cpereira@noblefcm.com, Author at Channelchek

V2X, Inc. (VVX) – Training Systems Acquisition IV

Posted on June 5, 2023June 5, 2023 by cpereira@noblefcm.com

Monday, June 05, 2023

For more than 70 years, Vectrus has provided critical mission support for our customers’ toughest operational challenges. As a high-performing organization with exceptional talent, deep domain knowledge, a history of long-term customer relationships, and groundbreaking technical expertise, we deliver innovative, mission-matched solutions for our military and government customers worldwide. Whether it’s base operations support, supply chain and logistics, IT mission support, engineering and digital integration, security, or maintenance, repair and overhaul, our customers count on us for on-target solutions that increase efficiency, reduce costs, improve readiness, and strengthen national security. Vectrus is headquartered in Colorado Springs, Colo., and includes about 8,100 employees spanning 205 locations in 28 countries. In 2021, Vectrus generated sales of $1.8 billion. For more information, visit the company’s website at www.vectrus.com or connect with Vectrus on Facebook, Twitter, and LinkedIn.

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.

On the List. Last week, V2X was one of three dozen firms awarded a spot on the $32.5 billion Training Systems Acquisition IV ID/IQ contract to provide for the analysis, design, development, production, installation, integration, test, and sustainment for Air Force training systems encompassing complex aircrew, maintenance, and system-specific training systems in support of warfighter training at operating locations worldwide. Work will be performed in the contiguous U.S. and worldwide, and is expected to be completed by May 31, 2033.

More Opportunity. TSA IV is a significant upgrade over the $20.9 billion ceiling under TSA III, but, even more importantly, V2X can leverage the combined Vectrus/Vertex capabilities to bid on a wider range of task orders under the contract. According to V2X, the old Raytheon Technology and Training Solutions segment (purchased by Vertex in 2021) had a seat on TSA III but did not have any work.

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Garibaldi Resources Corp. (GGIFF) – Thoughts on the Upcoming Drill Program

Posted on June 2, 2023June 2, 2023 by cpereira@noblefcm.com

Friday, June 02, 2023

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

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

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

Building on the 2022 program. In 2022, Garibaldi tested targets from the 2021 Geotech deep-penetrating Z-Axis Tipper Electromagnetic (ZTEM) survey at the company’s E&L nickel-copper-cobalt massive sulphide project. Two holes were successful, including a deep hole which intersected two intervals of E&L gabbro more than 200 meters down plunge from previous drilling and nickel-bearing disseminated and semi-massive sulphide mineralization. The two successful drill holes are lined with polyvinyl chloride (PVC) and Garibaldi intends to conduct a geophysical borehole electromagnetic (BHEM) survey to aid the 2023 drilling program. We will be interested in the outcomes from the BHEM survey, particularly if it reveals any conductors off-hole.

Upcoming drill program. Drilling in 2023 will test for mineralization associated with broad low-resistivity anomalies identified in the Geotech survey. While subject to change, the 2023 drill program will likely commence in early July and entail three to four holes at the E&L target, two holes of approximately 500 meters depth at the B1 target, and two holes at the Palm Springs property. Drilling at E&L will focus on areas within the ZTEM anomaly tested in 2022. We expect the drill program to conclude at the end of October.

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Schwazze (SHWZ) – A Succession Plan Finalized

Posted on June 1, 2023June 1, 2023 by cpereira@noblefcm.com

Thursday, June 01, 2023

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

Joe Gomes, Managing Director, 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.

A New CEO. Yesterday, Schwazze announced the Company has promoted President Nirup Krishamurthy to the role of CEO, with former CEO Justin Dye continuing to lead the Board of Directors as its non-executive Chairman.

