LendingClub Stock (NYSE:LC), Trade Ideas

LendingClub

LendingClub Corp is a company engaged in operating an online lending marketplace platform that connects borrowers and investors for the provision of the loan facility. It offers investors access to an asset class that has generally been closed to many investors and only available on a limited basis to institutional investors. The company through the platform offers loan products such as personal, education and patient finance, small business, and auto to interested investors. It generates a majority of the revenue from the transaction fees received from the platform's role in accepting and decisioning applications on behalf of the bank partners to enable loan originations.

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Shares of  Medical Properties Trust, Inc. (NYSE: MPW) rose sharply in today’s pre-market trading after the company announced that it sold its majority interest in Utah Hospitals.

Why Medical Properties Trust Shares Are Trading Higher By Around 13%; Here Are 20 Stocks Moving Premarket

FINV

Key Takeaways:


	Qifu’s revenue grew 13% year-on-year in the fourth quarter, and its net profit rose by more than 20%
	The company announced plans to repurchase up to $350 million worth of its shares, far more than the $132 million in repurchased from last June to March this year


By Warren Yang

Forget About Growth. Qifu Shows It&#39;s All About Giving Back To Shareholders

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Shares of Advanced Micro Devices, Inc. (NASDAQ: AMD) shares declined 3.8% to $165.49 following fourth-quarter results.

AMD reported fourth-quarter non-GAAP earnings per share of 77 cents per share on revenue of $6.17 billion.

AMD shares dipped 3.8% to $165.49 on Wednesday.

Why AMD Shares Are Trading Lower? Here Are Other Stocks Moving In Wednesday&#39;s Mid-Day Session

LendingClub Corp

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Shares of Medical Properties Trust, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/mpw#NYSE">MPW</a>) rose sharply in today&rsquo;s pre-market trading after the company announced that it sold its majority <a href="https://www.benzinga.com/quote/MPW/news">interest in Utah Hospitals</a>.
Medical Properties Trust shares jumped 13.1% to $4.51 in pre-market trading.
Here are some other stocks moving in pre-market trading.
<h3>Gainers</h3>
<ul>
<li>Allarity Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/allr#NASDAQ">ALLR</a>) shares rose 51% to $3.17 in pre-market trading after dipping 9% on Friday. Allarity Therapeutics filed prospectus supplement to increase offering price of common stock that may be offered from $2.35 million to $3.2 million.</li>
<li>Longeveron Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lgvn#NASDAQ">LGVN</a>) gained 38.4% to $2.34 in pre-market trading after falling 16% on Friday. Longeveron, last week, announced closing of $5.2 million public offering.</li>
<li>SuperCom Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/spcb#NASDAQ">SPCB</a>) shares gained 34.8% to $0.3722 in pre-market trading after jumping around 18% on Friday.</li>
<li>HUB Cyber Security Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hubc#NASDAQ">HUBC</a>) climbed 29.2% to $1.68 in pre-market trading after gaining over 11% on Friday.</li>
<li>Piedmont Lithium Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pll#NYSE">PLL</a>) shares gained 22.2% to $15.49 in pre-market trading following a 5% decline on Friday.</li>
<li>Marine Petroleum Trust (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/marps#NASDAQ">MARPS</a>) gained 12.3% to $6.04 in pre-market trading after jumping 18% on Friday.</li>
<li>Destiny Tech100 Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dxyz#NASDAQ">DXYZ</a>) shares gained 11.4% to $32.31 in pre-market trading after dipping 42% on Friday.</li>
<li>Kineta, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ka#NASDAQ">KA</a>) shares rose 8.7% to $0.3989 in pre-market trading after falling 17% on Friday.</li>
<li>LendingClub Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lc#NYSE">LC</a>) shares gained 8.7% to $8.79 in pre-market trading. LendingClub is expected to report earnings for the first quarter 2024 after the closing bell on Tuesday, April 30, 2024.</li>
</ul>
<h3>
Losers</h3>
<ul>
<li>AudioEye, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aeye#NASDAQ">AEYE</a>) fell 24.1% to $10.45 in pre-market trading after declining around 7% on Friday.</li>
<li>NextPlat Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nxpl#NASDAQ">NXPL</a>) fell 19.8% to $1.50 in pre-market trading after jumping 24% on Friday. The company entered into a definitive business combination agreement with its majority-owned subsidiary Progressive Care Inc.</li>
<li>Organovo Holdings Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/onvo#NASDAQ">ONVO</a>) shares declined 15.8% to $0.85 in pre-market trading.</li>
<li>TRACON Pharmaceuticals Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tcon#NASDAQ">TCON</a>) declined 15.3% to $2.00 in pre-market trading after falling around 9% on Friday.</li>
<li>IM Cannabis Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/imcc#NASDAQ">IMCC</a>) fell 14.2% to $0.54 in pre-market trading.</li>
<li>OncoCyte Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ocx#NASDAQ">OCX</a>) fell 14.1% to $2.33 pre-market trading. Oncocyte announced a transplant assay partnership agreement with Bio-Rad laboratories</li>
<li>&nbsp;</li>
<li>Cyngn Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cyn#NASDAQ">CYN</a>) shares fell 13.6% to $0.12 in pre-market trading after declining around 7% on Friday.</li>
<li>SINTX Technologies Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sint#NASDAQ">SINT</a>) fell 12.6% to $0.021 in pre-market trading after declining around 4% on Friday.</li>
<li>&nbsp;</li>
<li>Biophytis SA (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bpts#NASDAQ">BPTS</a>) shares fell 7.4% to $0.31 in pre-market trading.</li>
<li>Polestar Automotive Holding Uk Plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/psny#NASDAQ">PSNY</a>) fell 7.2% to $1.35 pre-market trading. On Friday, Cantor Fitzgerald analyst Andres Sheppard reiterated Polestar Automotive with an Overweight and maintained a $5 price target.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/earnings/24/04/38242305/goldman-sachs-likely-to-report-lower-q1-earnings-here-are-the-recent-forecast-changes-from-wall-str"> Goldman Sachs Likely To Report Lower Q1 Earnings; Here Are The Recent Forecast Changes From Wall Street&#39;s Most Accurate Analysts</a>

