April 2023 - Page 10 of 13

Release – PDS Biotech to Host Interleukin 12 (IL-12) Immunocytokine-Focused KOL Roundtable on April 21, 2023

Posted on April 12, 2023April 12, 2023 by aweinsoff@channelchek.com

FLORHAM PARK, N.J., April 12, 2023 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing a growing pipeline of targeted immunotherapies for cancer and infectious disease, announced it will host a Key Opinion Leader (KOL) Roundtable on Interleukin-12 (IL-12) for analysts, investors and the scientific community from 8:00 to 9:00 AM, ET on April 21, 2023.

This PDS Biotech-sponsored event will focus on the potential of an IL-12 immunocytokine in oncology and the clinical results and promise demonstrated to date with PDS0301, the company’s novel investigational tumor-targeting IL-12 fusion protein. The novel investigational antibody targeted IL-12 enhances the proliferation, potency and longevity of T cells in the tumor microenvironment while also limiting its presence in the blood, which appears to promote tolerability and safety. The event will be moderated by PDS Biotech’s Chief Medical Officer, Dr. Lauren Wood, and will feature presentations from the following cancer research experts:

James Gulley, M.D., Ph.D., Co-Director of the Center for Immuno-Oncology, Deputy Director of the Center for Cancer Research, and Acting Clinical Director of the National Cancer Institute
Jeffrey Schlom, Ph.D., Co-Director of the Center for Immuno-Oncology at the Center for Cancer Research of the National Cancer Institute

Registration for PDS Biotech’s IL-12 Focused KOL Roundtable is now open, and a live webcast of the event will be available online in the investor relations section of the company’s website at PDS Biotech – Investor Relations. A replay will be available on the company website for 90 days following the webcast.

About PDS Biotechnology

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of targeted cancer and infectious disease immunotherapies based on our proprietary Versamune^®, Versamune^® plus PDS0301, and Infectimune™ T cell-activating platforms. We believe our targeted immunotherapies have the potential to overcome the limitations of current immunotherapy approaches through the activation of the right type, quantity and potency of T cells. To date, our lead Versamune^® clinical candidate, PDS0101, has demonstrated the ability to reduce tumors and stabilize disease in combination with approved and investigational therapeutics in patients with a broad range of HPV16-associated cancers in multiple Phase 2 clinical trials and will be advancing into a Phase 3 clinical trial in combination with KEYTRUDA^® for the treatment of recurrent/metastatic HPV16-positive head and neck cancer in 2023. Our Infectimune™ based vaccines have also demonstrated the potential to induce not only robust and durable neutralizing antibody responses, but also powerful T cell responses, including long-lasting memory T cell responses in pre-clinical studies to date. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

About PDS0301

PDS0301 is a novel investigational fusion protein of a tumor-targeting antibody and Interleukin 12 (IL-12) that enhances the proliferation, potency and longevity of T cells in the tumor microenvironment. Together with Versamune^® based immunotherapies PDS0301 may work synergistically to promote a targeted T cell attack against cancers. PDS0301 is given by a simple subcutaneous injection. Clinical data suggest the addition of PDS0301 to Versamune^® based immunotherapies, such as PDS0101, can demonstrate significant disease control by shrinking tumors and/or prolonging survival in patients with recurrent/metastatic cancers with poor survival prognosis.

Forward Looking Statements

This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for PDS0101, PDS0203 and other Versamune^® and Infectimune™ based product candidates; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101, PDS0203 and other Versamune^® and Infectimune™ based product candidates and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund its disclosed clinical trials, which assumes no material changes to the Company’s currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from its clinical development programs and any collaboration studies; to aid in the development of the Versamune^® platform;  and other factors, including legislative, regulatory, political and economic developments not within the Company’s control. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual, quarterly and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.  

Versamune^® is a registered trademark and Infectimune™ is a trademark of PDS Biotechnology.

Investor Contacts:
Deanne Randolph
PDS Biotech
Phone: +1 (908) 517-3613
Email: drandolph@pdsbiotech.com

Rich Cockrell
CG Capital
Phone: +1 (404) 736-3838
Email: pdsb@cg.capital

Media Contacts:
Tiberend Strategic Advisors, Inc.
Dave Schemelia
Phone: +1 (609) 468-9325
dschemelia@tiberend.com

Bill Borden
Phone: +1 (732) 910-1620
bborden@tiberend.com

Release – Ocugen To Host Virtual Investor & Analyst Event On April 14, 2023

Posted on April 12, 2023April 12, 2023 by aweinsoff@channelchek.com

Research News and Market Data on OCGN

April 11, 2023

COMPANY TO SHARE PRELIMINARY SAFETY AND EFFICACY DATA FROM ONGOING PHASE 1/2 TRIAL OF OCU400 FOR THE TREATMENT OF RETINITIS PIGMENTOSA AND LEBER CONGENITAL AMAUROSIS

MALVERN, Pa., April 11, 2023 (GLOBE NEWSWIRE) — Ocugen, Inc. (Ocugen or the Company) (NASDAQ: OCGN), a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies, biologics, and vaccines, today announced that it will host an Investor and Analyst Event on April 14, 2023, at 8 a.m. ET. During the webcast and conference call, members of the Ocugen leadership team and key opinion leaders will review preliminary safety and efficacy results from the Phase 1/2 trial of OCU400 for the treatment of retinitis pigmentosa (RP) and Leber congenital amaurosis (LCA).

