Author: slightbourne@noblecapitalmarkets.com

Release – SEGG Media Ignites International Gaming

Posted on by slightbourne@noblecapitalmarkets.com

September 24, 2025

Lottery.com’s International Gaming Platform Launch Accelerates Revenue Outlook

FORT WORTH, Texas, Sept. 24, 2025 (GLOBE NEWSWIRE) — SEGG Media Corporation (NASDAQ: SEGG, LTRYW) (the “Company” or “SEGG Media”) the global sports, entertainment, and gaming conglomerate, today announced the official launch of its international gaming platform at https://international.lottery.com. Players outside of the U.S. can visit the site today, create an account, and sample many games for free.

The strategic decision to bring operations in house to launch Lottery.com International will maximize revenue potential. The gaming platform was an asset acquired as part of the Company’s purchase of Spektrum Ltd. earlier this year. Lottery.com International will deploy the gaming platform in the global markets across Europe, Africa, and other high-growth territories and is projected to deliver approximately $6,350,000 in the coming FISCAL year (2026); marking an acceleration to the Company’s revenue outlook and sustained balance sheet growth.

Matthew McGahan, Chairman of SEGG Media, said: “This is another example of how the Company’s buy-and build strategy is allowing us to execute at speed and scale. We are confident in our ability to generate revenue from international gaming operations in the near term, and our mission is clear: to deliver long-term value for our shareholders and redefine the gaming experience for customers worldwide. This is about delivering results, quarter after quarter, and positioning SEGG Media as a leader in global gaming, including lottery.”

Tim Scoffham, CEO of Sports.com Media Group and Lottery.com International, added: “This is not just a launch — it’s a momentum shift. Letting consumers across the globe try our gaming platform provides a risk-free opportunity to introduce Lottery.com to millions of players around the world. Our strategy is disciplined operations, strategic expansion, rapid market penetration and capitalizing on the enormous opportunity at the convergence of sports, entertainment, and gaming.”

The Company’s international rollout represents a significant growth catalyss for the Company. By combining enhanced technology, local market execution, and SEGG Media’s buy-and-build approach, the Company is expected to scale revenues rapidly, drive higher multiples, and unlock shareholder value. Real money gaming will be made available to players on the platform in select jurisdictions starting in November. The Company will continue to allow players to enjoy free games in most markets as real money options are made available.

About SEGG Media Corporation
SEGG Media (Nasdaq: SEGG, LTRYW) is a global sports, entertainment and gaming group operating a portfolio of digital assets including Sports.com, Concerts.com and Lottery.com. Focused on immersive fan engagement, ethical gaming and AI-driven live experiences, SEGG Media is redefining how global audiences interact with the content they love.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Company’s strategy, future operations, prospects, plans and objectives of management, are forward-looking statements. When used in this Form 8-K, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” “initiatives,” “continue,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. The forward-looking statements speak only as of the date of this press release or as of the date they are made. The Company cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company. In addition, the Company cautions you that the forward-looking statements contained in this press release are subject to risks and uncertainties, including but not limited to: the Company’s ability to secure additional capital resources; the Company’s ability to continue as a going concern; the Company’s ability to complete acquisitions; the Company’s ability to remain in compliance with Nasdaq Listing Rules; and those additional risks and uncertainties discussed under the heading “Risk Factors” in the Form 10-K/A filed by the Company with the SEC on April 22, 2025, and the other documents filed, or to be filed, by the Company with the SEC. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the reports that the Company has filed and will file from time to time with the SEC. These SEC filings are available publicly on the SEC’s website at www.sec.gov. Should one or more of the risks or uncertainties described in this press release materialize or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Except as otherwise required by applicable law, the Company disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.

For additional information, visit www.seggmediacorp.com or contact media relations at media@seggmediacorp.com.

Lithium Americas Stock Nearly Doubles as U.S. Government Weighs Stake in Thacker Pass Mine

Posted on by slightbourne@noblecapitalmarkets.com

Shares of Lithium Americas (NYSE: LAC) soared nearly 100% on Wednesday after reports that the Trump administration is considering taking a stake in the company as part of a renegotiated federal loan package tied to the development of the Thacker Pass lithium mine in Nevada.

