Author: cpereira@noblefcm.com

Unicycive Therapeutics (UNCY) – Initiating Coverage With An Outperform Rating

Posted on by cpereira@noblefcm.com


Wednesday, February 14, 2024

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.

OLC Could Become The Preferred Drug For Renal Dialysis Patients. Unicycive Therapeutics is developing drugs to treat kidney diseases. The lead drug candidate, OLC (oxylanthanum carbonate), is a phosphate binding agent for the treatment of high phosphate levels in renal dialysis patients. We believe OLC will show advantages over the current phosphate binding drugs and has potential to be the best drug in a category with over $1 billion in US sales. Our price target is $6 per share.

We Believe OLC Will Show Advantages Over Other Phosphate Binders. Patients receiving renal dialysis typically have elevated phosphorus levels in their blood. There are six phosphate binding drugs available to reduce high phosphate levels, however the number of pills required leads to poor compliance. Notably, OLC was formulated to reduce the pill burden and help patients lower their phosphate levels to recommended ranges.


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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. 

Kratos Defense & Security (KTOS) – A Better Than Expected Fourth Quarter

Posted on by cpereira@noblefcm.com


Wednesday, February 14, 2024

Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms, and systems for United States National Security related customers, allies, and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research, and streamlined development processes. At Kratos, affordability is a technology, and we specialize in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to www.kratosdefense.com.

Joe Gomes, 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.

4Q23 Results. Coming in above expectations, 4Q23 revenue totaled $273.8 million, up 9.8% y-o-y, with the improvement driven by 17% growth in the Government Solutions segment. Adjusted EBITDA came in at $29.1 million, up from $19.2 million a year ago. Adjusted EPS was $0.12 versus $0.08. We had forecasted revenue of $250 million, adjusted EBITDA of $22.5 million, and adjusted EPS of $0.08.

Opportunity, Opportunity, Opportunity. The Company continues to rack up awards. Yesterday, Kratos announced the award of the $579 million SATCOM C2 System ID/IQ. This was the Company’s only major re-compete. Notably, the size of the contract is 50% larger than the prior contract, adding another growth vehicle.


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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. 

Defense Metals Corp. (DFMTF) – Hiding in Plain Sight?

Posted on by cpereira@noblefcm.com


Wednesday, February 14, 2024

Defense Metals Corp. is a mineral exploration and development company focused on the acquisition, exploration and development of mineral deposits containing metals and elements commonly used in the electric power market, defense industry, national security sector and in the production of green energy technologies, such as, rare earths magnets used in wind turbines and in permanent magnet motors for electric vehicles. Defense Metals owns 100% of the Wicheeda Rare Earth Element Property located near Prince George, British Columbia, Canada. Defense Metals Corp. trades in Canada under the symbol “DEFN” on the TSX Venture Exchange, in the United States, under “DFMTF” on the OTCQB and in Germany on the Frankfurt Exchange under “35D”.

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.

Wicheeda REE project. Defense Metals is advancing its 100%-owned Wicheeda rare-earth project located near Prince George, British Columbia that has the potential to be a globally significant producer. The project has important advantages, including a mining-friendly location within North America, access to well-developed infrastructure and logistics, and a strong technical team. While China remains the largest global supplier of rare earths, Wicheeda is well-positioned to take a leading role in the North American and Global REE supply chain. Once the project commences commercial production, it is expected to produce ~25,000 tonnes of rare earth oxide annually, or roughly 10% of current global production.

Significant milestone ahead. Defense Metals expects to complete a preliminary feasibility study (PFS) in the second calendar quarter of 2024 for which metallurgical test work has been completed. Bench-scale and hydrometallurgical pilot plant test work indicate that the planned acid bake process will deliver approximately 90% total rare earth oxide (TREO) extraction from the mineral concentrate to a mixed rare earth carbonate product. Eleven mixed rare earth precipitate samples from the hydrometallurgical test-work have been sent to potential partners, processors, or end users.


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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) – A Much Better Quarter Than The Stock Suggests

Posted on by cpereira@noblefcm.com


Tuesday, February 13, 2024

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, 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.

Solid Q4 results. The company reported Q4 revenue of $65.7 million, in-line with our estimate of $66.1 million, and adj. EBITDA of $5.0 million, which was slightly below our estimate of $6.1 million. Notably, the company’s high growth digital businesses performed strongly in the quarter, and accounted for 18.4% of full year 2023 revenue. 

Favorable digital outlook. 2023 was a solid year for the company’s digital initiatives. Digital revenue increased a solid 11.4% year-over-year and accounted for 18.4% of total revenue for the year. Notably, we expect the company’s favorable digital revenue growth to continue in 2024, and account for 20% of total revenue. 


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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) – Raising Price Target to $8 Based On Clinical Progress

Posted on by cpereira@noblefcm.com


Monday, February 12, 2024

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.

