Dernières nouvelles pour Invesco S&P Spin-Off ETF (ARCA:CSD)

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The Fund generally will invest at least 90% of its total assets in securities that comprise the Underlying Index. The underlying Index is designed to measure the performance of U.S. companies that have been spun off from a parent company within the past four years.

Veralto Corp

Ge Healthcare Technologies Inc

Ge Vernova Inc

Solventum corp

Constellation Energy Corp

Crane Co

DT Midstream Inc

Gxo Logistics Inc

U-Haul Holding Co

Kyndryl Hldgs Inc

Knife River Corp

ESAB Corp

Invesco S&P Spin-Off ETF

CS DIAGNOSTICS CORP by CS Diagnostics Corp.

CS Diagnostics Corp

COSCO SHIPPING ENERGY ORD by COSCO SHIPPING Energy Transportation Co., Ltd.

COSCO SHIPPING Energy Transportation Co Ltd

GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) announced on Wednesday its plan to supply seven high-efficiency 7HA.02 gas turbines capable of running on hydrogen,<a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/b44603352/homer-city-redevelopment-and-kiewit-announce-countrys-largest-natural-gas-powered-data-center-camp" rel="noreferrer noopener"> with initial deliveries set for 2026</a>.
The news is related to the announcement by Homer City Redevelopment (HCR) and Kiewit Power Constructors Co. (Kiewit), which have unveiled plans to repurpose the former Homer City Generating Station.
Once Pennsylvania&#8217;s largest coal-fired power plant, the site will be converted into a 3,200-acre natural gas-powered data center campus.
The project will utilize existing infrastructure from the former Homer City plant, including transmission lines linked to the PJM and NYISO grids, substations, and water access.
This transformation aims to support the increasing demand for artificial intelligence and high-performance computing from leading technology companies driving America&#8217;s digital future.
The Homer City Energy Campus is expected to provide up to 4.5 GW of power for AI-driven data centers, cutting emissions by 60–65% per megawatt-hour.
The project will create over 10,000 construction jobs and 1,000 permanent positions, with an initial $10 billion investment—the largest of its kind in Pennsylvania&#8217;s history.
The construction is slated to begin this year, with power generation expected by 2027.
Scott Strazik, CEO of GE Vernova said, &#8220;We are honored to provide our U.S. manufactured, highly efficient and advanced HA gas turbine technology and combined cycle equipment for the Homer City Energy Campus.&#8221;
&#8220;This project demonstrates the best in what investing in power can do; more affordable and reliable energy for everyone, revitalizing local economic development benefits with thousands of skilled jobs and enabling Pennsylvania to help lead the future of AI.&#8221;
William Wexler, President and CEO of HCR, said, &#8220;This project will honor Homer City&#8217;s place in the proud history of Pennsylvania energy generation, while accelerating the state and local community&#8217;s ability to meet the needs of a rapidly shifting energy landscape.&#8221;
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P Spin-Off ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and&nbsp;First Trust US Equity Opportunities ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FPX#NYSE">FPX</a>).
Price Action: GEV shares are down 5.5% at $312.95 at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/03/44284589/jpm-analyst-favorable-outlook-for-clean-energy-with-nextracker-ge-vernova-leading-the-pack" target="_blank" rel="noreferrer noopener">Clean Energy Stocks Face Policy Risks, But JP Morgan Sees Long-Term Upside In These Names</a></li>
</ul>
Photo via Shutterstock.

Equities

Large Cap

News

GE Vernova's Gas Turbines Fuel Data Center Project In Pennsylvania: Details

BofA Securities analyst Andrew Obin raised the price target of GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) to $485 from $415 while <a target="_blank" href="https://www.benzinga.com/quote/GEV/analyst-ratings" rel="noreferrer noopener">reiterating the Buy rating</a>.
Yesterday, the company reported revenue growth of 5% year-over-year to $10.559 billion and +9% organically, missing the consensus of $10.78 billion. Earnings per share for the quarter were $1.73, compared to $0.72 a year ago,&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/25/01/43128325/ge-vernova-mixed-q4-revenue-misses-but-orders-surge-22-amid-strong-electrification-demand" rel="noreferrer noopener">missing the consensus of $2.55</a>.
GE Vernova reaffirmed its 2025 outlook with $36 billion – $37 billion in revenue versus a consensus of $36.88 billion, a high single-digit adjusted EBITDA margin, and&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">$2 billion – $2.5 billion in free cash flow</a>.
The analyst writes that the results were solid. Orders reached $13.2 billion, surpassing the prior $12.2 billion consensus, which likely drove the positive stock reaction.
However, the quarter had some drawbacks, including previously announced increases in R&amp;D and capacity spending. Additionally, management plans to invest $100 million in 2025 to enhance onshore turbine uptime in the Wind segment, adds the analyst.
The analyst says that first-quarter guidance suggests ~$0.3 billion in adjusted EBITDA, below the prior $0.5 billion consensus, mainly due to the timing of cost additions.
The analyst adds that GE Vernova continues to benefit from the electricity and grid investment cycle, which appears to extend beyond 2030.
Obin lowered 2025 adjusted EBITDA forecast to $3.5 billion and sees revenue of $37.1 billion vs. guidance of $36 billion-$37 billion.
For 2026, the analyst projects 6% Y/Y organic revenue growth to $39.3 billion.
For the first quarter of FY25, Obin forecasts 6% Y/Y organic revenue growth to $7.4 billion, with an adjusted EBITDA estimate of $0.3 billion.
Investors can gain exposure to the stock via Invesco S&amp;P Spin-Off ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and TCW Transform Systems ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NETZ#NYSE">NETZ</a>).
Price Action: GEV shares are up 3.91% at $443.79 at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/25/01/43158000/ge-vernova-analysts-boost-their-forecasts-after-strong-q4-results" target="_blank" rel="noreferrer noopener">GE Vernova Analysts Boost Their Forecasts After Strong Q4 Results</a></li>
</ul>
Photo by Ground Picture on Shutterstock.