Part of the Plan. Mr. Krishamurthy has been part of a succession plan created nearly a year ago when Mr. Dye informed the Board of Directors of his desire to transition into a Chairman role. The appointment of Mr. Krishamurthy to be President in October of 2022 was part of Mr. Dye’s decision, as he handpicked Mr. Krishamurthy as his successor with support of the Board. As President, Mr. Krishamurthy steered the day-to-day operations and worked with Mr. Dye to successfully transition daily operations. We believe that Mr. Krishamurthy has the ability to continue what Mr. Dye has created.

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MustGrow Biologics Corp. (MGROF) – 1Q23 Results

Posted on June 1, 2023June 1, 2023 by cpereira@noblefcm.com

Thursday, June 01, 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.

Financial Results. Zero revenue and a loss of CAD$1.0 million, or a loss of $0.02/sh for 1Q23, similar to the 4Q22 loss. We had forecast revenue of CAD$1,000 and a net loss of CAD$924,066, or $0.02 per share. Until MustGrow receives regulatory approval in at least one market, we anticipate similar quarterly results going forward.

Janssen Re-Ups. Last week, Janssen PMP, a unit of Janssen Pharmaceuticals, signed an extension to test and develop MustGrow’s biological mustard plant-based technologies for certain postharvest food preservation storage applications globally. According to Janssen, “In post-harvest, the need for technologies derived from nature remains very high. Janssen PMP sees a great potential in the use of the MustGrow technology in extending shelf life of fruits and vegetables. This is the reason why we decided to extend our global exclusive partnership with MustGrow…” We believe such actions reflect positively on MustGrow and its products.

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ChitogenX Inc. (CHNXF) – FY2023 Ending January 31, 2023 Reported

Posted on June 1, 2023June 1, 2023 by cpereira@noblefcm.com

Thursday, June 01, 2023

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.

Reported Full Year Fiscal 2023. Yesterday, ChitogenX reported a loss per share of $0.13 (currencies in Canadian $), versus our expected $0.12 loss per share. The difference was primarily due to a $768,000 charge on converting the $3 million non-convertible debt into a convertible debenture, taken during the fourth quarter. Operationally, fourth quarter expenses were lower at $1.09 million versus our estimate of $1.29 million, with lower than estimated R&D costs the biggest factor.

Subsequent News. At fiscal yearend, the Company reported $108,000 in cash and equivalents. Subsequent to the yearend, ChitogenX raised about $5.3 million giving the Company some runway to develop both orthopedic and non-orthopedic applications. As a reminder, ChitogenX also secured a $3.47 million 4-year grant in February 2023 for regenerative medicine development and to accelerate the commercial readiness of the ORTHO-R platform.

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Bowlero (BOWL) – Makes A Lucky Strike

Posted on June 1, 2023June 1, 2023 by cpereira@noblefcm.com

Thursday, June 01, 2023

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, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

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Bowlero agrees to acquire Lucky Strike. The company entered into a definitive agreement to acquire virtually all assets of Lucky Strike Entertainment, a premier bowling company with a compelling family of locations. When completed Bowlero will acquire Lucky Strike’s fourteen bowling alleys spread over nine states in an all cash transaction for approximately $90 million. The agreement is expected to close in the first half of the company’s fiscal year 2024. The acquisition is viewed favorably.

Extensive national footprint. When the transaction of the fourteen Lucky Strike bowling centers is completed, the company’s extensive national footprint will be 343 centers spread over 35 States. Notably, six of the Lucky Strike bowling centers are located in the center of major US cities.

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Aurania Resources (AUIAF) – Exploration Plans for the Remainder of 2023

Posted on June 1, 2023June 1, 2023 by cpereira@noblefcm.com

Thursday, June 01, 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.

The Lost Cities project. Aurania’s Lost Cities project is in the Cordillera de Cutucu range of Ecuador which represents the underexplored extension of a rich mineral belt believed to run through the Cordillera del Condor range to the south; an area that has been more widely explored and the source of several major gold and copper discoveries. The project is comprised of 42 mineral exploration concessions encompassing 207,764 hectares in southeastern Ecuador and would be difficult to replicate. To date, Aurania’s exploration and drilling activities have underscored its rich mineral potential for epithermal gold-silver, copper porphyries, sediment-hosted copper-silver, and carbonate-replacement silver-zinc-lead-barite mineralization.

