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Global E Online

Global E Online Ltd provides e-commerce solutions. The company offers a platform to enable and accelerate direct-to-consumer cross-border e-commerce. The platform was purpose-built for international shoppers to buy seamlessly online and for merchants to sell from and anywhere in the world. The company localizes the shopper experience to make international transactions as seamless as domestic ones. The platform increases the conversion of international traffic into sales by removing much of the complexity associated with international e-commerce. The company derives maximum revenue from the United States.

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先週、これらの中型株は最も優れた業績を発揮しました。あなたのポートフォリオには含まれていますか？

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Global E Online Ltd

China-based&nbsp;JD.com,&nbsp;Inc.&nbsp;(NASDAQ:&nbsp;JD) reported <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/g45369198/jd-com-announces-first-quarter-2025-results" rel="noreferrer noopener">fiscal first-quarter</a> results on Tuesday. The company reported a quarterly revenue growth of 15.8%&nbsp;year-over-year&nbsp;to $41.5 billion, beating the&nbsp;analyst consensus estimate of $40.2 billion.
JD posted&nbsp;an adjusted net income per ADS of $1.16, beating the&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">analyst consensus estimate</a> of $1.05.
Also Read: <a target="_blank" href="https://www.benzinga.com/government/regulations/25/05/45348699/us-listed-chinese-stocks-rally-as-countries-agree-to-ease-import-tariffs" rel="noreferrer noopener">US Listed Chinese Stocks Rally As Countries Agree To Ease Import Tariffs</a>
<h1 class="wp-block-heading">JD Segment Performance</h1>
JD.com&#8217;s&nbsp;net product revenue increased by 16.2%&nbsp;Y/Y&nbsp;at $33.39 billion. Net service revenues rose 14.0%&nbsp;Y/Y&nbsp;to $8.1 billion.&nbsp;
JD Retail revenue climbed 16.3%&nbsp;Y/Y&nbsp;to $36.36 billion, Logistics revenue gained 11.5% Y/Y to $6.47 billion, and the new business revenues grew 18.1% Y/Y to $793 million.
JD.com&#8217;s marketing expenses rose 13.9% to $1.5 billion in the quarter, forming 3.5% of revenues, down by 10 bps.
<h1 class="wp-block-heading">Margins</h1>
Operating margin was 3.5% for the quarter, compared to 3.0% Y/Y. Adjusted operating margin improved by 50 bps Y/Y to 3.9%. JD Retail&#8217;s operating margin rose 80 bps to 4.9%.&nbsp;
Adjusted EBITDA increased 27.0% Y/Y to $1.9 billion, with a 4.6% margin, up by 50 bps.
JD.com used $2.98 billion in free cash flow for the quarter and $2.52 billion in operating cash flow. The company held $28.0 billion in cash and equivalents as of March 31, 2025.
CEO Sandy Xu attributed the quarterly results to improving consumer sentiment and continued enhancements to JD&#8217;s supply chain capabilities and user experience.
Price Action: JD stock is up 5.31% at $37.97 at the last check on Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/25/05/45365162/cathie-wood-makes-bullish-move-on-baidu-ark-adds-30k-shares-amid-china-us-trade-thaw" target="_blank" rel="noreferrer noopener">Cathie Wood Makes Bullish Move On Baidu: Ark Adds 30K+ Shares Amid China-US Trade Thaw</a></li>
</ul>
Photo by Freer via Shutterstock

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JD.com Clocks Strong Q1 Retail And Logistics Growth Fueled By Cash Burn

BMO Capital analyst Rufus Hone maintains Repay Holdings (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RPAY#NASDAQ">RPAY</a>) with a Market Perform and lowers the price target from $7 to $5.

Price Target

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RPAY

BMO Capital Maintains Market Perform on Repay Holdings, Lowers Price Target to $5

UBS analyst Joshua Spector maintains Orion (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OEC#NYSE">OEC</a>) with a Buy and lowers the price target from $17 to $15.

UBS Maintains Buy on Orion, Lowers Price Target to $15

BMO Capital analyst Etzer Darout maintains Terns Pharma (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TERN#NASDAQ">TERN</a>) with a Outperform and lowers the price target from $26 to $15.

TERN

BMO Capital Maintains Outperform on Terns Pharma, Lowers Price Target to $15

WIIM

Johnson & Johnson shares are trading lower after Leerink Partners downgraded the stock from Outperform to Market Perform and lowered its price target from $169 to $153.

