Author: cpereira@noblefcm.com

Codere Online (CDRO) – A Favorable Bet On Controlled Expansion

Posted on by cpereira@noblefcm.com


Thursday, November 17, 2022

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

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 Q3 results. Net gaming revenue grew 54% in the quarter to €30.6 million, despite only a 4% increase in active users. Management attributed revenue growth to more spending from existing users. Notably, revenue in Mexico, Spain and Columbia increased 85%, 29% and 100%, respectively. 

Revenue outlook on track. Management shifted full year guidance to the higher end of its previous range, now €115 million to €120 million from its previous range of €110 million to €120 million. The shift to the high end of previously issued guidance is progress on the path towards profitability, which management expects to reach in 2024.  


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Bowlero (BOWL) – Favorable Retail Trends; Raising Estimates

Posted on by cpereira@noblefcm.com


Thursday, November 17, 2022

Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.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.

A good start to the fiscal year. Fiscal first quarter revenues exceeded our expectation at $230.3 million versus our estimate of $222.5 million. Notably, the quarter illustrated the return of COVID-impacted business lines. League and Tournament revenue was up 46% and Group Event revenue was up 86%.

Hitting its stride. The company demonstrated favorable revenue trends across all of its business lines with strong growth of Bowling & Shoe (+24.5%), Food & Beverage (+31.2%), and Amusement (+29.9%).


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Lifeway Foods (LWAY) – Record Results for the Third Quarter; Raising to Outperform

Posted on by cpereira@noblefcm.com


Wednesday, November 16, 2022

Joe Gomes, Senior Research 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.

3Q22 Results. Lifeway reported record top line for the third quarter with sales up 29.1% y-o-y to $38.1 million. Price and volume in the core kefir product drove the top line results. Kefir unit volumes increased double digits in the quarter. Net income for the quarter totaled $983,000, or $0.06 per share, compared to $480,000, or $0.03 per share last year. We had forecast revenue of $33.5 million and net income of $215,000, or EPS of $0.01.

New Distribution. Management continues to pick up new accounts. Most recently convincing Food Lion to switch to Lifeway branded kefir from an unbranded product, and adding the 975 store Wawa convenience chain in the mid-Atlantic states and the 106 location Plaid Pantry convenience chain serving the Pacific Northwest. These new accounts should help Lifeway to continue to post top line growth.


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Endeavour Silver (c) – Inventory Provides Sales Flexibility Going Forward

Posted on by cpereira@noblefcm.com


Wednesday, November 16, 2022

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 Research Analyst, Natural Resources, Noble Capital Markets, Inc.

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

Third quarter 2022 results. Endeavour generated a third quarter adjusted net loss of $3.1 million or ($0.02) per share compared to a net loss of $4.5 million or $(0.03) per share during the prior year period. We had projected net income of $2.0 million or $0.01 per share. Financial results were negatively impacted by the company’s decision to withhold sales for inventory, along with higher direct production costs. At quarter end, Endeavour held 1,527,549 ounces of silver and 3,210 ounces of gold in bullion inventory and 2,770 ounces of silver and 143 ounces of gold in concentrate inventory. For the nine months ended September 30, adjusted EBITDA and EPS amounted to $33.1 million and $(0.01), respectively.

Updating estimates. We expect stronger financial performance during the fourth quarter although we have trimmed our 2022 EPS estimate to $0.06 per share from $0.09 to reflect third quarter financial results. We have lowered our 2023 EBITDA and EPS estimates to $52.5 million and $0.09, respectively, from $0.11 and $53.3 million to reflect modestly lower margin on sales.


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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. 

Coeur Mining (CDE) – Getting the Rochester Expansion Past the Finish Line

Posted on by cpereira@noblefcm.com


Wednesday, November 16, 2022

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

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

Third quarter 2022 results. Coeur reported a third quarter adjusted net loss of $44.7 million or $(0.16) per share compared to a net loss of $2.9 million or $(0.01) per share during the prior year period. We had forecast a net loss of $3.0 million or $(0.01) per share. Sales were lower and costs applicable to sales were higher than our estimates. Free cash flow was $(115.7) million. For the nine months ended September 30, the company generated adjusted EBITDA in the amount of $103.1 million and free cash flow of $(242.2) million.

Updating estimates. We have lowered our 2022 EBITDA and EPS estimates to $136.3 million and $(0.31), respectively, from $151.8 million and $(0.12). Revisions to our 2022 estimates reflect third quarter results and lower commodity price assumptions in the fourth quarter. Our 2023 estimates remain unchanged.


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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. 

Cocrystal Pharma (COCP) – 3Q22 Reported – First Influenza Vaccine Data To Be Presented

Posted on by cpereira@noblefcm.com


Wednesday, November 16, 2022

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.