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Shares of companies in the broader financial services sector are trading higher after the Fed left rates unchanged.

<h4>Key Takeaways:</h4>
<ul>
<li>Qifu&rsquo;s revenue grew 13% year-on-year in the fourth quarter, and its net profit rose by more than 20%</li>
<li>The company announced plans to repurchase up to $350 million worth of its shares, far more than the $132 million in repurchased from last June to March this year</li>
</ul>
By Warren Yang
Qifu Technology Inc.&nbsp;(NSDAQ:QFIN) is checking all the right boxes to entice investors.
For starters, the online loan facilitator delivered solid profit growth in the final quarter of last year, which is impressive in the China&rsquo;s tough economic environment these days. But perhaps more importantly, Qifu unveiled plans to spend more of its large cash reserves on its shareholders. That&rsquo;s often music to investor ears, especially in tough economic times when plowing profits back into the business may not produce strong growth.
Qifu&rsquo;s revenue increased a respectable 13% year-on-year to 4.5 billion yuan ($633 million) in the fourth quarter of last year, according to the company&rsquo;s&nbsp;<a href="https://www.globenewswire.com/news-release/2024/03/12/2845085/0/en/Qifu-Technology-Announces-Fourth-Quarter-and-Full-Year-2023-Unaudited-Financial-Results-Declares-Semi-Annual-Dividend-and-Announces-a-New-Share-Repurchase-Plan.html">latest earnings report</a>&nbsp;released last week, handily beat an S&amp;P Capital IQ consensus. The company&rsquo;s bottom line performance was even better, with its net profit up 21.5% to 1.1 billion yuan, driven partly by cost controls.
The quarterly performance was markedly better than Qifu&rsquo;s results for all of 2023, when its revenue slipped 1.6% to 16.3 billion yuan, while its profit grew 6.6%. The company indicated the strong results will continue into the first quarter as well, projecting that its non-GAAP net profit, which excludes share-based compensation expenses, will grow 17% to 22% year-on-year in the three-month period, CFO Alex Xu said on a conference call with analysts. On that adjusted basis, Qifu&rsquo;s fourth-quarter net profit increased by nearly a third.
By comparison,&nbsp;FinVolution Group&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/finv#NYSE">FINV</a>), one of Qifu&rsquo;s biggest rivals, on Monday reported an uninspired 6% year-on-year revenue gain and 5% profit decrease for the fourth quarter, reflecting the challenges in China&rsquo;s weak economy. FinVolution did better overseas, reporting its revenue jumped more than 50% for that part of the business to account for nearly 19% of its total as it tries to diversify beyond its home market.
While Qifu&rsquo;s double-digit revenue and profit growth look strong in the current environment, the company&rsquo;s biggest attraction to investors in its latest report may have been its announcement of plans to sharply step up its current share buy-back program.
Qifu bought back $132 million of its American depository shares (ADS) between last June and this month. But it could ramp up the pace under a newly announced scheme to repurchase as much as $350 million of its shares. The company said it will also continue to pay out 20% to 30% of its GAAP-based net profit in dividends.
Investors cheered Qifu&rsquo;s growing focus on returning money to them, bidding up the company&rsquo;s shares by more than 10% following the release of its latest results. The stock continued to rally the next day and is now up more than 20% from pre-announcement levels.
<h3>Payment Guarantees</h3>
A breakdown of the company&rsquo;s fourth-quarter earnings shows that it&rsquo;s trying to maintain a difficult balance between growing its business and managing risks.
Qifu&rsquo;s revenue from its &ldquo;capital-light&rdquo; loan facilitation, which accounts for a substantial part of its business, actually dropped quite sharply in the fourth quarter. Under this model, Qifu simply acts as a middleman between banks and borrowers, providing no or only partial guarantees against loan defaults for its lending partners.
Such services are obviously good for the company because it can earn fees while taking on little credit risk. But they may be losing their appeal for Qifu&rsquo;s lending partners as default risks climb in the current climate.
That changing preference of its lending partners showed up in a big rise of Qifu&rsquo;s loan facilitation business that includes guarantees against defaults. Revenue from those services increased by a third year-on-year in the fourth quarter. Income from loans funded by Qifu&rsquo;s trusts or its other units, which essentially makes Qifu the lender and thus also involves greater risk, increased nearly 50%.
Qifu&rsquo;s bad-debt ratio is relatively high. Its loans delinquent for 90 days or longer, the standard definition of non-performing loans for banks, amounted to 2.35% of the company&rsquo;s total loans at the end of 2023. That&rsquo;s far higher than the 1.93% for FinVolution and 1.62% for the banking sector. This means Qifu may have to make larger provisions for bad loans than its peers, undermining its profits.
But at least in the fourth quarter, Qifu made up for its greater exposure to potential loan defaults with a nearly fivefold jump in revenue from its referral services. Those services typically see Qifu match borrowers with lenders using data on its platform. Such referral fees have typically been a very small part of Qifu&rsquo;s business, but they played an important role in elevating its revenue in the fourth quarter.
As its profit grew in the fourth quarter, Qifu&rsquo;s cash holdings increased a bit to about 3.38 billion yuan by the end of last year. It&rsquo;s encouraging to see that the company is generating cash from its operations. And while investors seemed to like the company&rsquo;s plans to share some of that cash with them, that use of its cash could also raise some longer-term concerns that the company is facing limited options for growth through investment.
At least for now, Qifu management seems focused on boosting the company&rsquo;s share price.
&ldquo;We are convinced that our company&rsquo;s shares are significantly undervalued and the current market valuation does not reflect the company&rsquo;s intrinsic value,&rdquo; Qifu CEO Wu Haisheng said on the earnings conference call.
Qifu shares now trade at a price-to-earnings (P/E) ratio of 5, ahead of the 4 for FinVolution. But such valuations may seem too low for this kind of technology company, especially when you consider that global peer&nbsp;LendingClub&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lc#NYSE">LC</a>) currently trades at a P/E ratio of 21. Some of the discount may owe to China&rsquo;s slowing economy and heavier regulation in the market. But many may argue the discount is still too high.
At the end of the day, the company&rsquo;s performance in the final months of last year looks quite respectable, especially in the current environment, so it&rsquo;s understandable that Qifu&rsquo;s leadership is trying to raise the company&rsquo;s value through aggressive share buybacks. But such a strategy can only go so far, since investors may also see such an approach as reflecting dwindling growth opportunities for the company over the long term.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.