UBS analyst Michael Goldsmith maintains Alpine Income Property Tr (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PINE#NYSE">PINE</a>) with a Neutral and lowers the price target from $17 to $16.

PINE

UBS Maintains Neutral on Alpine Income Property Tr, Lowers Price Target to $16

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Shares of semiconductor and chip stocks are trading higher as investors assess US-China trade progress and Saudi Arabia deals.

President Donald Trump on Monday signed a sweeping executive order aimed at drastically reducing prescription <a href="https://www.benzinga.com/topic/drug-prices">drug prices in the U.S. </a>
What Happened: y tying them to the lowest prices paid in comparable foreign countries — a policy known as <a href="https://www.benzinga.com/trading-ideas/movers/25/05/45381118/cvs-health-cigna-stocks-dip-tuesday-whats-going-on">&#8220;most-favored-nation&#8221; pricing.</a>
The executive order is <a href="https://www.whitehouse.gov/fact-sheets/2025/05/fact-sheet-president-donald-j-trump-announces-actions-to-put-american-patients-first-by-lowering-drug-prices-and-stopping-foreign-free-riding-on-american-pharmaceutical-innovation/">a response</a> to what Trump described as &#8220;unreasonable or discriminatory&#8221; practices abroad. 
"In case after case, our citizens pay massively higher prices than other nations pay for the same exact pill, from the same factory, effectively subsidizing socialism aboard [abroad] with skyrocketing prices at home," Trump said in <a href="https://www.whitehouse.gov/fact-sheets/2025/05/fact-sheet-president-donald-j-trump-announces-actions-to-put-american-patients-first-by-lowering-drug-prices-and-stopping-foreign-free-riding-on-american-pharmaceutical-innovation/">a statement</a>. 
Drug manufacturers have 30 days to voluntarily lower prices for prescription drugs in the U.S. to match those paid in other advanced nations.&nbsp;
If companies do not comply, the Department of Health and Human Services, led by Robert F. Kennedy Jr., is tasked with developing rules to enforce most-favored nation (MFN) pricing or other regulatory measures.&nbsp;
The HHS is also instructed to establish mechanisms for Americans to purchase drugs directly from manufacturers at the MFN price, bypassing pharmacy benefit managers (PBMs) and other intermediaries.&nbsp;
Read Next: <a href="https://www.benzinga.com/25/05/45378427/trump-wants-to-kickstart-nuclear-development-these-5-stocks-could-boom?utm_source=articleShare">Trump Wants To Kickstart Nuclear Development: These 5 Stocks Could Boom</a>&nbsp;
Why It Matters: The executive order is a rare show of common ground between the Trump administration and Democratic leaders like Senator Bernie Sanders, who has long fought for laws aimed at making medicine more affordable.
And Trump has tried this before. During his first term, he signed a similar <a href="https://trumpwhitehouse.archives.gov/presidential-actions/executive-order-lowering-drug-prices-putting-america-first-2/">order</a> that the courts ultimately blocked after the pharmaceutical industry lobbied against it.
Sanders fears the same thing might happen again. In a <a href="https://bsky.app/profile/did:plc:upw5n2uwhzubjajdtqaufsek/post/3loyh44tra225?ref_src=embed&amp;ref_url=https%253A%252F%252Fwww.commondreams.org%252Fnews%252Ftrump-executive-order-drug-prices">post</a> on the Bluesky social network, he agreed that it is &#8220;an outrage that the American people pay, by far, the highest prices in the world for prescription drugs.&#8221;
&#8220;As Trump well knows, his executive order will be thrown out by the courts,&#8221; said Sanders. &#8220;If Trump is serious about making real change rather than just issuing a press release, he will support legislation I will soon be introducing to make sure we pay no more for prescription drugs than people in other major countries. If Republicans and Democrats come together on this legislation, we can get it passed in a few weeks.&#8221;
Pharmaceutical stocks dropped in Monday's premarket trading, but recovered into positive territory by the market close.
Analysts and investors decided the order was less-specific than feared and likely to be challenged in court. 
"A drug pricing announcement had been expected for a while now and had weighed on stocks in this sector, so the official executive order doesn&#8217;t seem to be impacting sentiment too much,&#8221; said James Harlow, senior vice president at Novare Capital Management, per Reuters.&nbsp;
In contrast, Trump&#8217;s comments of &#8220;cutting out the middlemen&#8221; weighed on shares of companies that own pharmacy benefit managers like The Cigna Group (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CI#NYSE">CI</a>), CVS Health Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVS#NYSE">CVS</a>) and UnitedHeath Group Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/UNH#NYSE">UNH</a>).&nbsp;
"I would cut out the middlemen," Trump said. "Everybody should equalize. Everybody should pay the same price."
Shares of UnitedHealth plunged Tuesday after<a href="https://www.benzinga.com/25/05/45373368/unitedhealth-stock-plunges-names-new-ceo-suspends-2025-guidance"> the company</a> pulled its 2025 outlook, citing that care activity continued to accelerate and CEO Andrew Witty unexpectedly resigned.&nbsp;
Read Next: <a href="https://www.benzinga.com/25/05/45354683/tesla-probably-wont-make-money-on-ride-hailing-for-years-gary-black-says?utm_source=articleShare">Tesla Robotaxi Hopes Dashed By Uber, Lyft: No Fast Lane To Profits, Warns Investor Gary Black&nbsp;</a>
What To Watch: The executive order threatens the PBM business model by enabling direct-to-consumer drug purchases, which could significantly reduce the need for PBMs&#8217; negotiating and administrative services. However, legal experts have raised concerns about the legality of direct-to-consumer sales.&nbsp;
"This order's suggestion of broader or direct-to-consumer importation stretches well beyond what the statute allows," warned health policy lawyer, Paul Kim, per the New York Post.&nbsp;
Investors in the healthcare sector may choose to mitigate risk and exposure to PBMs through a diversified healthcare ETF like the SPDR Select Health Care Sector Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLV#NYSE">XLV</a>) which holds shares of pharmaceuticals, health care equipment and supplies and health care providers.&nbsp;
An ETF like the iShares U.S. Medical Devices ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ITI#NYSE">ITI</a>) which tracks the Dow Jones U.S. Select Medical Equipment Index and invests in leading U.S. medical device companies also offers exposure to the healthcare industry while reducing exposure to pharmaceutical benefit managers.&nbsp;
Read Next:&nbsp;
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<li><a href="https://www.benzinga.com/25/05/45319531/cathie-wood?utm_source=articleShare">Cathie Wood Says AI Will &#8216;Disrupt The Traditional World Order&#8217; And Replace Search Engines Like Google</a>&nbsp;</li>
</ul>
Image: Shutterstock