According to Reuters, the administration is seeking as much as a 10% equity stake in the Vancouver-based miner. The proposed arrangement comes as Lithium Americas works through terms of a $2.26 billion loan from the Department of Energy, originally granted during the first Trump administration.

Under the current negotiations, the company has offered the government no-cost warrants for up to 10% of its common stock. At the same time, the administration is reportedly pressing General Motors (NYSE: GM) — which owns a 38% stake in Thacker Pass and has invested $625 million — for purchase guarantees that would help shore up demand for the lithium produced at the site. GM shares ticked higher by more than 2% on the news.

A Strategic Lithium Project

Thacker Pass is expected to play a central role in U.S. energy security. Once operational, the project is projected to be the largest lithium mining operation in the Western Hemisphere. Its first production phase, slated for 2028, is forecast to produce more than 40,000 metric tons of lithium carbonate annually — enough to power batteries for roughly 800,000 electric vehicles.

For perspective, Albemarle’s (NYSE: ALB) Silver Peak mine in Nevada, currently the only operating lithium mine in the U.S., produces fewer than 5,000 metric tons per year. This makes Thacker Pass a significant leap in domestic production capacity at a time when global demand for electric vehicles, battery storage, and clean energy technologies is surging.

China currently dominates the global lithium industry, producing more than 40,000 metric tons per year and refining more than 65% of the world’s supply. By comparison, the U.S. refines less than 3%. This imbalance has made lithium one of the most strategically sensitive commodities in the energy transition.

“Lithium is the new oil,” said one energy analyst, noting that securing supply has become a cornerstone of U.S. industrial policy. “Without it, you can’t scale EV adoption or battery storage, and that makes projects like Thacker Pass crucial to long-term energy independence.”

The government’s interest in Lithium Americas follows similar moves to shore up domestic supply chains for other critical materials. In July, MP Materials (NYSE: MP) announced a multibillion-dollar deal with the Department of Defense that made the government its largest shareholder, boosting MP’s stock more than 50%. Meanwhile, Intel (NASDAQ: INTC) has climbed over 25% since talks of a potential government stake in the chipmaker became public.

This pattern underscores the administration’s strategy of leveraging federal investment to reduce reliance on foreign sources of essential resources, from rare earth elements to semiconductors.

Lithium Americas stock traded at $6.09 as of 2:08 p.m. EDT, up more than 98% on the day. The sharp rally comes despite ongoing weakness in lithium prices, which have fallen over the past year amid oversupply from China. Futures for lithium carbonate are down more than 12%, while lithium hydroxide has dropped more than 4.5%.

Those price pressures have raised concerns about the financial viability of large-scale U.S. mining projects. The administration’s involvement could provide a stabilizing force, ensuring that key projects like Thacker Pass remain on track. The first loan draw is expected this month, with construction at the Nevada site already underway.

For now, investors appear to be betting that federal backing — and a potential government equity stake — could cement Lithium Americas’ role as a cornerstone of America’s clean energy future.

Take a moment and take a look at Noble Capital Markets’ Research Analyst Mark Reichman’s coverage list.

SelectQuote (SLQT) – Reaches Milestone in Helping Medicare-Eligible Seniors

Posted on by slightbourne@noblecapitalmarkets.com


Wednesday, September 24, 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.

Milestone in Findhelp partnership. SelectQuote  announced that it has referred more than 200,000 low-income seniors to Findhelp, with nearly 50,000 of those individuals accessing free or reduced-cost services. The milestone demonstrates SelectQuote’s role in addressing the needs of Medicare-eligible consumers.

Partnership connects consumers to critical support. Findhelp is a closed-loop referral management software platform that connects individuals with community resources such as food, housing, transportation, and financial aid. SelectQuote has partnered with Findhelp for several years, directing seniors to assistance programs. The initiative does not generate revenue, but it extends SelectQuote’s Medicare distribution model by providing tangible value to consumers.


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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. 