Analyst Color

Price Target

Reiteration

Analyst Ratings

Movers

Trading Ideas

Engine No. 1 ETF Trust Engine No. 1 Transform Climate ETF

NETZ

GE Vernova's Q4 Was Not Perfect, But Analyst Bumps Up Price Forecast On Continued Orders Strength

GXO Logistics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GXO#NYSE">GXO</a>) teamed up with The Perfume Shop, one of the <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g42995528/the-perfume-shop-partners-with-gxo-for-high-street-deliveries" rel="noreferrer noopener">largest fragrance retailers in the U.K</a>.
The deal entails GXO providing weekly deliveries to over 200 stores via its shared transport network.
Notably, GXO&#8217;s shared transport network consolidates deliveries for multiple retailers, significantly reducing vehicle trips to crowded city centers.
Each vehicle typically carries goods from five different customers and stops at 8 to 10 locations, improving efficiency compared to dedicated delivery services.
Shared transport can cut CO2 emissions by up to 5kg per litre when compared to underutilized dedicated vehicles.
Additionally, this model helps reduce urban congestion, aligning with city policies aimed at lowering emissions and promoting sustainable transportation.
Last week, the company inked a long-term partnership <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g42894129/gxo-signs-a-new-partnership-with-calliope-in-italy" rel="noreferrer noopener">with </a><a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g42894129/gxo-signs-a-new-partnership-with-calliope-in-italy" rel="noreferrer noopener">Calliope</a><a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/g42894129/gxo-signs-a-new-partnership-with-calliope-in-italy" rel="noreferrer noopener"> in Italy</a>.
The contract comprises providing warehouse management, e-fulfillment, returns handling, and value-added services like labeling and quality control.
Investors can gain exposure to the stock via Tidal ETF Trust Aztlan North America Nearshoring Stock Selection ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRSH#NYSE">NRSH</a>) and Invesco S&amp;P Spin-Off ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>).
Price Action: GXO shares closed higher by 1.59% at $43.55 on Tuesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/42994950" target="_blank" rel="noreferrer noopener">Nippon Steel Eyes Trump Administration To Revive $15B US Steel Deal Blocked By Biden: &#8216;We&#8217;ll Do Whatever It Takes&#8217;</a></li>
</ul>
Image via Shutterstock.

Mid Cap

Contracts

NRSH

GXO Logistics Partners with The Perfume Shop For Sustainable Deliveries Across 200 UK Stores: Details

Stifel analyst Selman Akyol upgraded DT Midstream, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DTM#NYSE">DTM</a>) to Buy from Hold and raised the <a target="_blank" href="https://www.benzinga.com/quote/DTM/analyst-ratings" rel="noreferrer noopener">price target to $106 from $89</a>.
The analyst sees the recent stock pullback as an attractive opportunity for investors. With its announced natural gas pipeline acquisition, DTM is positioning itself as a<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g42078298/correction-dt-midstream-announces-1-2-billion-acquisition-of-strategic-midwest-ferc-regulated-natu" rel="noreferrer noopener"> leader in natural gas infrastructure</a>.
The acquisition will push DTM&#8217;s EBITDA beyond $1 billion and diversify its customer base, increasing the likelihood of an upgrade to investment grade by S&amp;P, adds the analyst.
The analyst assumes DTM will close the pipeline acquisition at the beginning of 2025, with the assets generating a 10.5x EBITDA multiple, or approximately $115 million.
As a result, Pipeline EBITDA will now account for about 66% of the analyst&#8217;s 2025 EBITDA estimate, up from the previous estimate of 62%.
While Akyol expects year-end 2025 leverage to increase to 3.7x from 3.4x, they view this as manageable given the highly contracted nature of the acquired assets.
Additionally, the analyst anticipates free cash flow after dividends to rise to approximately $240 million, up from $195 million.
Investors can gain exposure to DTM via&nbsp;Invesco S&amp;P Spin-Off ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and&nbsp;Alerian Energy Infrastructure ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ENFR#NYSE">ENFR</a>).
Price Action: DTM shares are up 3.31% at $98.53 at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/42598931" target="_blank" rel="noreferrer noopener">Block Positioned For Margin Expansion And EPS Growth: Goldman Sachs Analyst</a></li>
</ul>

Upgrades

ENFR

Stifel Sees Opportunity In DT Midstream Pullback: Upgrades Rating On Diversified Growth Potential

Kyndryl Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KD#NYSE">KD</a>) expanded its partnership with Nokia Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOK#NYSE">NOK</a>) to offer advanced data center networking <a target="_blank" href="https://www.benzinga.com/pressreleases/24/12/n42310219/kyndryl-and-nokia-announce-expanded-portfolio-of-partnership-solutions-to-bring-advanced-data-cent" rel="noreferrer noopener">solutions and services to global enterprises</a>.
With this agreement, Kyndryl and Nokia are leveraging Kyndryl&#8217;s expertise in hybrid cloud and data center management with Nokia&#8217;s secure networking solutions to offer advanced data center services.
This collaboration aims to help enterprises modernize and expand their data center networks.
Kyndryl plans to integrate Nokia&#8217;s Event-Driven Automation (EDA) technology with its Kyndryl Bridge platform.
This integration aims to enhance network automation and management, supporting the expanded solutions offered through their partnership.
Paul Savill, Kyndryl Global Network and Edge Computing Practice Leader, said, &#8220;Our expanded portfolio of solutions with Nokia underscores the critical role that robust data center network infrastructure plays in driving IT modernization.&#8221;
&#8221;From leveraging AI-driven network automation to extending capabilities at the edge, our comprehensive, end-to-end&nbsp;network services&nbsp;empower enterprises to mitigate future risks, meet regulatory requirements and accelerate their technology transformation journey.&#8221;
Federico Guillén, President of Nokia Network Infrastructure, added, &#8220;As businesses use AI to transform themselves, they need fast, secure and easy-to-use data center networks.&nbsp;That&#8217;s what Nokia and Kyndryl are offering together. By combining Kyndryl&#8217;s IT expertise with Nokia&#8217;s advanced, open and secure network technology, we&#8217;re jointly creating solutions businesses can trust.&#8221;
Investors can gain exposure to KD via Invesco S&amp;P Spin-Off ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and Hilton Small-MidCap Opportunity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCO#NASDAQ">SMCO</a>).
Price Action: KD shares are up 0.35% at $34.90 premarket at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/24/11/42117143/ibm-spin-off-kyndryl-kicks-off-300m-share-buyback-a-bold-step-to-strengthen-kd-stock" target="_blank" rel="noreferrer noopener">IBM Spin-Off Kyndryl Announces $300 Million Buyback: What&#8217;s Next For KD Stock?</a></li>
</ul>
Image via Shutterstock.