New Price Target Reflects Clinical Progress In Several Programs. We are raising our price target on OCGN to $8 from $5 to reflect the company’s recent progress. Its clinical programs now include retinitis pigmentosa (RP), dry age-related macular degeneration (dAMD), and Stargardt disease. Since OCU410 has recently begun clinical trials in dAMD, we have adjusted our probability of market entry to arrive at a new price target.

OCU400 Has Produced Meaningful Data In RP and Advanced Toward Phase 3. Ocugen is finalizing the design of the Phase 3 for OCU400 and expects to begin the trial in Q24. The Phase 1/2 trial has completed dosing of the RP patients and three LCA patients. Final LCA patient data could allow FDA approval for expansion to LCA patients in 2H24. Data reported during 2023 showed meaningful improvements in vision for patients with RP, leading to its RMAT designation from the FDA and an expanded access program.


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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) – Raising Price Target to $17, Post Call Commentary

Posted on by cpereira@noblefcm.com


Monday, February 12, 2024

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, 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.

ICE Pops — Where Do We Go From Here? ICE detainee population grew to 38,498 at the end of January, up from 36,845 at the end of the Federal government fiscal year. But CR funding remains at 34,000 beds. With the CR ending March 8th, it is unclear if a budget will pass and where funding will end up. The recent Senate discussions had suggested a 50,000 bed level, but it is unclear where negotiations go from here. CoreCivic ICE pops were down modestly to a current 11,334 from 11,800 in November, reflecting normal seasonality.

Margins. With higher populations across federal, state, and local partners, higher occupancy rates, normalizing staffing cost and inflation, and per diem increase, operating margin improved in 4Q23. We anticipate additional improvement in 2024. Notably, the Community segment operating margin rose to 33.4% in the quarter, up from 22.2% last year.


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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. 

Labrador Gold Corp. (NKOSF) – Highlights of the 2023 Hopedale Exploration Program

Posted on by cpereira@noblefcm.com


Friday, February 09, 2024

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.

Excitement builds around Hopedale. The district-scale 100% owned Hopedale property in Labrador covers a 43-kilometer strike length of the Florence Lake greenstone belt. The company is targeting greenstone hosted orogenic gold and komatiite hosted nickel. To date, eight occurrences have been identified reflecting multiple mineralization styles, including orogenic gold, magmatic nickel sulfide, copper-silver vein, and zinc-rich volcanogenic massive sulfide. Labrador Gold released results of its 2023 exploration program which underscored the property’s prospectivity and resource potential across a variety of metals.

Fire Ant and Rusty Ridge. High grade gold grab samples containing up to 106 grams per tonne were discovered at a new occurrence, Fire Ant, that has been traced over a strike length of ~200 meters and brings the number of significant gold occurrences on the property to five. Labrador extended an anomalous nickel area at Rusty Ridge to 550 meters and identified a new anomalous nickel area, Last Resort, over a strike length of 1.6 kilometers.


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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. 

MAIA Biotechnology (MAIA) – Journal Article Confirms MOA In An Additional Tumor Type

Posted on by cpereira@noblefcm.com


Thursday, February 08, 2024

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.

New Publication Shows Multiple Activities of THIO In SCLC. MAIA announced the publication of an article in the peer-reviewed journal Nature Communications that discusses the dual mechanism of action and effects of THIO in small cell lung cancer (SCLC). This is another tumor type in which THIO has been shown to have direct killing effects on cancer cells and activation the cGAS-STING signaling pathway that leads to an immune response. We see this as consistent with previous data confirming THIO benefits.

MAIA Is Developing THIO For Both Major Lung Cancers. Out of all lung cancer cases, non-small cell lung cancer (NSCLC) comprises about 87% while small cell (SCLC) comprises about 13%. Although less common than NSCLC, SCLC is highly aggressive and highly metastatic. SCLC cells have high telomerase activity that enables their high proliferation rate and  immortality. MAIA has received Orphan drug designation from the FDA for SCLC, while the Phase 2 THIO-101 trial is testing THIO in NSCLC.


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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) – A Fourth Quarter Beat

Posted on by cpereira@noblefcm.com


Thursday, February 08, 2024

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, 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.

Results. Fourth quarter revenue totaled $491.2 million, up from $471.4 million last year and in-line with our $495 million projection. Adjusted EBITDA for the quarter was $90 million, compared to $87.7 million last year and our $82 million estimate. CXW reported adjusted net income of $26.4 million and adjusted EPS of $0.23, beating our estimates of $17.5 million and $0.18, respectively, and improving from $25 million and $0.22 last year.

Strong Business Momentum. The better than expected results were driven by ongoing population and resulting occupancy increases. CoreCivic ended the year at 74% occupancy, the highest quarterly level since 2Q20. Labor availability and wage inflation are normalizing, resulting in improving margins. We expect these trends to continue in 2024.


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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. 