Novacap to Acquire Integral Ad Science in $1.9 Billion All-Cash Deal

Posted on by slightbourne@noblecapitalmarkets.com

Integral Ad Science (Nasdaq: IAS), a global leader in media measurement and optimization, announced Wednesday that it has entered into a definitive agreement to be acquired by Novacap, a North American private equity firm, in a transaction valued at approximately $1.9 billion.

Under the deal, Novacap will purchase all outstanding shares of IAS for $10.30 per share in cash, representing a roughly 22% premium over the company’s closing price on September 23. The agreement, which has been unanimously approved by IAS’s board of directors, is expected to close before the end of 2025, pending regulatory approvals.

Once finalized, IAS will become a privately held company and its shares will no longer trade on public markets. Current shareholder Vista Equity Partners, which played a significant role in expanding IAS’s AI-powered platform and customer base, will exit its investment upon completion of the deal.

For IAS, the acquisition represents a chance to accelerate its growth and innovation strategy in digital media quality. CEO Lisa Utzschneider highlighted the move as a milestone that will provide the company with the resources and flexibility to expand its AI-first measurement and optimization platform.

“Our mission has always been to set the global benchmark for trust and transparency in digital media quality,” Utzschneider said in a statement. “With Novacap’s support, we’ll be able to further scale our platform and deliver even more value to advertisers, publishers, and media partners.”

Novacap, which manages more than $10 billion in assets, sees IAS as a category leader with significant potential. Samuel Nasso, a partner at the firm, said Novacap plans to work closely with IAS leadership to accelerate innovation and strengthen its solutions for global brands and publishers.

The transaction is not subject to any financing conditions, and a majority of IAS shareholders have already approved the deal through written consent. Financial advisory roles were split, with Jefferies advising IAS and Evercore advising Novacap. Legal counsel was provided by Kirkland & Ellis for IAS and Willkie Farr & Gallagher for Novacap.

Founded in 2009, IAS has established itself as a trusted player in the digital advertising ecosystem, providing data and tools to ensure ads are viewable, brand-safe, and optimized for performance. By joining forces with Novacap, the company is expected to sharpen its competitive edge and continue expanding its role as a benchmark for media transparency in the rapidly evolving adtech landscape.

If the transaction closes on schedule, IAS will continue operating under its existing name and brand while shifting into private ownership under Novacap.

Pfizer to Acquire Metsera in $4.9 Billion Deal, Expanding Obesity Drug Pipeline

Posted on by slightbourne@noblecapitalmarkets.com

Pfizer Inc. (NYSE: PFE) has announced plans to acquire Metsera, Inc. (NASDAQ: MTSR), a clinical-stage biopharmaceutical company developing next-generation obesity and cardiometabolic treatments. The all-cash deal, valued at $47.50 per share, represents an enterprise value of approximately $4.9 billion, with the potential for an additional $22.50 per share in contingent milestone payments tied to clinical and regulatory approvals.

The acquisition marks Pfizer’s most significant push yet into the rapidly growing obesity treatment market, an area forecasted to reach hundreds of billions in value globally over the coming decade. With over 200 health conditions linked to obesity, pharmaceutical companies are racing to develop therapies that offer stronger efficacy, fewer side effects, and more convenient dosing schedules.

Metsera brings to Pfizer a diverse pipeline of incretin and amylin programs, including both injectable and oral formulations designed to improve weight loss outcomes. Its lead candidates include:

  • MET-097i, a weekly and monthly injectable GLP-1 receptor agonist currently in Phase 2 trials.
  • MET-233i, a monthly amylin analog in Phase 1 development, being tested both as monotherapy and in combination with MET-097i.
  • Two oral GLP-1 receptor agonist candidates expected to begin clinical trials in the near term.
  • Additional preclinical nutrient-stimulated hormone therapeutics under development.

Preliminary clinical data for MET-233i presented at the 61st Annual Meeting of the European Association for the Study of Diabetes (EASD) indicated a potentially best-in-class profile, with strong durability and tolerability supporting less frequent injections.

Pfizer expects to leverage its global clinical, manufacturing, and commercial infrastructure to accelerate the development of Metsera’s portfolio. The acquisition aligns with the company’s broader strategy of expanding into high-growth therapeutic areas where demand is accelerating.

