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As Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rapidly approaches the $100,000 milestone, experts tell Benzinga its dominance is about to hit a <a href="https://www.benzinga.com/money/bitcoin-price-prediction">crucial turning point</a>. 
They attribute this rise to record-breaking trading volumes, <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42042019/bitcoin-buyer-spree-microstrategy-acquires-4-6b-in-btc-metaplanet-issues-11-4m-in-bonds-to-fund-purchases">increasing institutional adoption</a> and a shift in investor focus toward <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42121936/bitcoin-boom-20-microstrategy-gains-traction-as-a-leveraged-bet-on-crypto-growth">Bitcoin as a quality asset</a>.
What Happened: Bitcoin is trading just below $99,000 at the time of writing, after hitting a record high of $99,486 late Thursday, according to <a href="https://www.coingecko.com/en/coins/bitcoin">data </a>from CoinGecko.
In a note sent to Benzinga, Sumit Gupta, co-founder of CoinDCX pointed to the sharp increase in trading activity as a major driver, with daily spot trading volumes exceeding $25 billion and peaking above $40 billion, a significant rise from the $10-12 billion seen just months ago.
&#8220;The surge has been further fueled by developments in the U.S. political landscape. Digital assets have already benefitted from the incoming administration of President-elect (Donald) Trump, with many anticipating that his potential second term could bring more favorable regulatory policies for the crypto sector,&#8221; he said.
Speculation surrounding <a href="https://www.benzinga.com/government/regulations/24/11/42120607/gary-gensler-to-step-down-as-sec-chair-on-trumps-inauguration-day">the resignation</a> of SEC Chair Gary Gensler and the potential for more <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42131449/with-gary-gensler-preparing-to-quit-in-2025-secs-crypto-cases-likely-to-quietly-go-away-amid-trumps-pro-bitcoin-stance-says-pantera-capitals-katrina-paglia">crypto-friendly leadership</a> has further boosted investor sentiment, he added.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42121525/microstrategy-surges-674-in-2024-5-etfs-that-benefit-from-mstrs-bitcoin-driven-growth">MicroStrategy Surges 674% In 2024: 5 ETFs That Benefit From MSTR&#8217;s Bitcoin-Driven Growth</a>
Avinash Shekhar, co-founder and CEO of Pi42, said Bitcoin now accounts for 58% of the total cryptocurrency market cap, which has surged to $3.2 trillion. 
"As we approach this critical milestone, the market's focus is shifting toward BTC as the dominant force," Shekhar added.
According to 10x Research, robust liquidity inflows remain a key factor driving Bitcoin's rise.
Tether (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDT</a>) and Circle (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">USDC</a>) minted $10 billion and $3 billion respectively in the past month, contributing to an overall minting impulse of $7 billion on a 7-day rolling basis.
"This relentless liquidity is a major driver of the crypto market's momentum," the firm noted. 
Analysts at 10x Research believe that Bitcoin could reach $115,000 by Christmas, with December's historical average return of +9.1% providing a strong basis for further gains. 
"Bitcoin's upward momentum could continue well beyond the $100,000 milestone," the report concluded.
Read Next: 
<ul>
<li><a href="https://www.benzinga.com/markets/cryptocurrency/24/11/42121376/strategic-bitcoin-reserve-wouldnt-require-new-taxpayer-dollars-says-sen-cynthia-lummis">Strategic Bitcoin Reserve Wouldn&#8217;t Require New Taxpayer Dollars, Says Sen. Cynthia Lummis</a></li>
</ul>
Image: Shutterstock

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

Cryptocurrency

News

$BTC

$USDC

$USDT

Bitcoin Nears $100,000, 'Momentum Could Continue Well Beyond The Milestone,' Experts Note

REPL: 26% &#x7C; <a href="https://www.benzinga.com//node/42124503">Replimune Group shares are trading higher after the company announced it received breakthrough therapy designation status for RP1 and will submit an RP1 biologics license application to the FDA under an accelerated approval pathway.</a>
&nbsp;
GAP: 16% &#x7C; <a href="https://www.benzinga.com//node/42123922">Gap shares are trading higher after the company reported better-than-expected Q3 EPS and sales.</a>
&nbsp;
KSCP: -38% &#x7C; <a href="https://www.benzinga.com//node/42125068">Knightscope shares are trading lower after the company announced a proposed public offering of Class A common stock and pre-funded warrants to address working capital needs.</a>

Movers

Trading Ideas

KSCP

REPL

Market-Moving News for November 22nd

JMP Securities analyst Patrick Walravens maintains DocuSign (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/DOCU#NASDAQ">DOCU</a>) with a Market Outperform and raises the price target from $84 to $108.

