Author: cpereira@noblefcm.com

Tonix Pharmaceuticals (TNXP) – Pipeline Products With Clinical Milestones Move Forward, Some Early Stage Products Are Discontinued

Posted on by cpereira@noblefcm.com


Wednesday, April 05, 2023

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics and diagnostics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of immunology, rare disease, infectious disease, and central nervous system (CNS) product candidates. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-15001 which is a humanized monoclonal antibody targeting CD40-ligand being developed for the prevention of allograft and xenograft rejection and for the treatment of autoimmune diseases. A Phase 1 study of TNX-1500 is expected to be initiated in the second half of 2022. Tonix’s rare disease portfolio includes TNX-29002 for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan-Drug Designation by the FDA. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox called TNX-8013, next-generation vaccines to prevent COVID-19, and an antiviral to treat COVID-19. Tonix’s lead vaccine candidates for COVID-19 are TNX-1840 and TNX-18504, which are live virus vaccines based on Tonix’s recombinant pox vaccine (RPV) platform. TNX-35005 (sangivamycin, i.v. solution) is a small molecule antiviral drug to treat acute COVID-19 and is in the pre-IND stage of development. TNX-102 SL6, (cyclobenzaprine HCl sublingual tablets), is a small molecule drug being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix expects to initiate a Phase 2 study in Long COVID in the second quarter of 2022. The Company’s CNS portfolio includes both small molecules and biologics to treat pain, neurologic, psychiatric and addiction conditions. Tonix’s lead CNS candidate, TNX-102 SL, is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022. Finally, TNX-13007 is a biologic designed to treat cocaine intoxication that is expected to start a Phase 2 trial in the second quarter of 2022. TNX-1300 has been granted Breakthrough Therapy Designation by the FDA.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

Product Pipeline Has Been Trimmed. Tonix announced that it will be focusing on developing pipeline products with near-term clinical milestones and plans to stop development of some early-stage programs. Development will continue for the CNS, infectious disease, and immunology products, but some research and COVID-19 programs will be discontinued. This allocates resources and funding to products that are most likely to impact the stock.

The CNS, Infectious Disease, and Immunology Programs Will Continue. Tonix will continue development of its CNS programs in fibromyalgia, depression, migraine, and cocaine intoxication. The immunology and rare disease programs will continue in organ transplant rejection, cancer, and Prader-Willi syndrome (an orphan disease). Biodefense and Infections Disease programs in smallpox/monkeypox and radioprotection continue, while most programs related to COVID-19 and Post Traumatic Stress Disorder (PTSD) will be discontinued.


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Kelly Services (KELYA) – Move into Automated Solutions

Posted on by cpereira@noblefcm.com


Wednesday, April 05, 2023

Kelly (Nasdaq: KELYA, KELYB) connects talented people to companies in need of their skills in areas including Science, Engineering, Education, Office, Contact Center, Light Industrial, and more. We’re always thinking about what’s next in the evolving world of work, and we help people ditch the script on old ways of thinking and embrace the value of all workstyles in the workplace. We directly employ nearly 350,000 people around the world and connect thousands more with work through our global network of talent suppliers and partners in our outsourcing and consulting practice. Revenue in 2021 was $4.9 billion. Visit kellyservices.com and let us help with what’s next for you.

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.

Expanded Product Offering. Yesterday, Kelly became the first staffing provider to deploy digital workers in addition to human workers. The Company announced the launch of Kelly Fusion Digital Workers, the first product in the Kelly Fusion suite of solutions that automate routine tasks and allow employees to focus on more meaningful work. Offered as a managed service solution, Kelly Fusion is expected to generate incrementally higher gross profit rates than the traditional staffing services business. Notably, Kelly already has already secured its first client win.

Kelly Fusion. Kelly Fusion Digital Workers are powered by the latest automation software and custom-built for Kelly clients to complete repetitive tasks. They can reliably manage data entry tasks and new-hire processes such as background screenings and onboarding procedures. Kelly Fusion Digital Workers ensure work is completed efficiently, increase compliance, reduce risk, save money, eliminate mundane work, and improve the overall employee experience.


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*Analyst certification and important disclosures included in the 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. 

Beasley Broadcast Group (BBGI) – Raises Q1 Guidance

Posted on by cpereira@noblefcm.com


Wednesday, April 05, 2023

Beasley Broadcast Group, Inc. owns and operates 61 stations (47 FM and 14 AM) in 15 large- and mid-size markets in the United States. Approximately 20 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text messaging, digital and web applications and email. The Overwatch League’s Houston Outlaws esports team is a wholly owned subsidiary. The Company also owns BeasleyXP, a national esports content hub, and AXLR-R8, a Rocket League Championship Series team, in its esports portfolio. For more information, please visit www.bbgi.com.