Private placement financing closed. Aurania recently closed the third and final tranche of a non-brokered private placement. In the third tranche, the company sold 224,703 units at a price of C$0.46 per unit for gross proceeds of C$103,363.52. An aggregate of 9,253,811 units were sold during the private placement financing for total gross proceeds of C$4,256,753.20.

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The GEO Group (GEO) – Meetings With Management

Posted on May 31, 2023May 31, 2023 by cpereira@noblefcm.com

Wednesday, May 31, 2023

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, 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.

NDRS. We hosted GEO CEO Jose Gordo, CFO Brian Evans, and EVP Pablo Paez for two days of well attended investor meetings in Florida last week. In addition to the normal overview of the business, management provided some commentary on the early days of post Title 42.

Perspective. While news headlines made much noise about daily border crossings being below the pre-May 11th 10,000 daily level, the roughly 5,000 daily level would be a record level sans the pre-May 11th 10,000 number. And the 5,000/day level still translates into over 1.8 million people annually.

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Saga Communications, Inc. (SGA) – Starts A New Chapter

Posted on May 31, 2023May 31, 2023 by cpereira@noblefcm.com

Wednesday, May 31, 2023

Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations, television stations and state radio networks. Saga currently owns or operates broadcast properties in 26 markets, including 61 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 5 television stations and 4 low power television stations. Saga’s strategy is to operate top billing radio and television stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Classic Hits, Adult Contemporary, Active Rock, Oldies, News/Talk, Country and Classical. Saga’s television stations are affiliated with CBS and Fox in Joplin, MO; CBS in Greenville, MS; ABC, Fox, NBC, Telemundo and Univision in Victoria, TX. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on the NYSE Amex under the ticker symbol “SGA”.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

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

Initiating coverage. We are initiating coverage with an Outperform rating and establishing a $27 price target. Our favorable rating is based on a combination of above average revenue and cash flow growth opportunities and attractive stock valuation.

Untapped growth opportunities. Over the past 15 years, the company outperformed its industry peer revenue and cash flow growth, at least until most recently as the industry moved to expand fast growing Digital revenue streams. We believe that the company’s Digital revenue opportunity is largely in front it, offering above average revenue and cash flow growth opportunities.

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Great Lakes Dredge & Dock (GLDD) – A $157.4 Million Award for Freeport Harbor Channel

Posted on May 31, 2023May 31, 2023 by cpereira@noblefcm.com

Wednesday, May 31, 2023

Great Lakes Dredge & Dock Corporation is the largest provider of dredging services in the United States. In addition, Great Lakes is fully engaged in expanding its core business into the rapidly developing offshore wind energy industry. The Company has a long history of performing significant international projects. The Company employs experienced civil, ocean and mechanical engineering staff in its estimating, production and project management functions. In its over 131-year history, the Company has never failed to complete a marine project. Great Lakes owns and operates the largest and most diverse fleet in the U.S. dredging industry, comprised of approximately 200 specialized vessels. Great Lakes has a disciplined training program for engineers that ensures experienced-based performance as they advance through Company operations. The Company’s Incident-and Injury-Free® (IIF®) safety management program is integrated into all aspects of the Company’s culture. The Company’s commitment to the IIF® culture promotes a work environment where employee safety is paramount.

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.

New Award. Yesterday, Great Lakes was awarded a $157.4 million firm-fixed-price contract for new and maintenance hopper dredging of the Freeport Harbor Channel, according to the Department of Defense daily contract award release. This was one of the more significant capital markets projects expected to be awarded this year.

