Author: cpereira@noblefcm.com

Aurania Resources (AUIAF) – Ecuador Elects a New President; Positive Implications for Business

Posted on by cpereira@noblefcm.com


Tuesday, October 17, 2023

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.

Presidential election in Ecuador. Mr. Daniel Noboa was elected President of Ecuador following a run-off election held on October 15th. He will be sworn in on November 25th and will govern until the next presidential election in 2025. He is completing the term of the outgoing president, Guillermo Lasso, who dissolved the Congress in May and called for snap Presidential and Legislative elections.

A positive outcome for investors. At 35 years of age, Mr. Noboa will be the youngest president in Ecuador’s history and is the scion of a wealthy Ecuadorian family. He is well-educated with several graduate degrees, including a degree in public administration from Harvard University. He campaigned on strengthening the economy, attracting greater foreign investment, and restoring law and order. As a candidate, Mr. Noboa met with the Ecuador Chamber of Mines and is expected to be supportive of the mining industry given its economic importance.


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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. 

Orion Group Holdings (ORN) – Additional Detail On New Award

Posted on by cpereira@noblefcm.com


Monday, October 16, 2023

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.

Detail. Orion released some additional info regarding the new awards announced in its September 28th 8-K filing. The over $100 million design/build award was awarded by Grand Bahama Shipyard Limited for the turnkey design-build of the Grand Bahama Shipyard Dry Dock Replacement Project. The $121 million of other awards was split into $50.8 million of new Concrete business and $68.5 million of new Marine business.

Dry Dock. Grand Bahama Shipyard Dry Dock award was a competitive bid/negotiation process. The scope of work includes marine works and infrastructure construction, dredging, creating new mooring facilities, and providing enhancements to shore stability. In addition, Orion will modify and extend service piers for the installation of two cutting-edge floating dry docks, which are among the largest in the western hemisphere. The project is set to commence immediately and will conclude in late 2025.


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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) – Journal Publishes THIO Data In Pediatric Brain Cancer Models

Posted on by cpereira@noblefcm.com


Monday, October 16, 2023

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

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

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

Data Shows Efficacy In An Aggressive Pediatric Brain Cancer. MAIA announced that preclinical data on the use of THIO, its lead product for multiple cancers, was published in the journal Neuro-Oncology. The presentation tested THIO in diffuse intrinsic pontine glioma, an aggressive form of brain cancer in which radiotherapy is the only treatment but has only marginal efficacy. The data shows that THIO was able to activate immune pathways in the tumors, sensitizing the tumors to radiotherapy. In addition to a potential new indication, we see this as consistent with the theorized mechanism of action and provides further proof of concept for THIO.

THIO’s Mechanism Of Action Improved Responses To Radiotherapy. THIO targets the telomers of dividing cancer cells, causing damage that leads to cell death. As discussed in our report on February 21, the DNA released from the dead cancer cells is detected by a protective pathway known as cGAS-STING that activates the immune system pathways and produces an anti-tumor response. The study found that the THIO treatment also sensitized the tumors to radiotherapy, leading to improved efficacy.


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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. 

LithiumBank Resources (LBNKF) – Development Plans for Boardwalk and Park Place Move into Sharper Focus

Posted on by cpereira@noblefcm.com


Monday, October 16, 2023

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.

Private placement financing. LithiumBank Resources announced the upsizing of a private placement to three million units at a price of C$1.00 per unit for gross proceeds of C$3 million. LithiumBank directors, officers, and consultants are expected to purchase more than 1.2 million of the units. Each unit will consist of one common share and one-half of one common share purchase warrant. Each warrant will entitle the holder to purchase one common share at a price of C$1.50 for a period of 24 months from the date of issuance.

Stepping up the pace at Boardwalk and Park Place. The net proceeds are expected to increase the company’s cash position to over C$9 million and be used to accelerate the advancement of its direct lithium brine projects. LithiumBank expects to complete drilling and sampling to upgrade resources and conduct testing using a 10,000 liter/day pilot plant to determine key performance indicators at its Boardwalk and Park Place projects.


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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. 

Eledon Pharmaceuticals (ELDN) – Journal Publishes Study On Tissue Engineering For Xenotransplantation Surgery

Posted on by cpereira@noblefcm.com


Monday, October 16, 2023

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.

Potential Breakthroughs In Xenotransplantation. The journal Nature has published a preclinical study by Eledon’s research collaborator detailing genetic changes to porcine (pig) cells and the results of their transplantation to monkeys. In September, the second successful transplant of an engineered pig heart to a human patient used Eledon’s tegoprubart for immune suppression. Both developments have overcome many technological barriers and could make trans-species organ transplantation a clinical reality.

