Author: cpereira@noblefcm.com

Direct Digital Holdings (DRCT) – Diversifying Revenue Sources

Posted on by cpereira@noblefcm.com


Monday, March 10, 2025

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , 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.

Focus on rebuilding revenue. Over the past several months, the company has been focused on diversifying its revenue streams as it rebuilds revenue. Prior to Q3, the company’s largest sell-side customer accounted for roughly 80% of the segment’s revenue. After the large client reduced volume, negatively impacting Q3 results, the company is focused on not letting any one client comprise more than 20% – 30% of revenue.

New joint venture. On March 5, the company announced a new joint venture, Teranexa, with Green Tea Technology. This venture is focused on utilizing AI to improve efficiencies in small and medium-sized cities. Notably, Teranexa will combine the company’s data monetization expertise with Green Tea’s experience in IT project deployment, leveraging its partner network of IBM and HPE.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

Comstock Inc. (LODE) – Full Year 2024 Review and Outlook

Posted on by cpereira@noblefcm.com


Monday, March 10, 2025

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

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

Investor webinar. On March 6, Comstock hosted a webinar to discuss the company’s full year 2024 results and provided a comprehensive business update. Management highlighted significant accomplishments achieved in 2024 and its plans for 2025.

Upcoming events. While Comstock summarized corporate and subsidiary-level objectives for 2025, we view several as significant. These include: 1) Comstock Fuels’ completion of offtake, joint development, and warrant agreements with Marathon Petroleum Corporation on or before June 30, 2025, 2) completion of a Comstock Fuels Series A financing during the second quarter, 3) construction of Comstock Metals’ first large-scale recycling facility at a cost of $6 million, 4) advancement of project level financing for subsidiary projects, and 5) the sale of Comstock’s properties and water rights in Silver Springs, Nevada in the latter part of 2025.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

Information Services Group (III) – A Peak into the Fourth Quarter

Posted on by cpereira@noblefcm.com


Friday, March 07, 2025

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Fourth Quarter Results. Revenue for the quarter totaled $57.8 million, nearing the top of management’s guidance and in-line with our estimate of $58 million. Net income totaled $3.0 million, or $0.06 per diluted share, an improvement from a loss of $2.9 million or $0.06 per share, last year. We estimated a net loss of $0.2 million or breakeven per share. Adjusted EBITDA was $6.5 million, the midpoint of management’s guidance and above our estimate of $6 million.

More Cash in Hand. ISG generated cash from operations of $6.6 million during the quarter, and with the sale of the automation unit last quarter, had total cash on hand of $23.1 million at the end of the quarter, up 138% from the prior quarter. Debt declined to 25% y-o-y to $59.2 million as of December 31, 2024. Management maintained a goal of 2.0-2.5x debt to EBITDA ratio.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

NN, Inc. (NNBR) – Transformation Taking Effect

Posted on by cpereira@noblefcm.com


Friday, March 07, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Remain on Track. The first full year of NN’s transformation produced significant results, although the improvements were somewhat obscured in the GAAP reported results. With the successful change in the business trajectory, NN remains on track to achieve its 2028 financial goals of $650 million of net sales, with an adjusted EBITDA margin in the 12-13% range.

More Transformation in 2025. Management is not resting on its laurels. 2025 will continue the transformation plan with specific emphasis on improving or eliminating underperforming business, additional costs out, new business wins, and balance sheet improvement through a debt refinance.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

Seanergy Maritime Holdings (SHIP) – Record Profitability in 2024; Updating 2025 Estimates

Posted on by cpereira@noblefcm.com


Friday, March 07, 2025

Seanergy Maritime Holdings Corp. is a prominent pure-play Capesize shipping company listed in the U.S. capital markets. Seanergy provides marine dry bulk transportation services through a modern fleet of Capesize vessels. The Company’s operating fleet consists of 18 vessels (1 Newcastlemax and 17 Capesize) with an average age of approximately 13.4 years and an aggregate cargo carrying capacity of approximately 3,236,212 dwt. Upon completion of the delivery of the previously announced Capesize vessel acquisition, the Company’s operating fleet will consist of 19 vessels (1 Newcastlemax and 18 Capesize) with an aggregate cargo carrying capacity of approximately 3,417,608 dwt. The Company is incorporated in the Marshall Islands and has executive offices in Glyfada, Greece. The Company’s common shares trade on the Nasdaq Capital Market under the symbol “SHIP”.

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Hans Baldau, Research Associate, Noble Capital Markets, Inc.

