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China will put sanctions on Lockheed Martin for involvement in the latest U.S. arms sale to Chinese-claimed Taiwan, China said on Tuesday, adding tension to its troubled relationship with the United States. The U.S. weapons maker is the main contractor for a $620 million upgrade package for Taiwan's Patriot surface-to-air missiles, which the U.S. government approved last week....
Shares in Aldeyra Therapeutics (ALDX) are climbing 10% in Tuesday’s pre-market trading following a SEC filing showing that Joseph Edelman’s Perceptive Advisors now holds a 19.1% in the company.According to the filing, Perceptive snapped up 3.2 million shares at an average price of $4.25 on Thursday, taking its indirect beneficial ownership to a total of 6,285,458 shares.The New York-based hedge fund firm has $5 billion under management, and was founded by Edelman in 1999 to focus on investing in biotech stocks. Edelman now has a net worth of $1.2 billion.Shares in Aldeyra are down 11% year-to-date, but analysts have a bullish Strong Buy consensus on the stock with 4 recent buy ratings. The average analyst price target stands at $27 (470% upside potential). (See ALDX stock analysis on TipRanks)On July 7, Aldeyra announced development plans for dry eye disease, which will include two pivotal studies focused on investigating RASP as an objective-sign endpoint for...
Roche has struck a $1.7 billion cancer drug pact with Blueprint Medicines, it said on Tuesday, as advances in genetic testing for rare mutations drive lucrative deals for expensive treatments. The Swiss drugmaker will pay $675 million in cash and make a $100 million equity investment in Blueprint for rights to pralsetinib, which could gain U.S. approval against so-called RET-altered non-small cell lung cancer in November. U.S. company Blueprint, which has been working with Roche since 2016, could also receive up to $927 million in milestone payments, plus royalties on sales outside the United States, Roche said in a statement....
"This solution will save the telecommunications industry potentially tens of billions of euros in site engineering and re-visit costs," Nokia said in a statement. Nokia said the software upgrade was immediately available for about one million radios, and the reach would grow to 3.1 million by the end of the year and to over 5 million in 2021....
BigCommerce on Monday announced it has filed for an initial public offering with the United States Securities and Exchange Commission.The e-commerce software-as-a-service provider put $100 million as a placeholder amount to be raised in the IPO in the SEC filing, as is standard practice. It didn't share a pricing range for its stock, and companies typically replace the placeholder amount in further filings.The Shopify Inc. (NYSE: SHOP) competitor said it will list its share at the Nasdaq Stock Market under the ticker "BIGC."Morgan Stanley (NYSE: MS) and Barclays PLC (NYSE: BCS) are serving as lead book-running managers for the IPO. Other underwriters include Jefferies Group LLC and KeyCorp's (NYSE: KEY) KeyBanc Capital Markets.BigCommerce has raised $219.2 million in seven funding rounds to date, according to data from Crunchbase.Some of the Austin-based company's backers include Goldman Sachs Group Inc. (NYSE: GS) and SoftBank Group Corp. (OTC: SFTBY).Image: BigCommerceSee more from Benzinga *...
Shares in Mohawk Industries (MHK) dropped almost 5% in extended market trading on Monday after the flooring company disclosed that it is being sued for allegedly “fabricating” sales and overproducing products to report higher operating margins, among other violations.The stock declined to $72.99 in Monday’s after-market trading. According to a SEC filing, an amended class action complaint for violations of federal securities laws was filed against Mohawk and its CEO Jeff Lorberbaum in the Northern District of Georgia on June 29. The complaint alleges that Mohawk fabricated revenues by attempting delivery to customers that were closed and reporting these as sales. It is also claimed that the flooring company overproduced product to report higher operating margins and maintained “significant” inventory that was not salable and that it improperly delivered inventory knowing that it was defective and customers would return it.“The company intends to vigorously defend itself in the lawsuit,” Mohawk said...