Under the agreement, Metsera shareholders will receive $47.50 in cash upon closing, with the possibility of an additional $22.50 per share through contingent value rights (CVRs). These CVRs include:

  • $5 per share upon the initiation of a Phase 3 trial for the MET-097i + MET-233i combination.
  • $7 per share upon U.S. FDA approval of MET-097i as a monthly monotherapy.
  • $10.50 per share upon FDA approval of the monthly MET-097i + MET-233i combination.

If all milestones are achieved, the transaction value could exceed $7 billion.

The deal has been unanimously approved by both companies’ boards of directors and is expected to close in the fourth quarter of 2025, subject to regulatory approval and shareholder consent.

With this acquisition, Pfizer joins competitors such as Eli Lilly and Novo Nordisk in intensifying the race to dominate the obesity treatment market. By combining Metsera’s innovative science with Pfizer’s scale, the company aims to deliver next-generation weight management solutions to millions of patients worldwide.

Eli Lilly to Invest $6.5 Billion in Texas Manufacturing Hub to Accelerate Obesity Pill Production

Posted on by slightbourne@noblecapitalmarkets.com

Eli Lilly (NYSE: LLY) announced plans to invest $6.5 billion in a new manufacturing facility in Houston, Texas, designed to expand production of its pipeline of small molecule medicines, including the company’s highly anticipated oral obesity pill, orforglipron.

The facility will be the second of four new U.S.-based plants Lilly intends to open over the next five years, following a February pledge of at least $27 billion in domestic manufacturing investments. This adds to more than $23 billion the company has already spent since 2020 to scale operations in response to soaring demand for obesity and diabetes therapies.

The Houston site will play a critical role in Eli Lilly’s efforts to maintain its competitive lead in the rapidly expanding market for GLP-1 drugs. Unlike existing weekly injectable treatments, orforglipron is designed as an oral pill, offering patients a simpler alternative without food or water restrictions. Analysts believe the convenience factor could make orforglipron a blockbuster treatment if approved by regulators.

The race to scale production has become increasingly urgent. Both Eli Lilly and rival Novo Nordisk have faced supply challenges as demand for weight-loss medications surged across the United States. By boosting capacity, Lilly aims to ensure orforglipron can be manufactured at scale and delivered to tens of millions of patients worldwide.

The Houston facility will also support manufacturing of other small molecule medicines across a range of therapeutic areas, including cardiometabolic disease, oncology, immunology, and neuroscience. Small molecule drugs, which are typically produced in pill form, are generally easier and cheaper to manufacture than injectables, making them more accessible for patients and more efficient to scale globally.

In addition to strengthening its supply chain, Eli Lilly highlighted the economic impact of the new site. The project is expected to create 615 permanent jobs in the Houston area, spanning roles such as engineers, scientists, operations staff, and lab technicians. During construction, the facility will generate more than 4,000 temporary jobs, further supporting the region’s economy.

The company also emphasized that the move supports broader U.S. efforts to re-shore pharmaceutical manufacturing. In recent years, political pressure has mounted to reduce reliance on overseas drug production. By expanding its domestic footprint, Lilly positions itself as a leader in bringing pharmaceutical manufacturing back to the U.S. while meeting escalating global demand for obesity treatments.

With four new U.S. plants scheduled to be operational within five years, Eli Lilly is positioning itself at the forefront of the next generation of obesity and metabolic care. The Houston facility is expected to serve as a cornerstone of that strategy, ensuring supply can keep pace with demand in one of the fastest-growing markets in modern medicine.

The ODP Corporation (ODP) – To Be Acquired for $28/sh

Posted on by slightbourne@noblecapitalmarkets.com


Tuesday, September 23, 2025

Office Depot, Inc., together with its subsidiaries, supplies a range of office products and services. It offers merchandise, such as general office supplies, computer supplies, business machines and related supplies, and office furniture through its chain of office supply stores under the Office Depot, Foray, Ativa, Break Escapes, Worklife, and Christopher Lowell brand names. The company also provides graphic design, printing, reproduction, mailing, shipping, and other services through design, print, and ship centers. It has operations throughout North America, Europe, Asia, and Central America. The company also sells its products and services through direct mail catalogs, contract sales force, Internet sites, and retail stores, through a mix of company-owned operations, joint ventures, licensing and franchise agreements, alliances, and other arrangements. As of December 31, 2008, Office Depot operated 1,267 North American retail division office supply stores and 162 international division retail stores, as well as participated under licensing and merchandise arrangements in 98 stores. The company was founded in 1986 and is based in Boca Raton, Florida.