The event will feature:

Shankar Musunuri, PhD, MBA, Chairman, CEO and Co-founder, Ocugen

Arun Upadhyay, PhD, Chief Scientific Officer, Head of Research, Development & Medical, Ocugen

Huma Qamar, MD, MPH, Head of Clinical Development and Medical Affairs, Ocugen

David Birch, PhD, Scientific Director, Retina Foundation of the Southwest, primary investigator of the study

Neena B. Haider, PhD, Fellow of ARVO and inventor of modifier gene therapy

Webcast and Conference Call Details

Dial-in Numbers: (800) 715-9871 for U.S. callers and (646) 307-1963 for international callers
Conference ID: 4898155
Webcast: Available on the events section of the Ocugen investor site

A replay of the call and archived webcast will be available for approximately 45 days following the event on the Ocugen investor site.

About Ocugen, Inc.
Ocugen, Inc. is a biotechnology company focused on discovering, developing, and commercializing novel gene and cell therapies and vaccines that improve health and offer hope for patients across the globe. We are making an impact on patient’s lives through courageous innovation—forging new scientific paths that harness our unique intellectual and human capital. Our breakthrough modifier gene therapy platform has the potential to treat multiple retinal diseases with a single product, and we are advancing research in infectious diseases to support public health and orthopedic diseases to address unmet medical needs. Discover more at www.ocugen.com and follow us on Twitter and LinkedIn.

Cautionary Note on Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, which are subject to risks and uncertainties. We may, in some cases, use terms such as “predicts,” “believes,” “potential,” “proposed,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should,” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Such statements are subject to numerous important factors, risks, and uncertainties that may cause actual events or results to differ materially from our current expectations. These and other risks and uncertainties are more fully described in our periodic filings with the Securities and Exchange Commission (SEC), including the risk factors described in the section entitled “Risk Factors” in the quarterly and annual reports that we file with the SEC. Any forward-looking statements that we make in this press release speak only as of the date of this press release. Except as required by law, we assume no obligation to update forward-looking statements contained in this press release whether as a result of new information, future events, or otherwise, after the date of this press release.

Contact:
Tiffany Hamilton
Head of Communications
IR@ocugen.com

RCI Hospitality Holdings (RICK) – 2Q23 Revenue Inline

Posted on April 12, 2023April 12, 2023 by cpereira@noblefcm.com

Wednesday, April 12, 2023

With more than 60 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, Scarlett’s Cabaret, Diamond Cabaret, and PT’s Showclub. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

2Q23 Preliminary Revenues. RCI reported preliminary 2Q23 revenue for the Nightclubs and Bombshells. Total revenues of $70.8 million were up 12.3% year-over-year. Y-o-Y SSS were up 0.2%. Nightclubs revenue of $56.6 million was up 18.6% y-o-y and 3.7% on a SSS basis, while Bombshells revenue of $14.3 million was off 7.1% y-o-y and down 12.1% on a SSS basis. We had estimated full 2Q23 revenue at $71 million.

Organic, Acquisitions Drive Nightclubs. Revenue from clubs owned prior to FY22 increased 2.1% y-o-y. The 11 clubs acquired in October 2021 were up 19.5% y-o-y, a testament to the implementation of the RCI operating playbook. The six clubs acquired since the beginning of FY23 added $1.8 million, while the three remodeled/renamed clubs contributed $1.2 million. RCI continued to see intermittent softness in select blue collar clubs during the quarter, with several clubs also impacted by adverse weather conditions.

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MAIA Biotechnology (MAIA) – THIO-101 Part A Shows Safety And Tolerability

Posted on April 12, 2023April 12, 2023 by cpereira@noblefcm.com

Wednesday, April 12, 2023

MAIA is a targeted therapy, immuno-oncology company focused on the development and commercialization of potential first-in-class drugs with novel mechanisms of action that are intended to meaningfully improve and extend the lives of people with cancer. Our lead program is THIO, a potential first-in-class cancer telomere targeting agent in clinical development for the treatment of NSCLC patients with telomerase-positive cancer cells. For more information, please visit www.maiabiotech.com.

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

Phase 2 Part A Safety Data Shows Safety and Tolerability. MAIA Biotechnology reported positive safety data from the Part A safety stage of the THIO-101 trial. The dose tested was safe and well tolerated, consistent with our expectations. We expect the trial to continue with the dose-finding Part B phase, with data late in the year.