Publication Details Some Of The Changes To Make Xenotransplants Compatible.  Transplanting organs from a non-human species has many additional challenges than transplantation from one human to another (allografts). The Nature article, from Eledon’s collaborator eGenesis, describes the design, creation, and function of kidney grafts from a genetically engineered porcine transplant into a cynomolgus monkey model. The article describes 69 genomic edits to the donor tissue, addition of 7 human genes, and inactivation of endogenous retroviruses. The transplanted monkeys survived up to 758 days (108 weeks).


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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. 

CoreCivic, Inc. (CXW) – Amended Credit Facility Provides More Flexibility

Posted on by cpereira@noblefcm.com


Monday, October 16, 2023

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.

Amended Facility. Late last week, CoreCivic announced it had amended its credit agreement. The new facility effectively replaces CoreCivic’s Third Amended and Restated Credit Agreement dated May 12, 2022. The new facility is in the aggregate principal amount of $400 million, consisting of a $125 million term loan and a $275 million revolving credit facility. The new facility provides greater flexibility, in our view. 

Details. The new facility increases in size from $350 million to $400 million. In addition, the Company has an option to increase the availability under the revolving credit facility and to request term loans from the lenders in an aggregate amount not to exceed the greater of (a) $200 million and (b) 50% of consolidated EBITDA for the most recently ended four-quarter period. Maturity has been extended until October 11, 2028 from May 12, 2026.


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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. 

Baudax Bio (BXRX) – Shareholders Approve Merger-Related Preferred Stock Conversion

Posted on by cpereira@noblefcm.com


Monday, October 16, 2023

Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.

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

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

Meeting Held October 12, 2023.  In an October 13th filing, Baudax Bio reported that proposals submitted to shareholders for a Special Meeting of Shareholders passed.  In particular, the Series X convertible preferred stock conversion to common shares was approved. The preferred shares were issued in conjunction with the TeraImmune merger announcement in June. In the merger agreement, Baudax Bio issued 1.212 million shares of common stock, and 27,089.719 shares of Series X convertible preferred to TeraImmune shareholders, with each preferred share convertible into 1,000 shares of common stock.  

Amended and Restated Articles of Incorporation Approved.  Shareholders also approved an amendment to effect a reverse stock split to be determined by the Board of Directors at any time in the next year, at the Board’s discretion.  The Board can set the reverse split within a range of 1:10 to 1:40.


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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. 

Onconova Therapeutics (ONTX) – Rigosertib Data Presented In Ultra-Rare Disease

Posted on by cpereira@noblefcm.com


Friday, October 13, 2023

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 a combination trial with estrogen blockade in advanced endometrial cancer. Based on preclinical and clinical studies of CDK 4/6 inhibitors, Onconova is also evaluating opportunities for combination studies with narazaciclib in additional indications. Onconova’s product candidate rigosertib is being studied in multiple investigator-sponsored studies. These studies include a dose-escalation and expansion Phase 1/2a study of oral rigosertib in combination with nivolumab in patients with KRAS+ non-small cell lung cancer, a Phase 2 program evaluating rigosertib monotherapy in advanced squamous cell carcinoma complicating recessive dystrophic epidermolysis bullosa (RDEB-associated SCC), and a Phase 2 trial evaluating rigosertib in combination with pembrolizumab in patients with metastatic melanoma.

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.

Rigosertib Data In RDEB-SCC Presented. Onconova presented data from an Investigator-initiated trial (IIT) testing rigosertib in RDEB-associated SCC (recessive dystrophic epidermolysis bullosa associated with squamous cell carcinoma), an ultra-rare but fatal disease with no effective treatment. The data was presented at the European Academy of Dermatology and Venereology (EADV) in Berlin. Results showed complete remission for 2 of the 4 patients tested for over 12 months with one patient still in treatment.

RDEB-SCC Is A Rare But Fatal Disease. RDEB-SCC is an ultra-orphan disease in which mutations in the genes for collagen VII result in structural abnormalities in the skin. This results in fragile skin with failure of the epidermal layer to anchor properly, causing severe blisters and a cycle of chronic injury. The development of squamous cell carcinoma (SCC) often causes death by age 45. Tumors in RDEB-SCC were found to be sensitive to inhibition of an enzyme involved in cell cycle regulation known as PKL-1 (polo-like kinase-1). Rigosertib is an inhibitor of  PLK-1 and was selected for the ITT trial.


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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) – Drilling Yields Near-Surface Gold at DropKick and Extends the Zone to 360 Meters

Posted on by cpereira@noblefcm.com


Friday, October 13, 2023

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.

Recent drill results. Labrador Gold released results from recent drilling at its 100%-owned Kingsway gold project targeting the Appleton Fault Zone. The drilling is part of the company’s 100,000-meter diamond drilling program of which nearly 85,000 meters of drilling has been completed. Assays are pending for samples from approximately 6,100 meters of core.