MustGrow Biologics Corp. (MGROF) – Reaching Another State

Posted on by cpereira@noblefcm.com


Wednesday, February 07, 2024

Joe Gomes, 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.

Another Approval. Oregon is the newest state to approve TerraSante for product sales, as management announced receipt of The State of Oregon Agriculture Fertilizer Registration Certificate for its product. The Company’s organic compliance certification from the USDA National Organic Program will apply to the product sales.

Expansion of Revenue. The Oregon approval provides MustGrow with another agriculture-rich state, with the state recording $5.0 billion in agriculture production on 16 million acres of farmland in 2021, which generated 13% of the states’ GDP. With the sales & marketing commercialization strategy in conjunction with BioAg Product Strategies in place for the 2024 planting season, we believe adding Oregon provides another positive to top-line revenue growth for the Company.


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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. 

GeoVax Labs (GOVX) – Initial Phase 2 Data Shows Immune Responses In COVID-19 Booster Trial

Posted on by cpereira@noblefcm.com


Wednesday, February 07, 2024

GeoVax Labs, Inc. is a clinical-stage biotechnology company developing novel therapies and vaccines for solid tumor cancers and many of the world’s most threatening infectious diseases. The company’s lead program in oncology is a novel oncolytic solid tumor gene-directed therapy, Gedeptin®, presently in a multicenter Phase 1/2 clinical trial for advanced head and neck cancers. GeoVax’s lead infectious disease candidate is GEO-CM04S1, a next-generation COVID-19 vaccine targeting high-risk immunocompromised patient populations. Currently in three Phase 2 clinical trials, GEO-CM04S1 is being evaluated as a primary vaccine for immunocompromised patients such as those suffering from hematologic cancers and other patient populations for whom the current authorized COVID-19 vaccines are insufficient, and as a booster vaccine in patients with chronic lymphocytic leukemia (CLL). In addition, GEO-CM04S1 is in a Phase 2 clinical trial evaluating the vaccine as a more robust, durable COVID-19 booster among healthy patients who previously received the mRNA vaccines. GeoVax has a leadership team who have driven significant value creation across multiple life science companies over the past several decades.

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.

Initial Phase 2 Data Announced. GeoVax announced positive initial findings from its Phase 2 clinical trial testing GM04S1 as a booster vaccine in patients who had previously been vaccinated with an mRNA vaccine from Pfizer or Moderna. This includes the initial safety and immune response measured 30 days after patients received the vaccine.

GM-04S1 Is Designed As A Successor To Current Vaccines. GM04S1 is an MVA-based SARS-CoV-2 vaccine designed to stimulate immunity against two viral proteins, the spike (S) and nucleocapsid (N). Prior testing showed both antibody and T-cell responses against conserved regions of the virus that are less likely to mutate and protect against future variant strains. Stimulation of both the antibody and cellular arms of the immune systems could provide long-term immunity and durability of the response.


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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. 

Bit Digital (BTBT) – January Production Numbers Released

Posted on by cpereira@noblefcm.com


Wednesday, February 07, 2024

Joe Gomes, 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.

BTC Mining. Bit Digital produced 145.7 BTC during the month of January, a 14% decrease from 169.5 BTC in the prior month. Increases in both transactions fees and network difficulty were the main reasons for the decrease. The Company’s active hash rate was approximately 2.50 EH/s compared to 2.52 EH/s. With the recent hosting agreement, we expect an increase in the hash rate next month.

ETH Staking. The Company had approximately 12,784 ETH actively staked, up slightly from 12,752 ETH staked last month, with approximately 12,384 ETH natively staked and 400 ETH deployed in liquid staking. Bit Digital earned a blended APY of approximately 3.69% compared to 3.67% last month, and earned aggregate staking rewards of approximately 38.7 ETH.


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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. 

Haynes International (HAYN) – Haynes International Shares Rise on Acquisition Announcement; Rating Lowered to Market Perform

Posted on by cpereira@noblefcm.com


Tuesday, February 06, 2024

Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.

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.

Haynes to be acquired by Acerinox, S.A. Haynes International entered into a definitive agreement to be acquired in an all-cash transaction by Acerinox’s wholly owned U.S. subsidiary, North American Stainless, Inc. Acerinox is a leader in the manufacturing and distribution of stainless steel and high-performance alloys and will acquire all the outstanding shares of Haynes for $61.00 per share valuing Haynes at an enterprise value of approximately $970 million and a fully diluted equity value of $798 million. The shares are trading close to the proposed transaction price per share.

Closing is expected in the third calendar quarter. The transaction has been unanimously approved by the board of directors of both companies and is expected to close in the third calendar quarter of 2024, subject to the satisfaction of closing conditions, including receipt of regulatory approvals and approval by Haynes stockholders. Because the Haynes shareholder meeting is tentatively planned for April 2024, we think the transaction could close sooner than later.


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This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in 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.