Author: slightbourne@noblecapitalmarkets.com

Release – Codere Online Appoints Marcus Arildsson as Chief Financial Officer

Posted on by slightbourne@noblecapitalmarkets.com

11/17/2025

    Luxembourg, Grand Duchy of Luxembourg, November 17, 2025 – (GLOBE NEWSWIRE) Codere Online (Nasdaq: CDRO / CDROW, the “Company”), a leading online gaming operator in Spain and Latin America, today announced that Marcus Arildsson has been appointed Chief Financial Officer, effective today. Mr. Arildsson will succeed Oscar Iglesias, who, as part of the previously announced transition, will assist with an orderly handover and is expected to join the Company’s Board of Directors, subject to the approval of shareholders at an Extraordinary General Meeting scheduled for December 1st.

    Mr. Arildsson is a senior finance executive with over 25 years of international experience across investment banking, equity markets and corporate finance.

    He began his career at Lehman Brothers and Merrill Lynch in London, executing over €9 billion in cross-border M&A, IPO, and equity-linked transactions. He later spent 12 years at Arcano Partners in Madrid, advising corporates and financial sponsors on more than €5 billion in M&A, debt and equity transactions.

    He has since held CFO and executive committee roles at Millenium Hospitality Real Estate, a listed REIT with a €700 million portfolio, Sonae Sierra and Ladorian, a retail media technology company.

    Mr. Arildsson holds an MBA from Northwestern University’s Kellogg School of Management and a BBA from James Madison University. He is fluent in English, Spanish and Swedish.

    “I’m thrilled to join Codere Online, a company that has demonstrated outstanding execution and discipline since becoming public. Its success reflects a strong team and clear vision and I look forward to contributing to the next chapter of that journey” said Mr. Arildsson.

    “Marcus is a seasoned financial executive whose leadership and experience will be invaluable as we continue executing our plan” said Aviv Sher, Chief Executive Officer. “We also thank Oscar for his many contributions and for ensuring a seamless transition; we look forward to his continued involvement at the Board level.”

    “On behalf of the Board, I am pleased to welcome Marcus to Codere Online,” said Gonzaga Higuero, Chairman of the Board. “His extensive experience in corporate finance and investment banking, combined with his international background, make him an exceptional addition to our leadership team.”

    About Codere Online
    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 applications. Codere currently operates in its core markets of Spain, Mexico, Colombia, Panama and Argentina. Codere Online’s online business is complemented by Codere Group’s physical presence in Spain and throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence.

    About Codere Group
    Codere Group is a multinational group devoted to entertainment and leisure. It is a leading player in the private gaming industry, with four decades of experience and with presence in seven countries in Europe (Spain and Italy) and Latin America (Argentina, Colombia, Mexico, Panama, and Uruguay).

    Contacts:

    Investors and Media
    Guillermo Lancha
    Director, Investor Relations and Communications
    Guillermo.Lancha@codere.com
    (+34) 628 928 152

    Forward-Looking Statements

    Certain statements in this document may constitute “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Codere Online Luxembourg, S.A. and its subsidiaries (collectively, “Codere Online”) or Codere Online’s or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this document may include, for example, statements about Codere Online’s financial performance and, in particular, the potential evolution and distribution of its net gaming revenue; any prospective and illustrative financial information; and changes in Codere Online’s strategy, future operations and target addressable market, financial position, estimated revenues and losses, projected costs, prospects and plans.

    These forward-looking statements are based on information available as of the date of this document and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing Codere Online’s or its management team’s views as of any subsequent date, and Codere Online does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