THIO-101 Trial Announced First Safety Data. THIO-101 is a Phase 2 study testing THIO in combination with Libtayo, an anti-PD1 checkpoint inhibitor (cemipliumab, from Regeneron, Not Rated). This uses THIO’s direct cytotoxic action to kill cancer cells and stimulate an immune response followed by Libtayo’s action as a checkpoint inhibitor to kill remaining cancer cells.

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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).

Lee Enterprises (LEE) – Powering Through A Difficult Advertising Environment

Posted on April 12, 2023April 12, 2023 by cpereira@noblefcm.com

Wednesday, April 12, 2023

Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. It publishes 49 daily newspapers, as well as offers 300 weekly newspapers and specialty publications in 23 states. The company also provides online advertising and services; and online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. In addition, it offers commercial printing services. The company has a strategic alliance with Yahoo!, Inc. to provide its classified employment advertising customer base the opportunity to post job listings and other employment products on Yahoo!�s HotJobs national platform. Lee Enterprises, Incorporated was founded in 1890 and is based in Davenport, Iowa.

Michael Kupinski, Director of Research – Digital, Media & Technology Analyst, Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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

Managing its cash flow. The company announced that it will be implementing cost reductions resulting in annualized savings of $60 million in fiscal year 2023. We have adjusted our quarterly estimates to reflect the current weaker than expected revenue outlook and significantly lower expenses. This report highlights our quarterly and full year 2023 and 2024 revenue and adj. EBITDA revisions.

A tough quarter ahead. We believe that the company’s fiscal second quarter will be somewhat similar to the first quarter, given that the cost reductions impact will largely fall in the fiscal second half. As such, we believe that adj. EBITDA trends will significantly improve in the back half of the fiscal year.

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Endeavour Silver (EXK) – Off to a Good Start

Posted on April 12, 2023April 12, 2023 by cpereira@noblefcm.com

Wednesday, April 12, 2023

Endeavour Silver is a mid-tier precious metals mining company that operates two high-grade, underground, silver-gold mines in Mexico. Endeavour is currently advancing the Terronera mine project towards a development decision, pending financing and final permits and exploring its portfolio of exploration and development projects in Mexico, Chile and the United States to facilitate its goal to become a premier senior silver producer. Our philosophy of corporate social integrity creates value for all stakeholders.

Mark Reichman, Senior Vice President – Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Production modestly ahead of our expectations. First quarter 2023 silver and gold production amounted to 1,623,545 ounces and 9,342 ounces, respectively, or 2,370,905 ounces on a silver equivalent basis. Silver and gold ounces sold amounted to 1,667,408 ounces and 9,126 ounces, respectively. At quarter-end, Endeavour held 435,722 ounces of silver and 1,263 ounces of gold bullion inventory and 35,347 ounces of silver and 503 ounces of gold in concentrate inventory.

Updating estimates. Endeavour’s 2023 production guidance calls for silver production in the range of 5.7 million to 6.3 million ounces and gold production of 36,000 to 40,000 ounces. We forecast silver and gold production of 6.2 million ounces and 37,633 ounces, respectively. While our revenue and EBITDA estimates increased modestly to $212.1 million and $59.5 million, respectively from $210.8 million and $59.0 million, our quarterly and full earnings per share estimates are unchanged. The increase in our revenue estimate is largely due to higher commodity price assumptions.

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Coeur Mining (CDE) – Lowering 2023 Expectations

Posted on April 12, 2023April 12, 2023 by cpereira@noblefcm.com

Wednesday, April 12, 2023

Mark Reichman, Senior Vice President – Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Expectations for 2023. In February, Coeur provided 2023 gold and silver production guidance of 320.0 to 370.0 thousand ounces and 10.0 to 12.0 million ounces, respectively. Production is weighted toward the second half of the year due to the impact of the Rochester expansion and higher gold production at Wharf. Operationally, we expect the third quarter to be the company’s strongest based on the Rochester mine’s production profile.

Updating estimates. We have lowered our 2023 EBITDA and EPS estimates to $132.7 million and $(0.23) from $158.1 million and $0.00. We have refined our quarterly production estimates and also raised our cost estimates. We note that the company’s guidance on taxes could result in variances to our EPS estimates. While the company expects first quarter cash taxes in the range of $14 to $18 million, we note that cash taxes paid and recorded income tax expense may differ. We have also adjusted our EBITDA estimate to reflect certain items such as inventory adjustments.

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Minutes and Other Indicators are Now Showing Less Agreement on Policy by the FOMC

Posted on April 12, 2023April 12, 2023 by phoffman@channelchek.com

The March FOMC Minutes Show the Fed is Less Aligned

We may be entering a period when we have a Federal Reserve that is split on the direction of monetary policy. This could be the case as early as the May 2-3 FOMC meeting. At least, that is one indication that arose from the just-released minutes of the Committee from the March 21-22 meeting. U.S. economic activity was strong leading up to the meeting, then the collapse of two banks occurred. The concerns that followed prompted several Federal Reserve officials to consider whether the central bank should pause its aggressive pace of hiking interest rates.