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Trump Again Promises Lower Drug Prices By 'Cutting Out Middlemen' Like UnitedHealth, CVS: Will It Work This Time?

Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>) and Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>) have posted strong gains over the past week, rallying more than 25% as Bitcoin hovers near all-time highs, fueling momentum across the meme coin sector.
<figure class="wp-block-table"> 
<table class="has-fixed-layout">
<tbody>
<tr>
<td>Cryptocurrency</td>
<td>Price&nbsp;&nbsp;&nbsp;</td>
<td>24-Hour Trend</td>
<td>7-Day Trend</td>
</tr>
<tr>
<td>Dogecoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/doge/usd">DOGE</a>)</td>
<td>$0.2387</td>
<td>+2%</td>
<td>+43%</td>
</tr>
<tr>
<td>Shiba Inu (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/shib/usd">SHIB</a>)</td>
<td>$0.00001603</td>
<td>+0% </td>
<td>+28% </td>
</tr>
<tr>
<td>Pepe (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/">PEPE</a>)</td>
<td> $0.00001438</td>
<td>+4% </td>
<td>+84% </td>
</tr>
</tbody>
</table>
</figure>
Trader Notes: Trader Tardigrade pointed out that Dogecoin is entering the final stage of its Cycle 3, typically the most explosive phase, and says momentum is building fast.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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<blockquote class="twitter-tweet" data-width="500" data-dnt="true"><a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> is finalizing Cycle 3 &#x1f525; This is the most powerful move in the cycle. Let&#39;s see how it goes &#x1f680;<a href="https://twitter.com/search?q=%24Doge&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$Doge</a> <a href="https://t.co/ut8s0LiMPp">pic.twitter.com/ut8s0LiMPp</a>
&mdash; Trader Tardigrade (@TATrader_Alan) <a href="https://twitter.com/TATrader_Alan/status/1922216007000813797?ref_src=twsrc%5Etfw">May 13, 2025</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
</figure>
Rekt Capital <a href="https://x.com/rektcapital/status/1922009907198328913">highlighted</a> DOGE currently retesting a key pre-halving resistance zone as new support. If this level holds, the next upside target is $0.27.
Meanwhile, CryptoGuru <a href="https://x.com/BDCryptoGuru/status/1922242833328570681">noted</a> Shiba Inu has broken out cleanly from a descending channel with a 68% move. 
As long as the current pullback holds above this level, the bullish setup remains intact. 
He advises watching for volume and support confirmation for potential continuation.
Statistics: Glassnode data shows DOGE futures open interest up 63.9% over the past week, from $989 million to $1.62 billion, even as price momentum cools. This signals heightened speculative interest
Shibburn data shows that 14.6 million SHIB tokens were burned in the past 24 hours, continuing the trend of reducing supply, a key factor that can contribute to upward price pressure.
Shibariumscan reports daily transactions rose from 4.16 million to 4.21 million within a single day, signaling growing on-chain activity.
According to IntoTheBlock, Shiba Inu also saw a massive 214.3% spike in large transaction volume over the same period. 
Daily active addresses climbed 13.8%, while high-value transactions (over $100,000) jumped from 115 to 195 — underscoring rising interest from larger players and increasing network engagement.
Read Next:&nbsp;
<ul class="wp-block-list">
<li><a href="https://www.benzinga.com/government/regulations/25/05/45314812/mark-cuban-slams-memecoins-says-they-set-a-bad-example-for-new-crypto-investors">Mark Cuban Slams Memecoins, Says They Set A &#8216;Bad Example&#8217; For New Crypto Investors</a></li>
</ul>
Image: Shutterstock