    As a result of a number of known and unknown risks and uncertainties, Codere Online’s actual results or performance may be materially different from those expressed or implied by these forward-looking statements. There may be additional risks that Codere Online does not presently know or that Codere Online currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Some factors that could cause actual results to differ include (i) changes in applicable laws or regulations, including online gaming, privacy, data use and data protection rules and regulations as well as consumers’ heightened expectations regarding proper safeguarding of their personal information, (ii) the impacts and ongoing uncertainties created by regulatory restrictions, changes in perceptions of the gaming industry, changes in policies and increased competition, and geopolitical events such as war, (iii) the ability to implement business plans, forecasts, and other expectations and identify and realize additional opportunities, (iv) the risk of downturns and the possibility of rapid change in the highly competitive industry in which Codere Online operates, (v) the risk that Codere Online and its current and future collaborators are unable to successfully develop and commercialize Codere Online’s services, or experience significant delays in doing so, (vi) the risk that Codere Online may never achieve or sustain profitability, (vii) the risk that Codere Online will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all, (viii) the risk that Codere Online experiences difficulties in managing its growth and expanding operations, (ix) the risk that third-party providers, including the Codere Group, are not able to fully and timely meet their obligations, (x) the risk that the online gaming operations will not provide the expected benefits due to, among other things, the inability to obtain or maintain online gaming licenses in the anticipated time frame or at all, (xi) the risk that Codere Online is unable to secure or protect its intellectual property, and (xii) the possibility that Codere Online may be adversely affected by other political, economic, business, and/or competitive factors. Additional information concerning certain of these and other risk factors is contained in Codere Online’s filings with the U.S. Securities and Exchange Commission (the “SEC”). All subsequent written and oral forward-looking statements concerning Codere Online or other matters and attributable to Codere Online or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

    Source: Codere Online Luxembourg, S.A.

    Release – Twin Hospitality Group to Acquire Eight Twin Peaks Franchise Locations in Florida 

    Posted on by slightbourne@noblecapitalmarkets.com

    November 17, 2025

    Strategic Acquisition Expected to Strengthen Balance Sheet Through Enhanced EBITDA Generation

    DALLAS, Texas, Nov. 17, 2025 (GLOBE NEWSWIRE) — Twin Hospitality Group Inc. (“Twin Hospitality”) (Nasdaq: TWNP), the parent company of Twin Peaks and Smokey Bones, today announced it has entered into a letter of intent to acquire eight Twin Peaks franchised restaurants in Florida from DMD Ventures, LLC for approximately $47 million in cash. The strategic transaction represents an opportunistic investment in a key growth market even as the Company’s long-term focus remains on franchise driven expansion.

    The acquisition will bring the following Florida locations to company ownership: Davie, Fort Myers, West Palm Beach, Pembroke Pines, Hollywood, Cypress Creek, Doral and Naples. Upon completion, the transaction is expected to contribute approximately $76-$77 million in annual revenue and $9-$10 million in additional annual EBITDA. The incremental EBITDA contribution is expected to help reduce leverage, further strengthening the Company’s balance sheet and financial flexibility.

    “We are delighted to bring proven, high-performing franchise locations into our corporate portfolio,” said Kim Boerema, CEO of Twin Hospitality Group. “These are some of our top performing restaurants, and Florida has consistently demonstrated strong performance as a key market for Twin Peaks.”

    “The enhanced cash flow and increased EBITDA from these locations is expected to strengthen our balance sheet through deleveraging while enabling us to capitalize on incremental revenue and margin growth,” added Andy Wiederhorn, Chairman of Twin Hospitality Group.

    The transaction is expected to close in the first quarter of 2026, and is subject to completion of a definitive purchase agreement, financing and customary closing conditions.

    For more information on Twin Hospitality Group, visit https://ir.twinpeaksrestaurant.com/.

    About Twin Hospitality Group Inc.

    Twin Hospitality Group Inc. (NASDAQ: TWNP) is a restaurant company that strategically develops and operates and franchises specialty casual dining restaurant concepts with a goal to redefine the casual dining category with its experiential driven brands, Twin Peaks and Smokey Bones. Twin Peaks, known as the ultimate sports lodge, is an award-winning restaurant and sports bar brand with 114 locations across 26 states and Mexico and is known for its made-from-scratch food, 29-degree draft beer, innovative cocktail program and sports on wall-to-wall televisions. Smokey Bones is a full-service, meat-centric restaurant brand and concept with 45 locations, across 15 states specializing in ribs and a variety of other slow-smoked, fire-grilled and seared meats, along with a full bar. For more information, please visit www.twinpeaksrestaurant.com.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing of and expected revenue and EBITDA contribution from the proposed acquisition of restaurants Forward-looking statements generally use words such as “expect,” “foresee,” “anticipate,” “believe,” “project,” “should,” “estimate,” “will,” “plans,” “forecast,” and similar expressions, and reflect our expectations concerning the future. Forward-looking statements are subject to significant business, economic and competitive risks, uncertainties and contingencies, many of which are difficult to predict and beyond our control, which could cause our actual results to differ materially from the results expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other risks and uncertainties that could cause our actual results to differ materially from our current expectations and from the forward-looking statements contained in this press release. We undertake no obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of this press release.