Split Federal Reserve

The minutes offer insight into what may follow this year. Over the past ten sessions, the FOMC minutes showed the central bank’s focus has been on quickly tightening policy to squelch persistent inflation. Now after nine consecutive interest-rate hikes and quantitative tightening, the conversation has shifted from wondering how fast they can move to whether and when the Fed should pause. At least, it has for some of the Committee members. Soft landings are seldom successfully orchestrated by monetary policy changes; more often, they set the stage for a recession.

In public addresses since the March meeting, Fed officials have appeared to be somewhat split on the way forward. Chicago Fed President Austan Goolsbee, for example, said on April 11 that the Fed needs to be cautious. “We should gather further data and be careful about raising rates too aggressively until we see how much work the headwinds are doing for us in getting down inflation,” Goolsbee said.

Less concerned about a recession and more concerned about winning the war on inflation, Cleveland Fed President Loretta Mester said last week she believes the correct move is for the Fed to continue tightening “a little bit higher” before pausing as the economy and inflation adjusts.

Bank Failure Considerations

The March monetary policy meeting was surrounded by uncertainty for both Fed watchers and some FOMC members. The meeting took place only days after the collapse of Silicon Valley Bank and Signature Bank. Other indicators of a strong economy pointed to an aggressive move from the voting members. But, with the banking sector wounded or perhaps worse, it remained a nailbiter up until 2 pm on March 22 when the Federal Open Market Committee announced a quarter-point interest-rate hike.

While all has since been quiet related to U.S. banks, at the time, the extent of the problem was far from known. The potential economic impact it could have, led Fed staff to project a mild recession starting later in 2023, according to the minutes. This tells financial markets and others impacted by Fed moves that some Fed officials were seriously considering holding steady on rates.

The minutes show, the combination of “slower-than-expected progress on disinflation,” a tight labor market, and the view that the new emergency lending programs had stabilized the financial sector, allowed the central bank to again raise rates. The minutes indicated, “Many participants remarked that the incoming data before the onset of the banking sector stresses had led them to see the appropriate path for the federal funds rate as somewhat higher than their assessment at the time of the December meeting.” Reading on, the minutes said, “After incorporating the banking-sector developments, participants indicated that their policy rate projections were now about unchanged from December.”

Take Away

Although they are released several weeks after each meeting, the Fed minutes are always closely watched for clues as to how central-bank officials are feeling and where monetary policy is likely heading over the next several weeks or months. The indication from these minutes, behind a backdrop of Fed regional president addresses, indicate a less than unified Fed. Unless there is a good deal of unexpected trouble within the banking sector or economy or a clear tick up in economic measures such as employment, the May 3 post-meeting announcement on policy will be tough to forecast.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://www.federalreserve.gov/newsevents/pressreleases/monetary20230412a.htm

https://news.yahoo.com/wall-street-split-on-feds-next-move-as-financial-sector-buckles-after-bank-failures-150737804.html

https://www.barrons.com/articles/march-fed-meeting-minutes-today-cf27aa2?mod=hp_LATEST

The Key Consideration to Any Investing Strategy

Posted on April 12, 2023April 12, 2023 by phoffman@channelchek.com

Short Changing Investment Returns By Ignoring Time Horizon

Time horizon is part of every investor’s buy decision, or at least it ought to be. For example, in 2022 the 60/40 investment portfolio had its worst performance since 2008. This is despite a 5.3% increase in value during the fourth quarter of that year. Many headlines had read that the classic 60% stocks and 40% bonds portfolio is “broken.” After it’s stellar performance during Q4 2022, the first quarter of 2023 brought even higher performance – again compounding by an additional 5.9%. This example can highlight that time horizon is dependent on the investment goals proving 60/40 probably is not dead after all. The 60/40 diversification is considered conservative, it’s often implemented for retirement portfolios, typically portfolios with a lot of lead time to achieve its goal of historical returns. Goals should dictate investment strategy and they should include a realistic time horizon.

To Be Patient or Not to Be Patient

Entering the second quarter of 2023, economic trends, including commodity prices, interest rates, political power, inflation, and even peace between nations, all seem to be sending off mixed signals on future trends. A clear market read is far more difficult today than most years. This leaves a lot of questions on what to do with one’s money. If you leave it in the bank, inflation is likely to erode your purchasing power. If you move it to the U.S. government-backed treasury market, a rise in rates (as promised by the Fed) can leave you hurting like a few banks that saw their assets value plummet. Should stocks take a leading role – even if holdings wind up moving sideways or even down for the rest of this year?

As mentioned, this depends on your goal. If you can be patient and have a time horizon to achieve performance of more than a year, the tendency for reversion to mean suggests the answer is probably yes. However, if during the next six to 12 months, this money may need to be deployed for a purchase, it may be best to continually roll treasuries maturing in under a year.