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$SHIB

Dogecoin, Shiba Inu Surge Over 25% In 7 Days: What Is Going On?

UBS analyst Dan Leonard maintains 10x Genomics (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TXG#NASDAQ">TXG</a>) with a Neutral and lowers the price target from $14 to $12.

UBS Maintains Neutral on 10x Genomics, Lowers Price Target to $12

UBS analyst Michael Goldsmith maintains W.P. Carey (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WPC#NYSE">WPC</a>) with a Neutral and lowers the price target from $66 to $63.

UBS Maintains Neutral on W.P. Carey, Lowers Price Target to $63

International Game Technology (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IGT#NYSE">IGT</a>) shares are trading lower on Tuesday, after the <a href="https://www.benzinga.com/movers" target="_blank" rel="noreferrer noopener">company reported first-quarter results.</a>
The company reported quarterly adjusted earnings per share of nine cents, missing the<a href="https://www.benzinga.com/pressreleases/25/05/n45370958/international-game-technology-plc-reports-first-quarter-2025-results" target="_blank" rel="noreferrer noopener"> analyst consensus estimate of 11 cents</a>. Quarterly sales of $583 million (down 12% year over year) missed the street view of $627.84 million.
Instant ticket and draw-based revenue was affected by calendar shifts. Normalized global same-store sales rose 1.4%, adjusting for leap year and scheduling differences across key regions.
Also Read: <a target="_blank" href="https://www.benzinga.com/news/large-cap/25/05/45382639/bank-of-america-bets-on-brick-and-mortar-expansion-plans-include-60-markets-worldwide" rel="noreferrer noopener">Bank Of America Bets On Brick-And-Mortar, Expansion Plans Include 60 Markets Worldwide</a>
Adjusted EBITDA fell 24% on a year-over-year basis to $250 million, while adjusted EBITDA margin contracted to 42.8% from 49.5% a year ago.
Adjusted EBITDA declined due to the absence of strong profit flow-through from elevated U.S. multi-state jackpot sales and related incentives seen last year.
Additional pressure came from new growth investments, rebranding costs tied to separating Lottery from Gaming &amp; Digital, and adverse foreign currency translation.
Operating income slumped 37% year-over-year to $138 million, while operating margin contracted to 23.7% from 33.1% in the year-ago period.
Operating income declined, mainly due to factors impacting adjusted EBITDA. A foreign exchange loss replaced last year's gain, driven by EUR/USD debt fluctuations.
As of March 31, 2025, total liquidity stood at $2.2 billion. This included $600 million in unrestricted cash and $1.5 billion in available credit capacity.
Dividend: The company declared a quarterly cash dividend of 20 cents per common share. The dividend will be paid on June 12 to shareholders of record as of May 29.
Outlook: International Game Technology narrowed its FY2025 sales guidance to $2.55 billion, down from the previous range of $2.55 billion to $2.65 billion, and compared with the $2.57 billion estimate.
&#8220;Given lower U.S. multi-state jackpot activity and the current worsening macroeconomic environment, we believe it is likely we will be at the low end of the full-year revenue and Adjusted EBITDA guidance provided in February,&#8221; said Max Chiara, CFO of IGT.
Read Next:
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<li><a href="https://www.benzinga.com/25/05/45369770/whos-going-to-buy-2-trillion-worth-of-paper-macro-expert-calls-wall-street-rally-a-headline-sugar-rush-as-treasury-yield-spike-signals-bigger-trouble" target="_blank" rel="noreferrer noopener">‘Who's Going To Buy $2 Trillion Worth Of Paper?' Macro Expert Calls Wall Street Rally A ‘Headline Sugar Rush' As Treasury Yield Spike Signals Bigger Trouble</a></li>
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Photo: IGT Wheel of Fortune DiamondRS Premium Wheel Cabinet Makes US Casino Debut, Courtesy IGT