SMCO

Kyndryl And Nokia Expand Partnership: AI-Powered Networking To Transform Data Center Solutions

Kyndryl Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KD#NYSE">KD</a>) shares are trading higher after the company launched a <a href="https://www.benzinga.com/pressreleases/24/11/n41929174/kyndryl-unveils-dedicated-ai-private-cloud-in-japan-to-accelerate-customer-deployment-of-ai-servic" target="_blank" rel="noreferrer noopener">dedicated AI private cloud in Japan</a>.
Kyndryl's new AI private cloud is designed to support financial institutions, insurance companies, manufacturers, retailers, and academic organizations in securely developing and preparing to launch innovative AI-powered solutions.
In collaboration with Dell Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DELL#NYSE">DELL</a>), utilizing the Dell AI Factory with Nvidia Corporation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>), the new cloud aims to foster AI innovation.
This controlled, secure, and sovereign environment will allow organizations to develop, test, and deploy AI services, enhancing their competitive edge and boosting business performance.
As part of the collaboration, Kyndryl is launching the Kyndryl Vital AI Lab, which leverages its AI-powered Kyndryl Bridge platform to support the development of end-to-end AI applications using the NVIDIA AI Enterprise software suite.
Additionally, Kyndryl will apply its industry expertise through Kyndryl Consult to help clients develop, validate, and scale AI solutions effectively.
Kyndryl Japan President Jonathan Ingram says the new AI private cloud &#8220;will provide a stable and trusted space where customers and Japanese academic institutions can confidently and privately design new applications and solutions, with support for their security, sovereignty, and data residency requirements.&#8221;
Kyle Dufresne, SVP, AI solutions sales, Dell Technologies said this collaboration allows Kyndryl customers to &#8220;get started on a wide range of AI and generative AI use cases that require security and performance, including retrieval-augmented generation (RAG), model training, and inferencing.&#8221;
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P Spin-Off ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and Hilton Small-MidCap Opportunity ETF (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SMCO#NASDAQ">SMCO</a>).
Price Action: KD shares are up 0.89% at $28.40 premarket at the last check Wednesday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/41940062" target="_blank" rel="noreferrer noopener">Tower Semiconductor Q3 Earnings: Revenue And Profit Beat, Plans $350 Million Expansion</a></li>
</ul>
Image: Pixabay

DELL

NVDA

Kyndryl, Dell, Nvidia Join Forces To Launch AI Private Cloud For Japanese Enterprises

GE HealthCare Technologies Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>) formed a strategic collaboration with DeepHealth, a RadNet, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RDNT#NASDAQ">RDNT</a>)<a target="_blank" href="https://www.benzinga.com/pressreleases/24/11/g41874204/ge-healthcare-and-radnet-forge-collaboration-to-transform-imaging-systems-and-accelerate-the-adopt" rel="noreferrer noopener"> to advance AI in imaging</a>.
The companies aim to develop SmartTechnology solutions that leverage AI to improve imaging interpretation, reporting, clinical collaboration, and operational efficiency.
Under the agreement, GE HealthCare will distribute SmartMammo and other DeepHealth solutions to imaging providers across the U.S. as part of its comprehensive imaging technology portfolio.
Beyond SmartMammo, the two companies plan to explore further collaboration on SmartTechnology solutions in other modalities and clinical domains, aiming to broaden access to and enhance the impact of AI-powered workflows.
This collaboration aims to enhance breast cancer screening by integrating AI-driven clinical imaging support to improve detection and diagnosis during the critical early stages of treatment.
The collaboration between GE HealthCare and DeepHealth will also incorporate Smart Alerts, a DeepHealth workflow solution integrated with Senographe Pristina. This feature uses rapid AI processing to quickly identify potentially suspicious lesions, alerting imaging sites within minutes.
The goal is to enable same-day diagnostic exams, improve follow-up compliance, and reduce anxiety for women with potentially concerning findings.
Roland Rott, President &amp; Chief Executive Officer of Imaging for GE HealthCare stated, &#8220;As we look to make more personalized, patient-centered breast care a reality – AI continues to show great promise in breast cancer screening from early detection and risk prediction, to reduced callbacks and more efficient workflows for breast imaging providers.&#8221;
Investors can gain exposure to the stock via Spinnaker ETF Series Langar Global HealthTech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LGHT#NYSE">LGHT</a>) and Invesco S&amp;P Spin-Off ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>).
Price Action: GEHC shares are up 0.31% at $86.21 premarket at the last check Monday.
Image by PDPics from Pixabay
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41455053/ge-vernova-vs-ge-healthcare-betting-on-power-or-medical-tech-to-lead-ai-powered-fut" target="_blank" rel="noreferrer noopener">GE Vernova Vs. GE Healthcare: Betting On Power Or Medical Tech To Lead AI-Powered Future?</a></li>
</ul>

Health Care

General

GEHC

LGHT

RDNT

GE HealthCare And DeepHealth Team Up To Advance AI-Powered Breast Cancer Screening: Details

GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) shares are trading higher after several analysts raised the price targets on the stock following third-quarter <a target="_blank" href="https://www.benzinga.com/quote/gev/analyst-ratings" rel="noreferrer noopener">earnings reported on Wednesday</a>.
The company reported revenue growth of 8% year-over-year to $8.913 billion and +10% YoY organically, beating <a target="_blank" href="https://www.benzinga.com/news/earnings/24/10/41485416/ge-vernova-q3-earnings-strong-sales-earnings-miss-cash-flow-surge-more" rel="noreferrer noopener">the consensus of $8.783 billion</a>.
Loss per share for the quarter stood at $0.35, compared to a $0.62 loss a year ago,&nbsp;<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener">missing the EPS consensus of $0.32</a>.&nbsp;
GE Vernova expects FY24 revenue to trend towards the higher end of $34 billion – $35 billion versus $34.93 billion estimate.
Morgan Stanley analyst Andrew S Percoco raised the price target to $301 from $256 with an Overweight rating.
The analyst writes that he sees a pathway to 20% EBITDA margins for GEV later this decade.
Currently, Percoco anticipates gas power margins to peak in the high teens (up from mid-teens) depending on pricing and disclosures at GEV&#8217;s upcoming investor day.
The analyst anticipates GEV to provide an adjusted EBITDA margin target of at least 13%-15% for 2028 at its December 10 investor day, up from its current 10% guidance, with upside potential if previous gas turbine cycle margins of over 20% are realized.
RBC Capital Market analyst Christopher Dendrinos raised the price target to $285 (from $262) while maintaining an Outperform rating.
The analyst writes that Wind continues to face challenges due to limited demand for orders and the ongoing reduction of the offshore backlog.
However, the analyst expects improvements next year and believes that onshore underperformance will have minimal impact on 2026+ estimates.
Strong order demand in Power and Electrification supports the confidence in revenue and margin growth, adds the analyst.
The analyst&#8217;s 2026 EBITDA forecast is approximately 8% above consensus, with margins projected at 13.1% for 2028.&nbsp;&nbsp;
Regarding the 2025 guidance, Dendrinos anticipates offshore to pose a temporary headwind to consensus.
The focus should remain on Power, Electrification, and Onshore Wind margins, which are crucial for supporting long-term forecasts, adds the analyst.
BMO Capital Markets analyst Ameet Thakkar maintained the Outperform rating and $288 price target.
The analyst writes that the strong demand for electric solutions, coupled with GEV&#8217;s leading position in baseload generation and T&amp;D infrastructure, keeps the outlook positive.
With the upcoming election, the analyst expects GEV to see significant clean energy investment.
The analyst updated the FY 2024 revenue estimate at $35.2 billion, slightly exceeding GEV&#8217;s guidance range of $34-$35 billion.
The FY 2024 EBITDA margin remains at 5.6%, and the FY 2025+ estimates are largely unchanged as the analyst awaits a refreshed outlook from the upcoming analyst day.
Oppenheimer analyst notes progress in EBITDA margins for both Power and Electrification, with fourth-quarter guidance indicating substantial incremental improvements for these segments.
The analyst remain cautious on GEV shares, as they believe investor expectations for 2027/28 are significantly ahead of consensus, and await updated margin targets at the December 10 Analyst Day.
For FY24, the analyst revised estimates to $34.92 billion in revenue from $34.75 billion earlier, and for FY25, the analyst projects $37.33 billion in revenue (previously $37.13 billion).
For FY26, the analyst estimates revenue of $40.28 billion (from $40.06 billion), and for FY27, expect $43.69 billion in revenue (up from $43.44 billion).
Investors can gain exposure to the stock via Invesco S&amp;P Spin-Off ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and ProShares S&amp;P Kensho Cleantech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTEX#NYSE">CTEX</a>).
Price Action: GEV shares are up 5.34% at $294.83 at the last check Thursday.
Image via Pexels/ Thirdman
Read Next:
<ul>
<li><a href="https://www.benzinga.com//node/41516552" target="_blank" rel="noreferrer noopener">These Analysts Increase Their Forecasts On GE Vernova Following Q3 Results</a></li>
</ul>

CTEX

GE Vernova Gains Investor Confidence With Strong Revenue Outlook And Path To Higher Margins, Say Analysts

GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) shares are trading lower on Thursday. Truist Securities analyst Jordan Levy initiated coverage on the company with a <a target="_blank" href="https://www.benzinga.com/quote/GEV/analyst-ratings" rel="noreferrer noopener">Buy Rating and a price target of $300</a>.
The analyst writes that GEV is uniquely positioned to capitalize on the multiple secular tailwinds driving the energy transition.
Notably, the analyst anticipates further upside as GEV accelerates growth and margin expansion, driven by significant shifts in U.S. power demand.
Levy writes that GEV is in the early stages of a growth inflection that will significantly enhance shareholder value through future buybacks and dividends, as well as an exceptional M&amp;A opportunity set. The analyst estimates free cash flow approaching $2.5 billion by 2026.
GEV is capitalizing on its strong position in the electrification segment by shifting focus to higher-margin, supply-constrained markets in the U.S, adds the analyst.
Levy anticipates an EBITDA of $4.6 billion for 2026, about 6% above current estimates, with both the power and electrification segments likely to achieve mid-teens EBITDA margins by the end of 2026.
The analyst projects a doubling of topline revenue and a 400 basis point increase in EBITDA margins for the electrification segment over the next two years, with long-term margins potentially nearing 20%.
GEV is set to expand capacity for its heavy-duty turbines in response to strong demand signals, adds the analyst.
The analyst projects power 2026 revenues and EBITDA to reach $20 billion and $3 billion, respectively, surpassing Street estimates of $19.6 billion and $2.7 billion.
In another development, GE Vernova disclosed today that it has been chosen by the U.S. Department of Energy&#8217;s Hydrogen and Fuel Cell Technologies Office (HFTO) to lead award negotiations for a project aimed at improving permitting and <a target="_blank" href="https://www.gevernova.com/news/press-releases/ge-vernova-selected-us-department-energy-develop-ai-assistant-permitting-trainings" rel="noreferrer noopener">safety </a>for hydrogen deployment.
Investors can gain exposure to the stock via Invesco S&amp;P Spin-Off ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and&nbsp;Fidelity Clean Energy ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/FRNW#BATS">FRNW</a>).
Price Action: GEV shares are down 1.38% at $251.54 at the last check Thursday.
Read Next:
<ul>
<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/09/40906141/ge-vernovas-gas-power-services-underappreciated-poised-for-growth-analyst" target="_blank" rel="noreferrer noopener">GE Vernova&#8217;s Gas Power Services Underappreciated &amp; Poised For Growth: Analyst</a></li>
</ul>

Initiation

FRNW

GE Vernova Set For $2.5B Free Cash Flow By 2026 Amid Energy Transition Boom, Bullish Analyst Says

GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) shares are trading higher after BofA Securities analyst Andrew Obin upgraded the stock from Neutral to Buy and raised its <a target="_blank" href="https://www.benzinga.com/quote/GEV/analyst-ratings" rel="noreferrer noopener">price target from $200 to $300</a>.
The analyst writes that while rising grid-related spending benefits the Electrification segment, they believe the potential of Gas Power Services (29% of revenue) is underappreciated by investors.
Notably, the analyst writes that electricity generation for U.S. combined cycle plants has grown at a 5.1% CAGR from 2014 to 2024, while simple cycle gas turbines have grown at an 11.6% CAGR.
Hence, an increase in utilization is already boosting growth in GEV&#8217;s transactional services, which are rising at an approximately 8% CAGR from 2020 to 2023.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/earnings/24/07/39931187/power-and-electrification-propel-ge-vernovas-q2-performance-wind-orders-lag-guidance-raised" rel="noreferrer noopener">Power And Electrification Propel GE Vernova&#8217;s Q2 Performance, Wind Orders Lag, Guidance Raised</a>
Obin expects GEV to outperform and exceed expectations in the coming quarters consistently. Consequently, the analyst raised the 2025/2026 estimates due to anticipated faster earnings growth in Gas Power Services.
Obin raised the 2025 adjusted EBITDA estimate by $0.5 billion to $3.6 billion and the 2026 estimate by $1.1 billion to $5.4 billion. These estimates are 16% and 27% higher than the current consensus, respectively.&nbsp;&nbsp;
Investors can gain exposure to the stock via Invesco S&amp;P Spin-Off ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and&nbsp;Fidelity Clean Energy ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/FRNW#BATS">FRNW</a>).
Price Action: GEV shares are up 3.78% at $238.63 at the last check Tuesday.
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</ul>

