Latest News for mixi Stock (OTC:MIXIF)

mixi Inc is a Japanese company which provides social networking services. The company conducts its business activities mainly including the operation of websites and provision of native smartphone games on the Internet. It business segments include, Entertainment Business and Media Platform Business. mixi provides games mainly including native smartphone games through Entertainment Business, and operates business-to-consumer and consumer-to-consumer services utilizing the Internet and invests in operating companies of these services through Media Platform Business.

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mixi Inc

&nbsp;<a href="https://www.globenewswire.com/Tracker?data=x_IIMDdAxtcvYq4j2CNq7TVJv-jtSCGmSN9KC6UxJAG9GbYrR9ZeVZ4CuOehoynHgYjOTPj-ksPCs6Viv_VdBLMtBcL7uvPbYdLlGXXu8kc=">Complete Solaria, Inc</a>. ("Complete Solaria" or the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CSLR#NASDAQ">CSLR</a>) today announced that T.J. Rodgers will become the company's Chief Executive Officer (CEO). Rodgers said, "First, I would like to thank Chris Lundell, our current CEO, who came in at the board's request to stabilize the company during a stressful period of rapid headcount reduction. Chris will remain on the Company's board. Moving forward, I believe in the Company's mission and I will step up to the CEO job to use my experience at fund raising and M&amp;A to help it succeed. That said, I will resign as CEO when one of two endpoints occurs: success, when we are on a solid economic footing and growing rapidly – or failure, when I believe that the chokehold our private equity debt holders have on us will prevent the company from ever being successful." &nbsp;
Will Anderson, Complete Solaria founder and board member said, "I founded Complete Solaria in 2010, and am proud of the great progress we made in the last year. Our quarterly operating expense has dropped from $12 million in 2023 to a forecasted $3.6 million this quarter. We have fixed many field quality problems by changing the way we work with our new VP of Quality, Linda DeJulio. Our ex-Cypress executives Minh Pham and Perry Cruz, have cut our installation cycle time to half of what it used to be. In medical terms, our financial condition is ‘critical but stable,' but we will be able to get through this quarter without more funding, although the undeclared default Carlyle's Andew Kapp resolutely holds over us has convinced many of our vendors to cut off our credit, severely limiting our revenue because we cannot afford to buy and install the systems for which we already have orders."
Rodgers observed, "I have never worked with investors that deliberately harm their companies. I am a Silicon Valley entrepreneur whose first company, Cypress Semiconductor, was funded by iconic Sand Hill Road firms: Kleiner Perkins, Sequoia, and Mayfield – all storied and ethical venture funds that exist to build companies not only with funding but also with their direct involvement – just as I am now doing at Complete Solaria. I believe the stark contrast between Silicon Valley's incubator methods and Carlyle's classic private equity hardball tactics is why Silicon Valley companies, along with Microsoft, occupy the top nine positions on the prestigious S&amp;P 500 – while N.Y. private equity, despite having trillions of dollars, is a no-show on the S&amp;P 500 down to the No. 11 slot, now filled by the 153-year old J.P. Morgan. As a counter example, the little Silicon Valley firm I helped out in 2017, Enphase Energy, is now worth $15 billion. In 2020, it was invited to join the S&amp;P 500, replacing Tiffany – and then became the S&amp;P's fastest growing company for a record three consecutive years. I helped that ailing startup with no compensation other than the return I earned on the investment I made, in order to help out John Doerr, Chairman of Kleiner Perkins, to repay him for the 10 years he spent on Cypress's board helping me. Silicon Valley believes in and builds companies; we don't threaten to put people out of business or confiscate their assets – that's what thugs do."
Complete Solaria also announced the promotion of Brian Wuebbels, its current Chief Financial Officer, who also has an MBA and a degree in mechanical engineering, to the position of Chief Operating Officer reporting to Rodgers. Wuebbels said, "Last year, I made the decision to move on from Complete Solaria in order to take the next step in my career, but I agreed with T.J. Rodgers to stay behind for a quarter to make sure that CSLR's first full physical audit and SEC 10K report filing were on time and error-free. I now look forward to taking our solar operations to the next level in yield, quality and cycle time."
T.J. Rodgers continued, "We now have senior leadership in place at Complete Solaria with strong retention packages under our new employee option program. This will allow me to focus on strategy and shareholder value – and since we have less than $1 million in cash, that must start with converting our debt to equity, as I have just done personally. I am now convinced that Andrew Kapp's plan from the Carlyle playbook is to keep kneeling on our neck while allowing us to build value, and then to strip the newly created assets from the company. You can read more about Carlyle's destructive tactics in a new book by Pulitzer Prize-winning journalist Gretchen Morgenson, entitled These Are The Plunderers: How Private Equity Runs – and Wrecks – America. Carlyle's website piously and hypocritically claims ‘As a global firm we work together to create long-term value for our investors, companies, shareholders, people and communities.' The Carlyle chapter in the new book tells a completely different story of how Carlyle acquired the Toledo-based health care company, HCR ManorCare – an operator and owner of over five hundred nursing homes – then stripped out and sold the company's facilities to a real estate broker for $6.6 billion, eventually bankrupting the company with high rent payments on the properties it once owned. The playbook comes from Carlyle founder, David Rubinstein, who is quoted in Plunderers as having rationalized his destructive takeover with: ‘While we're not perhaps guardian angels, we are providing a social service…making companies more efficient.' Based on this and our experience, it seems a more accurate Carlyle mission statement would read like this: ‘We buy or take over companies using high-interest loans with complex covenants and high penalties, and then strip and sell their assets for a profit.'
Rodgers continued, "David Rubenstein has hurt more than just the companies he invests in. He collects trophy board memberships, including his trusteeship on the Harvard Corporation Board, which he will leave this year after only one term. During his tenure, Harvard slipped to No. 248 – last – on the list of 248 colleges ranked for free speech on campus by the highly respected Foundation for Individual Rights and Expression. FIRE co-founder, Harvey Silverglate, author of "The Shadow University", a definitive work on free speech on campus, said, ‘I spent the first half of my career defending students from conservative college administrative crack-downs, and the second half of my career defending student free speech against attacks by the left-wing orthodoxies now in power.' Harvard's last-place free speech ranking by FIRE is based on quantitative metrics which include a complete legal review of the university's speech code, direct interviews with over 55,000 students, the number of scholars sanctioned for unaligned views, and the number of invited speakers deplatformed. What I find amazing is that Mr. Rubenstein is a graduate of the University of Chicago, whose Chicago Statement is the speech code widely considered to be the best in the nation. Princeton and 107 other universities have adopted it. How could Mr. Rubenstein possibly fail to convince his fellow Harvard Corporation Board members to adopt an exemplary speech code from his alma mater when they were struggling in last place?
T.J. Rodgers closed, "Messrs. Kapp and Rubenstein, I built and ran a real, operating semiconductor company for an industry-record 34 years. I don't need or want your help. I want your knee off of my neck, so I can breathe. If you don't free us by converting your debt to equity, as I have, I will resign shortly thereafter and allow investors to observe and cringe at Carlyle's organ-harvesting methods in action."
Rodgers added an epilogue, "While I was spending Sunday night writing this press release, I received an email from Carlyle at 10:06 EDT from Sanket Patel, another Carlyle employee I've never heard of. Patel warned me that my recent threatened press release (i.e. the above) might "necessitate legal action by Carlyle." Make my day. I would relish telling my Carlyle stories in detail – under oath – to a jury of my peers in a public trial."