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3Q22 Reported With Pipeline Update. Cocrystal reported a 3Q22 loss of $5.7 million or $0.70 per share. The product pipeline continues to make progress, with the first data from its influenza vaccine, CC-42344, scheduled for presentation in December. Two COVID-19 programs continue in preclinical studies, with an IND filing expected in 1Q23. The company ended the quarter with $42.1 million in cash.

Influenza Trial Data To Be Presented. Enrollment has been completed in the Phase 1 study for CC-42344 for seasonal and pandemic influenza. Safety and pharmacokinetic data is scheduled for presentation at the World Antiviral Congress in December 2022. The trial results will be submitted to regulatory authorities in the United Kingdom for a Phase 2a human challenge study to determine efficacy, expected to begin in 2H23.


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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. 

Blackboxstocks (BLBX) – Gearing Up for Next Year, Lowering Price Target

Posted on by cpereira@noblefcm.com


Wednesday, November 16, 2022

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, Senior Research 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.

3Q Results. Revenue for the quarter was $1.22 million, a decrease from last year’s $1.47 million and in-line with our estimate of $1.21 million. The average users were down as well in the quarter, 5,197 compared to 5,535 a year ago and 6,181 in the second quarter. The Company reported a net loss of $1.31 million, or ($0.10) per share, versus a net loss of $505,976 or ($0.05) last year. We estimated a net loss of $1.29 million or ($0.10).

Tough Environment, but a Silver Lining. Continued poor performance in the stock market, along with high inflation and sluggish GDP, has caused the Company to see decreases in overall performance year-over-year. However, the Company will have a Black Friday/Cyber Monday promotion that we believe will attract new users and bring back past users.


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BioSig Technologies (BSGM) – BioSig reports 3Q 2022; Lots of Activity; Target Price Reduced

Posted on by cpereira@noblefcm.com


Wednesday, November 16, 2022

BioSig Technologies is a medical technology company commercializing a proprietary biomedical signal processing platform designed to improve signal fidelity and uncover the full range of ECG and intra-cardiac signals (www.biosig.com). The Company’s first product, PURE EP(TM) System is a computerized system intended for acquiring, digitizing, amplifying, filtering, measuring and calculating, displaying, recording and storing of electrocardiographic and intracardiac signals for patients undergoing electrophysiology (EP) procedures in an EP laboratory.

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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BioSig reported 3Q 2022 results.  The Company reported $135,000 of revenues in the quarter that recognized $127,000 in product sales and $8,000 in service revenue.  We were looking for $980,000 in product revenues and $49,000 in service revenue.  The third quarter EPS loss of $0.14 matched our expected loss per share.

Marketing activities are ramping up.  PURE EP technology was featured in a physician presentation at the Kansas City Heart Rhythm Symposium held August 20-21, 2022.  In late September 2022, the Company released its most advanced software, known as PURE EP Software Version 6 with ACCUVIZ Module. The new Version 6 software was introduced at the Cleveland Clinic Global EP Summit held September 23-24, 2022.  In addition, the Company was invited to attend and sponsor the Venice Arrhythmias 2022 Congress that met October 13-15 in Venice Italy.


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Alvopetro Energy (ALVOF) – Rising cash flow allows dividend increase and share repurchase

Posted on by cpereira@noblefcm.com


Wednesday, November 16, 2022

Alvopetro Energy Ltd.’s vision is to become a leading independent upstream and midstream operator in Brazil. Our strategy is to unlock the on-shore natural gas potential in the state of Bahia in Brazil, building off the development of our Caburé natural gas field and our strategic midstream infrastructure.

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

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

Alvopetro reported 2022-3Q results significantly higher than last year and above our expectations. Revenues rose 67% due to a 7% increase in production and a 58% increase in gas prices. Higher sales translated into higher cash flow ($13.8 million versus $7.2 million) and earnings ($8.8 million versus $0.0).

Results were due to operations improvements and are likely to continue. The company expanded its gas processing facilities in July raising capacity to 3,000 boe/d. With quarterly results, management indicated that October total production averaged 2,720 boe/d, a nice rise above 2022-3Q levels of 2,642 boe/d.


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Schwazze (SHWZ) – Blocking and Tackling

Posted on by cpereira@noblefcm.com


Tuesday, November 15, 2022

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, Senior Research 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.

3Q22 Results. Revenue was $43.2 million, up 36% y-o-y from $31.8 million. Adjusted EBITDA was $15.9 million, or 36.7% of revenue in the quarter, up from $8.8 million, or 26.7%, a year ago. Schwazze reported operating income of $11.1 million and net income of $25,124, or breakeven EPS, versus $3.8 million, $968,756 and $0.02 last year.