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.

An Acquisition. Yesterday morning, The ODP Corporation announced it entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings for $28/sh. The purchase price represents a premium of 34% to Friday’s closing price. ODP’s Board is supporting the transaction, which is expected to close by the end of 2025.

Who Is Atlas Holdings? Founded in 2002 by Andrew Bursky and Tim Fazio, Greenwich, CT-based Atlas Holdings owns and operates a global family of manufacturing and distribution businesses that together generate more than $20 billion in annual revenue. Atlas has experience in the office supplies sector through its LSC Communications unit, a leader in organizational solutions through brands such as Pendaflex.


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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. 

Atlas Holdings to Acquire The ODP Corporation in $1 Billion All-Cash Deal

Posted on by slightbourne@noblecapitalmarkets.com

The ODP Corporation (NASDAQ: ODP), parent company of Office Depot and OfficeMax, has entered into a definitive agreement to be acquired by an affiliate of Atlas Holdings in an all-cash transaction valued at approximately $1 billion. The deal, announced on September 22, 2025, represents a 34% premium to ODP’s closing share price on September 19 and will result in the company becoming privately held.

Under the terms of the agreement, ODP shareholders will receive $28 per share in cash. Once completed, shares of ODP common stock will be delisted from the NASDAQ exchange, marking a new chapter for the company as it transitions away from public markets.

The acquisition is expected to strengthen ODP’s business-to-business (B2B) operations, a core growth area that the company has prioritized in recent years. Through its subsidiaries—ODP Business Solutions, Office Depot, and Veyer—ODP provides an integrated platform that combines supply chain and distribution services with a nationwide retail footprint and omnichannel presence. This structure has positioned ODP as both a retailer and a strategic B2B service provider, a model that Atlas Holdings is expected to build upon.

Atlas Holdings, headquartered in Greenwich, Connecticut, is a diversified holding company that owns and operates 29 businesses across multiple industries, generating more than $20 billion in annual revenue. Its portfolio includes companies in automotive supply, building materials, food manufacturing, metals processing, packaging, printing, supply chain management, and more. With over 60,000 employees across 375 facilities worldwide, Atlas has a strong track record of investing in operational transformation and long-term growth strategies.

For ODP, this transaction provides not only a premium for shareholders but also resources to advance its ongoing shift from a traditional retail model toward a more technology-enabled, service-driven enterprise. In recent years, ODP has taken steps to navigate challenges in the retail environment by diversifying its revenue streams and sharpening its focus on providing solutions for business clients.

Becoming part of Atlas’s portfolio is expected to give ODP the flexibility to continue evolving without the quarterly pressures of public markets. Atlas’s experience in transitioning public companies into successful private enterprises is anticipated to provide the financial and operational support needed to accelerate ODP’s growth trajectory and reinforce its competitive position in the office supply and business services sector.

The transaction has been unanimously approved by ODP’s Board of Directors and is expected to close by the end of 2025, subject to customary regulatory and shareholder approvals.

If completed, the acquisition will represent one of Atlas Holdings’ most high-profile moves in recent years and could reshape the competitive landscape for B2B services and office supply distribution in North America.

Gold Surges Over 40% in 2025, On Track for Strongest Year Since 1979

Posted on by slightbourne@noblecapitalmarkets.com

Gold prices extended their rally on Monday, climbing to fresh record highs and setting the stage for what could be the precious metal’s best year in nearly half a century. Futures contracts rose to around $3,750 per ounce, while spot bullion held above $3,700. With a gain of more than 40% year-to-date, gold is on track for its most impressive annual performance since 1979.