Forget About Growth. Qifu Shows It's All About Giving Back To Shareholders

Shares of Advanced Micro Devices, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amd#NASDAQ">AMD</a>) shares declined 3.8% to $165.49 following fourth-quarter results.
AMD reported fourth-quarter non-GAAP earnings per share of 77 cents per share on revenue of $6.17 billion.
AMD shares dipped 3.8% to $165.49 on Wednesday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>Connexa Sports Technologies Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cnxa#NASDAQ">CNXA</a>) shares jumped 204% to $0.6049. Connexa said it has regained compliance with Nasdaq minimum shareholder equity rule.</li>
<li>Minim, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/minm#NASDAQ">MINM</a>) shares climbed 76.4% to $4.48. David E. Lazar disclosed a 51% active stake in Minim Inc.</li>
<li>Powell Industries, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/powl#NASDAQ">POWL</a>) shares gained 49% to $121.89 after the company reported better-than-expected first-quarter financial results and raised its quarterly dividend.</li>
<li>Lytus Technologies Holdings PTV. Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lyt#NASDAQ">LYT</a>) climbed 46.5% to $0.1180 after falling around 7% on Tuesday.</li>
<li>Ashford Hospitality Trust, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/aht#NYSE">AHT</a>) jumped 32% to $1.77.</li>
<li>2seventy bio, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsvt#NASDAQ">TSVT</a>) rose 31.6% to $5.28. 2seventy Bio said it will focus exclusively on commercialization and development of Abecma and sell its R&amp;D pipeline to Regeneron. Leerink Partners analyst Daina Graybosch upgraded 2seventy bio from Market Perform to Outperform and raised the price target from $5 to $18.</li>
<li>Trinity Biotech plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/trib#NASDAQ">TRIB</a>) gained 29.5% to $0.5638. Trinity Biotech announced acquisition of the CGM assets of Waveform Technologies, Inc.</li>
<li>Kuke Music Holding Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/kuke#NYSE">KUKE</a>) rose 23.7% to $1.25.</li>
<li>Vaxart, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/vxrt#NASDAQ">VXRT</a>) jumped 20.9% to $1.1850. B. Riley Securities analyst Mayank Mamtani upgraded Vaxart from Neutral to Buy and announced a $2 price target.</li>
<li>Envirotech Vehicles, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/evtv#NASDAQ">EVTV</a>) gained 20.6% to $1.75.</li>
<li>Ensysce Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ensc#NASDAQ">ENSC</a>) gained 19.6% to $1.7232. Ensysce Biosciences reported completion of a constructive end of Phase 2 meeting with the FDA regarding its lead &#39;next generation&#39; analgesic, PF614.</li>
<li>Plug Power Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/plug#NASDAQ">PLUG</a>) climbed 17.8% to $4.3950 after Roth MKM upgraded the stock from Neutral to Buy and raised its price target from $4.5 to $9.</li>
<li>DocGo Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dcgo#NASDAQ">DCGO</a>) gained 15.8% to $3.9497 after the company announced a share buyback program of up to $36 million.</li>
<li>Ashland Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ash#NYSE">ASH</a>) jumped 14.5% to $92.50 after the company reported mixed first-quarter financial results and issued guidance.</li>
<li>Jin Medical International Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zjyl#NASDAQ">ZJYL</a>) rose 12.5% to $236.64.</li>
<li>LendingClub Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lc#NYSE">LC</a>) gained 12.3% to $9.81 after the company reported better-than-expected quarterly financial results.</li>
<li>Nomura Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nmr#NYSE">NMR</a>) rose 12.2% to $5.84 following third-quarter results.</li>
<li>Paramount Global (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/para#NASDAQ">PARA</a>) gained 10.4% to $15.10. Byron Allen offered $14.3 billion to buy all of the outstanding shares of Paramount Global, Bloomberg reported.</li>
<li>Revelation Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/revb#NASDAQ">REVB</a>) gained 10.3% to $8.77 after dipping around 39% on Tuesday.</li>
<li>Nyxoah S.A. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nyxh#NASDAQ">NYXH</a>) shares rose 9.1% to $8.88 after dipping 34% on Tuesday.</li>