Quarterly Drivers. The most influential factor driving revenue increases in the third quarter  2022 was the inclusion of four consummated acquisitions in Colorado and revenue from R. Greenleaf. Revenue from wholesale sales decreased, due in large part to continued pricing pressure in the Colorado wholesale market as a result of supply saturation in flower and bulk distillate products.


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Pyxis Tankers (PXS) – Use of short-term & spot prices paying off as tanker rates rise

Posted on by cpereira@noblefcm.com


Tuesday, November 15, 2022

We currently own a modern fleet of five tankers engaged in seaborne transportation of refined petroleum products and other bulk liquids. We are focused on growing our fleet of medium range product tankers, which provide operational flexibility and enhanced earnings potential due to their “eco” features and modifications. We are positioned to opportunistically expand and maximize our fleet due to competitive cost structure, strong customer relationships and an experienced management team whose interests are aligned with those of its shareholders. For more information, visit: http://www.pyxistankers.com.

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

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

Pyxis Tankers reported another quarter of impressive results due to higher tanker shipping rates. Pyxis reported net revenues of $17.0 million for the 2022-2Q, up from $7.0 million for the same period last year and in line with expectations. Higher revenues reflect a TCE rate of 29,062 versus 7,326.  Higher revenues more than offset increased vessel operating costs, which were $5.0 million versus $3.6 million. The result was a boost to adjusted EBITDA to $8.0 million versus $(1.3) million. Net income available to common was $5.1 million ($0.42 per diluted share) versus a loss of $3.7 million ($0.39 per diluted share).

The near-term outlook remains favorable. The displacement of traditional shipping routes caused by the conflict in Ukraine has led to longer voyages at higher prices. This will most likely continue and may even accelerate as European countries replace Russian natural gas with oil and diesel. In addition, the Chinese government has now authorized the export of refined oil, which may lead to additional demand for tankers. Pyxis has committed three of its five vessels to short-term charters at rates above 30,000 while leaving the remaining two vessels to receive spot prices. Traditional, tanker shipping prices are strong in the winter heating season.


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PDS Biotechnology Corp. (PDSB) – PDS Bio Reports 3Q22 and Reviews Full SITC Data

Posted on by cpereira@noblefcm.com


Tuesday, November 15, 2022

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.

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 Reported With Full Data. PDS Biotech reported a 3Q22 loss of $7.4 million or $(0.26) per share, with cash on September 30 of $71.6 million. PDS Management reviewed two presentations at last week’s Society for Immunotherapy of Cancer (SITC) meeting, providing additional information to the data published in the abstracts. These data continue to show improved efficacy for PDS0101 over current treatments.

Data From Two Studies Was Presented At SITC. As discussed in our Research Note on November 8, the response rate and patient survival for the Phase 2 IMMUNOCERV trial in cervical cancer exceeded the standard of care.  Data presented from the Phase 2 Triple Therapy trial showed anti-tumor action by PDS0101, with increases in immune response markers against the tumors and decreases in markers of immune suppression.


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Onconova Therapeutics (ONTX) – Onconova Announces A New Trial With 3Q22 Results

Posted on by cpereira@noblefcm.com


Tuesday, November 15, 2022

Onconova Therapeutics is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary targeted anti-cancer agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation. Onconova’s novel, proprietary multi-kinase inhibitor narazaciclib (formerly ON 123300) is being evaluated in two Phase 1 dose-escalation and expansion studies. These trials are currently underway in the United States and China. Onconova’s product candidate rigosertib is being studied in an investigator-sponsored study program, including in a dose-escalation and expansion Phase 1/2a investigator-sponsored study with oral rigosertib in combination with nivolumab for patients with KRAS+ non-small cell lung cancer.

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.

3Q22 Showed Continued Progress In Ongoing Trials. Onconova announced a loss of $5.4 million or $(0.26) per quarter for 3Q22, ending the quarter with $42.6 million in cash. In addition to updates on its current clinical trials, the company announced its intentions to start a new Phase 1/2a trial testing narazaciclib in low-grade endometrioid endometrial cancer (LGEEC). This new trial is expected to begin in 1Q23 with first data announced in 4Q23.

New Trial Planned In Endometrial Cancer. The Phase 1/2a trial will test the combination of narazaciclib with letrozole (Femara, an aromatase inhibitor from Novartis) in recurrent low-grade endometrioid endometrial cancer (LGEEC). The trial will start with safety cohorts testing the combination, with a 200 mg dose of narazaciclib with the standard 2.5 mg dose of letrozole. This is the narazaciclib dose that is in its fifth cohort in the Phase 1 trial for solid tumors.


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