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

Fourth quarter financial results. Seanergy Maritime reported fourth quarter adjusted EBITDA and earnings per share (EPS) of $20.4 million and $0.34, respectively, exceeding our estimates of $19.3 million and $0.27. Revenue was modestly above our estimate due to better-than-expected available operating days, while expenses were marginally lower-than-expected, driven by operational efficiencies for voyage and vessel expenses. Operating income was $10.7 million compared to our estimate of $10.1 million.

2025 market outlook. Capesize rates fell in early 2025 due to an increase in the effective supply of vessels caused by low congestion in ports and smaller vessels taking on cargo typically reserved for the Capesize fleet. However, Capesize market rates have since rebounded and are expected to stay relatively steady throughout 2025. Limited new vessel orders and deliveries, increasing environmental regulations, and rising iron ore and bauxite exports are supporting Cape vessel rates amid a broader downturn in the dry-bulk market.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

Ocugen (OCGN) – Ocugen Reports FY2024 With Progress Toward “3 BLA Filings In 3 Years”

Posted on by cpereira@noblefcm.com


Thursday, March 06, 2025

Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.

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.

Clinical Progress Expected To Lead To Filings For Three Product Approvals. Ocugen reported a 4Q24 loss of $13.9 million or $(0.05) per share and FY2024 loss of $54.1 million or $(0.20) per share. The company made significant progress in its clinical trials during the quarter and since the start of FY2025. It has also received regulatory designations that accelerate product approval. The company had $58.5 million in cash on December 31, sufficient to fund operations through 1Q26.

Clinical Trial Advances Point To Three BLAs In 3 Years. Ocugen has made significant progress with three products for three diseases that lead to vision loss. The three ongoing trials are Phase 3 for OCU400, the Phase 2/3 for OCU410ST in Stargardt disease, and the Phase 1/2 trial for GA. These trials are on schedule for filing applications for approval in 2026, 2027, and 2028 respectively. OCU400 and OCU410ST have Orphan Drug designations that can accelerate approval, while GA is a large market of over 10 million patients in the US alone.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

NN, Inc. (NNBR) – A Look into the Fourth Quarter

Posted on by cpereira@noblefcm.com


Thursday, March 06, 2025

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Year of Transformation. Management highlighted its first full year of transformation, as the Company upgraded leadership positions and added to its Stamped Products, Electrical, and Medical teams. They also secured new business to offset rationalized business and create a path to y-o-y growth, increased gross margins, and decreased leverage to name a few actions. Lastly, the underperforming plants are expected to generate positive EBITDA in the new year compared to a negative $11.5 million last year.

New Business Wins. The Company had $73 million of new business wins for the fiscal year, surpassing the previous year of $63 million. As for 2025, the Company has $13 million in new wins year-to-date and remains on pace towards its guidance of $60-$70 million in new wins for the year. These wins are expected to soon ramp into Company sales as well, with roughly $21 million of new business expected to launch in Q1 2025 across multiple plants and countries.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

CoreCivic, Inc. (CXW) – South Texas to Resume Operations

Posted on by cpereira@noblefcm.com


Thursday, March 06, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.com.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

South Texas to Resume. Yesterday, CoreCivic announced a new intergovernmental agreement to resume operations at the 2,400-bed South Texas Family Residential Center in Dilley, Texas, for ICE. CoreCivic has entered into a new lease agreement with Target Hospitality, the owner of the facility, over period concurrent with the ICE agreement. We view this a further confirmation of the Federal government’s need for additional bed capacity in the drive to deport undocumented migrants.

Details. The amended IGSA expires in March 2030 and may be further extended through bilateral modification. The agreement provides for a fixed monthly payment in accordance with a graduated schedule to correlate with the activation of each neighborhood within the facility. Once fully activated, total annual revenue is expected to be approximately $180 million, including medical services. With the Company having already started pre-activation activities earlier this year, we expect this award to be accretive to earnings beginning in the second quarter of 2025.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

FAT Brands (FAT) – Post Call Commentary

Posted on by cpereira@noblefcm.com


Thursday, March 06, 2025

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, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Twin Hospitality. Significant opportunity remains at Twin Hospitality. The Company ended the year with 115 Twin Peaks lodges, having opened nine new lodges. Twin Hospitality expects to open an additional 9-11 lodges in 2025, with 6-7 franchised and an additional 10-15 lodges in both 2026 and 2027. The Company has over 100 signed franchised commitments and the remaining conversion of approximately 30 Smokey Bones locations to drive new openings.