<li>Stryker Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/syk#NYSE">SYK</a>) gained 5.8% to $335.28 after the company reported better-than-expected fourth-quarter financial results.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Nuvve Holding Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nvve#NASDAQ">NVVE</a>) shares dipped 65.8% to $1.1401. Nuvve announced pricing of $9.6 million underwritten public offering of 4.8 million shares of common stock at $2.00 per share.</li>
<li>Remark Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mark#NASDAQ">MARK</a>) shares fell 36% to $0.80. Remark Holdings shares jumped 264% on Tuesday following a Tweet from the company&#39;s X account suggesting an unconfirmed deal with Microsoft..</li>
<li>New York Community Bancorp, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nycb#NYSE">NYCB</a>) fell 34.5% to $6.80 after the company reported worse-than-expected fourth-quarter financial results and reduced its quarterly dividend.</li>
<li>GRI Bio, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gri#NASDAQ">GRI</a>) fell 28.6% to $2.05.</li>
<li>Genprex, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gnpx#NASDAQ">GNPX</a>) declined 28% to $0.1931. Genprex announced a 1-for-40 reverse stock split effective Feb. 2, 2024.</li>
<li>Evaxion Biotech A/S (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/evax#NASDAQ">EVAX</a>) fell 24% to $4.3999.</li>
<li>TuSimple Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tsp#NASDAQ">TSP</a>) declined 23.4% to $0.2220.</li>
<li>Rail Vision Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rvsn#NASDAQ">RVSN</a>) fell 21.9% to $11.70.</li>
<li>American Superconductor Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/amsc#NASDAQ">AMSC</a>) shares declined 18.2% to $0.20 after the company announced a proposed public offering of common stock.</li>
<li>Extreme Networks, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/extr#NASDAQ">EXTR</a>) fell 15.8% to $14.02 after the company reported mixed second-quarter financial results and issued guidance.</li>
<li>Rockwell Automation, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rok#NYSE">ROK</a>) declined 15.3% to $260.07 following weak earnings.</li>
<li>SMX (Security Matters) Public Limited Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/smx#NASDAQ">SMX</a>) shares fell 14.2% to $0.4067 after jumping 47% on Tuesday.</li>
<li>Synaptogenix, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/snpx#NASDAQ">SNPX</a>) fell 13% to $0.1864 after gaining 12% on Tuesday.</li>
<li>LSB Industries, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lxu#NYSE">LXU</a>) fell 9.5% to $7.51. UBS analyst Joshua Spector downgraded LSB Industries from Buy to Neutral and lowered the price target from $11 to $9.</li>
<li>MarketAxess Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mktx#NASDAQ">MKTX</a>) fell 8.8% to $250.01 following weak sales.</li>
<li>Teradyne, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ter#NASDAQ">TER</a>) shares declined 8.2% to $95.99 after the company posted downbeat fourth-quarter sales and issued weak forecast for the first quarter.</li>
<li>Oblong, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/oblg#NASDAQ">OBLG</a>) declined 8.1% to $0.20 trading after gaining around 24% on Tuesday.</li>
<li>Solid Biosciences Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sldb#NASDAQ">SLDB</a>) fell 7.5% to $7.47.</li>
<li>Alphabet Inc. (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>) shares fell 6.2% to $143.60. Alphabet posted better-than-expected earnings results for its fourth quarter on Tuesday. However, Google&rsquo;s advertising sales came in short of market estimates.</li>
<li>Heartland Financial USA, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/htlf#NASDAQ">HTLF</a>) fell 5.5% to $36.54.</li>
<li>Group 1 Automotive, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/gpi#NYSE">GPI</a>) fell 5.5% to $266.64 after the company reported mixed fourth-quarter financial results.</li>
<li>Novartis AG (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nvs#NYSE">NVS</a>) fell around 3% to $104.69 following weak quarterly results.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/markets/cryptocurrency/24/01/36867301/bitcoin-falls-below-43-000-following-adp-report-blur-manta-network-among-top-losers"> Bitcoin Falls Below $43,000 Following ADP Report; Blur, Manta Network Among Top Losers</a>