Management

CSLR

Complete Solaria Names T.J. Rodgers CEO

Oppenheimer analyst Bryan Blair maintains Lincoln Electric Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LECO#NASDAQ">LECO</a>) from Perform to Perform.

Analyst Ratings

LECO

Oppenheimer Maintains Perform on Lincoln Electric Holdingsto Perform

Global

BIDU

TSLA

Watching Tesla; Wells Fargo Analyst Says "The Tesla News Is Overdone, While It's Positive To Get Approval For FSD In China, Key Details Are Unclear. The Partnership With Baidu Helped Ease China Regulators' Concerns Over Data Security. However, There're No Details Of The Partnership In Terms Of Economics & Data Sharing"

WIIM

America Movil shares are trading higher after Goldman Sachs upgraded the stock from Neutral to Buy and raised its price target from $21 to $22.

Becton Dickinson's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BDX#NYSE">BDX</a>) short percent of float has risen 4.12% since its last report. The company recently reported that it has 2.93 million shares sold short, which is 1.01% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.36 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>Becton Dickinson Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714409123_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Becton Dickinson 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 Becton Dickinson'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>, Becton Dickinson's peer group average for short interest as a percentage of float is 4.21%, 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

Looking Into Becton Dickinson's Recent Short Interest

Nutanix's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NTNX#NYSE">NTNX</a>) short percent of float has fallen 4.99% since its last report. The company recently reported that it has 6.28 million shares sold short, which is 3.43% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.41 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>Nutanix Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714409118_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Nutanix 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 Nutanix'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>, Nutanix's peer group average for short interest as a percentage of float is 4.39%, 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.