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International Game Technology Misses Q1 Earnings During Margin Pressure; Trims Outlook On Weaker Jackpot Sales, Macroeconomic Headwinds

JPMorgan analyst Samik Chatterjee <a href="https://www.benzinga.com/quote/AAPL/analyst-ratings" target="_blank" rel="noreferrer noopener">maintained an Overweight</a> rating on Apple Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AAPL#NASDAQ">AAPL</a>) on Monday.
The latest ruling from Judge Yvonne Gonzalez Rogers has led to a lot of investor questions around the impact on App Store revenues from the use of alternative payments with no obligation to pay Apple a fee relative to the most recent setup of leveraging alternative payments, but with a 27% fee to Apple, after the initial ruling from the same judge enabled Steering.
Chatterjee needed to reiterate some key aspects before getting into scenario analysis to address investor questions.
Also Read: <a href="https://www.benzinga.com/tech/25/05/45320459/nvidia-apple-face-bigger-risks-from-china-trade-talks-than-any-boost-from-uk-deal-analyst-says" target="_blank" rel="noreferrer noopener">Nvidia, Apple Face Bigger Risks From China Trade Talks Than Any Boost From UK Deal, Analyst Says</a>
The ruling only relates to the steering rules that required Apple to enable steering or link-outs for applications, and there are no implications for In-App Purchase (IAP), as per the analyst. Apple has already appealed the ruling, and the analyst expects a long, drawn-out process. The key watchpoint is how quickly Apple can get a stay on the changes required by the latest ruling while pursuing the appeal process, the analyst said.
He noted the outcome during a long-drawn process could eventually see a fee lower than 27% to enable competition but materially higher than 0%, implying that Apple&#8217;s IP in its App Store is limited.
Chatterjee noted that the IP behind the App Store will have to be compensated; the latest court ruling effectively voids the value of the IP.
Publishers or Applications, like Match, have said they saw a 1/3rd take rate on alternative payments offered on Google app stores, but those scenarios included payments within the App.
According to the analyst, the cost of supporting transactions and discounts to promote link-out adoption will limit the economics for the vast majority of publishers.
Chatterjee&#8217;s scenario analysis implies modest EPS headwinds at most for Apple (2%-3%) if the company is unable to get a stay in the appeals process and an impact of ~80 to ~200 bps on the growth of Services revenue.
Price Action: AAPL stock is up 0.25% at $211.37 at last check Tuesday.
Read Next:
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<li><a href="https://www.benzinga.com/25/05/45324239/apples-upcoming-chips-aim-to-challenge-meta-in-the-smart-glasses-battle-report" target="_blank" rel="noreferrer noopener">Apple&#8217;s Upcoming Chip Aims To Challenge Meta In Smart Glasses Battle: Report</a></li>
</ul>
Photo: Akhenaton Images/Shutterstock

Reiteration

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AAPL

JPMorgan Sees Manageable Impact For Apple If App Store Appeal Fails

UBS analyst Mark Carden maintains Warby Parker (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WRBY#NYSE">WRBY</a>) with a Neutral and lowers the price target from $23 to $20.