For investments expected to be held longer than a year, there is the lazy way and a more hands-on approach that takes a little more digging. The lazy way says you plop a large percentage of your portfolio in an index fund and earn market returns. A more involved management approach of one’s portfolio would suggest that you’d prefer to avoid stocks considered overvalued or in a weakening industry. If, instead, one can achieve adequate diversity by owning many companies in different industries, and do enough evaluation (i.e., exploring trusted research) to have a sense of whether holding them would suit your needed time horizon, then the stocks selected as your holdings may avoid expected dogs weighing it down. It would make sense that this argues for patience, with expectations that not only will stocks follow history and go up over time, but your holdings have a reasonable expectation to outperform the market.

Time Horizon

Time horizon is a critical factor in investing. It refers to the length of time an investor is willing to hold onto their investments. The time horizon can range from a few months to several decades, depending on an investor’s goals, risk tolerance, and investment strategy. Most benchmarks are viewed daily, quarterly, and monthly. If your time horizon is five years, the quarterly or even annual returns should be a low consideration. Cathie Wood, CEO and founder of Ark Invest, says she invests on a five-year time horizon, considering the speculative growth names her funds have invested in, such as Tesla (TSLA), Roku (ROKU), Zoom Video Communications (ZM), Exact Sciences (EXAS), etc. she could not manage her funds properly if she looked shorter in term.

At least each quarter Portfolio Manager Chuck Royce and Co-CIO Francis Gannon of Royce Funds publish text of a “conversation” between the two. The subject is usually past market performance, expectations of the future, and even stocks that they believe, with the appropriate time horizon, will pay off.

In the discussion between the two, Francis Gannon covered the case for more extended time horizon investors to explore the small-cap sector. His expectation is that various sectors (viewed by market cap) will fall in line with historical performance averages. “The stocks that performed best under the previous decade’s regime of zero interest rates, low inflation, and low nominal growth—which were mega-caps and small-cap growth—are unlikely to lead going forward, regardless of what direction the U.S. economy ultimately takes. Conversely, those areas of the equity market that lagged during this long period are likely, in our view, to capture long-term leadership,” said Gannon. This is when Chuck Ross very clearly explained the importance of knowing one’s time horizon for maximum potential gain.

“We think small cap is ready to roll and expect the next three to five years to be strong on both an absolute and relative basis.” Said Mr. Royce. He explained that rising rates could help companies that can that don’t need to borrow from the outside. “Equally important, the Russell 2000’s valuation remained near its lowest rate in 20 years compared to the Russell 1000’s, based on our preferred valuation metric of the median last 12 months’ enterprise value to earnings before taxes (LTM EV/EBIT).” Royce explained.

The chart above shows that the 20-year performance of small-cap stocks averages 102.9% above that of large-cap equities. The underperformance began five years ago, and the current 20-year low in relative performance in small-caps could play out to be a long lag. With a long enough time horizon, one might expect that small-cap investors get rewarded for the additional risk and reduced liquidity in the sector.

Investment Strategy

While not everyone has five years or more to wait for performance to improve, intentional stock selection among small-caps could help those who do. A recent Barron’s article argued that “Small-Cap Stocks Look Ready to Rally,” the investment publication also believed that stock selection within the sector could pay off. The author wrote that as of March 31, “the Russell 2000 was at 44% of the S&P 500’s level, a ratio the index touched in early 2020 when the advent of Covid-19 had left the economy in perilous waters.” The publication then reported that the level is a technical low point, a support that wasn’t even breached with pandemic concerns and skyrocketing large-cap tech stocks. Expressed in the within the April 3 article was to a methodology of filtering stocks by reviewing companies with market caps of at least $200 million and free cash flow minimum of 4.5% of the share price. This would put them in line with the overall Russell 2000.

Then look at the consensus earnings forecasts among analyst, have they risen? A high short interest in the stock could also be part of the screening process for possible buys.

Take Away

The importance of time horizon in investing lies in the fact that different investment opportunities have different risk and return profiles over different time periods. Short-term investments tend to have lower risk but lower returns, while long-term investments tend to have higher risk but potentially higher returns. By understanding your time horizon, you can choose investments that align with your investment goals and risk tolerance.

For investors that can span many years holding and waiting for scenarios to play out, but don’t, perhaps are leaving long-term return on the table by investing as though their time horizon is short. Investible cash sitting in a bank will be eroded by inflation, the Fed with its deep pockets has said it is resolved to instigate a further bear market in bonds. Longer term, stocks outperform, what’s more, well-selected companies can outperform stock indixes that only promise to match the average of good and bad companies.

If you aren’t receiving equity research in your daily email, sign up here now.