The remarkable run has been fueled by a combination of macroeconomic forces, led by expectations of an extended Federal Reserve easing cycle. Last week, policymakers cut interest rates for the first time this year and signaled the likelihood of two more reductions before year-end. Lower rates typically enhance the appeal of gold, which does not generate yield, by reducing the opportunity cost of holding the asset.

A weakening U.S. dollar has added another layer of support. The dollar index, which tracks the greenback against a basket of major currencies, is down roughly 10% in 2025, giving gold buyers in other currencies stronger purchasing power. The dual dynamic of a softer dollar and looser monetary policy has created a powerful tailwind for the precious metal.

Investor demand has also been evident through record inflows into physically backed gold exchange-traded funds, which recently hit a three-year high. At the same time, central banks, particularly in emerging markets, have steadily expanded their reserves, increasing their reliance on gold as a hedge against currency volatility and shifting global trade dynamics.

Gold’s surge has easily outpaced traditional risk assets. The S&P 500 has gained about 13% this year, while bitcoin has advanced close to 20%. In contrast, gold’s rise above 40% underscores its position not only as a hedge during uncertain times but also as a top-performing asset class in 2025.

Fund manager sentiment reflects the divide between performance and positioning. A recent survey by Bank of America found gold now ranks as the second most crowded trade, just behind major U.S. technology stocks. Yet despite the recognition, the average allocation to gold among managers remains low at just over 2%, suggesting there could be room for further institutional participation.

Analysts remain constructive on the outlook. Goldman Sachs recently reiterated its view that gold could climb toward $4,000 per ounce by mid-2026, citing structural demand from ETFs, robust speculative interest, and accelerating central bank purchases. With geopolitical risks, trade uncertainty, and global monetary easing all converging, gold may continue to attract flows from investors seeking safety and diversification.

As 2025 heads into its final quarter, gold is not only outperforming but also reshaping how investors think about portfolio protection in a shifting economic landscape. Whether the momentum sustains into 2026 will depend on the trajectory of inflation, interest rates, and global risk appetite, but for now, gold is shining brighter than it has in decades.

Information Services Group (III) – Raising Price Target

Posted on by slightbourne@noblecapitalmarkets.com


Monday, September 22, 2025

ISG (Information Services Group) (Nasdaq: III) is a leading global technology research and advisory firm. A trusted business partner to more than 700 clients, including more than 75 of the world’s top 100 enterprises, ISG is committed to helping corporations, public sector organizations, and service and technology providers achieve operational excellence and faster growth. The firm specializes in digital transformation services, including automation, cloud and data analytics; sourcing advisory; managed governance and risk services; network carrier services; strategy and operations design; change management; market intelligence and technology research and analysis. Founded in 2006, and based in Stamford, Conn., ISG employs more than 1,300 digital-ready professionals operating in more than 20 countries—a global team known for its innovative thinking, market influence, deep industry and technology expertise, and world-class research and analytical capabilities based on the industry’s most comprehensive marketplace data. For additional information, visit www.ISG-One.com

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.

Raising Price Target. We are raising our price target on III shares to $6.50 from a prior $5, as III shares have exceeded our price target. The recent and expected future interest rate cuts, ongoing cost optimization efforts from clients, and the increasing pace of AI adoption will continue to drive ISG’s operating performance, in our view.

Valuation. At our $6.50 price target, III shares would trade at 1.4x our 2026 revenue estimate on an EV/sales basis, 10.7x on an EV/projected 2026 adjusted EBITDA basis, and 19.1x adjusted 2026 earnings. This compares to a peer group that trades at 1.3x, 10x, and 15.8x, respectively, consensus 2026 estimates.


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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. 

Ocugen (OCGN) – OCU400 Licensing Agreement For Korea Completed

Posted on by slightbourne@noblecapitalmarkets.com


Friday, September 19, 2025

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.

OCU400 Licensing Completed. Ocugen has announced the completion of a licensing agreement for Korea with Kwangdong Pharmaceutical, Co., Ltd., a diversified pharmaceutical company in the Republic of South Korea. This finalizes the term sheet announced in August with the 2Q25 business update. We have based our revenue expectations on US and Europe, with the Korea agreement adding additional cash upon the signing and downstream royalties.