WRBY

UBS Maintains Neutral on Warby Parker, Lowers Price Target to $20

UBS analyst Michael Goldsmith maintains Essential Properties (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPRT#NYSE">EPRT</a>) with a Buy and lowers the price target from $40 to $37.

EPRT

UBS Maintains Buy on Essential Properties, Lowers Price Target to $37

iTeos Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ITOS#NASDAQ">ITOS</a>) reported topline results from an updated interim analysis of the GALAXIES Lung-201 <a target="_blank" href="https://www.benzinga.com/pressreleases/25/05/g45372515/iteos-reports-topline-interim-results-from-galaxies-lung-201-study-of-belrestotug-dostarlimab-in-f" rel="noreferrer noopener">Phase 2 study on Tuesday</a>.
The trial sponsored by GSK Plc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GSK#NYSE">GSK</a>) assessed the belrestotug + dostarlimab doublet in previously untreated, unresectable, locally advanced, or metastatic PD-L1 high non-small <a target="_blank" href="https://www.benzinga.com/general/biotech" rel="noreferrer noopener">cell lung cancer (NSCLC)</a>.
The GALAXIES Lung-201 data demonstrated clinically meaningful improvements in the trial&#8217;s objective response rate (ORR) endpoint.
Also Read: <a target="_blank" href="https://www.benzinga.com//node/45100064" rel="noreferrer noopener">Britain&#8217;s GSK Asserts It Is &#8216;Well Positioned&#8217; To Mitigate Potential Tariffs After Strong Q1 Cancer And HIV Drug Sales</a>
However, the analysis did not meet established criteria for clinically meaningful improvements in the secondary endpoint of progression-free survival in the belrestotug + dostarlimab combination cohorts versus dostarlimab monotherapy.
An interim analysis of the GALAXIES H&amp;N-202 Phase 2 trial showed a trend below the meaningful threshold for ORR in the belrestotug combination cohorts vs. dostarlimab monotherapy in PD-L1 positive head and neck squamous cell carcinoma.
Based on these results, iTeos and GSK have decided to terminate the belrestotug development program and end the collaboration. All belrestotug-containing cohorts are ending, and any new enrollment in the ongoing GALAXIES Lung-301 Phase 3 trial will end.
iTeos Therapeutics said it is taking immediate steps to preserve capital and has initiated a targeted process to identify opportunities that preserve and maximize shareholder value. iTeos has engaged TD Cowen to advise on this process. 
&#8220;Given current market conditions and our appreciation of the responsibility to our valued shareholders, we believe the best path forward is to promptly evaluate a full range of strategic alternatives to unlock the value of our assets. With a strong balance sheet and a commitment to disciplined execution, we are well-positioned to pursue opportunities that maximize shareholder value,&#8221;&nbsp;said Michel Detheux, president and CEO of iTeos.
In April, iTeos said its cash and investments position was $624.3 million as of March 31, 2025, which is expected to provide a cash <a target="_blank" href="https://www.benzinga.com/pressreleases/25/04/g45053301/iteos-reports-first-quarter-2025-financial-results-and-provides-business-updates" rel="noreferrer noopener">runway into 2027</a>.
Price Action: ITOS stock is up 17.3% at $8.12 at the last check on Tuesday.
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UBS analyst A.J. Rice maintains Cross Country Healthcare (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CCRN#NASDAQ">CCRN</a>) with a Neutral and lowers the price target from $18.61 to $16.5.

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UBS Maintains Neutral on Cross Country Healthcare, Lowers Price Target to $16.5

