Month: August 2019

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 – Pyxis (PXS) – On Track for Rebound

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Tuesday, August 13, 2019

Pyxis Tankers (PXS)

On the Right Track for 2H2019 Rebound

Pyxis Tankers Inc is a US-based international maritime transportation company which focuses on the product tanker sector. It owns a fleet which comprises of six double hull product tankers, which are employed under a mix of short- and medium-term time charters and spot charters.

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

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

  • Some positive traction in 2Q2019.  Adjusted 2Q2019 EBITDA of $1.3 million was in line with our estimate and above 1Q2019 EBITDA of $0.5 million, mainly due to better performance from the MR tankers. Versus 1Q2019, TCE revenue ($0.6 million) and slightly lower opex slightly lower G&A expenses ($0.1 million) were the main variances.  
     
  • Adjusted 2019 estimate reflects expected 2H2019 recovery.  Our new 2019 EBITDA estimate is $5.8 million, which incorporates quarterly results and TCE rates of…




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*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 – Harte Hanks (HHS) – Substantial Progress Made

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Tuesday, August 13, 2019

Harte-Hanks (HHS)

Substantial Progress Made

Harte-Hanks is a marketing services company that provides multichannel marketing solutions as well as consulting, data analytics, and strategic assessment. The company’s offerings focus on business-to-business, retail, finance, and automotive segments through digital, social, mobile, and print media offerings.

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

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

  • Second quarter reflects significant cost cutting. While revenues were lighter than expected, the company overachieved on operating cash flow with a adj. EBITDA loss of $1.76 million versus our loss estimate of $5.6 million. Notably, management indicated that not all of the cost cuts were reflected in the quarter.  
     
  • Flowing through a large portion of the upside. We are adjusting our full year 2019 adjusted EBITDA loss estimate from a loss 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. 

Research – E.W. Scripps (SSP) – A Surprising Reaction

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Tuesday, August 13, 2019

E.W. Scripps (SSP)

Posts A Good Quarter; A Surprising Reaction

The E.W. Scripps Company serves audiences and businesses through a growing portfolio of media brands. Scripps currently has 34 radio stations and will expand to over 50 stations with recently announced acquisitions. In addition to its Television station portfolio, SSP runs an expanding collection of national businesses, including podcasting content and infrastructure, a cable network and digital news business, and national broadcast networks.

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

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

  • Second quarter overachieves expectations. Second quarter revenues were roughly in line with expectations ($336.7 million versus our $339.7 million), but cash flow (adj. EBITDA) over achieved expectations ($47.6 million versus our $38.2 million estimate). Stronger results in the National Media segment accounted for the variance in our estimates.
  • Third quarter guidance a little better.  The company’s Local Media business appears to be doing slightly better than we thought. This is offset by higher than expected…



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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 – Salem Media (SALM) – Hitting Fast Forward

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Tuesday, August 13, 2019

Salem Media (SALM)

Fast Forward To 2020

Salem Media Group is America’s leading radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values. In addition to its radio properties, Salem owns Salem Radio Network, which syndicates talk, news and music programming to approximately 2700 affiliates; Salem Radio Representatives, a national radio advertising sales force; Salem Web Network, a leading Internet provider of Christian content and online streaming; and Salem Publishing, a leading publisher of Christian themed magazines.

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

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

  • Second quarter disappoints.  Adjusted 2Q2019 EBITDA of $1.3 million was in line with our estimate and above 1Q2019 EBITDA of $0.5 million, mainly due to better performance from the MR tankers. Versus 1Q2019, TCE revenue ($0.6 million) and slightly lower opex slightly lower expenses ($0.1 million) were the main variances.
  • Third quarter outlook.   Management provided third quarter revenue guidance to decrease between 4% and 6%, which also reflects planned asset sales. Operating expenses were…



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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. 

Can Hong Kong Retain Its Autonomy?

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Can Hong Kong Retain Its Autonomy?

(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) 

Hong Kong protests started when opposition arose against the now-suspended bill which would have granted Beijing the ability to extradite suspects to mainland China. Activists are fighting against the erosion of constitutional freedoms and democratic processes which have been instated in Hong Kong’s Basic Law. Article 45 of the Basic Law, instated in 1990, states that the chief executive, Hong Kong’s highest-ranking political member, is selected through “universal suffrage upon nomination by a broadly representative nominating committee in accordance with democratic procedures.” In the Basic Law, Beijing will need to approve all voter decisions made by the people in Hong Kong. The National People’s Congress Standing Committee ruled that in order for a candidate to appear on the Hong Kong voting ballot, they would have to receive more than half of the votes from the nominating committee. This would make it, so that the ballot is identical to the picked chief executives of the election committee and guarantees the candidates would be selected by Beijing. The new amendments to Basic Law legislation have led to increasingly violent street protests by activists who are understandably concerned about retaining their rights.

Research – E.W. Scripps (SSP) – Surprising Reaction to a Good Quarter

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Second quarter overachieves expectations. Second quarter revenues were roughly in line with expectations ($336.7 million versus our $339.7 million), but cash flow (adj. EBITDA) over achieved expectations ($47.6 million versus our $38.2 million estimate). Stronger results in the National Media segment accounted for the variance in our estimates. 