Why AMD Shares Are Trading Lower? Here Are Other Stocks Moving In Wednesday's Mid-Day Session

U.S. stocks traded mostly lower, with the Nasdaq Composite falling over 200 points on Wednesday.
Shares of The Boeing Company (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ba#NYSE">BA</a>) rose during Wednesday&rsquo;s session <a href="https://www.benzinga.com/news/earnings/24/01/36868284/boeings-suspends-outlook-after-q4-results-says-plug-issue-completely-under-control">following upbeat results</a>.
The company reported a fourth-quarter revenue increase of 10% year-over-year to $22.02 billion, beating the consensus of $21.10 billion. Adjusted loss per share contracted to 47 cents from $1.75 in same quarter 2022, beating the consensus of 78 cents.
Boeing shares surged 4.7% to $209.79 on Wednesday.
Here are some other big stocks recording gains in today&rsquo;s session.
<ul>
<li>Powell Industries, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/powl#NASDAQ">POWL</a>) shares climbed 49% to $121.89 after the company reported better-than-expected first-quarter financial results and raised its quarterly dividend.</li>
<li>Plug Power Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/plug#NASDAQ">PLUG</a>) gained 17.8% to $4.3950 after Roth MKM upgraded the stock from Neutral to Buy and raised its price target from $4.5 to $9.</li>
<li>DocGo Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dcgo#NASDAQ">DCGO</a>) shares rose 15.8% to $3.9497 after the company announced a share buyback program of up to $36 million.</li>
<li>Ashland Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ash#NYSE">ASH</a>) gained 14.5% to $92.50 after the company reported mixed first-quarter financial results and issued guidance.</li>
<li>Jin Medical International Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zjyl#NASDAQ">ZJYL</a>) climbed 12.5% to $236.64.</li>
<li>LendingClub Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lc#NYSE">LC</a>) climbed 12.3% to $9.81 after the company reported better-than-expected quarterly financial results.</li>
<li>Nomura Holdings, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nmr#NYSE">NMR</a>) gained 12.2% to $5.84 following third-quarter results.</li>
<li>Paramount Global (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/para#NASDAQ">PARA</a>) climbed 10.4% to $15.10 following reports suggesting Byron Allen made a $14 billion offer to acquire Paramount Global.</li>
<li>Silence Therapeutics plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/sln#NASDAQ">SLN</a>) gained 10.3% to $21.51 after BMO Capital initiated coverage on the stock with an Outperform rating and $67 price target.</li>
<li>NaaS Technology Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/naas#NASDAQ">NAAS</a>) jumped 9.7% to $1.5689.</li>
<li>Humacyte, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/huma#NASDAQ">HUMA</a>) gained 9% to $3.4758.</li>
<li>Sunnova Energy International Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/nova#NYSE">NOVA</a>) jumped 8.8% to $11.89.</li>
<li>Ermenegildo Zegna N.V. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/zgn#NYSE">ZGN</a>) gained 8.5% to $12.48 after the company reported quarterly financial results.</li>
<li>RenaissanceRe Holdings Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rnr#NYSE">RNR</a>) climbed 8% to $232.15 following upbeat earnings.</li>
<li>Manhattan Associates, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/manh#NASDAQ">MANH</a>) gained 7.1% to $239.67 as the company reported better-than-expected fourth-quarter results on Tuesday.</li>
<li>Stryker Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/syk#NYSE">SYK</a>) rose 5.8% to $335.28 after the company reported better-than-expected fourth-quarter financial results.</li>
<li>Celestica Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cls#NYSE">CLS</a>) gained 5.7% to $35.00. RBC Capital analyst Maxim Matushansky maintained Celestica with an Outperform and raised the price target from $33 to $38.</li>
<li>Automatic Data Processing, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/adp#NASDAQ">ADP</a>) gained 4.5% to $249.30 following upbeat earnings.</li>
<li>Teva Pharmaceutical Industries Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/teva#NYSE">TEVA</a>) gained 4% to $12.19 after the company reported quarterly results and issued guidance.</li>
</ul>
&nbsp;
Now Read This: <a href="https://www.benzinga.com/news/24/01/36865232/top-5-energy-stocks-that-may-crash-this-quarter"> Top 5 Energy Stocks That May Crash This Quarter</a>

HUMA

MANH

NAAS

NOVA

TEVA

Boeing Posts Upbeat Results, Joins Stryker, Automatic Data Processing And Other Big Stocks Moving Higher On Wednesday

LendingClub shares are trading higher after the company reported better-than-expected Q4 financial results.

Wedbush analyst David Chiaverini reiterates LendingClub (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LC#NYSE">LC</a>) with a Outperform and maintains $11 price target.

