Month: August 2019

Research – Euroseas (ESEA) -Quarterly Results Stabilizing

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Monday, August 19, 2019

Euroseas (ESEA)

Acquisition and Refinancing Are Positives

Euroseas (ESEA) operates a fleet of 15 container ships (14 feeders and one intermediate) in the container shipping markets following the closing of a four feeder container vessel acquisition in early August 2019. Euroseas’ operations are managed by Eurobulk Ltd., an affiliated ship management company, and Eurobulk FE (Far East) Ltd, which are responsible for the day-to-day commercial and technical management and operation of the fleet. Euroseas employs the fleet on mainly on spot and time period charters.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Quarterly results stabilizing.  RExcluding drydock expenses, adjusted 2Q2019 EBITDA was $1.7 million was below our estimate of $2.1 million, mainly due to slightly lower time equivalent (TCE) rates and higher opex.
  • Fine-tuning 2019 EBITDA estimate.   To incorporate lower 2Q2019 results and other events, like the preferred stock redemption and acquisition, our new adjusted EBITDA estimate of $9.3 mill…



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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Growing Industry: What Should We Look For?

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Growing Industry: What Should We Look For?

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section) 

The cannabis industry has been a hot topic in headline news for the past couple of years. Many investors dive into this industry because it’s trending but have no idea where to put their money or what companies are doing to get ahead. It’s important to know the basics of the cannabis industry and to keep up with the laws surrounding the use and distribution, since this affects the growth outlook for cannabis stocks.

Research – EuroDry (EDRY) – Improving Environment

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Friday, August 16, 2019

EuroDry (EDRY)

Another Solid Quarter – Promising 2H2019 Outlook.

EuroDry operates in the dry bulk shipping markets. EuroDry’s operations are managed by Eurobulk Ltd., an affiliated ship management company, and Eurobulk FE (Far East) Ltd, which are responsible for the day-to-day commercial and technical management and operation of the fleet. EuroDry employs the fleet on spot and period charters and through pool arrangements.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Another solid quarter as pure dry bulk market play.  Reported 2Q2019 EBITDA was $1.8 million and adjusted EBITDA of $2.7 million excluding drydock expenses was above our estimate of $2.3 million mainly due to higher than expected TCE rates partially offset by slightly higher opex. 2Q2019 TCE revenue of $6.3 million was slightly above expectations by $0.1 million due to higher than expected shipping days of 628.
  • Adjusting our 2019 EBITDA estimate to reflect 2Q2019 results and current dry bulk market environment.  We have fine-tuned our forecasts and there is no change in adjusted EBITDA estimate of $10.4 million. Given the rapid…



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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Sierra Metals (SMTS) – Positioned for Improvement

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Friday, August 16, 2019

Sierra Metals (SMTS)

Positioned for Improved 2H2019 Financial Performance

Sierra Metals is a mid-size precious and base metal producer with mines in Mexico (Bolivar and Cusi) and Peru (Yauricocha). The company has expanded milling capacity in recent years and is poised to grow as it expands existing operations and makes selective acquisitions. The company has ample brownfield opportunities surrounding its existing mines and is actively drilling at all three of its producing mines.

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • SMTS reports modest second quarter loss.  SMTS reported a modest second quarter loss of $158 thousand, or ($0.00) per share, versus earnings of $10.8 million, or $0.07 per share during the prior year period. We had forecast earnings of $0.03 per share. Adjusted EBITDA amounted to $12.6 million versus $28.9 million during the prior year period. Relative to the prior year period, second quarter results were negatively impacted by lower metals prices and loss of production due to a worker strike and operating margin was lower versus our estimate.
  • Updating estimates.   We are lowering our full year 2019 EPS and EBITDA estimates to $0.06 and $65.7 million from $0.15 and $94.2 million, respectively. Additionally, we have lowered our…



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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Onconova Therapeutics (ONTX) – Inflection Points Ahead

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Thursday, August 15, 2019

Onconova Therapeutics (ONTX)

Multiple Value Driving Inflection Points in Near to Medium Term Horizon

Onconova Therapeutics, Inc., a clinical-stage biopharmaceutical company, focused on discovering and developing small molecule inhibitors to treat cancer. The lead product candidate rigosertib is in Phase 3 clinical trial for patients with higher risk myelodysplastic syndromes (MDS). The company has a license agreement with SymBio Pharmaceuticals Limited, development, and commercialization agreement with Pint International; and a license and collaboration agreement with HanX Biopharmaceuticals. Onconova Therapeutics, Inc. was founded in 1998 and is headquartered in Newtown, Pennsylvania.