Paul Hoffman

Managing Editor, Channelchek

Sources

https://www.barrons.com/articles/small-cap-stocks-rally-cheap-russell-2000-5b35f854

https://www.royceinvest.com/insights/small-cap-interview?utm_source=royce-mktg&utm_medium=email&utm_campaign=insights-interview&utm_content=button-1

https://www.wsj.com/articles/the-60-40-investment-strategy-is-back-after-tanking-last-year-b4892aac?mod=hp_lead_pos5

Release – Comstock Appoints New Director and Audit Committee Chair

Posted on April 11, 2023April 11, 2023 by aweinsoff@channelchek.com

Research News and Market Data on LODE

VIRGINIA CITY, NEVADA, April 11, 2023 – Comstock Inc. (NYSE: LODE) (“Comstock” and the “Company”) today announced the board of directors of Comstock Inc. nominated and appointed Dr. Güez Salinas, as a new independent director to the Company’s Board of Directors and appointed Mr. Walter “Del” Marting as the Chairman of the Company’s Audit and Finance Committee. The Company also announced the resignation of Mr. Judd Merrill as a director of the company, all effective as of April 5, 2023.

Dr. Salinas has over 30 years of professional experience in the areas of engineering, strategy, finance, corporate management, and business development, with a primary focus on cyber-security and artificial intelligence policy and is currently an international cyber security expert at the Pacific Council on International Policy. Dr. Salinas has also been advising Quantum Generative Materials LLC (“GenMat”) on strategy and commercialization.

Dr. Salinas also founded and serves as the Director Emeritus of The Polymathic Academy for the Teaching of the Humanities & Sciences (“The PATH”) where he mentors and develops students’ multidisciplinary entrepreneurial pursuits. He also co-founded and serves as the Executive Director for The Law Enforcement Work Inquiry System (“LEWIS”), where, in partnership with Microsoft Corporation, serves as a touchpoint between peace officers and the community. Dr. Salinas, a U.S. Marine, also held positions in banking and private equity.

“We are honored to welcome Dr. Salinas and his perspective on the commercialization and rapidly growing positive impacts of generative artificial intelligence, and the security thereof, on our markets and society overall,” stated Mr. Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “His direct work with GenMat has forged an alignment and productivity that complements the current competencies of our Board.”

Mr. Marting was elected to the board of directors of Comstock in April of 2018. He is the Founder and Managing Member of CereCare, LLC, D/B/A Brain Health Restoration since March 2017, a firm focused on providing breakthrough rehabilitation treatment for individuals, including numerous veterans, suffering from brain disease, traumatic brain injury and related substance use disorders, most commonly alcoholism and opioid addictions.

Mr. Marting is also a deeply experienced mining, financial, capital markets, transactional and corporate governance executive. Mr. Marting graduated from Yale University in 1969, with a BA in English and holds an MBA from Harvard Business School. Mr. Marting is a Navy veteran, including service with US Navy SEAL Team Two.

“Del’s experience and counsel has been invaluable over the past five years, including his long tenure as a member of our Audit Committee, which he will now lead,” continued Mr. Corrado De Gasperis, Comstock’s executive chairman and chief executive officer. “We are sorry to see Judd step down and could not be more appreciative of his contributions and leadership on our board. I consider him one of the most reliable, professional, trustworthy and productive professionals I have ever worked with. We wish him nothing but success in his future endeavors.”

About Comstock

Comstock (NYSE: LODE) commercializes innovative technologies that contribute to global decarbonization by efficiently converting under-utilized natural resources, primarily, woody biomass into net zero renewable fuels, end of life metal extraction, and generative AI-enabled advanced materials synthesis and mineral discovery.

To learn more, please visit www.comstock.inc.