NTNX

Looking Into Nutanix's Recent Short Interest

Aehr Test Systems's (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AEHR#NYSE">AEHR</a>) short percent of float has fallen 5.46% since its last report. The company recently reported that it has 5.61 million shares sold short, which is 20.45% of all regular shares that are available for trading. Based on its trading volume, it would take traders 2.68 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>Aehr Test Systems Short Interest Graph (3 Months)</h3>
<img src="https://www.benzinga.com/files/images/story/2024/1714409112_0.png" alt="short_fig" />
As you can see from the chart above the percentage of shares that are sold short for Aehr Test Systems 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 Aehr Test Systems'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>, Aehr Test Systems's peer group average for short interest as a percentage of float is 5.68%, which means the company has more 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.

AEHR

(AEHR) - Analyzing Aehr Test Systems's Short Interest

SCCO

Southern Copper shares are trading higher amid strength in copper prices.

Meta shares are trading lower on reports the EU will open a probe into the company due to handling of disinformation.

HC Wainwright &amp; Co. analyst Raghuram Selvaraju maintains Longeveron (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/LGVN#NASDAQ">LGVN</a>) with a Buy, adjusts target to $12 from $6.

Price Target

LGVN

HC Wainwright & Co. Maintains Buy on Longeveron, Adjusts Price Target To $12

Freeport-McMoRan shares are trading higher amid a rise in copper prices.

Escalating electricity needs from running AI data centers will create downstream investment benefits in the utilities, renewable energy generation, and industrial sectors, according to Goldman Sachs. 
In a recently published study, equity analyst Carly Davenport has listed a basket of stocks positioned to benefit from the potential massive surge <a href="https://www.benzinga.com/topic/artificial-intelligence">in U.S. power demand. </a>
The investment bank forecasts that data center power demand will grow at 15% compound annual growth rate from 2023-2030. This growth trajectory is expected to elevate data centers&#8217; share of total US power demand to 8% by 2030, up from the current level of approximately 3%.
The &#8220;U.S. power demand (is) likely to experience growth not seen in a generation. Not since the start of the century has US electricity demand grown 2.4% over an eight-year period, with US annual power generation over the last 20 years averaging less than 0.5% growth,&#8221; Goldman Sachs highlights. 
Analysts estimate that about 47 GW of additional power generation capacity will be necessary to accommodate the growth in U.S. data center power demand by 2030. This demand is anticipated to be met by approximately 60% gas and 40% renewable sources. 
The projection suggests that this trend will drive approximately $50 billion in capital investment in U.S. power generation capacity by 2030.
Goldman Sachs has pinpointed 16 stocks rated as &#8220;buy&#8221; across various sectors, including Utility, Clean Technology, Midstream, Energy Services, Industrials, and Industrial Tech. 
The highlighted stocks are as follows:
<h3 class="wp-block-heading">Power Demand Growth Beneficiaries</h3>
<ul>
<li>Vertiv Holdings Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VRT#NASDAQ">VRT</a>): Solid market presence in thermal cooling and power management offerings.</li>
<li>NextEra Energy Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NEE#NYSE">NEE</a>): Renewable sector strategically positioned for AI data loads and available interconnection queues.</li>
<li>Cameco Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCJ#NYSE">CCJ</a>): Provider of clean energy storage solutions for data centers&#8217; backup power needs.</li>
<li>EQT Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EQT#NYSE">EQT</a>): Beneficiary of rising nuclear power capacity as a uranium producer and nuclear fuel supplier.</li>
<li>Fluence Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FLNC#NASDAQ">FLNC</a>): Natural gas producer poised to capitalize on heightened demand resulting from electric load expansion.</li>
</ul>
<h3 class="wp-block-heading">Power Generation Capacity Additions</h3>
<ul>
<li>Xcel Energy Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/XEL#NASDAQ">XEL</a>): Regulated utility exposed to power generation needs to support data center growth in Midwest Independent Transmission System Operator. </li>
<li>First Solar Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FSLR#NASDAQ">FSLR</a>): Primary manufacturer and supplier of solar panels for utility-scale solar farms across the United States.</li>
<li>Southern Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SO#NYSE">SO</a>): Regionally positioned regulated utility poised to meet the escalating demand from data centers through strategic investment in generation.</li>
<li>GE Vernova (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>): Positioned to profit from sustained growth trends as a supplier of power generation assets.</li>
</ul>
<h3 class="wp-block-heading">Power Infrastructure Investment Needs</h3>
<ul>
<li>Quanta Services Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PWR#NYSE">PWR</a>): Specialty contractor specializing in utilities construction, poised to reap rewards from increased electricity demand.</li>
<li>MYR Group Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MYRG#NASDAQ">MYRG</a>): Involved in data centers through transmission and distribution (T&amp;D) projects, establishing prominence as a key player in electrical contracting.</li>
<li>DBA Sempra (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SRE#NYSE">SRE</a>): Utility allocating substantial capital expenditure on T&amp;D infrastructure to bolster the expansion of data centers in Texas.</li>
<li>Kinder Morgan (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KMI#NYSE">KMI</a>): The leading operator of natural gas pipelines in the United States, set to profit from the rising demand for gas-fired generation.</li>
</ul>
<h3 class="wp-block-heading">Industrial Supply Chain Beneficiaries</h3>
<ul>
<li>Eaton Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ETN#NYSE">ETN</a>): Manufacturer of electrical components poised to capitalize on the sustained increase in power demand.</li>
<li>nVent Electric plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVT#NYSE">NVT</a>): Key player in liquid cooling technology, forecasting double-digit business growth within the Data Solutions sector.</li>
<li>Caterpillar Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAT#NYSE">CAT</a>): Construction equipment company capable of supplying generator sets to data centers for backup power needs.</li>
</ul>
AI Data Centers&#8217; Demand Set To Triple By 2030: After experiencing relatively flat growth from 2015 to 2019, Goldman Sachs anticipates that power demand from data centers will more than triple by 2030 compared to 2020 levels. 
According to analyst estimates, there is an upside scenario where demand could more than double the base case, influenced partly by improvements in product efficiencies and increased demand for AI-related technologies.
&#8220;There could be meaningful upside to our base case if appetite for purchase and utilization of servers is unconstrained,&#8221; Davenport stated. 
&#8220;There could be downside to our base case if power efficiency is higher than expected or if power/compute speed efficiencies lead to fewer servers purchased than expected,&#8221; the analyst added. 
Read now:<a href="https://www.benzinga.com/markets/asia/24/04/38494691/japan-intervenes-to-support-struggling-yen-why-did-it-trigger-nikkei-225-dip-4-charts-to-watch"> Japan Intervenes To Support Struggling Yen: Why Did It Trigger Nikkei 225 Dip? 4 Charts To Watch</a>
Image generated using artificial intelligence via Midjourney.