Price Target

Analyst Ratings

DOCU

JMP Securities Maintains Market Outperform on DocuSign, Raises Price Target to $108

B of A Securities analyst Jason Kupferberg maintains Affirm Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AFRM#NASDAQ">AFRM</a>) with a Buy and raises the price target from $50 to $74.

AFRM

B of A Securities Maintains Buy on Affirm Holdings, Raises Price Target to $74

WIIM

ROST

Ross Stores shares are trading higher after the company reported better-than-expected Q3 EPS results.

IES Hldgs (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IESC#NASDAQ">IESC</a>) reported quarterly earnings of $2.79 per share. This is a 60.34 percent increase over earnings of $1.74 per share from the same period last year. The company reported $776.00 million in sales this quarter. This is a 19.57 percent increase over sales of $649.00 million the same period last year.

Earnings

IESC

IES Hldgs Q4 Adj EPS $2.79 Up From $1.74 YoY, Sales $776.00M Up From $649.00M YoY

B of A Securities maintains Gap (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GAP#NYSE">GAP</a>) with a Neutral and raises the price target from $25 to $28.

B of A Securities Maintains Neutral on Gap, Raises Price Target to $28

Leerink Partners analyst David Risinger upgrades AbbVie (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ABBV#NYSE">ABBV</a>) from Market Perform to Outperform and announces $206 price target.

Upgrades

ABBV

Leerink Partners Upgrades AbbVie to Outperform, Announces $206 Price Target

B of A Securities analyst Tyler DuPont initiates coverage on Kyndryl Hldgs (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KD#NYSE">KD</a>) with a Buy rating and announces Price Target of $40.

Initiation

B of A Securities Initiates Coverage On Kyndryl Hldgs with Buy Rating, Announces Price Target of $40

INTU

Intuit shares are trading lower after the company reported Q2 financial results. The company issued Q2 adjusted EPS and revenue guidance below analyst estimates.

B of A Securities analyst Tyler DuPont initiates coverage on Endava (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DAVA#NYSE">DAVA</a>) with a Neutral rating and announces Price Target of $29.

DAVA

B of A Securities Initiates Coverage On Endava with Neutral Rating, Announces Price Target of $29

Empire Petroleum Increases Revolver Loan Facility With Equity Bank To $20M In Support Of Strategic Growth Initiatives; Currently, Empire Has Approximately $8.4M Borrowed On The $20.0 Million Facility

JP Morgan analyst Bennett Moore initiates coverage on Carpenter Tech (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRS#NYSE">CRS</a>) with a Overweight rating and announces Price Target of $220.

JP Morgan Initiates Coverage On Carpenter Tech with Overweight Rating, Announces Price Target of $220

JMP Securities analyst Matthew Carletti maintains Hippo Holdings (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HIPO#NYSE">HIPO</a>) with a Market Outperform and raises the price target from $25 to $35.

HIPO

JMP Securities Maintains Market Outperform on Hippo Holdings, Raises Price Target to $35

B of A Securities analyst Sachin Salgaonkar downgrades Grab Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GRAB#NASDAQ">GRAB</a>) from Buy to Underperform and maintains the price target from $4.9 to $4.9.

Downgrades

GRAB

B of A Securities Downgrades Grab Holdings to Underperform, Maintains Price Target to $4.9

APi Group Corporation Says Kevin Krumm, Chief Financial Officer, Will Step Down From His Role On December 13; David Jackola, Current Chief Financial Officer And Vice President Of Transformation At APi International, Will Assume The Role Of Interim Chief Financial Officer

JMP Securities analyst Nicholas Jones maintains CarGurus (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CARG#NASDAQ">CARG</a>) with a Market Outperform and raises the price target from $41 to $46.