Third quarter guidance a little better. The company’s Local Media business appears
to be doing slightly better than we thought. This is offset by higher than
expected…





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*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. 

FEATURE: Research | NobleCon | Podcast

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Harte-Hanks (HHS) Substantial Progress Made. More

Onconova Therapeutics
(ONTX) Precision Medicine Approach to Empower Future Clinical Trials. More

Pyxis Tankers (PXS) On the Right Track for 2H2019 Rebound. More

IPO Podcast Series: Patrick
Drake. Drive a meal-in-a-box start-up to #1 in the world in six years. More

What is CBD, and why am I seeing it everywhere? The widespread appeal of cannabidiol (CBD) in both consumer and medical markets is perhaps one of the most exciting developments to arise from the international trend toward cannabis legalization. More

Is Solar Energy the Way of the Future? The race to find an alternative renewable energy source has been ongoing for decades. The most popular and sustainable option available at the moment is solar power. More

Biotechnology Industry YTD Overview. More

Noble Capital Markets’ sixteenth annual investor conference – Noble Capital Markets’ plans are set for its sixteenth annual NobleCon investor conference to be held at the New Hard Rock, South Florida, February 2020. More

Research – Trovagene (TROV) – Inflection Points Later this Year

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Monday, August 12, 2019

Trovagene Inc. (TROV)

Additional Data Readouts are the Major Inflection Points in H2 2019

TrovaGene Inc is a US-based life science company which focuses on the development and commercialization of a proprietary molecular genetic detection technology for use in pharmaceutical development, clinical research and medical testing across a variety of clinical disciplines, including oncology and virology.

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

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

  • Opportunity in Multiple Indications. Trovagene continues to make progress in its clinical programs including; 1) Phase 1b/2 study in acute myeloid leukemia (AML), 2) Phase 2 study in metastatic castration-resistant prostate cancer (mCRPC) and 3) Phase 1b/2 trial in KRAS-mutated metastatic colorectal cancer (mCRC). 
     
  • Key Value Driving Catalysts. In our view, additional data readouts, validating the potential of Onvansertib in these indications, will unlock additional value for the shares. The nearest-term catalyst is…




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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 – Endeavor Silver (EXK) – Setting the Stage for Growth

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Monday, August 12, 2019

Endeavour Silver (EXK)

Overhauling the Base Business and Setting the Stage for Growth

Endeavour Silver Corp is a precious metal mining company. The company is primarily engaged in silver mining and owns three high-grade, underground, silver-gold mines in Mexico. Its other business activities include acquisition, exploration, development, extraction, processing, refining and reclamation.

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

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

  • Weaker than expected second quarter. Endeavour reported a second quarter loss of $10.1 million, or ($0.08) per share, compared to a loss of $5.7 million, or ($0.04) per share, during the prior year period. We had projected a loss of $4.9 million, or ($0.04) per share. The variance to our estimate is attributed to higher than expected costs of production.  
     
  • Adjusting estimates. We now forecast a 2019 loss of ($0.23) per share versus our prior estimate of ($0.17). However, we have modestly increased our 2020 EPS and EBITDA estimates to…




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*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. 

China currency devaluation: Who is this helping?

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China currency devaluation: Who is this helping?

(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)

As President Trump threatens to impose more tariffs on goods from China, the response was China devaluing their currency. For the first time in more than a decade, the yuan is at an all-time low of 7 yuan per dollar. With investors fearing that this will have a heavy impact on global growth, many have got out of their Asian currency investments associated with exports and moving to safer investments, like the Japanese yen. Although this may lead to economic growth for China, it may lead to increased inflation and a currency war worldwide.

Research – The McClatchy Company (MNI) – Significant Progress Toward Maintaining Cash Flow

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Friday, August 9, 2019

The McClatchy Company (MNI)

Significant Progress Toward Maintaining Cash Flow

The McClatchy Co is the third-largest newspaper publisher in the United States, operating 30 dailies and approximately 50 nondaily publications in 29 markets nationwide.

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

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

  • Overachieves second quarter expectations. While revenues were a little lighter than expected, the company’s earlier cost reductions significantly kicked in. As a result, cash flow from continuing operations (excluding asset sales) was nicely better than expected ($26.3 million versus our $22.6 million estimate). Notably, the company was able to maintain EBITDA margins at 14.7%. 
     
  • Disruption not as bad as feared. The company implemented a number of sales and structural strategies at the company in the second quarter, which potentially…




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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 – Harte-Hanks (HHS) – With Progress Comes Increased Confidence In Its Turnaround

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Friday, August 9, 2019

Harte-Hanks (HHS)

With Progress Comes Increased Confidence In Its Turnaround

Harte-Hanks is a marketing services company that provides multichannel marketing solutions as well as consulting, data analytics, and strategic assessment. The company’s offerings focus on business-to-business, retail, finance, and automotive segments through digital, social, mobile, and print media offerings.

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

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

  • Good progress. The second quarter results were mixed, but reflected progress on the company’s plan to right size its business, to position the company for profitability, and a return toward revenue and cash flow growth. While revenues were lighter than expected, the company overachieves on operating cash flow, with a significantly lower loss due to significant cost cutting.  
     
  • Management expresses confidence in improving outlook. Management indicated that it believes that the company is on track to have positive EBITDA in the fourth quarter 2019 and will be…




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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.