    Media Relations:
    Erin Mandzik
    emandzik@fatbrands.com
    860-212-6509

    Berkshire’s Rare Tech Move Sends Alphabet Stock to All-Time High

    Posted on by slightbourne@noblecapitalmarkets.com

    Alphabet shares surged to a record high on Monday, climbing nearly 6% after Berkshire Hathaway disclosed a new multibillion-dollar stake in the Google parent company. The purchase, totaling 17.85 million shares valued at approximately $4.9 billion, marks one of Berkshire’s final large investments under Warren Buffett’s leadership — and a notable shift for a conglomerate traditionally cautious about high-growth tech stocks.

    Berkshire’s move represents a major endorsement of Alphabet’s expanding artificial intelligence strategy during a period of heightened scrutiny across the tech sector. While many investors have begun questioning whether the rapid rise of AI-driven valuations is sustainable, Berkshire’s investment signals confidence in Alphabet’s fundamentals and its long-term ability to capitalize on AI innovation.

    The investment also stands out given Berkshire’s historic stance on technology. Although Apple remains Berkshire’s largest holding, Buffett has long viewed it as more of a consumer products company than a pure tech play. A direct investment in Alphabet, however, reflects a meaningful step toward embracing companies at the center of the AI revolution. Market strategists point out that the move aligns with value-investing principles, given Alphabet’s comparatively attractive valuation relative to other AI frontrunners.

    Investor sentiment around tech has become more cautious in recent months. Business leaders and market analysts have warned that the AI boom — powered by heavy data-center spending and ambitious product pipelines — could be creating inflated expectations. The Roundhill Magnificent 7 ETF, which tracks top tech names such as Microsoft, Nvidia, and Alphabet, has been mostly flat since September after significantly outperforming the broader market earlier in the year.

    Despite the broader slowdown, Alphabet has stood out as one of the strongest performers among the “Magnificent Seven” stocks. Shares have surged nearly 14% in the current quarter and are up 46% year-to-date, making it the group’s top performer. Analysts attribute this strength to Alphabet’s accelerating AI investments, robust cloud division growth, and its ability to leverage its massive advertising business to fund further innovation.

    Alphabet also trades at a relative discount compared to its peers, with shares valued at roughly 25 times forward earnings estimates. Microsoft trades at 29 times, while Nvidia approaches 30 — making Alphabet an appealing option for an investor focused on balancing growth potential with valuation discipline.

    CFRA analysts highlight that Berkshire’s investment validates Alphabet’s strategic direction, particularly around Google Cloud and the expanding Gemini AI ecosystem. Recent earnings revealed that AI-powered tools and infrastructure investments are helping transform Google Cloud into a major growth engine, reversing its earlier status as a distant third player in the cloud market.

    The move also reflects a bit of unfinished business for Buffett, who has previously acknowledged regretting missing the chance to invest in Google early on. With Berkshire preparing for leadership transition as Greg Abel is set to assume the CEO role at the end of 2025, the investment may represent a final major pivot toward companies leading the next technological era.

    Alphabet’s rally could add roughly $180 billion in market value if gains hold. And with Berkshire’s reputation for long-term conviction, the investment has quickly captured the attention of both institutional and retail investors — offering a strong signal of confidence amid an increasingly cautious tech landscape.

    Bit Digital (BTBT) – First Look at 3Q25

    Posted on by slightbourne@noblecapitalmarkets.com


    Monday, November 17, 2025

    Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

    Overview. The third quarter was Bit Digital’s first full period as a focused Ethereum treasury and staking company. During the quarter the Company continued to expand its ETH position, at quarter end holding approximately 122,000 ETH. By the end of October, that number had risen to more than 153,000 ETH, a fivefold increase since June.

    3Q25 Results. Revenue for the quarter was $30.5 million, up from $22.7 million in 3Q24. We were at $31.5 million. Significantly, staking revenue grew to about $2.9 million, up from $400,000 in the prior quarter,  driven by the increase in ETH holdings and a higher real life yield price. Due to a $168 million gain on digital asset valuation, BTBT reported $150.9 million, or $0.47/sh, of net income. We had forecasted a breakeven quarter, not including mark-to-market gains.


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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. 