Forward-Looking Statements 

This press release and any related calls or discussions may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, are forward-looking statements. The words “believe,” “expect,” “anticipate,” “estimate,” “project,” “plan,” “should,” “intend,” “may,” “will,” “would,” “potential” and similar expressions identify forward-looking statements but are not the exclusive means of doing so. Forward-looking statements include statements about matters such as: future industry market conditions; future explorations or acquisitions; future changes in our exploration activities; future prices and sales of, and demand for, our products; land entitlements and uses; permits; production capacity and operations; operating and overhead costs; future capital expenditures and their impact on us; operational and management changes (including changes in the Board of Directors); changes in business strategies, planning and tactics; future employment and contributions of personnel, including consultants; future land sales; investments, acquisitions, joint ventures, strategic alliances, business combinations, operational, tax, financial and restructuring initiatives, including the nature, timing and accounting for restructuring charges, derivative assets and liabilities and the impact thereof; contingencies; litigation, administrative or arbitration proceedings; environmental compliance and changes in the regulatory environment; offerings, limitations on sales or offering of equity or debt securities, including asset sales and associated costs; and future working capital, costs, revenues, business opportunities, debt levels, cash flows, margins, taxes, earnings and growth. These statements are based on assumptions and assessments made by our management considering their experience and their perception of historical and current trends, current conditions, possible future developments, and other factors they believe to be appropriate. Forward-looking statements are not guarantees, representations or warranties and are subject to risks and uncertainties, many of which are unforeseeable and beyond our control and could cause actual results, developments, and business decisions to differ materially from those contemplated by such forward-looking statements. Some of those risks and uncertainties include the risk factors set forth in our filings with the SEC and the following: adverse effects of climate changes or natural disasters; adverse effects of global or regional pandemic disease spread or other crises; global economic and capital market uncertainties; the speculative nature of gold or mineral exploration, and lithium, nickel and cobalt recycling, including risks of diminishing quantities or grades of qualified resources; metal recycling, processing or mining activities; costs, hazards and uncertainties associated with precious metal based activities, including environmentally friendly and economically enhancing clean mining and processing technologies, precious metal exploration, resource development, economic feasibility assessment and cash generating mineral production; costs, hazards and uncertainties associated with metal recycling, processing or mining activities; contests over our title to properties; potential dilution to our stockholders from our stock issuances, recapitalization and balance sheet restructuring activities; potential inability to comply with applicable government regulations or law; adoption of or changes in legislation or regulations adversely affecting our businesses; permitting constraints or delays; ability to achieve the benefits of business opportunities that may be presented to, or pursued by, us, including those involving battery technology, quantum computing and advanced materials development, and development of cellulosic technology in bio-fuels and related carbon-based material production; ability to successfully identify, finance, complete and integrate acquisitions, joint ventures, strategic alliances, business combinations, asset sales, and investments that we may be party to in the future; changes in the United States or other monetary or fiscal policies or regulations; interruptions in our production capabilities due to capital constraints; equipment failures; fluctuation of prices for gold or certain other commodities (such as silver, zinc, lithium, nickel, cobalt, cyanide, water, diesel, gasoline and alternative fuels and electricity); changes in generally accepted accounting principles; adverse effects of war, mass shooting, terrorism and geopolitical events; potential inability to implement our business strategies; potential inability to grow revenues; potential inability to attract and retain key personnel; interruptions in delivery of critical supplies, equipment and raw materials due to credit or other limitations imposed by vendors; assertion of claims, lawsuits and proceedings against us; potential inability to satisfy debt and lease obligations; potential inability to maintain an effective system of internal controls over financial reporting; potential inability or failure to timely file periodic reports with the Securities and Exchange Commission; potential inability to list our securities on any securities exchange or market or maintain the listing of our securities; and work stoppages or other labor difficulties. Occurrence of such events or circumstances could have a material adverse effect on our business, financial condition, results of operations or cash flows, or the market price of our securities. All subsequent written and oral forward-looking statements by or attributable to us or persons acting on our behalf are expressly qualified in their entirety by these factors. Except as may be required by securities or other law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise.

Neither this press release nor any related calls or discussions constitutes an offer to sell, the solicitation of an offer to buy or a recommendation with respect to any securities of the Company, the fund, or any other issuer.

Contact information:

Comstock Inc.
P.O. Box 1118
Virginia City, NV 89440
www.comstock.inc

Investor Relations
RB Milestone Group
Tel (203) 487-2759
comstock@rbmilestone.com

Zach Spencer
Director of External Relations
Tel (775) 847-5272 Ext.151
questions@comstockinc.com

Lifeway Foods (LWAY) – Record Breaking Full Year Revenue

Posted on April 11, 2023April 11, 2023 by cpereira@noblefcm.com

Tuesday, April 11, 2023

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

FY22 Results. Lifeway reported record full year revenue of $141.6 million for 2022, up 18.9% y-o-y. Higher volumes of drinkable kefir, increased pricing, and a full year of Glen Oaks drove the increased top line. Gross margin of 18.9% was constrained due to increased raw material costs. Lifeway reported full year net income of $0.9 million, or EPS of $0.06, down from $3.3 million, or EPS of $0.21, for 2021.

4Q22. The fourth quarter was the 13th straight quarter of y-o-y net sales growth. Revenues came in at $35.8 million, up 15.7% y-o-y, but modestly below our $39 million projection. Lifeway generated $716,000 of net income, or EPS of $0.05, in the quarter, compared to a loss of $93,000, or a loss of $0.01/sh, in 4Q21. We were at net income of $1.1 million, or $0.07/sh.

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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).

Blackboxstocks (BLBX) – A Reverse Stock Split at 1-for-4

Posted on April 11, 2023April 11, 2023 by cpereira@noblefcm.com

Tuesday, April 11, 2023

Blackboxstocks, Inc. is a financial technology and social media hybrid platform offering real-time proprietary analytics and news for stock and options traders of all levels. Our web-based software employs “predictive technology” enhanced by artificial intelligence to find volatility and unusual market activity that may result in the rapid change in the price of a stock or option. Blackbox continuously scans the NASDAQ, New York Stock Exchange, CBOE, and all other options markets, analyzing over 10,000 stocks and up to 1,500,000 options contracts multiple times per second. We provide our users with a fully interactive social media platform that is integrated into our dashboard, enabling our users to exchange information and ideas quickly and efficiently through a common network. We recently introduced a live audio/video feature that allows our members to broadcast on their own channels to share trade strategies and market insight within the Blackbox community. Blackbox is a SaaS company with a growing base of users that spans 42 countries; current subscription fees are $99.97 per month or $959.00 annually. For more information, go to: www.blackboxstocks.com .