CARG

JMP Securities Maintains Market Outperform on CarGurus, Raises Price Target to $46

Baird analyst Shrenik Kothari upgrades Elastic (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESTC#NYSE">ESTC</a>) from Neutral to Outperform and raises the price target from $95 to $135.

ESTC

Baird Upgrades Elastic to Outperform, Raises Price Target to $135

<ul>
<li>In October 2020, YmAbs announced a plan to commercialize Omburtamab but failed to get FDA approval for it.</li>
<li>Despite lacking sufficient evidence and not meeting the FDA's requirements, Y-mAbs submitted an application to commercialize Omburtamab.&nbsp;</li>
<li>In October 2022, the FDA's committee unanimously voted against granting the license for Omburtamab.&nbsp;</li>
<li>The market reacted sharply to the news, with Y-mAbs stock plunging to a historic low of $3.15 by the end of October 2022.</li>
<li>Following the sudden stock price drop, in January 2023, shareholders sued the company.</li>
<li>Y-mAbs has agreed to a $19.65 million settlement with shareholders to resolve the lawsuit. Affected investors can now <a href="https://11thestate.com/cases/ymabs-investor-settlement">file a claim</a> to receive their payment.</li>
</ul>
<h3 class="wp-block-heading has-medium-font-size">Overview</h3>
Y-mAbs Therapeutics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/YMAB#NASDAQ">YMAB</a>) stock peaked at $54.1 in late 2020, fueled by high hopes for its cancer treatment, Omburtamab. However, the FDA's 2020 Refusal to File and subsequent Complete Response Letter citing missing efficacy data undermined its progress, leading to a 71.65% stock drop by October 2022. After that, in January 2023, investors filed a class-action lawsuit, claiming that the company misled them about Omburtamab's approval chances. Recently, Y-mAbs ultimately reached a $19.65 million settlement with the affected shareholders to resolve this scandal.&nbsp;

<h3 class="wp-block-heading has-medium-font-size">Omburtamab &#8211; The Achilles' Heel For Y-mAbs Ambitions</h3>

Y-mAbs Therapeutics, founded in 2015, quickly positioned itself as a promising player in the oncology field, focusing on developing novel antibody-based therapies.
Its flagship drug, Omburtamab, was designed to target central nervous system and leptomeningeal metastases in pediatric neuroblastoma patients.&nbsp;
Y-mAbs aimed to commercialize Omburtamab, promoting it as a breakthrough treatment for children suffering from one of the deadliest forms of cancer.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<cite>"We are excited to share these results that significantly broaden the potential reach of Omburtamab, which would be addressing a clear unmet medical need. The results pave the way for our multicenter phase 2 study in DIPG later this year, where we expect to give up to three repeated doses of Omburtamab," stated Thomas Gad, founder, Chairman and President.</cite></blockquote>
After its IPO, Y-mAbs stock surged 58% in 2020, peaking at $54 as investors expressed strong confidence in its future plans.
Then, on October 3, 2022, Y-mAbs <a href="https://ir.ymabs.com/news-releases/news-release-details/y-mabs-announces-pivotal-data-omburtamab">claimed</a> that the research data for Omburtamab trials was satisfactory. They remained confident that they would meet the additional data requirements requested by the FDA.
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<cite>"The disease burden these patients and their families are facing represents a significant unmet medical need, which we hope to be able to address with OMBLASTYS after our PDUFA date on November 30, 2022."</cite></blockquote>
However, despite high claims from Gad, Y-mAbs couldn't convince the FDA to start commercial production of Omburtmab.