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FLNC

FSLR

MYRG

AI Data Centers Drive Electricity Demand: Goldman Sachs Picks 16 Stocks To Play The Trend

Rivian Automotive, Inc. &nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RIVN#NASDAQ">RIVN</a>) shares are trading higher Monday. The company revealed its next-generation Rivian Adventure Network DC fast <a href="https://www.benzinga.com/news/24/04/38480717/rivian-unveils-new-charger-design-opens-adventure-network-to-other-evs">charging network on Friday.&nbsp;</a>
What To Know:
Rivian plans to<a href="https://rivian.com/newsroom/article/rivian-showcases-next-generation-charger-designed-for-all-evs"> begin opening</a> its fast-charging network to other EVs later in 2024 and showcased a prototype of its new, in-house charger.
The new charger is taller and features a longer cable to accommodate differences in vehicle charging port placement and will deliver rapid charging to both 400 and 800-volt packs and feature CCS connectors with support for North American Charging Standard (NACS)-equipped vehicles with an approved adapter. Support for native NACS, also known as SAE J3400, will come with a future hardware update.
"Rivian exists to address two specific needs, the electrification of our transportation system and supporting the transition of our power grid to carbon-free energy sources," said Paul Frey, Rivian Vice President of Battery, Charging, and Adventure Products. "By broadening access to our Rivian Adventure Network—powered by 100% renewable energy—we are supporting both of these critical goals while also encouraging more people to embark on their next adventure in an EV."
Related News: <a href="https://www.benzinga.com/news/24/04/38469297/whats-going-on-with-immunitybio-stock">What&#8217;s Going On With ImmunityBio Stock?</a>
<h2 class="wp-block-heading">RIVN Stock Prediction 2024: </h2>
Equity research can be a valuable source of information for learning about a company's fundamentals. Analysts create financial models based on the fundamentals and expected future earnings of a company to arrive at a price target and recommendation for the stock.
Shares of Rivian Automotive have an average 1-year price target of $15.65, representing an expected upside of 69.37%.
Because of differences in assumptions, analysts can arrive at very different price targets and recommendations. 3 analysts have bearish recommendations on Rivian Automotive, while 14 analysts have bullish ratings. The street high price target from Evercore ISI Group is $25, while the street low from UBS is $8.
RIVN Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Rivian Automotive shares are up 2.93% at $9.30 at the time of publication Monday.
Image: Courtesy of Rivian Automotive, Inc.