Bitcoin's (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) surge above $104,000 has pushed the market into a <a href="https://www.benzinga.com/money/bitcoin-price-prediction">"high-risk, high-reward" zone</a>, with a structure that mirrors previous bull rallies, according to Glassnode's report on Tuesday.
What Happened: The <a href="https://www.papermark.com/view/cmal8lffh0001l404m7c1gm5l">report</a> suggests that while profit-taking incentives are rising sharply, the rally could sustain momentum if demand from new participants continues to grow.
"The market has now entered a high-risk, high-reward structure, with 94% of supply in profit, NUPL nearing euphoric levels, and the Realized Profit/Loss ratio elevated at 2.38," the report said.
"However, if demand continues to build in response to the rally – particularly among new entrants – this structure has the potential to persist for several more weeks, similar to prior bullish phases."
Glassnode&#8217;s assessment positions the current market as delicately balanced. 
On one side, elevated unrealized profits create strong incentives for investors to sell. 
On the other, multiple indicators, across spot, futures and options markets, suggest ongoing accumulation and confidence.
The rally has been distinctly spot-driven, with aggressive net taker buy pressure reflecting strong conviction from buyers. 
Spot cumulative volume delta (CVD) flipped from -$149 million to +$9.91 million, while spot trading volume recovered to $7.89 billion after weeks of low participation. 
These moves confirm that buyers are stepping in even at elevated price levels.
Also Read: <a href="https://www.benzinga.com/markets/cryptocurrency/25/05/45380119/solana-faces-competition-from-sui-ton-base-blockchains-report">Solana Faces Competition From Sui, Ton, Base Blockchains: Report</a>
Derivatives markets are playing catch-up. 
Futures open interest rose from $33.3 billion to $34.1 billion, funding rates turned positive, and perpetual CVD jumped to +$504 million, indicating a build-up of long leverage. 
Options markets mirrored this bullish bias, with open interest reaching $29.5 billion and skew metrics showing a strong tilt toward call buying.
Institutional participation via spot ETFs has also remained strong. 
Net inflows dipped slightly from $1.36 billion to $1.25 billion but still sit well above long-term averages, according to the report. 
What&#8217;s Next: The report tempers its optimism with some caution.
Key on-chain fundamentals, like active addresses and fee volumes are improving but remain modest compared to prior bull runs. 
The share of "hot capital," or short-term speculative inflows, remains low at 29%, highlighting a hesitance from newer market participants to engage.
Bitcoin's price structure is bullish but precarious, supported by strong momentum but vulnerable if fresh demand fails to materialize. 
Glassnode&#8217;s analysts underline that the next phase of the rally will depend not just on metrics, but on market psychology: whether enough new buyers are willing to step in and absorb realized profits from early holders.
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$BTC

Bitcoin Rally Is In A 'High-Risk, High-Reward' Zone: Glassnode

Aemetis, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMTX#NASDAQ">AMTX</a>) on Tuesday announced a <a href="https://www.benzinga.com/pressreleases/25/05/g45372712/aemetis-biogas-signs-27-million-agreement-with-centuri-to-build-gas-cleanup-systems-for-15-dairy-d" target="_blank" rel="noreferrer noopener">$27 million equipment agreement</a> with Centuri Holdings, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CTRI#NYSE">CTRI</a>), marking a significant step forward in its renewable natural gas (RNG) infrastructure strategy.
The agreement, made through Aemetis' subsidiary, Aemetis Biogas, will support the deployment of biogas cleanup systems across 15 dairy digesters in California's Central Valley. These installations are part of a larger initiative to produce RNG from 50 dairies already under contract.
Aemetis underscored that its partnership with Centuri extends well beyond this initial equipment deal. According to Chairman and CEO Eric McAfee, Centuri will also provide construction management and pipeline assembly services for future energy efficiency and carbon reduction initiatives. McAfee pointed to Centuri's strong track record in executing large-scale industrial and pipeline infrastructure projects.
Also Read: <a target="_blank" href="https://www.benzinga.com/economics/macro-economic-events/25/05/45379707/sp-500-to-6500-goldman-sachs-trims-recession-odds-as-trump-backs-off-on-tariffs" rel="noreferrer noopener">S&amp;P 500 To 6,500? Goldman Sachs Trims Recession Odds As Trump Backs Off On Tariffs</a>
In addition to the digester expansion, Aemetis is moving forward with several significant projects. These include scaling RNG production to exceed 1 million MMBtu annually and implementing a vapor recompression system at its Keyes ethanol facility, which is expected to boost annual cash flow by $32 million starting in 2026.
The company is also advancing a carbon sequestration initiative capable of storing 1.4 million tons of CO₂ per year and a 78 million-gallon-per-year sustainable aviation fuel and renewable diesel plant. Further industrial-scale developments are being negotiated at the company's Riverbank site.
Price Action: AMTX shares are trading higher by 7.39% to $1.525, and CTRI is up by 8.55% to $21.20 at the last check on Tuesday.
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Contracts

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CTRI

Why Is Aemetis Stock Trading Higher On Tuesday?

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Global-e Reports Fourth Quarter and Full Year 2024 Results

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Global-e to Announce Financial Results for the First Quarter 2025 on May 14, 2025

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