Getty Realty Corporation Stock 12‑Month Price Target Cut to $34.75, Implies 27% Upside

Getty Images filed for Chapter 11 bankruptcy on 21 October, citing competition from AI and the collapse of its merger with Shutterstock. The restructuring, expected to conclude by late 2026, includes $533M in equity commitments and $143M in financing from Koch affiliates. Getty's assets and liabilities are estimated between $1B and $10B. The company will continue operations and payments to contributors during the process.

The U.S. Army awarded Pegasystems a software contract with a maximum value of $419 million. The agreement, lasting up to 10 years, covers subscriptions, cloud hosting, and professional services for authorized military organizations. Pegasystems was named the sole responsible source by the Army, citing its platform's unique features. The company announced the award on November 4.

AST SpaceMobile (ASTS) announced plans to build its own reusable rocket, Blacklift, for launching satellites starting in late 2028. Firefly Aerospace (FLY) will supply engines, valued at over $1.3B. ASTS shares rose 7.05%, while FLY surged 36.8%. The deal includes $800M upfront, including ASTS shares, and adds to ASTS's cash burn and dilution.

Novartis AG is halting development of pelacarsen, an experimental heart drug, after a key study showed no benefit in preventing heart attacks or cardiovascular deaths. The drug, which targets Lp(a), a cholesterol-carrying particle, failed to reduce heart attacks or strokes despite lowering Lp(a) levels. Novartis will continue one trial for a heart valve disease. The company has another experimental drug, DII235, in midstage testing.

Novartis NVS is halting development of Ionis IONS's heart drug pelacarsen after it failed a late-stage trial. The therapy did not meet its primary endpoint in the Lp(a)HORIZON trial for cardiovascular disease. Novartis will continue testing pelacarsen for calcific aortic valve stenosis. Amgen AMGN, Arrowhead ARWR, and Royalty Pharma RPRX also saw shares drop in September due to the setback.

Novartis (NVS) will halt development of a heart disease drug discovered by Ionis (IONS) after it failed in a late-stage trial in September, according to Bloomberg.