GE Vernova's Gas Power Services Underappreciated & Poised For Growth: Analyst

GXO Logistics, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GXO#NYSE">GXO</a>) shares are trading higher after the company reported second quarter revenue of $2.85 billion, up 19% Y/Y, beating the <a target="_blank" href="https://www.benzinga.com/pressreleases/24/08/g40182386/gxo-reports-second-quarter-2024-results" rel="noreferrer noopener">consensus of $2.73 billion</a>.
Organic revenue&nbsp;rose 2% in the quarter. The company secured about $270 million in annualized revenue from new business wins.
GXO&#8217;s pipeline reached a new twelve-month high of $2.3 billion. Adjusted EBITDA came in at $187 million, compared to $190 million in the same period a year earlier.
Adjusted EPS&nbsp;declined to $0.55 from $0.70 a year ago but came above the consensus of $0.54.
GXO generated $115 million in cash flows from operations and a free cash flow of $31 million during the quarter.
As of June-end, cash and cash equivalents stood at $469 million, with outstanding debt at $2.8 billion.
Malcolm Wilson, chief executive officer of GXO, said, &#8220;We&#8217;re particularly proud of our growth in Germany, where we&#8217;ve started operations on our 20-year contract with Levi&#8217;s and signed a new deal with Tchibo, a leading retailer and coffee distributor.&#8221;
&#8220;During the quarter, we also completed our acquisition of Wincanton, which will provide a platform for GXO to grow in aerospace &amp; defense and industrials across Europe.&#8221;
FY24 Outlook Reaffirmed: The company continues to expect organic revenue growth of 2% to 5%, adjusted EBITDA of $805 million-$835 million, adjusted EPS of $2.73 to $2.93 (vs. cons. of $2.78), and free cash flow conversion of <a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">30% to 40% of adjusted EBITDA</a>.
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P Spin-Off ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and Motley Fool Small-Cap Growth ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/TMFS#BATS">TMFS</a>)
Price Action: GXO shares are up 1.11% at $49.90 at the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

TMFS

GXO Logistics Q2: Revenue Gains Offset By Profit Margin Squeeze

GE HealthCare Technologies Inc.&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GEHC#NASDAQ">GEHC</a>) and Amazon.com, Inc.&#8217;s (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMZN#NASDAQ">AMZN</a>) Amazon Web Services (AWS) announced a strategic partnership to create specialized foundation models and generative AI applications aimed at enhancing medical <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39957108/ge-healthcare-and-aws-announce-strategic-collaboration-to-accelerate-healthcare-transformation-wit" rel="noreferrer noopener">diagnostics and patient care</a>.
GE HealthCare will use AWS&#8217; cloud and AI services to create new foundation models aimed at advancing healthcare.
GE HealthCare will also update its applications using foundation models developed on Amazon SageMaker, which helps build, train, and deploy machine learning models.
GE HealthCare&#8217;s generative AI-powered apps will integrate with AWS HealthLake and AWS HealthImaging, enabling secure, rapid analysis of patient data to enhance clinical efficiency and patient care.
This collaboration aims to develop multi-modal foundation models that analyze diverse unstructured medical data (e.g., records, reports, images) to provide precise, adaptable insights across various diseases and tasks, surpassing traditional ML models in versatility.
Peter Arduini, GE HealthCare&#8217;s President and CEO, said, &#8220;With more than one billion patients around the world touched by our products, we play an important part in improving the quality of care and have a responsibility to continue pushing the boundaries of what&#8217;s possible to enable precision care.&#8221;
Matt Garman, CEO of AWS, stated, &#8220;GE HealthCare is putting generative AI at the heart of their innovation, accelerated by the investments we have made in healthcare-specific cloud services and generative AI capabilities that provide best-in-class security, data privacy, and access to the latest state-of-the-art foundation models.&#8221;
Last week, GE HealthCare agreed to acquire Intelligent Ultrasound Group PLC&#8216;s clinical AI <a target="_blank" href="https://www.benzinga.com/pressreleases/24/07/b39831771/ge-healthcare-announces-agreement-to-acquire-clinical-artificial-intelligence-business-from-intell" rel="noreferrer noopener">software business for about $51 million</a>.
The company will report second quarter 2024<a target="_blank" href="https://www.benzinga.com/earnings" rel="noreferrer noopener"> results on July 31, 2024</a>.
Investors can gain exposure to the stock via&nbsp;Invesco S&amp;P Spin-Off ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and Spinnaker ETF Series Langar Global HealthTech ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LGHT#NYSE">LGHT</a>).
Price Action: GEHC shares are up 1.04% at $80.51 at the last check Thursday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors
Photo by Sundry Photography via Shutterstock
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AMZN

GE HealthCare Taps AWS for Groundbreaking AI Medical Solutions: Details

GE Vernova Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GEV#NYSE">GEV</a>) shares are <a target="_blank" href="https://www.benzinga.com/movers" rel="noreferrer noopener">trading lower on Wednesday.</a>
According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>, GEV stock has gained over 3% in the past one month. Investors can gain exposure to the stock via Invesco S&amp;P Spin-Off ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>) and Fidelity Clean Energy ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/FRNW#BATS">FRNW</a>).
Yesterday, JP Morgan analyst Mark Strouse maintained GE Vernova as Overweight and raised the <a target="_blank" href="https://www.benzinga.com/quote/GEV/analyst-ratings" rel="noreferrer noopener">price target from&nbsp;$186&nbsp;to&nbsp;$195.</a>
Today, the firm <a target="_blank" href="https://www.gevernova.com/news/press-releases/ge-vernova-secures-major-order-grid-equipment-solutions-algeria" rel="noreferrer noopener">secured</a> a major order from Sonelgaz through their joint venture, GE Algeria Turbines (GEAT), to enhance Algeria&#8217;s grid infrastructure.
GE Vernova, formerly part of General Electric (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GE#NYSE">GE</a>), commenced trading independently on the NYSE in April.
The order,&nbsp;which was booked in the second quarter of 2024,&nbsp;involves GE Vernova supplying GEAT with high voltage (HV) equipment, components, and grid automation solutions for 134 substations by 2028.
Also Read: <a target="_blank" href="https://www.benzinga.com/markets/equities/24/07/39816397/whats-going-on-with-palantir-technologies-shares-today" rel="noreferrer noopener">What&#8217;s Going On With Palantir Technologies Shares Today?</a>
GEAT will integrate this equipment at its Ain Yagout facility in Batna, Algeria for Sonelgaz projects.
&#8220;Securing this major order is a testament to our commitment to advancing Algeria&#8217;s energy infrastructure,&#8221; said Philippe Piron, CEO of GE Vernova&#8217;s Electrification Systems businesses.
With the GEAT joint venture and significant contributions to Algeria&#8217;s energy sector, GE Vernova focuses on power solutions and employs over 300 local staff.
Price Action: GEV shares are trading lower by 4.8% to $173.94 on the last check Wednesday.
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Markets