<h3 class="wp-block-heading has-medium-font-size">The FDA Shatters The Omburtamab Venture</h3>
The FDA dashed any remaining hopes for Omburtamab&#8217;s viability when it issued a Complete Response Letter.
In response, Thomas Gad said: 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<cite>"We are disappointed by the CRL but not surprised based on the outcome of the ODAC meeting on October 28. We want to express our gratitude to all the patients, their families, and investigators who have participated in our clinical trials and advocated for the advancement of Omburtamab."</cite></blockquote>
The fallout from Omburtamab became even more devastating with the FDA&#8217;s detailed response. Y-mAbs failed to address the FDA's concerns over the lack of viability and efficacy in the patient trial data, which were required before submitting the BLA in March 2022. This oversight complicated the situation further as the company neglected to meet the FDA&#8217;s demands for more diversified data and larger testing volumes.
After that, on October 5, 2020, Y-mAbs provided an update on Omburtamab, downplaying any significant obstacles to receiving the BLA.&nbsp;
"We will request a Type A meeting with the FDA as soon as possible, and plan to work in close dialog with the Agency to amend the BLA with the goal of resubmitting the BLA before the end of 2020" stated the press release from Y-mAbs.
However, the company couldn't convince the FDA through a series of meetings and resubmissions.
Investors' confidence in Y-mAbs suffered a serious blow in October 2022 when the FDA, after months of review, ultimately <a href="https://ir.ymabs.com/news-releases/news-release-details/y-mabs-announces-complete-response-letter-omburtamab-biologics">rejected</a> the company&#8217;s Biologics License Application for Omburtamab.
This rejection revealed that the FDA had raised substantial concerns regarding the drug's efficacy, particularly due to gaps in the data used to support its intended application in treating CNS/leptomeningeal metastases.
The day after the FDA revelations, Y-mAbs stock dropped 19.16%, eventually hitting a historic low of $3.10.
<figure class="wp-block-image is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfYWbefph28Jr40WvJHQmhs1_dLhpfkW_flTnHFf3fdm6_AdGwTFg112rNGhiteRLX2Lhn0mR_yGJ_Hlw7O0JY3dOETNalwF69FJOpMs1tvFrEGYgVSCmHtsgSgo1WDwD4UOTEBPA?key=uQ4PIB59WNO670EWBObXCpjS" alt="" style="width:624px" /><figcaption class="wp-element-caption">Y-mAbs Stock Price Falls &#8211; October 26, 2022</figcaption></figure>
After that, on January 18, 2023, investors sued Y-mAbs for misleading about the FDA approval.
Resolving The Case
To resolve the lawsuit from investors, Y-mAbs has agreed to a cash settlement of $19.65 million. If you invested in Y-mAbs, you may be eligible to <a href="https://11thestate.com/cases/ymabs-investor-settlement">claim a portion</a> of this settlement to recover your losses.
After the setback with Omburtamab, Y-mAbs shifted its focus to &#8220;Danyelza,&#8221; an FDA-approved drug as of 2023, aiming to stabilize operations. The company implemented a restructuring plan, cutting expenses by 28% and its salesforce by 35%, while projecting $60–65 million in net revenue from Danyelza sales. While these efforts improved its financial standing, the recovery relied more on cost-cutting than significant revenue growth. The stock, however, never recovered to its 2020 peak of $54 and, by November 2024, had fallen nearly 80%, trading at just $11.

Biotech

General

YMAB

Y-mAbs' Omburtamab Failure: The Critical Turning Point And $19.65M Shareholder Settlement

This decision follows the receipt of a "deficiencies preclude discussion" letter from the U.S. Food and Drug Administration (FDA) regarding the Company's New Drug Application (NDA) for Zynquista&#x2122; (sotagliflozin) as an adjunct to insulin therapy for glycemic control in adults with type 1 diabetes and chronic kidney disease (CKD). The letter noted deficiencies with the application that preclude discussion of labeling and/or post-marketing requirements and commitments at this time.
"While this decision was not made lightly, it reflects our commitment to make prudent business decisions that enhance value across our portfolio and deliver on our Lead to Succeed strategy," said Mike Exton, Ph.D., Lexicon's chief executive officer and director. "We see significant potential in our strong pipeline of R&amp;D opportunities, and we will focus our resources on programs with the potential for the greatest impact. We are confident that by carefully selecting therapeutic areas where we are the first and only therapy in class, and focusing our R&amp;D efforts where there are significant needs, we can deliver innovations that will meaningfully benefit patients while simultaneously positioning Lexicon to fully realize future growth opportunities."

LXRX

Lexicon Pharmaceuticals Says Company Has Made Strategic Decision To Eliminate Its Commercial Operations And Rationalize Resources Across All Functions In Order To Preserve Cash And Focus Its Resources On Advancing Promising Clinical Development Pipeline Following Regulatory Update From FDA; Efforts Expected To Reduce 2025 Operating Costs By $100M

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