RIVN

What's Going On With Rivian Automotive Stock?

MorphoSys AG (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MOR#NASDAQ">MOR</a>) is reportedly facing a burgeoning safety concern surrounding pelabresib, an experimental myelofibrosis treatment.
Myelofibrosis is a type of blood cancer characterized by the buildup of scar tissue, called &#8220;fibrosis,&#8221; in the bone marrow.
Physicians participating in MorphoSys&#8217; Phase 3 study have observed instances when patients treated with pelabresib swiftly transitioned from myelofibrosis to acute myeloid leukemia (AML), a more aggressive form of blood cancer.
Citing sources familiar with the cases, STAT News <a href="https://www.statnews.com/2024/04/28/morphosys-novartis-pelabresib-safety-myelofibrosis/" target="_blank" rel="noreferrer noopener">noted</a> physicians saw several instances of patients undergoing such rapid progression. 
Among 212 patients receiving&nbsp;pelabresib, six serious safety events of &#8220;AML transformation&#8221; were reported, compared to only two events among 214 patients in the control group.
Pelabresib has been the centerpiece of MorphoSys&#8217; <a href="https://www.benzinga.com/general/biotech/24/02/36954650/novartis-agrees-to-acquire-german-blood-cancer-drug-developer-morphosys-for-2-7b" target="_blank" rel="noreferrer noopener">proposed 2.7 billion euro ($2,894,958,900</a>) <a href="https://www.benzinga.com/general/biotech/24/02/36954650/novartis-agrees-to-acquire-german-blood-cancer-drug-developer-morphosys-for-2-7b" target="_blank" rel="noreferrer noopener">acquisition</a> by Novartis AG (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVS#NYSE">NVS</a>).
The deal is expected to close in the first half of 2024.
See Also: <a href="https://www.benzinga.com/general/biotech/24/04/38495852/why-is-cancer-focused-deciphera-pharmaceuticals-stock-skyrocketing-on-monday">Why Is Cancer-Focused Deciphera Pharmaceuticals Stock Skyrocketing On Monday?</a>
In the deal press release, MorphoSys CEO Jean-Paul Kress said, &#8220;Pelabresib — the investigational therapy at the forefront of our promising oncology pipeline — has the potential to shift the treatment paradigm in myelofibrosis and further expand into other indications. Novartis will provide ample resources currently unavailable to MorphoSys as a standalone biotech company to help accelerate the development opportunities and maximize the commercialization potential of pelabresib at a greater speed and scale.&#8221; 
The FDA was alerted about this imbalance in severe cancer advancements. It issued a cautionary letter to all physicians involved in the study and is closely monitoring the situation. 
Despite this setback, MorphoSys affirmed its acquisition by Novartis is still on track to finalize in the first half of this year.
&#8220;We generally do not discuss our interactions with regulatory authorities publicly. We remain confident in the benefit-risk profile of the combination of&nbsp;pelabresib&nbsp;and ruxolitinib,&#8221; a Morphosys spokesperson said in an emailed response to Reuters.
&#8220;The planned acquisition by Novartis is progressing steadily,&#8221; they added.
In November, the company released topline results from the Phase 3 MANIFEST-2 study investigating&nbsp;pelabresib&nbsp;in combination with the JAK inhibitor ruxolitinib compared with placebo plus ruxolitinib in JAK inhibitor-naïve&nbsp;<a target="_blank" href="https://www.benzinga.com/general/biotech/23/11/35891681/why-is-cancer-focused-morphosys-stock-trading-lower-today" rel="noreferrer noopener">patients with myelofibrosis</a>.
MOR Price Action: MorphoSys shares are down 3.38% at $17.43 at publication Monday.
Read Next: <a href="https://www.benzinga.com/general/biotech/24/04/38495635/fda-approves-x4-pharmaceuticals-mavorixafor-as-first-therapy-for-rare-immunodeficiency-disorder">FDA Approves X4 Pharmaceuticals&#8217; Mavorixafor As First Therapy For Rare Immunodeficiency Disorder</a>
Photo: PublicDomainPictures from Pixabay

Biotech

MorphoSys Says Novartis Deal Progressing Steadily Despite Safety Concerns Over Bone Marrow Cancer Drug, Pelabresib

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