What's Going On With GE Vernova Shares Today?

GXO Logistics, Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GXO#NYSE">GXO</a>)&nbsp;on Tuesday&nbsp;revealed the deployment of a large-scale robotics solution in France for a&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/05/g38810932/gxo-deploys-first-of-its-kind-large-scale-robotics-solution-in-france" rel="noreferrer noopener">significant global sporting goods retailer.</a>
The solution&nbsp;is aimed&nbsp;at expediting order processing, enhancing adaptability for seasonal volume fluctuations, and achieving cost efficiencies, GXO Logistics said in a press release.
&#8220;This tote-to-person solution, integrated with high-density storage, enables high-volume picking, storage&nbsp;and&nbsp;operating efficiency in our warehouse,&#8221; said Rui Marques, Managing Director,&nbsp;France, GXO. &#8220;We&#8217;re always looking to leverage technologies that solve our customers&#8217; increasingly complex global supply chain problems.&#8221;
In 2023, GXO increased its total tech and automated systems by about 50%&nbsp;year over year.&nbsp;
GXO&nbsp;is enhancing&nbsp;the retailer&#8217;s European logistics,&nbsp;deploying automation across 12,000 square meters.&nbsp;
This pioneering solution involves 500 AMRs managing 70,000 bins, improving productivity, accuracy, and safety, with&nbsp;flexibility&nbsp;to adapt to seasonal demands.
GXO said it is also accelerating the deployment of machine learning and artificial intelligence&nbsp;to further boost productivity gains from automation.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>,&nbsp;GXO stock has lost over 7% in the past year.&nbsp;Investors can gain exposure to the stock via&nbsp;Tidal ETF Trust Aztlan North America Nearshoring Stock Selection ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRSH#NYSE">NRSH</a>) and&nbsp;Invesco S&amp;P Spin-Off ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>).
Price Action:&nbsp;GXO shares are trading higher by 0.21% to $52.95 at last check Tuesday.

Tech

GXO Logistics Deploys Robotics Solution For Sporting Goods Retailer In France

Carrier Global Corp&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CARR#NYSE">CARR</a>)&nbsp;shares are trading higher, rebounding from earlier weakness following&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/n38425103/carrier-reports-strong-first-quarter-2024-results" rel="noreferrer noopener">first quarter FY24 results</a>.
Net sales rose 17% Y/Y to $6.18 billion, missing the consensus of $6.28 billion.
Adjusted operating profit of $927 million was up 44% Y/Y,&nbsp;driven by&nbsp;strong&nbsp;productivity and the contribution from Viessmann Climate Solutions. Margin expanded to 15.0% from 12.2% a year ago.
The company reported adjusted EPS of $0.62, beating<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">&nbsp;the consensus of $0.51</a>.
Net cash provided by operating activities totaled $40 million, and capital expenditures were&nbsp;$104 million, resulting in a free cash outflow of&nbsp;$(64) million.
The company exited the quarter with cash and cash equivalents worth $1.31 billion.
David Gitlin, Carrier Chairman &amp; CEO, said, &#8220;We closed on&nbsp;Viessmann Climate Solutions at the beginning of the year, which will be transformational for Carrier and the industry. We are focused on capitalizing on the long-term secular sustainability trends, outperforming the market, and achieving and accelerating revenue and cost synergies.&#8221;
&#8220;The business exits are also on track as we are within months of closing on three of our four transactions and are making significant progress on completing the fourth. We&nbsp;now&nbsp;expect to resume share repurchases in 2024 as the net proceeds from the announced transactions help us return to ~2x net leverage this year.&#8221;
Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/03/37481571/fire-sale-carrier-global-divests-industrial-fire-unit-for-1-425b-in-portfolio-shake-up" rel="noreferrer noopener">Fire Sale: Carrier Global Divests Industrial Fire Unit For $1.425B In Portfolio&nbsp;Shake-Up</a>
FY24 Outlook:&nbsp;Carrier reiterated adj. EPS of $2.80-$2.90&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/guidance" rel="noreferrer noopener">versus the $2.84 estimate</a>.&nbsp;
The company revised its sales outlook to ~$26 billion from ~$26.5 billion (vs.&nbsp;$26.205 billion&nbsp;estimate), with&nbsp;<a target="_blank" href="https://www.benzinga.com/news/earnings/24/02/36959531/carrier-globals-mixed-bag-in-q4-flat-sales-solid-profits-and-big-moves-in-business-strategy" rel="noreferrer noopener">mid-single-digit organic growth</a>.
Carrier now sees an adjusted operating margin of 15.5% (vs. 15%-15.5% earlier) and a free cash flow of ~$0.4 billion.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com/markets/equities/24/04/38317463/carrier-global-invests-in-strategic-thermal-labs-for-data-center-cooling-solutions" rel="noreferrer noopener">Carrier Global Invests In Strategic Thermal Labs For Data Center Cooling Solutions</a>
Investors can gain exposure to the stock via&nbsp;First Trust US Equity Opportunities ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/FPX#NYSE">FPX</a>) and&nbsp;Invesco S&amp;P Spin-Off ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>).
Price Action:&nbsp;CARR shares are up 7.3% at $58.77&nbsp;at the last check Thursday.