DropKick target yields near surface gold. During the first phase of drilling at the DropKick target, Labrador discovered the presence of near surface gold over significant widths and increased the strike length of known mineralization to over 360 meters. Further drilling is planned to demonstrate the significant potential of this discovery.


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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. 

PDS Biotechnology Corp. (PDSB) – Data For PDS0301 Phase 1/2 To Show Immune Response and Safety Data

Posted on by cpereira@noblefcm.com


Thursday, October 12, 2023

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

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

First PDS 0301 Prostate Cancer Data To Be Presented. PDS Biotech announced that data from a Phase 1/2 study testing PDS0301 in combination with docetaxel to treat prostate cancer will be presented by National Cancer Institute (NCI) scientists at the Cytokines 2023 meeting on October 15-18. This combination uses PDS0301 with docetaxel to stimulate an immune response and kill the cancer cells. Preliminary data from the trial shows increases in populations of immune cells, pro-inflammatory cytokines, and decreases in PSA levels.

Preliminary Results Show Immune Stimulation With Tolerability. The presentation includes 18 patients with metastatic castrate resistant prostate cancer (mCRPC, n=11) and sensitive prostate cancer (mCRPC, n=7). Patients received one of three dose levels tested in combination with a standard dose of docetaxel every three weeks. Results showed decreases in PSA ranging from -4% to -100%, with increases in CD4 and CD8 immune cells. Cytokines INF-gamma and IL-10 were increased, with decreases in the Treg (suppressive regulatory) cells. These responses are consistent with our expectations for an effective immune response.


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AZZ Inc. (AZZ) – Sales a bit light, but margins are holding steady.

Posted on by cpereira@noblefcm.com


Thursday, October 12, 2023

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Sales growth stagnated. 2024-2Q sales decreased 1.9% (Metal Coatings up 2.4% and Precoat Metals down 5.0%) due to a soft market for precoated construction and appliances. Management remains optimistic that sales growth will resume pointing to rising new home startups and the AIIJ Act.

EBITDA margins held steady despite the sale decline. Metal Coatings maintained an EBITDA margin above 30% and Precoat Metals held its EBITDA margin near 20%. Importantly, the company has been making a concerted effort to reduce customer inventories. Lower inventories has helped reduce costs and improved cash flow leaving the company well positioned for seasonal sales declines during the winter months.


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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. 

RCI Hospitality Holdings (RICK) – Preliminary 4Q Revenue Below Expectations

Posted on by cpereira@noblefcm.com


Wednesday, October 11, 2023

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

Joe Gomes, Managing Director, 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 Club and Restaurant Sales. RCI reported sales for the Nightclubs and Bombshells restaurants of $74.1 million for the fiscal fourth quarter ended September 30th. This is a 5.6% y-o-y increase, driven by acquisitions which was partially offset by a decline in Same Store Sales across both segments. We had projected full revenue for the quarter of $78.3 million and consensus was $78.1 million. Recall the $74.1 million does not include non-core operations, which typically can add some $0.5-$1.0 million to the final quarterly total.

Nightclubs. Revenue rose 7.5%, y-o-y, or $4.2 million, to $60.5 million, with acquisitions adding $9.2 million and reformatted clubs adding $0.8 million. Segment SSS declined 9.6%, an increase over the 7.3% SSS decline in 3Q23. Part of the SSS decline reflects the last “COVID bounce” the Nightclubs experienced in the year ago quarter when y-o-y revenue rose 40.4%.


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Ocugen (OCGN) – OCU500 Nasal COVID-19 Vaccine Chosen By NIH To Start Clinical Trials

Posted on by cpereira@noblefcm.com

Wednesday, October 11, 2023

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.

Good News For A Program Where No News Was Expected. Ocugen announced that its OCU500 nasal vaccine for COVID-19 has been chosen to start Phase 1 clinical trials run by the National Institute for Allergy and Infectious Disease, a division of the National Institutes of Health. We see this as a positive development for the vaccine program since Ocugen had no plans to develop OCU500 without obtaining non-dilutive funding. We have no revenues for the vaccine programs in our models, and we see the selection by NIAID for Phase 1 clinical trials as upside for the company.

We See The Selection By NIAID As A Technology Validation. OCU500 was developed to stimulate immunity in the nasal passages and lungs where the virus enters the body and the infection begins. This is intended to prevent both the initial infection and transmission of the virus to others. We see the OCU500 selection as a validation to the Ocugen inhaled vaccine technology, which currently includes OCU500 for COVID-19, OCU510 for influenza, and OCU520 for both COVID-19 and influenza. The carrier technology can be used to develop other vaccines as well.


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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.

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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.