12:27 PM EDT, 07/03/2024 (MT Newswires) -- First Foundation's ( FFWM ) capital raise will likely assist with its earnings recovery but comes at a significant dilutive cost, Wedbush said in a note Wednesday.

First Foundation ( FFWM ) said Tuesday that affiliates of Fortress Investment, Canyon Partners, Strategic Value Bank Partners, North Reef Capital, and other investors are investing up to $228 million in the company.

Shares sank 24% after midday on Wednesday, with intraday trading volume at nearly 2.5 million shares, versus a daily average of about 471,000. The US equity market will close early at 1 pm ET.

Simulations Plus ( SLP ) shares slumped by more than 15% amid heavy trading after the company reported late Tuesday lower fiscal Q3 earnings and trimmed its 2024 earnings guidance.

More than 275,000 shares traded intraday compared with a daily average of about 105,000.

UBS adjusted its price target on Walgreens Boots Alliance ( WBA ) to $12 from $17, while maintaining its neutral rating.

Walgreens will likely face continued retail and pharmacy headwinds into next year, RBC Capital Markets said in a note Tuesday.

Shares dropped 3.5% as intraday trading volume soared to nearly 18 million shares versus a daily average of about 14.7 million.

Price: 5.01, Change: -1.57, Percent Change: -23.82