    Newsmax (NMAX) – Putting In A Good Foundation

    Posted on by slightbourne@noblecapitalmarkets.com


    Monday, November 17, 2025

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

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

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

    Solid Q3 Results. The company reported Q3 revenue of $45.3 million and an adj. EBITDA loss of $1.8 million, both of which were in line with our estimates of $43.8 million and a loss of $1.7 million, respectively, as illustrated in Figure #1 Q3 Results. Notably, Q3 results benefited from a 10.1% increase in broadcasting revenue and a 22.3% increase in affiliate fee revenue, a development we view favorably, given that 2024 was an election year.

    Affiliate fee growth. In our view, the company is well positioned to continue growing affiliate fee revenue as audience traction and ratings continue to improve, enhancing the network’s leverage in negotiations. Moreover, we believe the company’s growing reach supports higher per-sub rates during renewal cycles. As such, we believe affiliate fee growth strengthens its long-term outlook.


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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. 

    QuoteMedia Inc. (QMCI) – Another Favorable Quarter

    Posted on by slightbourne@noblecapitalmarkets.com


    Monday, November 17, 2025

    QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.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.

    Q3 results. The company reported Q3 revenue of $5.2 million, a 10% increase over the prior year period, and a 5% increase sequentially. Additionally, revenue was modestly better than our $5.0 million estimate, while adj. EBITDA of $0.4 million was slightly lower than our estimate of $0.6 million. Importantly, the favorable revenue growth was largely driven by an increased spend from existing customers.

    Capitalizing less development costs. Notably, the company capitalized less development costs in Q3 than in the prior year, resulting in increased development expenses in the quarter. While we anticipate the company will recognize development costs at a similar rate going forward, we believe that margins should improve as the company begins to recognize revenue from the new business “wins” in future quarters.


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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. 

    NN (NNBR) – Mid-Quarter Business Update

    Posted on by slightbourne@noblecapitalmarkets.com


    Monday, November 17, 2025

    Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

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

    Update. NN provided a mid-quarter business update. NN continues to see the benefits from its multi-year transformation efforts, which are delivering record adjusted EBITDA, record new sales wins, positive free cash flow, and setting a firm foundation for continued results. Notably, fourth quarter adjusted EBITDA and adjusted gross margins are expected to hit at least 14% and 20%, results which are more than two years ahead of plan.

    New Business. Full-year 2025 new business wins are expected to meet the Company’s original guidance. NN remains on track to achieve its three-year new business wins target of $200 million, a Company record. The new business launches are expected to support solid year-over-year net sales growth, margin expansion, operating income advancement, and continued adjusted EBITDA growth. NN now has its biggest ever sales growth team and opportunity pipeline of more than 800 new programs, worth more than $800 million in annual value.


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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.

    Bitcoin Slides Below $93,000 as Four-Year Cycle Fears Reignite Market Uncertainty

    Posted on by slightbourne@noblecapitalmarkets.com

    Bitcoin began the week under heavy pressure, slipping below $93,000 on Monday and deepening a pullback that has now erased roughly 25% from October’s all-time high above $126,000. The sharp decline is forcing investors to reassess whether the recent weakness is merely a corrective pause—or the early stages of the crypto market’s historically familiar four-year cycle downturn.

    The latest slide follows last month’s massive liquidation event, when roughly $19 billion in leveraged long positions were wiped out. That flush triggered a wave of forced selling and marked a turning point after months of aggressive bullish positioning. Long-term holders have also taken profits into strength, adding to downward pressure.

    This correction arrives at a time that closely overlaps with Bitcoin’s typical post-halving peak window. Historically, new cycle highs occur between 400 and 600 days after the halving event. With the latest halving taking place in April 2024, Bitcoin is now within the same timeframe that preceded major tops in past cycles. This pattern has fueled what analysts describe as a “self-fulfilling prophecy”—investors expect weakness based on the timing alone, and their behavior creates selling pressure that brings it to life.

    Still, several research groups argue that this drawdown does not resemble the steep 60–70% collapses seen during prior cycle peaks. Analysts point to structural differences in today’s market, including far deeper institutional participation and the rapid growth of Bitcoin ETFs. Large asset managers have continued adding exposure even as prices fall, a sign of what they describe as “higher-quality and more consistent ownership.”