Price Target

Reiteration

Analyst Ratings

Wedbush Reiterates Outperform on LendingClub, Maintains $11 Price Target

LendingClub Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lc#NYSE">LC</a>) shares are trading lower in Tuesday&#39;s after-hours session on the heels of the company&#39;s <a href="https://www.benzinga.com/pressreleases/24/01/n36854410/lendingclub-reports-fourth-quarter-and-full-year-2023-results">fourth-quarter earnings results</a>.
What To Know: LendingClub reported quarterly earnings of nine cents per share, beating analyst expectations of two cents by 350%.
Quarterly sales clocked in at $185.60 million which surpassed the analyst consensus estimate of $182.36 million, a 29.35% decrease over sales of $262.71 million in the same period last year.
The company also reported loan originations of $1.6 billion, compared to $1.5 billion in the previous quarter, citing increased purchases by loan investors as the reason behind the growth.
Deposits rose 4% to $7.3 billion, compared to third-quarter deposits of $7.0 billion.
Additionally, pre-provision net revenue (PPNR) was $55.6 million compared to $72.8 million in the prior quarter.
LendingClub estimates that first-quarter loan originations will be between $1.5 billion and $1.7 billion while pre-provision net revenue is anticipated to be between $30 million and $40 million.
&quot;Thanks to our differentiated business model, strong execution, data advantage, and ongoing innovation, we have remained one of the few fintechs to sustain GAAP profitability throughout this turbulent macro environment, which positions us well for future acceleration,&quot; said Scott Sanborn, LendingClub CEO.
&quot;Since acquiring our bank charter three years ago, we have transformed our financial profile and business &mdash;&nbsp;tripling our balance sheet, building tangible book value by approximately 2X, growing deposits by almost 4X, and delivering 12 straight quarters of credit outperformance.&quot;
LC Price Action: Shares of LendingClub were down 3.20% at $8.46&nbsp;in the after-hours session at the time of publication, according to <a href="http://pro.benzinga">Benzinga Pro</a>.
Related Link: <a href="https://www.benzinga.com/news/earnings/24/01/36855197/skyworks-q1-results-earnings-beat-revenue-meets-estimates-company-issues-q1-revenue-guidance">Skyworks Q1 Results: Earnings Beat, Revenue Meets Estimates, Company Issues Q1 Revenue Guidance</a>
Photo:&nbsp;<a href="https://pixabay.com/users/nattanan23-6312362/?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=2696228">Nattanan Kanchanaprat</a> from <a href="https://pixabay.com//?utm_source=link-attribution&amp;utm_medium=referral&amp;utm_campaign=image&amp;utm_content=2696228">Pixabay</a>

Earnings

After-Hours Center

Personal Finance

Why LendingClub Stock Took A Hit After-Hours

Guidance

LendingClub Sees Q1 Loan Originations $1.5B-$1.7B

LendingClub (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LC#NYSE">LC</a>) reported quarterly earnings of $0.09 per share which beat the analyst consensus estimate of $0.02 by 350 percent. The company reported quarterly sales of $185.60 million which beat the analyst consensus estimate of $182.36 million by 1.77 percent. This is a 29.35 percent decrease over sales of $262.71 million the same period last year.

Earnings Beats

LendingClub Q4 2023 GAAP EPS $0.09 Beats $0.02 Estimate, Sales $185.60M Beat $182.36M Estimate

LendingClub (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LC#NYSE">LC</a>) is set to give its latest quarterly earnings report on Wednesday, 2024-01-31. Here's what investors need to know before the announcement.
Analysts estimate that LendingClub will report an earnings per share (EPS) of $0.01. 
LendingClub bulls will hope to hear the company announce they've not only beaten that estimate, but also to provide positive guidance, or forecasted growth, for the next quarter.
New investors should note that it is sometimes not an earnings beat or miss that most affects the price of a stock, but the guidance (or forecast).
<h3>Past Earnings Performance</h3>
Last quarter the company beat EPS by $0.02, which was followed by a 3.28% drop in the share price the next day.
Here's a look at LendingClub's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q3 2023</th>
<th>Q2 2023</th>
<th>Q1 2023</th>
<th>Q4 2022</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>0.03</td>
<td>0.04</td>
<td>0.11</td>
<td>0.20</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>0.05</td>
<td>0.09</td>
<td>0.13</td>
<td>0.19</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-3.28%</td>
<td>-20.63%</td>
<td>1.14%</td>
<td>-11.32%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1706637680_0.png" alt="eps graph" />
<h3>Stock Performance</h3>
Shares of LendingClub were trading at $9.0 as of January 29. Over the last 52-week period, shares are down 11.1%. Given that these returns are generally negative, long-term shareholders are likely upset going into this earnings release. 
<a href="https://www.benzinga.com/quote/LC/earnings">To track all earnings releases for LendingClub visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

A Preview Of LendingClub's Earnings

AGNC

APAM

ATLC

BANC

BCOW

BSBK

CMTG

CURO

FFWM

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GBCI

Hannon Armstrong Sustainable Infrastructure Capital

HASI

HBAN

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HMST

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OPRT

PNFP

SFBS

TREE

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VALU

VBFC

ZION

Shares of financial stocks are trading higher amid strong market sentiment following the Fed's decision to leave rates unchanged.