Michael Kupinski, Director of Research, 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.

Non-deal roadshow highlights. CEO Caroline Beasley and CFO Marie Tedesco were in South Florida on April 4th to hold investor meetings. They provided a surprising positive update on Q1 and indicated favorable trends on its digital strategy.

Beating its peers. Management updated its Q1 outlook indicating that net revenue will grow in the range of 1% to 2.5% and EBITDA growth in the range of 40% to 50%, significantly better than our estimate. We believe that these results will be much better than the industry Q1 revenue, expected to be down 2% to 5% and with EBITDA lower. We raised our Q1 estimates, illustrated in Figure #1 Revisions. 


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QuoteMedia Inc. (QMCI) – Favorable Revenue Undercurrents

Posted on by cpereira@noblefcm.com


Tuesday, April 04, 2023

QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Strong operating results. The company reported Q4 revenue of $4.54 million, up 16% year over year and in line with our estimate. Adj. EBITDA was $869,000, beating our estimate of $690,000. Q4 revenue growth was sequentially better than Q3, 16% versus 15%, indicating improved revenue momentum.

Favorable outlook. The recent results benefited from two large Canadian banks added in November of last year. As such, the full revenue impact has not been fully realized. In addition, the company anticipates that there will be additional products and usage to drive revenue growth in 2023. Finally, the latest results were adversely affected by the expense of SOC2 Type II certification, which should moderate in coming quarters.


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FAT Brands Inc. (FAT) – A New Board

Posted on by cpereira@noblefcm.com


Tuesday, April 04, 2023

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets, and develops fast casual, quick-service, casual dining, and polished casual dining concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Pretzelmaker, Elevation Burger, Native Grill & Wings, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit www.fatbrands.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.

Board Changes. Yesterday, FAT Brands announced a nearly wholesale change to its Board. We believe the changes were made in an effort to help separate the Company from the ongoing derivative lawsuits and the government investigation, as well as give the still to be appointed new CEO a “clean slate” to execute the business plan. In addition, FAT Brands elected “controlled company” status for purposes of the government governance rules. While always a controlled company, FAT Brands had previously elected to follow the “majority of independent directors” rule. The move to “controlled company” status could save the Company about $1 million per year.

The New Board. Of the former directors, only Andrew Wiederhorn and Lynne Collier remain. Additions to the Board include five insiders, including Mr. Wiederhorn’s three sons, all of whom hold leadership positions at FAT Brands, and three independent directors — Mark Elenowitz, Kenneth Kepp, and Tyler Child.


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Garibaldi Resources Corp. (GGIFF) – Right Jurisdiction, Right Metals, Right Time

Posted on by cpereira@noblefcm.com


Monday, April 03, 2023

Garibaldi Resources Corp. is an active Canadian-based junior exploration company focused on creating shareholder value through discoveries and strategic development of its assets in some of the most prolific mining regions in British Columbia and Mexico.

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

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

A look back at 2022. The 2022 drill program at Garibaldi’s 100% owned E&L nickel-copper-cobalt massive sulphide project tested targets from the 2021 Geotech deep penetrating Z-Axis Tipper Electromagnetic (ZTEM) survey. Of four holes drilled, two were successful, including Hole EL-22-97b, a deep hole which intersected two intervals of E&L gabbro more than 200 meters down plunge from previous drilling and intersected nickel-bearing disseminated and semi-massive sulphide mineralization. Hole EL-22-97b targeted the down plunge extension of the eastern zone of the E&L intrusion, coincident with a large-scale low resistivity/elevated conductivity ZTEM anomaly identified in 2021. The two successful drill holes are lined with polyvinyl chloride (PVC) and Garibaldi intends to conduct a geophysical borehole electromagnetic (BHEM) survey to refine holes to be drilled in 2023.

Upcoming drill program. Drilling in 2023 will test for mineralization associated with broad ZTEM low-resistivity anomalies identified by the property wide Geotech ZTEM survey. The 2023 drill program will likely commence in June and entail three to four holes at the E&L target, two holes of approximately 500 meters depth at the B1 target, and two holes at the Palm Springs property. Drilling at E&L will focus on areas within the ZTEM anomaly tested in 2022.