New Openings. FAT Brands expects to open over 100 new locations in 2025, with 17 already opened year-to-date. We anticipate strong organic growth across the portfolio in 2025. The current development pipeline consists of signed agreements for approximately 1,000 additional locations, including over 250 units signed in 2024. Once these units are opened, we expect them to generate approximately $50 million in incremental annual adjusted EBITDA.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

AZZ Inc. (AZZ) – Updating Estimates; Raising PT

Posted on by cpereira@noblefcm.com


Thursday, March 06, 2025

Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

A market leader with a strong growth profile. AZZ is the leading independent provider of hot dip galvanizing and coil coating solutions to a broad range of end markets. We expect AZZ Precoat Metals’ new manufacturing facility in Washington, Missouri to contribute to top-line growth in fiscal year 2026 while capital expenditures decline. Approximately 75% of the facility’s production is already committed and could generate $50 million to $60 million in revenue on an annualized basis once production is fully ramped. 

Fiscal 2026 corporate guidance. In early February, AZZ Inc. released financial guidance for fiscal year 2026 and expects sales in the range of $1.625 billion to $1.725 billion, adjusted EBITDA in the range of $360 million to $400 million, and adjusted diluted EPS of $5.50 to $6.10. Fiscal year 2026 guidance included an increase in the Metal Coatings EBITDA margin expectations to a range of 27% to 32% from 25% to 30%, while Precoat Metals EBITDA margin expectations are unchanged at 17% to 22%.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

The GEO Group (GEO) – Upgrading to Outperform with $32 PT

Posted on by cpereira@noblefcm.com


Wednesday, March 05, 2025

The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Upgrading to Outperform. We are upgrading GEO shares to Outperform with a $32 near-term price target. We believe there is substantial opportunity just in filling existing beds under current contracts, with the opening of currently idle facilities, new facilities, and expansion of the ISAP program providing additional upside.

Opportunity. GEO has an additional 17,000 beds to provide for ICE detention requirements, which would increase GEO’s overall bed capacity for ICE to about 32,000 beds. The incremental 17,000 beds includes approximately 9,400 beds in current idle facilities that will be reconfigured for detention use and approximately 7,700 incremental beds available at existing GEO serviced ICE and U.S. Marshal’s facilities under contract. Management estimates the utilization of these additional 17,000 beds could generate between $500 million and $600 million in incremental annualized revenues, with margins consistent with secure services owned facilities which average 25% to 30%.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

Cadrenal Therapeutics (CVKD) – Development Agreement With Abbott Brings Another Tecarfarin Indication To Clinical Trials

Posted on by cpereira@noblefcm.com


Wednesday, March 05, 2025

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.

Cadrenal and Abbott Announce The LVAD Collaboration We’ve Been Waiting For. Cadrenal announced a development agreement with Abbott (ABT, Not Rated) to develop Tecarfarin in patients with Abbott’s HeartMate3 LVAD (left ventricle assist device). Under the agreement, Abbott will support Cadrenal’s pivotal TECH-VLAD (TECarfarin Anticoagulation and Hemocompatibility with Left Ventricular Assist Devices) trial in its design, site selection, recruitment, and its HeartMate3 experience.

LVAD Patients Have An Unmet Need For A New Anticoagulant. While Direct Oral Anticoagulation Drug (DOAC) category has been highly successful, there are several populations where they are not effective or have safety risks. Patients with LVAD devices can only use warfarin, a drug that has variable efficacy with several drawbacks, including a requirement for frequent patient monitoring. LVAD patients have less effective anticoagulation and remain at high risk for coagulation events (bleeding, stroke, myocardial infarct). 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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. 

Ocugen (OCGN) – OCU410 and OCU410ST Receive ATMP Classification In Europe

Posted on by cpereira@noblefcm.com


Tuesday, March 04, 2025

Ocugen, Inc. is a biotechnology company focused on developing and commercializing novel gene therapies, biologicals, and vaccines. The lead product in its gene therapy program, OCU400, is in Phase 1/2 clinical trials for retinitis pigmentosa.

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.

Ocugen Now Has Three Products With ATMP Designation. Two Ocugen products, OCU410 and OCU410ST, received Advanced Therapy Medicinal Product (ATMP) designation from the European Medicines Agency Committee for Advanced Therapies (EMA-CAT). These join OCU400, which received this designation for retinitis pigmentosa (RP) in February 2025. The designation is similar to the Breakthrough Therapy designation from the FDA, allowing increased interactions with the regulators and accelerating regulatory review.

OCU410 Has Completed Phase 2 Dosing In GA. The Phase 2 portion of the ArMaDa (pronounced ‘Armada”) trial has completed enrollment for OCU410 in geographic atrophy (GA), a lesion that results from advancing dry Age-related Macular Degeneration (dry AMD). The study has enrolled 51 patients randomized into a high dose arm, medium dose arm, or control. The completion of the dosing phase was ahead of our expected time frame, keeping the company on schedule to conduct Phase 3 in 2026 and potentially file for regulatory approval in 2028.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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 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.