On Friday,&nbsp;Wedbush Securities&nbsp;hosted a Disruptive Finance Forum, which included management meetings with&nbsp;Upstart Holdings Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/upst#NASDAQ">UPST</a>),&nbsp;LendingClub Corp&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lc#NYSE">LC</a>), and&nbsp;Pagaya Technologies Ltd&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pgy#NASDAQ">PGY</a>).&nbsp;
Analysts David Chiaverini and Brian Violino observe that despite shares rising due to the recent drop in the 10-year treasury yield, challenges persist within the industry.&nbsp;
While funding markets, such as the ABS market, show slight improvement compared to last year, the expenses tied to funding for loan buyers continue to be high, impacting overall returns.&nbsp;
Additionally, while lenders have adjusted their credit criteria, the quality of older vintage loans remains subpar. Assessing the credit performance of newer loan originations under stricter underwriting standards remains uncertain at this stage.
Wedbush keeps the&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/quote/UPST/analyst-ratings" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Underperform rating with a price target of $10 for Upstart</a>, given that the economics of the business model and credit quality remain under pressure.
<ul>
<li>Upstart observed that a moderate economic downturn might benefit the company regarding volume, aligning consumption more closely with income levels.&nbsp;</li>
<li>The fair value assessment of the held-for-sale portfolio is slightly below par, contingent on its vintage. Presently, most investors in this market assert that they can acquire an overcollateralized BBB bond yielding 8% to 9%. In Upstart&#39;s current landscape, any discount rate utilized in a valuation approach lower than this range would lack rationale.</li>
</ul>
For Pagaya, the analyst maintains a&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/quote/PGY/analyst-ratings" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Neutral rating with a price target of $2</a>, saying the outlook is appropriately reflected in its relative valuation and that PGY&#39;s business is performing better than other neobank peers focused on personal lending.
<ul>
<li>PGY remains confident about its 2023 goal of network volume guidance of $8.0 - $8.2 billion and a medium-term network volume goal of $25 billion.</li>
<li>It expects to generate $7 billion of network volume from the personal loan market, where it expects to generate $7 billion of network volume, $7 billion - $10 billion from the auto loans market, and $5 billion - $6 billion from the POS loan market. The company believes that its total addressable market between these three buckets is around $4 trillion and is currently only capturing &lt;1% of this.</li>
</ul>
The analyst keeps the&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/quote/LC/analyst-ratings" style="background-image:initial; background-position:initial; background-size:initial; background-repeat:initial; background-attachment:initial; background-origin:initial; background-clip:initial; margin-top:0pt; margin-bottom:0pt; color:#4a6ee0" target="_blank">Outperform rating for LendingClub with a price target of $8</a>, based on the company&#39;s better relative positioning vs. other neobank peers from a credit quality and business model durability standpoint.&nbsp;
<ul>
<li>Wedbush also notes LC&#39;s discounted valuation, which reflects the challenging environment.</li>
</ul>
Photo Via Pagaya Technologies

Analyst Color

Equities

General

Shares Rally Amid Treasury Yield Decline, Yet Funding Challenges Persist in Loan Market, Analysts Warn