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Hemisphere Energy Corporation (HMENF) – Initiating with an Outperform Rating and $2.25 Price Target

Posted on by cpereira@noblefcm.com


Monday, April 03, 2023

Michael Heim, CFA, Senior Research Analyst, Noble Capital Markets, Inc.

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

We believe the market is undervaluing Hemisphere Energy’s asset base cash flow generation. We believe the stock price will move towards our price target as the company generates operating cash flow that is used to expand operations and return capital to shareholders. We view the investment as fairly low risk because it is expanding operations is an area that is well known and already providing high returns on investment.

Strong production growth. Production increased 55% in 2022 and management expects production to grow another 10-15% in 2023 in response to the addition of new wells. Unless there is a dramatic drop in oil prices, we believe the company will be able to maintain a double-digit production growth rate for the foreseeable future. Longer-term growth may be dependent upon completing a step-out acquisition to increase the company’s drilling locations.


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*Analyst certification and important disclosures included in the 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. 

Bassett Furniture (BSET) – Environment More Challenging Than Expected

Posted on by cpereira@noblefcm.com


Monday, April 03, 2023

Bassett Furniture Industries, Incorporated manufactures, markets, and retails home furnishings in the United States. The company operates in three segments: Wholesale, Retail, and Logistical Services. It is involved in the design, manufacture, sourcing, sale, and distribution of furniture products to a network of company-owned and licensee-owned Bassett Home Furnishings (BHF) retail stores, as well as independent furniture retailers; and wood and upholstery operations. As of September 16, 2017, the company operated a network of 91 company-and licensee-owned stores. It also provides shipping, delivery, and warehousing services to customers in the furniture industry. In addition, the company owns and leases retail store properties. It also distributes its products through other multi-line furniture stores, Bassett galleries or design centers, specialty stores, and mass merchants. Bassett Furniture Industries was founded in 1902 and is based in Bassett, Virginia.

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.

1Q23 Results. Bassett missed on both our top and bottom line projections as the hangover from 2022 continued. The Company reported revenue of $107.7 million, short of our $111 million estimate, and down 8.6% y-o-y. Wholesale revenue declined 16%, while Retail revenue rose 1.3%. Operating income was $2.7 million, down from $6.5 million in 1Q22. Bassett reported net income of $1.4 million, or $0.16 per share, compared to net income from continuing operations of $4.3 million, or $0.44 per share, in the prior year. We had forecast EPS of $0.30.

Operating Environment. The post-COVID operating environment remains challenging. While backlog levels have returned to more normalized levels, the Company continues to work through higher cost inventory as well as a shift in consumer dollars away from furniture. Wholesale orders fell 18% y-o-y in 1Q23, while retail written orders were off 16% y-o-y.


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Sierra Metals (SMT:CA) – Gaining Firmer Traction; Challenges Remain

Posted on by cpereira@noblefcm.com


Friday, March 31, 2023

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

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

Full year financial results. Sierra reported a 2022 adjusted net loss attributable to shareholders of $23.1 million or $(0.14) per share, compared with adjusted earnings of $21.6 million or $0.13 per share in 2021. Adjusted losses per share for the fourth quarter and full year 2022 were less than our estimates of $(0.07) and $(0.17), respectively, due in part to higher fourth quarter revenue and modestly lower cost of sales. Adjusted EBITDA fell 88% to $13.0 million compared to $104.7 million in the prior year. Annual copper equivalent production fell 29% due to lower throughput and grades.

2023 Guidance. Management’s focus has been to stabilize operations following challenges experienced in 2022 and to return to higher production levels on an economically sustainable basis. Sierra forecasts 2023 copper equivalent production in the range of 74.3 million to 83.3 million pounds. As of the end of March, the Bolivar mine is operating at 3,070 tonnes per day and is expected to gradually ramp up to 5,000 tonnes per day by year end. The Yauricocha mine is expected to operate at 2,375 tonnes per day throughout 2023. Management considers the Cusi silver mine to be a non-core asset and it was excluded from guidance.


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*Analyst certification and important disclosures included in the 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. 

MAIA Biotechnology (MAIA) – Clinical Progress Continues With 4Q22 Report

Posted on by cpereira@noblefcm.com


Friday, March 31, 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, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

Financial Results. Maia Biotechnology reported a 4Q22 loss of $5.1 million or $(0.47) per share and a FY2022 loss of $15.7 million or $(1.75) per share. The Phase 2 THIO-101 trial continues to enroll and treat patients at its clinical sites, with several clinical milestone ahead during FY2023. The company ended FY2022 with $10.9 million in cash.

