Paramount's Board Reduction

And, a biopharma stock goes wild.

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Today is Thursday, April 12, 2024.

The Early Bird Index today is 72.23.

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Paramount's Board Reduction

Shares of media giant Paramount Global (Nasdaq: PARA) ticked down by 0.096% in after-hours trading on Thursday after disclosing a change to its board of directors.

Details: Four members of Paramount’s board will step down, reducing the total number of board members from 11 to 7, the company disclosed.

Background: This change is happening amid merger talks with Skydance Media. Paramount needs to merge due to struggles. The company’s most recent revenue results fell short of estimates.

Stock Price: Paramount is down 49% in the last 12 months.

Final Thoughts: The media industry is going through big changes. Watch out for more Paramount merger talks, which should pick up in the coming weeks and days.

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Notable Earnings Today: JPMorgan Chase (NYSE: JPM), Wells Fargo (NYSE: WFC), BlackRock (NYSE: BLK), State Street (NYSE: STT), Citigroup (NYSE: C), Progressive (NYSE: PGR).

Notable IPOs Today: UL Solutions Inc. (NYSE: ULS), DT Cloud Acquisition Corporation Ordinary Shares (Nasdaq: DYCQ), Carbon Collective Short Duration Green Bond ETF (Nasdaq: CCSB), StockSnips AI-Powered Sentiment US All Cap ETF (Nasdaq: NEWZ), CleanCore Solutions Inc. (NYSE American: ZONE).

Notable Equity Crowdfunding Campaigns Ending Today: The Place Above the Notch (Mainvest), Hidden Sands Brewing Company (Honeycomb), Grit Athletics (Honeycomb).

Notable Economic Events Today: Export Price Index / Import Price Index (8:30 a.m. ET), Michigan Consumer Expectations / Sentiment (10:00 a.m. ET).

PaxMedica’s Key Milestone

Have you heard of the biopharmaceutical company PaxMedica (Nasdaq: PXMD)? The stock surged by 116% in after-hours trading on Thursday.

Details: PaxMedica announced the completed execution of its three pivotal registration/validation batches of PAX-101, a treatment for individuals who struggle with Autism Spectrum Disorder. The company called this news a “key milestone.”

Quote: “With this important manufacturing milestone completed, we have removed a major impediment to testing PAX-101 as a treatment for the core symptoms of Autism Spectrum Disorder.” - CEO Howard Weisman.

What’s Next: The company plans to submit an application for the drug to the FDA later this year.

Background: Since going public in 2022, PaxMedica has been in a cash crunch. The company created public offerings to raise additional funds.

Stock Price: PaxMedica was down 47% in 2024 before this announcement. It is down 99% since its IPO.

Final Thoughts: Biopharma stocks are risky. Now and then, a stock such as PaxMedica gets lucky.

Filecoin Delays Upgrade

The cryptocurrency Filecoin sank over 4% on Thursday after the Filecoin project postponed the upcoming network upgrade to April 24.

Final Thoughts: Filecoin is down 27% in the last 30 days. Hopefully, the price can recover in a few weeks after the network upgrade.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.