Confirmation. In the first quarter call, management had noted that the Company was the apparent low bidder for the award and yesterday’s announcement should be confirmation. This would be the third largest domestic capital project award in the Company’s history. While it typically takes up to 3 months for work to begin, this award will help improve fleet utilization in the back half of 2023 and into 2024, in our view.

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Tonix Pharmaceuticals (TNXP) – New Data To Be Presented For TNX-601 In Major Depressive Disorder

Posted on May 30, 2023May 30, 2023 by cpereira@noblefcm.com

Tuesday, May 30, 2023

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

Robert LeBoyer, 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 Data Puts TNX-601 ER In The Spotlight. Tonix will be presenting data from the Phase 2 UPLIFT study at the American Society of Clinical Psychopharmacology (ASCP) meeting from May 30 to June 2, 2023. The presentation will provide an update on the UPLIFT trial testing TNX-601 EP, including data on the mechanism of action and the development of TNX-4300, the purified (S)-isomer of tianeptine.

Phase 2 UPLIFT Trial In Major Depression Disorder. TNX-601 is an extended-release formulation of tianeptine hemioxalate, a drug used for depression in Europe for over 30 years. The Phase 2 UPLIFT trial is a placebo-controlled trial with 6 weeks of once-daily dosing. The primary endpoint is mean change from baseline in the MADRS (Montgomery-Asberg depression rating scale) at week 6. Top-line results expected in 4Q23.

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PDS Biotechnology Corp. (PDSB) – ASCO Abstracts Show Continued Efficacy and Durability

Posted on May 30, 2023May 30, 2023 by cpereira@noblefcm.com

Tuesday, May 30, 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.

ASCO Abstracts Contain Positive Data Update. On Friday, May 26, abstracts for the Annual Meeting of the American Society of Clinical Oncology (ASCO) were released. As we expected, the data update from the Phase 2 VERSATILE-002 trial showed consistent or improved response rates, overall survival, and progression free survival, with continued safety and tolerability. We believe these data support our expectations of efficacy in the Phase 3 trial, expected to begin in late 2023.

Data Updates Confirm and Support Preliminary Findings. The abstract contains updated interim results from the Phase 2 VERSATILE-002 trial testing the combination of PDS0101 with Keytruda (an anti-PD-1 immune checkpoint inhibitor from Merck). The data presentation will include 34 patients that have reached the 12-month evaluation point, compared with the data from 17 patients evaluated after 9 months presented at ASCO 2022. These new data show strong improvements over ICI monotherapy, the current standard of care, as well as efficacy and strong duration of benefits.

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Newrange Gold (NRGOF) – On Its Way To Creating Pinnacle Silver & Gold Corp.

Posted on May 30, 2023May 30, 2023 by cpereira@noblefcm.com

Tuesday, May 30, 2023

Newrange is focused on district-scale exploration for precious metals in the prolific Red Lake District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com .

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.

Creating a new Americas-focused silver-gold exploration company. Newrange executed a binding Scheme Implementation Deed (SID) with Mithril Resources Limited (ASX: MTH) to acquire 100% of Mithril in a reverse takeover (RTO). The transaction will be completed via a Scheme of Arrangement in Australia and the resulting company will be named Pinnacle Silver & Gold Corp. and will be listed on the TSX Venture exchange. Mithril will be delisted from the ASX exchange. We anticipate the transaction could close in September 2023 following planned shareholder meetings in August.

Flagship project. The Copalquin gold-silver project is in Durango State, Mexico and covers an entire mining district containing several dozen historic gold and silver mines and workings. The district is within the Sierra Madre Gold-Silver Trend which extends north-south along the western side of Mexico and hosts many world-class gold and silver deposits. At the El Refugio target area, there is a historic maiden JORC-compliant mineral resource estimate highlighting indicated resources of 121,000 ounces of gold and 2,538,000 ounces of silver and inferred resources of 252,000 ounces of gold and 8,414,000 ounces of silver.

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