Shares of SenesTech, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/snes#NASDAQ">SNES</a>) shares moved lower during Tuesday&rsquo;s session after the company reported pricing of $5.0 million public offering.
SenesTech company priced a public offering of around 3.8 million shares of common stock at $1.30 per share, alongside warrants for additional shares.
SenesTech shares declined 50.3% to $0.9189 on Tuesday.
Here are some other stocks moving in today&#39;s mid-day session.
<h3>Gainers</h3>
<ul>
<li>IceCure Medical Ltd (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/iccm#NASDAQ">ICCM</a>) jumped 90% to $1.44 after the company announced the latest release of a study in a series of independent studies of ProSense published in peer-reviewed journals demonstrating safety and efficacy.</li>
<li>RedHill Biopharma Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rdhl#NASDAQ">RDHL</a>) gained 90% to $1.90. Redhill Biopharma announced the FDA has granted five years&#39; market exclusivity for Talicia.</li>
<li>HNR Acquisition Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hnra#NASDAQ">HNRA</a>) gained 67% to $2.89 after the company gave a business update.</li>
<li>Fusion Fuel Green PLC (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/htoo#NASDAQ">HTOO</a>) rose 39.6% to $1.25.</li>
<li>Carbon Revolution Public Limited Company (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/crev#NASDAQ">CREV</a>) gained 30% to $33.55 after Craig-Hallum initiated coverage on the stock with a Buy rating and a $84 price target.</li>
<li>ESGL Holdings Limited (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/esgl#NASDAQ">ESGL</a>) gained 29.6% to $1.1590 as the company disclosed a multi-year contract renewal with Singapore Refining Company Private Limited.</li>
<li>Bitfarms Ltd. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bitf#NASDAQ">BITF</a>) gained 24.5% to $1.3200. The company announced upgrades for its mining fleet.</li>
<li>Arcimoto, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/fuv#NASDAQ">FUV</a>) rose 23.7% to $1.0892.</li>
<li>Gyre Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/gyre#NASDAQ">GYRE</a>) gained 23.5% to $25.85.</li>
<li>Farfetch Limited (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ftch#NYSE">FTCH</a>) gained 21.9% to $2.0850 following a report suggesting the company&#39;s founder may be in talks to take the company private.</li>
<li>Avidity Biosciences, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/rna#NASDAQ">RNA</a>) surged 21.3% to $7.47 after the company reported expansion of cardiovascular collaboration with Bristol Myers Squibb.</li>
<li>Cardio Diagnostics Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cdio#NASDAQ">CDIO</a>) climbed 20.4% to $2.7209.</li>
<li>SpringWorks Therapeutics, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/swtx#NASDAQ">SWTX</a>) gained 19.1% to $24.73. The FDA approved SpringWorks Therapeutics&rsquo; Ogsiveo (nirogacestat), an oral gamma-secretase inhibitor, for adult patients with progressing desmoid tumors who require systemic treatment.</li>
<li>PDD Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/pdd#NASDAQ">PDD</a>) shares gained 18% to $138.90 following third-quarter results.</li>
<li>CleanSpark, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/clsk#NASDAQ">CLSK</a>) rose 13.3% to $6.32.</li>
<li>Cheche Group Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ccg#NASDAQ">CCG</a>) surged 12.3% to $6.17.</li>
<li>Clearway Energy, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cwen#NYSE">CWEN</a>) gained 11.4% to $25.48. Clearway Energy will replace Veritiv in the S&amp;P SmallCap 600.</li>
<li>LendingClub Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/lc#NYSE">LC</a>) climbed 10.6% to $6.17. Piper Sandler initiated coverage on LendingClub with an Overweight rating and announced a price target of $8.</li>
<li>Lilium N.V. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lilm#NASDAQ">LILM</a>) gained 10.4% to $1.0050. Lilium announced it received EASA Design Organization Approval.</li>
<li>Marathon Digital Holdings, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/mara#NASDAQ">MARA</a>) climbed 8.2% to $12.21.</li>
<li>The Carlyle Group Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cg#NASDAQ">CG</a>) rose 5.1% to $34.48. Carlyle Group will replace ICU Medical in the S&amp;P MidCap 400, effective prior to the open of trading on Nov. 30.</li>
</ul>
<h3>Losers</h3>
<ul>
<li>Tharimmune, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/thar#NASDAQ">THAR</a>) shares fell 72.8% to $0.9499. Tharimmune priced its $10 million public offering 10 million common shares at $1 per share.</li>
<li>Cabaletta Bio, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/caba#NASDAQ">CABA</a>) fell 31.9% to $12.73 after the FDA said it was investigating a risk of T-cell malignancies in patients who received treatment with BCMA- or CD19-directed autologous CAR T cell immunotherapies.</li>
<li>Acelyrin, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/slrn#NASDAQ">SLRN</a>) declined 31.6% to $5.94 after the company announced an error in its Phase 2b/3 trial for izokibep. The company said the error has been addressed and the dosing sequence has been fixed.</li>
<li>Biodexa Pharmaceuticals Plc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bdrx#NASDAQ">BDRX</a>) fell 31.2% to $3.5195 after the company announced an offering of 1,397,849 Class A units at an assumed public offering price of $2.79 per Class A unit.</li>
<li>iBio, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/ibio#NASDAQ">IBIO</a>) fell 28% to $0.2078 after the company announced a 20-to-1 reverse stock split.</li>
<li>CohBar, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cwbr#NASDAQ">CWBR</a>) fell 23.2% to $0.6901.</li>
<li>Gracell Biotechnologies Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/grcl#NASDAQ">GRCL</a>) declined 13.6% to $4.6650. Gracell Biotechnologies recently announced it received FDA clearance of the IND application for the Phase 1/2 clinical trial of FasTCAR-T GC012F for the treatment of refractory systemic lupus erythematosus.</li>
<li>Erasca, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/eras#NASDAQ">ERAS</a>) declined 11.6% to $1.98 after announcing program updates.</li>
<li>argenx SE (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/argx#NASDAQ">ARGX</a>) fell 10.5% to $443.67 after the company reported the ADVANCE-SC study evaluating VYVGART Hytrulo in adults with primary immune thrombocytopenia did not meet primary or secondary endpoints.</li>
<li>Allego N.V. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/allg#NASDAQ">ALLG</a>) declined 9.6% to $1.2650.</li>
<li>Luminar Technologies, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/lazr#NASDAQ">LAZR</a>) fell 9.6% to $2.3750.</li>
<li>Mission Produce, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/avo#NASDAQ">AVO</a>) fell 7.1% to $8.24. Roth MKM maintained Mission Produce with a Buy and lowered the price target from $18 to $12.5.</li>
<li>Cool Company Ltd. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/clco#NYSE">CLCO</a>) shares fell 5.3% to $12.72 after reporting results for the third quarter.</li>
</ul>
&nbsp;
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Now Read This: <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/11/35977300/top-5-risk-off-stocks-which-could-rescue-your-portfolio-this-month"> Top 5 Risk Off Stocks Which Could Rescue Your Portfolio This Month</a>

ALLG

ARGX

BDRX

BITF

CABA

Cardio Diagnostics Holdings Inc. - Common stock