Ahu Demir, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Onconova’s main focus is INSPIRE.  The company is on track to complete enrollment of Phase 3 study (INSPIRE) with rigosertib, a RAS pathway inhibitor, for the treatment of 2nd line high-risk myelodysplastic syndrome (HR-MDS). Completion of enrolment is expected in H2 2019, data readout to follow in H1 2020.
  • Key Value Driving Catalysts.   Although topline data readout from INSPIRE trial remains as the major milestone for Onconova, we believe achieving the following milestones will generate inflection points for the company; 1) completion of enrollment in INSPIRE study in H2 2019, 2) finalization of…



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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Too Busy to Shop? The Rise of Meal Kit Delivery Services

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Too Busy to Shop?

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section) 

Modern life is busy. We are constantly running around and do not always have time to go grocery shopping, often resulting in paying for take-out. In 1985, seventy-one percent of meals eaten at home were home-cooked. Today, that number is down to sixty percent and falling. Over a decade ago Middagsfrid created a meal kit delivery company in Sweden. The concept did not make its way over to the U.S. until around 2015 after Goldman Sachs reported they expected the industry to grow between $3 – $5 billion by 2020. Their estimate has still held and is still on track to reach that value. In the last half of 2018, 14.3 million households purchased meal kits, which was up 3.8 million from 2017.

Can consumers positively impact the current economic outlook?

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Can consumers positively impact the current economic outlook?

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section) 

In the month of July, consumer retail purchases in the U.S. escalated even though larger scale purchases, like motor vehicles, declined. This positive trending data may shed a little light on the current market as fears of a global recession rise. Amazon Prime Day and other competitive sales may have been a contributing factor to this growth. This increased consumer spending shows faith in the economy, which is an encouraging sign that will hopefully continue.

Will owning an Electric Vehicle finally be convenient?

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Will owning an Electric Vehicle finally be convenient?

(Note: companies that could be impacted by the content of this article are listed at the base of the story (desktop version). This article uses third-party references to provide a bullish, bearish and balanced point of view; sources listed in the “Balanced” section) 

Electric vehicles offer transportation without the need for gasoline, lessening the impact it has on the environment. They have been gaining popularity because of this but have run into many problems along the way. The biggest participant in the U.S. market right now is Tesla. They have ruled the industry for some time, but new competition is here, and more is on its way. Lack of convenience is causing problems for all parties involved, leaving the main players scrambling to come up with solutions.

Research – Dyadic International (DYAI) – Data and Additional Partnerships to Expand Further Value

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Wednesday, August 14, 2019

Dyadic (DYAI)

Data and Additional Partnerships to Expand Further Value

Dyadic International, Inc. is a global biotechnology company which is developing what it believes will be a potentially significant biopharmaceutical gene expression platform based on the industrially proven hyper productive engineered fungus Thermothelomyces heterothallica (formerly Myceliophthora thermophila), named C1.
The C1 microorganism, which enables the development and large scale manufacture of low cost proteins, has the potential to be further developed into a safe and efficient expression system that may help speed up the development, lower production costs and improve the performance of biologic vaccines and drugs at flexible commercial scales. Dyadic is using the C1 technology and other technologies to conduct research, development and commercial activities for the development and manufacturing of human and animal vaccines and drugs, such as virus like particles (VLPs) and antigens, monoclonal antibodies, Fab antibody fragments, Fc-Fusion proteins, biosimilars and/or biobetters, and other therapeutic proteins. Dyadic pursues research and development collaborations, licensing arrangements and other commercial opportunities with its partners and collaborators to leverage the value and benefits of these technologies in development and manufacture of biopharmaceuticals. In particular, as the aging population grows in developed and undeveloped countries, Dyadic believes the C1 technology may help bring biologic vaccines, drugs and other biologic products to market faster, in greater volumes, at lower cost, and with new properties to drug developers and manufacturers, and improve access and cost to patients and the healthcare system, but most importantly save lives.