THIO-101 Reached Expected Milestones During 4Q22.  MAIA began patient treatment in the THIO-101 trial in NSCLC (non-small cell lung cancer) in July 2022. The first patients were treated in Australia, with European country approvals announced in December 2022. These approvals allow opening clinical sites in Hungary, Poland, and Bulgaria to support European approval. MAIA reported that two European patients have been begun treatment.


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Axcella Therapeutics (AXLA) – FY2022 Reported With AXA1125 “Phase 2b/3 Ready”

Posted on by cpereira@noblefcm.com


Friday, March 31, 2023

Axcella is a clinical-stage biotechnology company pioneering a new approach to treat complex diseases using compositions of endogenous metabolic modulators (EMMs). The company’s product candidates are comprised of EMMs and derivatives that are engineered in distinct combinations and ratios to restore cellular homeostasis in multiple key biological pathways and improve cellular energetic efficiency. Axcella’s pipeline includes lead therapeutic candidates in Phase 2 development for the treatment of Long COVID and non-alcoholic steatohepatitis (NASH), and the reduction in risk of overt hepatic encephalopathy (OHE) recurrence. The company’s unique model allows for the evaluation of its EMM compositions through non-IND clinical studies or IND clinical trials. For more information, please visit www.axcellatx.com.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

4Q22 Reported.  Axcella Health reported a 4Q22 loss of $23.0 million or $(0.33) per share and a FY2022 loss of $81.2 million or $(1.49) per share. The 4Q loss included restructuring and impairment charges of $4.2 million. Since the restructuring, Axcella has made significant progress transforming AXA1125 from Phase 2a data into an approved IND for a Phase 2b/3 clinical trial.  The company ended FY2023 with $17.1 million in cash.

Long COVID Trial Is “Phase 2b/3 Ready”. In February 2023, Axcella announced the FDA accepted its IND for a Phase 2b/3 pivotal study testing AXA1125 in Long COVID. The design of the study was based on the results of its Phase 2a placebo-controlled trial in Long COVID announced in August 2022. The Phase 2a data showed statistically significant results in mental and physical fatigue scores. Although an experimental biomarker endpoint in muscle recovery was not met, the FDA accepted the IND for a Phase 2b/3 trial.


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Schwazze (SHWZ) – Continuing to Perform in a Challenging Market

Posted on by cpereira@noblefcm.com


Thursday, March 30, 2023

Schwazze (OTCQX:SHWZ, NEO:SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high-performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices.

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.

4Q22 Results. Revenue was $40.1 million, up 51.4% y-o-y from $26.5 million. Adjusted EBITDA was $13.3 million, or 33.1% of revenue in the quarter, up from $7.5 million, or 28.3%, a year ago. Schwazze reported a net loss to common shareholders of $29.8 million, or a loss of $0.53/sh in the quarter, versus $5.5 million of net income, or $0.12/sh. last year. Both periods were impacted by one-time items.

Key Metrics. For the eighth consecutive quarter, Schwazze outpaced the Colorado industry, this time by 11%, but, once again, ongoing weakness in the Colorado market resulted in declines in key performance metrics. Colorado two year stacked IDs for same store sales in the fourth quarter were down 6%, and down 9% for the one year period. The same measurements for New Mexico were up 57% and 43%, respectively. Average basket size fell 11.8% in New Mexico but was up 1.5% in Colorado. Customer visits declined 10.5% in Colorado and were up 61.7% in New Mexico.


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Cocrystal Pharma (COCP) – FY2022 Reported With New Clinical Trials On Track

Posted on by cpereira@noblefcm.com


Thursday, March 30, 2023

Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), hepatitis C viruses and noroviruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

Financial Results. Cocrystal reported a 4Q loss of $4.5 million or $(0.55) per share and a FY2022 loss of $38.8 million or $(4.77) per share. The full-year results included a non-cash charge of $19.1 million for the impairment of goodwill in 2Q22. Excluding the charge, expenses levels for Research and Development and General and Administrative expense were close to expectations. The company ended FY2022 with $37.1 million in cash.

Influenza Clinical Trial Expected To Begin In 2H2023. In December 2022, Cocrystal reported preliminary safety and tolerability results from its dose-ranging Phase 1 study for orally administered CC-42344 for influenza. A Phase 2a study has been designed to challenge healthy human volunteers with pharmaceutically-produced influenza A virus, then treat with CC-42344. An application to start trials in the UK is planned for 1H2023, with enrollment beginning in 2H23. Preclinical development of an inhaled formulation of CC-42344 continues.


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