    Supportive regulatory developments may also help cushion the decline. The Trump administration’s pro-Bitcoin stance, along with ongoing progress on the Clarity Act in Congress, is widely viewed as a net positive for long-term market maturation. Some analysts believe this framework is helping shift Bitcoin closer to a mainstream institutional asset class, with corrections becoming less extreme than in past cycles.

    MicroStrategy continues to reinforce that thesis. The company revealed another significant purchase on Monday—8,178 additional Bitcoin at an average price of $102,171 each, totaling $835 million. The firm’s steady accumulation, even during periods of weakness, remains a confidence anchor for parts of the market.

    But short-term risks remain elevated. Research firm 10X noted that new buyer momentum stalled around October 10, leaving the market vulnerable as macro conditions deteriorate. A more hawkish tone from the Federal Reserve has pressured risk assets broadly, tightening financial conditions and raising the threshold for speculative flows into crypto.

    Analysts have flagged $93,000 as a critical support zone. A decisive breakdown could spark another wave of liquidations, adding volatility to an already fragile environment. Some believe Bitcoin could retest support near the $80,000 level—last seen shortly after the U.S. election—before finding a durable bottom.

    Even so, many long-term investors view the current weakness as a potential entry point rather than the start of a prolonged bear cycle. With institutional adoption rising and ETF inflows broadening the asset’s investor base, the coming weeks will determine whether Bitcoin stabilizes—or whether the deeper mechanics of the four-year cycle will reassert themselves.

    Merck to Acquire Cidara Therapeutics in $9.2 Billion Deal, Strengthening Its Antiviral Pipeline

    Posted on by slightbourne@noblecapitalmarkets.com

    Merck has announced a major expansion of its infectious disease portfolio with a definitive agreement to acquire Cidara Therapeutics, Inc. for approximately $9.2 billion. The all-cash transaction, valued at $221.50 per share, brings Cidara’s late-stage antiviral candidate CD388 directly into Merck’s pipeline as the company seeks to diversify its portfolio with innovative, long-acting preventative treatments.

    The acquisition represents a strategic move for Merck, aligning with its long-standing approach of targeting high-impact scientific assets backed by strong development data. CD388, Cidara’s lead candidate, is considered one of the most promising antiviral innovations currently in development. Designed as a long-acting, strain-agnostic agent, CD388 aims to prevent infection from both influenza A and B, a significant advantage over seasonal vaccines that must be reformulated each year to match circulating strains.

    CD388 combines a small-molecule neuraminidase inhibitor with Cidara’s proprietary drug-Fc conjugate (DFC) platform. This design is intended to provide durable protection against symptomatic influenza, particularly in groups most vulnerable to severe complications, such as older adults, cancer patients, and individuals with compromised immune systems.

    The therapy is currently in the Phase 3 ANCHOR trial, following strong Phase 2b data in the NAVIGATE study, which demonstrated its effectiveness in preventing symptomatic, laboratory-confirmed influenza among unvaccinated adults. The U.S. Food and Drug Administration has recognized its potential through both Fast Track and Breakthrough Therapy designations, signaling the agency’s acknowledgment of the urgent need for more effective flu-prevention options.

    For Merck, adding CD388 to its pipeline complements its existing respiratory portfolio and fills a critical unmet need at a time when influenza continues to cause significant global health burdens. Seasonal influenza leads to millions of infections each year and disproportionately affects high-risk populations. As viral strains evolve and vaccine hesitancy persists, demand for alternative prevention strategies continues to grow.

    Cidara leadership characterized the acquisition as a transformative milestone. The company has dedicated its efforts to advancing DFC therapeutics and redefining how influenza can be prevented beyond traditional vaccines. With Merck’s global scale, regulatory strength, and commercial infrastructure, CD388 is positioned to reach markets internationally once approved.

    The transaction has been unanimously approved by the boards of both companies. It will be executed through a tender offer by a Merck subsidiary, followed by a merger to acquire all outstanding Cidara shares. Completion of the deal remains subject to customary closing conditions, including clearance under the Hart-Scott-Rodino Antitrust Improvements Act. Merck expects the acquisition to close in the first quarter of 2026, accounting for it as an asset acquisition on its financial statements.

    With this deal, Merck reinforces its commitment to science-driven expansion and long-term growth, while Cidara gains the resources necessary to bring its innovative antiviral approach to patients worldwide. If successful, CD388 could become one of the most significant advancements in influenza prevention in more than a decade.