Ahu Demir, Biotechnology Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Progressing Towards Validation of Technology.  We continue to believe that the major inflection point for DYAI shares is further validation of C1 technology in biologic manufacturing, data expected by year-end 2019. This will also open doors for additional partnership opportunities.
  • Second Quarter Earning Update. On August 13, the company reported $0.4 million in revenues, $0.7 million in R&D expenses and $1.4 million in G&A expenses. Net loss was $2.2 million, or ($0.08) per share. The reported numbers are in line with…



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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – QuoteMedia, Inc. (QMCI) – Second Quarter Results Indicate Favorable Momentum

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Wednesday, August 14, 2019

QuoteMedia, Inc. (QMCI)

Second Quarter Results Indicate Favorable Momentum

QuoteMedia, based in Fountain Hills, Arizona, provides cloud-based financial data, market news feeds, and financial software solutions. Its customers include financial service companies, online brokerages, clearing firms, banks, media portals, public corporations and individual investors. The company provides a single source solution providing products such as streaming quotes, charting, historical data, technical analysis, news and research. Information can customized and provided to multiple platforms including terminals and mobile devices.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Solid second quarter.  Total company revenues of $2.985 million increased an attractive 6.7%, in line with our $2.970 million revenue estimate. Operating cash flow (adj. EBITDA) was slightly better than expected at $0.577 million versus our estimate of $0.513 million.
  • Attractive sequential growth.  The second quarter represented an attractive 4% sequential revenue growth from the first quarter, one of the company’s best performances since…



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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – ProMIS Neurosciences (PMN:CA) – Strengthening Drug Portfolio by Adding Novel Alzheimer’s Antibodies

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Wednesday, August 14, 2019

ProMIS Neurosciences (PMN:CA)

Strengthening Drug Portfolio by Adding Novel Alzheimer’s Antibodies

ProMIS Neurosciences, Inc., a development stage biotech company, discovers and develops precision medicine therapeutics for the treatment of neurodegenerative diseases, primarily Alzheimer’s disease (AD) and amyotrophic lateral sclerosis (ALS).

Cosme Ordonez, MD, Ph.D., Senior Life Sciences Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Identification of novel drug candidates for the treatment of Alzheimer’s disease.  Q2/2019, ProMIS Neurosciences identified several antibody drug candidates targeting the protein Tau, which is a primary pharmaceutical target for the treatment of Alzheimer’s disease.
  • Robust drug portfolio. ProMIS has now developed antibodies against toxic oligomers derived from two primary Alzheimer’s targets, Tau and Amyloid beta. In addition, the company’s drug portfolio includes…



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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Research – Pangaea Logistics (PANL) – Lower 2Q2019 Shipping Days, But Rebound Ahead

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Wednesday, August 14, 2019

Pangaea Logistics (PANL)

Lower 2Q2019 Shipping Days, But Rebound Ahead

Pangaea Logistics Solutions Ltd and its subsidiaries provide seaborne drybulk transportation services. It transports drybulk cargos including grains, coal, iron, ore, pig, iron, hot briquetted iron, bauxite, alumina, cement clinker, dolomite and limestone. The firm’s services include cargo loading, cargo discharge, vessel chartering, voyage planning and technical vessel management.

Poe Fratt, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Market turmoil triggered a retrenchment but consistent business model delivered solid results.  2Q2019 results were below our estimate due to lower shipping days, but 2Q2019 EBITDA of $11.3 million was higher than 1Q2019 EBITDA of $8.6 million and TCE rates of $12,933/day were above our estimate and 1Q2019 levels. The business model continues to deliver outperformance and the TCE premium to the BPI/BSI market indices was $4,268/day, close to 1Q2019 premium of $4,869/day and well above $2,801/day in 4Q2018.
  • To reflect the 2Q2019 variance, we are moving our 2019 EBITDA estimate to $55.5 million in 2019 (from $60.9 million). Estimate is based on…



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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.