew to reach 40-year highs, the highest level since 1981. Simultaneously. interest rates reached 20-year highs, rocking the financial markets and virtually wiping out risk capital for private companies, especially for pre-revenue startups in the capital-intensive automotive sector. Because of this, pre-revenue electric vehicle company valuations fell by an average 85%, and very few survived. Damon is an anomaly that persevered, despite how little risk capital had been available to fund the company's path to production. As previously noted, the company had undertaken multiple cost-cutting measures across all areas to navigate through these challenging past two years. These necessary reductions have regrettably led to significant delays. The journey has been far from easy, but these tough decisions were essential to ensure our continued operation and future success.
Nevertheless, we&nbsp;have persevered - a testament to everyone's faith and resilience when compared to many high-tech automotive startups that did not survive. And now that we are on the Nasdaq, the dream of reinventing motorcycling is far from over.
Going Public&nbsp;
After all this, it became evident that transitioning to the public markets was the best viable route to secure the necessary funding for production. In October 2023, we signed a merger agreement with Grafiti Holdings. Why did we choose Grafiti? &nbsp;It was the best merger partner we identified, possessing the ability to provide us with bridge financing and additional funding sources to help fund our Nasdaq preparation efforts and the benefit of no debt or liabilities.
During the 13-months it took to complete the merger and secure our Nasdaq listing, we faced what oftentimes seemed like insurmountable challenges. These included maintaining essential operations, keeping the remaining staff onboard, and managing increasing costs associated with going public. Additionally, we had to navigate the arduous, tax, audit and public listing requirements of both Canada and the US. These demands impacted our ability to fund production preparations, which are costly, thus extending our timeline to production.
Fast forward to now, and we achieved the goal of getting listed on the Nasdaq. Now, as a public company, we hope to gain access to the additional capital we need to fund our path to production. And this is why we need your continuing faith, your support and your confidence in us. Because we still have a lot of work ahead of us.

Damon CEO Pens Letter Providing Business Update And Outlining Production Roadmap

On Friday, the FDA approved BridgeBio Pharma, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BBIO#NASDAQ">BBIO</a>) Attruby (acoramidis), an orally-administered near-complete (≥90%) stabilizer of Transthyretin (TTR) for adults with ATTR-CM to reduce cardiovascular death and <a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g42150289/attruby-acoramidis-a-near-complete-ttr-stabilizer-90-approved-by-fda-to-reduce-cardiovascular-deat" rel="noreferrer noopener">cardiovascular-related hospitalization</a>.
The FDA approval is based on ATTRibute-CM Phase 3 study results, which showed that Attruby significantly reduced death and cardiovascular-related hospitalization and improved quality of life.
Also Read: <a target="_blank" href="https://www.benzinga.com/general/biotech/24/11/42072773/bridgebio-pharmas-acoramidis-shows-competitive-edge-against-pfizers-tafamidisa-in-lucrative-but-competitive-attr-cm-market" rel="noreferrer noopener">BridgeBio Pharma&#8217;s Acoramidis Shows Competitive Edge Against Pfizer&#8217;s Tafamidisa In Lucrative But Competitive ATTR-CM Market</a>
Attruby is the first and only approved product with a label specifying near-complete stabilization of TTR.
Attruby was designed to mimic a naturally occurring &#8220;rescue mutation&#8221; of the TTR gene (T119M) that targets the root cause of ATTR-CM, the destabilization of the native TTR tetramer.
Through near-complete TTR stabilization, Attruby has been shown to preserve the native function of TTR as a transport protein of thyroxine and vitamin A and to demonstrate benefit on cardiovascular outcomes.
The ATTRibute-CM Phase 3 study enrolled 632 participants with symptomatic ATTR-CM associated with either wild-type or variant TTR.
BridgeBio submitted a Marketing Authorization Application to the European Medicines Agency, with a decision expected in 2025.
BridgeBio has granted&nbsp;Bayer AG (OTC:<a class="ticker" href="https://www.benzinga.com/stock/BAYRY#OTC">BAYRY</a>)&nbsp;exclusive rights to commercialize acoramidis for ATTR-CM in Europe.
The company said it will provide Attruby for free to patients who participated in the trial.
William Blair writes, &#8220;We continue to view a reduction in all-cause mortality on label as a necessary distinction to gain major market share in ATTR-CM alongside Pfizer Inc&#8217;s (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) tafamidis.&#8221;
Since the Attruby label doesn&#8217;t include data on overall mortality, the William Blair analyst notes Pfizer might shift its marketing focus to emphasize claims about mortality benefits.
Price Action: BBIO stock is up 24.3% at $29.10 during the premarket session at last check Monday.
Image via Shutterstock
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