    The Oncology Institute, Inc. (TOI) – Guidance Raised After 3Q25 Revenues Beat Expectations

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, November 14, 2025

    TOI is an oncology practice management company that provides administrative services to oncology clinics. These clinics provide cancer care to a population of approximately 1.9 million patients. Services include cancer care, pharmacy and dispensary services, clinical trials, and services associated with oncology care. The company employs nearly 120 clinicians and over 700 teammates at over 70 clinic locations.

    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.

    3Q25 Was A Strong Quarter. The Oncology Institute reported a loss of $16.5 million or $(0.14) per share, with revenues from Patient Services and Dispensary both ahead of our estimates. Adjusted EBITDA turned positive for the first time at the end of the quarter. Management raised guidance for Full-Year Revenues, and confirmed the ranges for Adjusted EBITDA, and Free Cash Flow. On September 30, the company had $27.7 million in cash.

    Total Revenues Beat Our Estimates. Total Revenue of $136.6 million easily beat our estimate of $122.5 million. This was an increase from $119.8 million in 2Q25 (up 14%) and $99.9 million (up 37%) in 4Q24. Adjusted EBITDA of $(3.5) million was also better than the $(3.8) million we had estimated. COGS included a new reserve of $8.1 million for bad debts, lowering gross margin from 19.8% to 13.9% compared with the 15.2% we estimated.


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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. 

    Seanergy Maritime (SHIP) – Third Quarter Results Exceed Expectations; Increasing Estimates

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, November 14, 2025

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

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

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

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

    Third quarter results. Seanergy generated third quarter net revenue of $47.0 million compared to $44.4 million during the prior year period and above our $45.1 million estimate. Relative to the third quarter of 2024, revenue growth was driven by an expanded fleet, an increase in operating days, and higher fleet utilization. Third quarter time charter equivalent (TCE) rates and fees from related parties were above our estimates. Operating expenses were in line with expectations, resulting in adjusted EBITDA of $26.6 million and EPS of $0.67, respectively, both ahead of our $25.0 million and $0.50 estimates, respectively.

    Market outlook. During the investor call, management highlighted favorable Capesize market supply and demand fundamentals that are expected to support charter rates, including increasing Atlantic-based trade, a historically low order book, and limited shipyard availability. With a 20-vessel fleet consisting purely of Capesize and Newcastlemax vessels and a conservative capital structure, Seanergy is well positioned to benefit from strong Capesize market fundamentals. 


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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. 

    Newsmax (NMAX) – Executing On Its Growth Strategy

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, November 14, 2025

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

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

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

    Solid Q3 Results. The company reported Q3 revenue of $45.3 million and an adj. EBITDA loss of $1.8 million, both of which were in line with our estimates of $43.8 million and a loss of $1.7 million, respectively, as illustrated in Figure #1 Q3 Results. Notably, Q3 results benefited from a 10.1% increase in broadcasting revenue and a 22.3% increase in affiliate fee revenue, a development we view favorably, given that 2024 was an election year.

    Expanded distribution. Notably, the company expanded its reach in the hospitality industry, adding more than 900 hotels and over 300,000 rooms. Additionally, its partnership with Curb extended programming across 15,000 taxi screens, with over 2.3 billion annual impressions. Furthermore, the company continues to gain traction internationally through licensing deals in the Balkans and the rollout of Newsmax en Español. In our view, the company is well positioned to continue expanding distribution both domestically and internationally. 


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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. 

    GoHealth (GOCO) – Reset in Progress as Carriers Recalibrate

    Posted on by slightbourne@noblecapitalmarkets.com


    Friday, November 14, 2025

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

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

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

    Q3 results below expectations. GoHealth reported Q3 revenue of $34.2 million versus our estimate of $100.0 million and an adj. EBITDA loss of $47.1 million, compared with our projected loss of $11.6 million. The variance reflected an intentional pullback in Medicare Advantage policy volume as management prioritized persistency and unit economics over near-term growth.

    Health plans facing headwinds. Carriers are contending with lower reimbursement under the new CMS V28 risk model and heightened difficulty maintaining high STAR ratings. These dynamics have shifted industry priorities toward member retention, stability, and margin integrity rather than volume growth, reducing pre-funded marketing and broker commissions across the sector.


    Get the Full Report

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

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

    *Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.