Earnings

Guidance

CARR

Why Carrier Global Shares Are Surging Today

Apartment Income REIT Corp.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/AIRC#NYSE">AIRC</a>) shares are trading higher after it inked a deal with&nbsp;Blackstone Inc.&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BX#NYSE">BX</a>)&nbsp;<a target="_blank" href="https://www.benzinga.com/pressreleases/24/04/b38141094/blackstone-real-estate-to-take-air-communities-private-for-approximately-10-billion" rel="noreferrer noopener">to be taken private</a>.
In particular, Blackstone Real Estate Partners X entered into a definitive agreement to acquire AIR Communities in an all-cash transaction valued at about $10 billion, including the assumption of debt.
The purchase price of $39.12 per share represents a premium of 25% to Apartment Income Communities&#8217; closing share price on the NYSE on April 5, 2024, the last trading day before the announcement.
The purchase price represents 25% premium to the volume weighted average share price on the NYSE over the previous 30 days.
Apartment Income Communities&#8217; portfolio comprised 76 rental housing communities concentrated mainly in coastal markets, including Miami, Los Angeles, Boston, and Washington D.C.&nbsp;
Blackstone plans to invest over $400 million to maintain and improve the existing communities in the portfolio.
Also Read:&nbsp;<a target="_blank" href="https://www.benzinga.com//node/37719939" rel="noreferrer noopener">Is It Time To Buy The Commercial Real Estate Dip? The World&#8217;s Biggest Private Equity Firm Says Why You Should</a>
The transaction, unanimously approved by the AIR Communities Board of Directors, is expected to close in the third quarter of 2024, subject to customary closing conditions.&nbsp;
As a part of the deal term, Apartment Income suspended payment of its quarterly dividend, effective immediately.
Following completion of the transaction, AIR Communities&#8217; shares will not be listed on the New York Stock Exchange.
As of December 31, 2023, Blackstone had $8.4 billion in total cash, cash equivalents, corporate treasury, and other investments and $16.9 billion of cash and net&nbsp;<a target="_blank" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001393818/082fdd24-2742-4f3e-b56c-3bdf7ae3d806.pdf" rel="noreferrer noopener">investments</a>.
Investors can gain exposure to the stock via&nbsp;Tidal ETF Trust Residential REIT ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/HAUS#BATS">HAUS</a>) and&nbsp;Invesco S&amp;P Spin-Off ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CSD#NYSE">CSD</a>).
Price Action: AIRC shares are up 22.5% at $38.40 on the last check Monday.
Photo via Shutterstock

AIRC

Tidal ETF Trust Home Appreciation U.S. REIT ETF

HAUS

Why Apartment Income REIT Shares Are Rocketing Today

RayzeBio Inc, a San Diego company focused on radiopharmaceutical therapies for cancer,&nbsp;<a class="editor-rtfLink" href="https://www.renaissancecapital.com/IPO-Center/News/100620/Radiopharmaceutical-cancer-biotech-RayzeBio-files-for-a-$100-million-IPO" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">filed</a>&nbsp;on Thursday to raise up to $100 million in an initial public offering.
The phase 3-stage company was founded in 2020 and plans to list on the Nasdaq under the symbol RYZB.&nbsp;
The company&#39;s lead candidate, RYZ101, is designed to deliver a highly potent alpha particle radioisotope, Actinium 225 (Ac225), to tumors overexpressing somatostatin receptor (SSTR).&nbsp;
RayzeBio says that a radiopharmaceutical therapeutic (RPT) utilizing Ac225 has the potential to provide greater efficacy over approved beta particle radioisotope Lutetium 177, or Lu177, therapies.&nbsp;
Alpha particles can deliver up to 400 times higher energy than beta particles, leading to double-stranded DNA breaks, lethal to cancer cells.
The company&nbsp;<a class="editor-rtfLink" href="https://rayzebio.com/rayzebio-announces-first-patient-dosed-in-phase-3-action-1-study-evaluating-ryz101-actinium-225-dotatate-in-neuroendocrine-tumors/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">started</a>&nbsp;a phase 3 trial of the lead candidate RYZ101 for gastroenteropancreatic neuroendocrine tumors in May.
The candidate is also being&nbsp;<a class="editor-rtfLink" href="https://classic.clinicaltrials.gov/ct2/show/NCT05595460" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">tested</a>&nbsp;in a phase 1 study of SSTR-expressing extensive-stage small-cell lung cancer patients.&nbsp;
In its&nbsp;<a class="editor-rtfLink" href="https://www.sec.gov/Archives/edgar/data/1825367/000119312523220093/d492091ds1.htm" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">filing</a>, RayzeBio described its hopes for RYZ101 to become a &quot;pipeline-in-a-product&quot; that could be used for other SSTR2-expressing cancers.
The IPO proceeds will also be funneled toward developing RYZ801 and RYZ811, two GPC3-targeting radiopharmaceuticals gearing up for phase 1 trials in hepatocellular carcinoma.&nbsp;
The company plans to file for an IND for each candidate in 1H of 2024.
The company has&nbsp;<a class="editor-rtfLink" href="https://rayzebio.com/rayzebio-propels-forward-with-418-million-raised-since-inception-to-advance-targeted-radiopharmaceuticals-for-cancer/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">secured</a>&nbsp;$418 million in funding from a group of premier life science investors, including venBio Partners, Venrock Healthcare Capital Partners, Versant Ventures, and Viking Global Investors.

Biotech

IPOs

IPOS

Radiopharmaceuticals Startup RayzeBio Seeks Public Debut After Raising $400M From Investors

Waystar Inc, a provider of financial management software for hospitals and medical practices, is reportedly making strides toward an initial public offering (IPO) that could value the company up to $8 billion.
The company&#39;s current owners, private equity firm&nbsp;EQT AB&nbsp;and the&nbsp;Canada Pension Plan Investment Board, have enlisted the services of&nbsp;Goldman Sachs Group Inc&nbsp;and&nbsp;JPMorgan Chase &amp; Co&nbsp;to guide them through the IPO process, Reuters stated.&nbsp;
The IPO is anticipated to materialize later this year or early in the next, contingent upon favorable market conditions. The valuation Waystar ultimately attains will also be contingent on market dynamics.
Formed in 2017 due to the merger between&nbsp;Navicure&nbsp;and&nbsp;ZirMed, Waystar specializes in payment software solutions that efficiently collect bills from patients, catering to a diverse client base, including large hospital systems.&nbsp;
When EQT and CPPIB secured a majority stake in Waystar in 2019 from Bain Capital, the company was valued at $2.7 billion. Bain Capital remained a minority investor following the transaction, and all three entities are represented on Waystar&#39;s board of directors.
Under the stewardship of EQT and CPPIB, Waystar has expanded its scale through the strategic acquisition of its competitors, a notable instance being the integration of eSolutions in 2020.&nbsp;
This acquisition bolstered Waystar&#39;s presence in the government health insurance sector, particularly within Medicare, which provides health coverage for older people.&nbsp;<a class="editor-rtfLink" href="https://www.waystar.com/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Waystar</a>&nbsp;collaborates with approximately 1 million healthcare providers and manages over 2.5 billion transactions annually.
Fitch analysts tracking Waystar&#39;s existing debt are optimistic about the company&#39;s prospects, citing the burgeoning healthcare industry propelled by an aging population and heightened expenditure.&nbsp;
As Waystar navigates the intricate path to its IPO, industry observers will closely monitor how the company leverages its software solutions to navigate the ever-evolving landscape of healthcare finance, potentially solidifying its position as a significant player in the industry while creating value for its stakeholders.