Joe Gomes, Managing Director – Generalist Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

A Ratio Set. Yesterday, Blackboxstocks announced that the Company has filed an amendment to the Company’s articles of incorporation with the Nevada Secretary of State to set a Reverse Stock Split ratio of one-for-four. The amendment took effect on April 10, 2023 at 4:01 p.m. Eastern Daylight Time, and split-adjusted basis trading begins on April 11, 2023. The exchange agent for the split will be Securities Transfer Corporation.

The Process. The amendment process to the articles was started last month when the Board of Directors of the Company adopted resolutions advising and recommending to stockholders to approve a reverse stock split of one-for-seven. The stockholders voted to approve the split and amendment in the same month. The Board later approved the split ratio to be at one-to-four on April 7, 2023.

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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).

The Seemingly Endless Global Battle Over Investment Research Will Soon End

Posted on April 11, 2023April 11, 2023 by phoffman@channelchek.com

How Should Brokers Be Compensated for Investment Research?

Most U.S. investors have not heard of the European Unions Markets in Financial Instruments Directive, referred to as MiFID or MiFID II. But the large U.S. brokers and investment banks certainly have, and they are bumping up against a July end to a “no-action” relief letter from the SEC. At issue is that the directive, which came into effect in January of 2018 in the E.U., doesn’t synch with how brokerage business is conducted in the U.S. The U.S.-based brokers have been provided time, but over five years, there is very little evidence of movement to comply.

Background

If U.S. broker-dealers (BDs) continue their business model of providing investment research to clients that is now “bundled” with other services, not charged as a separate service, they are in compliance with U.S. security regulations and don’t risk their status as a BD. However, if they follow MiFID with their international clients in order to be in compliance with Europe, they would be acting, under U.S. rules, as an Investment Advisor (the Advisers Act). This is because if they are subject to E.U. jurisdiction, under MiFID II, unless an exemption is met, research that investment managers receive from brokers is considered a prohibited “inducement.”

Research distribution in the U.S. by BDs has historically relied on a definition of “Investment Adviser” under the Advisers Act (related to research distribution). This definition looks to the condition that the investment advice is incidental to the firm’s broker-dealer business and (that the broker-dealer is not receiving “special compensation.” Hard dollar payments in exchange for investment research is considered “special compensation” for investment advice (ie., equity research). A 2017 dated SEC no-action letter and then another in July 2022 provided a window of relief from this conflict. It provided time to sort through what is allowed under different business types for those falling under both U.S. regulation and MiFID II oversight.

With fewer than three months until the SEC “no action” July 3 deadline, Wall Street firms are quiet on how and whether they may adjust their businesses. The choices would seem to be to either not provide the service of bond and equity research as part of the bundled service by acting strictly as a BD (compliance with MiFID II), or to register as an Investment Adviser that then subjects traditional U.S. brokers to additional rules and licenses.

Where We Are Now

The SEC no-action letter has allowed U.S.-based BDs to accept payments from clients where MiFID applies. This protection will soon end. If they continue the practice, they will be violating the Advisers Act, as they are not Investment Advisers.

Come July 3, they face a choice of registering, moving research teams into registered affiliates, or even cutting off clients subject to MiFID regulations from any research produced in the U.S.

In March, SEC Chair Gary Gensler and senior staff met bank representatives and industry associations to discuss the issue. But the SEC ultimately refused to alter its long-held stance, on the Advisers Act.

Take Away

Broker-dealers in the U.S. have less than three months to adjust their position on compensation methods of clients bound by MiFID II. The clock is ticking, and they are now staring down the barrel of a difficult decision. Should they transition to Investment Adviser status and charge separately for research, or should they stop providing research to affected clients altogether?

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Paul Hoffman

Managing Editor, Channelchek

Sources

https://www.ft.com/content/2400b520-afa3-45ec-9767-a35805b4f98a

https://corporatefinanceinstitute.com/resources/economics/markets-in-financial-instruments-directive-mifid/

https://www.kslaw.com/news-and-insights/broker-dealer-research-mifid-related-hard-dollar-sec-investment-adviser-status-relief-to-end-in-july-2023#:~:text=On%20July%2026%2C%202022%2C%20William%20Birdthistle%2C%20Director%20of,letter%20to%20escape%20classification%20as%20an%20investment%20adviser.

https://www.bing.com/search?q=gensler+mifid&filters=ex1%3a”ez3″&pglt=41&cvid=988d16616d5d413e99ae8b9a7aed6c84&aqs=edge..69i57j0l3j69i64.4027j0j1&FORM=000017&PC=LCTS&qpvt=gensler+mifid