Healthcare Software Firm Waystar Goes IPO Way With Potential $8B Valuation

On Friday,&nbsp;Sagimet Biosciences, a clinical-stage biopharmaceutical company, filed with the&nbsp;<a class="editor-rtfLink" href="https://www.sec.gov/Archives/edgar/data/1400118/000110465923074215/tm237052-9_s1.htm" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">SEC</a>&nbsp;to raise up to $75 million in an initial public offering for the second time.
It had previously filed in April 2021 to raise $75 million before withdrawing in March 2022.&nbsp;
The company is focused on developing novel therapeutics called fatty acid synthase (FASN) inhibitors targeting dysfunctional metabolic pathways in diseases.&nbsp;
The lead drug candidate, denifanstat, is an oral, once-daily pill and selective FASN inhibitor in development for nonalcoholic steatohepatitis (NASH).
Denifanstat has been studied in over 600 people and is currently testing it in the FASCINATE-2 Phase 2b trial in NASH.&nbsp;
Recently, Sagimet Biosciences announced an oral presentation of data from the planned interim analysis of a prespecified subset of patients at week 26 of the Phase 2b FASCINATE-2 clinical trial of denifanstat at the European Association for the Study of the Liver Congress.
Denifanstat was well-tolerated and met the primary endpoint in the planned interim readout, with 67% of treated patients achieving &ge;30% reductions in liver fat at week 26 compared to 18% placebo.
Topline week 52 liver biopsy results are expected in the first quarter of 2024.
Sagimet Biosciences was&nbsp;<a class="editor-rtfLink" href="https://www.sagimet.com/sagimet-biosciences-presents-positive-phase-2b-fascinate-2-clinical-trial-interim-data-for-denifanstat-for-the-treatment-of-nash-at-easl-congress-2023/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">founded</a>&nbsp;in 2006 and plans to list on the Nasdaq under the symbol SGMT.

Second Time Charm: Sagimet Biosciences Seeks Public Debut With $75M IPO

Previously on the brink with rampant speculation about its ability to survive in a zero revenue environment, Penn National Gaming (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/penn#NASDAQ">PENN</a>) is easily one of this year&#39;s best redemption stories, returning more than 1,700% from its March lows.
What was once a sub-$4 dollar stock now resides over $70 and if an investor thinks the $80 price target from Rosenblatt Securities on Penn is audacious, try the $85 forecast from Stifel on for size. With sports betting and internet casinos taking off, Penn at $85 over the near-term isn&#39;t a far-flung prospect.
&ldquo;After making a handful of positive changes to our assumptions, we are raising our target price to $85,&rdquo; <a href="https://www.casino.org/news/penn-portnoy-euphoria-continues-as-analysts-sees-85-stock-highest-wall-street-call/">said Stifel analyst Steven Wieczynski</a>. &ldquo;While some would argue PENN shares could be overvalued, we believe they can continue to work, especially into November, as we expect a number of states to pass gaming legislation that should keep the sports betting/iGaming momentum rolling.&rdquo;
Investors looking to play the gaming stock via exchange-traded funds need to be choosy. Here are a few to consider.
See Also: <a href="https://www.benzinga.com/news/20/09/17574792/portnoy-touts-barstool-sportsbooks-top-ranking-in-app-store">Portnoy Touts Barstool Sportsbook&#39;s Top Ranking In App Store</a>
Invesco S&amp;P Spin-Off ETF (CSD)
A surprise fund to lead this list, the Invesco S&amp;P Spin-Off ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/csd#NYSE">CSD</a>) has the largest weight to Penn stock at almost 9%. CSD, which is almost 14 years old, holds spin-offs that occurred over the last four years.
Penn is the only gaming equity featured in CSD&#39;s lineup, but the ETF is an admirable idea for investors looking to place wagers on a rebounding economy as more than three-quarters of the fund&#39;s roster is allocated to cyclical or economically sensitive sectors.
Roundhill Sports Betting &amp; iGaming ETF (BETZ)
One of the great success stories among <a href="https://www.benzinga.com/general/sports/20/09/17552907/the-betz-etfs-will-hershey-on-legal-sports-betting-its-a-gold-rush">this year&#39;s crop of new ETFs</a>, the Roundhill Sports Betting &amp; iGaming ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/betz#NYSE">BETZ</a>) now has almost $130 million in assets under management after launching in June. Penn National is the fourth-largest holding <a href="https://www.roundhillinvestments.com/etf/betz/">in BETZ at 5.75%</a> of the fund&#39;s weight. That&#39;s relevant because....
&ldquo;The question regarding PENN that we get from investors all the time is, &lsquo;Can the momentum trade continue?&rsquo;&rdquo; writes Wieczynski. &ldquo;In our view, the simple answer is yes. At this point, we believe investors have attributed $25-$35 of equity value per share to PENN&rsquo;s Barstool acquisition and the long-term opportunity it could present.&rdquo;
Undoubtedly, BETZ is the ETF most levered to the theme of sports betting expansion, which will happen over the next several months as marquee states, such as Louisiana, Massachusetts and Ohio, among others, potentially join the fray.
Invesco S&amp;P MidCap 400 Pure Value ETF (RFV)
The Invesco S&amp;P MidCap 400&reg; Pure Value ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rfv#NYSE">RFV</a>) has an almost 4% weight to Penn National, putting the ETF third behind CSD and BETZ in terms of exposure to the gaming company. RFV allocates over 28% of its weight to consumer cyclical names, but Penn is the only casino operator in the portfolio. The quibble here is how much of a value stock Penn is with trading at 60.24 times&nbsp;forward earnings.
Disclosure: The author owns shares of Penn National.

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