Agreement Provides Cash, Milestones, and Royalties. The terms provide Ocugen with signing and near-term milestones of $7.5 million. Under the agreement, Ocugen will manufacture and supply OCU400 in exchange for a royalty of 25% of Net Sales plus sales milestones of $1 million for every $15 million in Net Sales, or roughly 32% per $15 million in sales. There are an estimated 7,000 retinitis pigmentosa (RP) patients in Korea, with an estimated market of about $180 million over the first 10 years of sales. We estimate these potential payments at about $65 million to Ocugen.


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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. 

Russell 2000 Surges to Record Levels as Fed Rate Cut Fuels Small-Cap Rally

Posted on by slightbourne@noblecapitalmarkets.com

U.S. equities extended their gains on Thursday, with the Russell 2000 index of small-cap stocks taking center stage as investors embraced the Federal Reserve’s latest policy shift. The move comes just a day after the central bank announced its first interest-rate cut of 2025, a decision that has sparked optimism about economic growth and reignited appetite for smaller, more domestically focused companies.

The Russell 2000 soared more than 2% to an intraday record, positioning itself for its first all-time closing high since November 2021. This surge has placed the index firmly ahead of its large-cap peers, with the S&P 500 climbing 0.5% and the Nasdaq Composite adding 1.1%. The Dow Jones Industrial Average rose 120 points, or 0.3%.

For small-cap investors, the Fed’s move signals a potential turning point. Unlike cash-rich technology giants that can weather higher borrowing costs, small- and mid-cap companies often rely heavily on external financing to support operations and growth. Lower interest rates reduce that burden, freeing up capital for expansion and making smaller firms more attractive to investors.

Beyond the macroeconomic boost, market sentiment has improved notably since the Fed’s policy shift. The American Association of Individual Investors (AAII) reported a surge in bullish sentiment this week, with 41.7% of respondents now optimistic on the short-term outlook for stocks, up sharply from 28% the previous week. While bearish views remain elevated, the optimism highlights growing confidence that the Fed’s pivot will continue to lift equities.

The Russell’s outperformance is also being fueled by a broadening of market participation. For much of the past year, the rally in U.S. equities has been concentrated in mega-cap technology names driven by artificial intelligence enthusiasm. The rate cut has shifted attention to smaller companies that had largely lagged during the high-rate environment. With valuations still relatively attractive compared to large-cap counterparts, the Russell’s resurgence is attracting both institutional and retail inflows.

Meanwhile, the broader market rally was supported by strength in both traditional and technology sectors. Notably, Intel surged more than 25% after Nvidia announced a $5 billion investment to co-develop chips for data centers and PCs, sending Nvidia shares up more than 3%. While big tech continues to contribute, the spotlight remains firmly on the Russell’s record-setting move.

Looking ahead, investors will closely watch whether the Fed follows through with its projection of two additional rate cuts before year-end. Continued monetary easing could further unlock momentum for small-cap stocks, though analysts caution that too much stimulus could risk overheating both markets and the broader economy.

For now, however, the Russell 2000 has emerged as the clear winner of the Fed’s rate shift—marking a powerful comeback for small-cap investors after nearly four years without a record high.

xAI Hits $200 Billion Valuation After $10 Billion Raise

Posted on by slightbourne@noblecapitalmarkets.com

Elon Musk’s artificial intelligence venture, xAI, has secured a massive $10 billion funding round that values the startup at $200 billion, according to reports from CNBC. The raise highlights the continued investor enthusiasm in the artificial intelligence sector, even as questions swirl about tech spending and long-term sustainability.

The new valuation more than doubles the company’s $75 billion mark from just two months earlier, underscoring the accelerating pace of capital flowing into AI. With this milestone, xAI now ranks among the world’s most valuable private technology companies, sitting alongside global heavyweights such as OpenAI, ByteDance, and Musk’s own SpaceX.

Expanding AI Infrastructure

Much of the funding is expected to be deployed toward data centers powered by advanced Nvidia and AMD graphics processors, a crucial component in developing and training next-generation AI systems. Analysts note that GPU-driven clusters are the backbone of today’s AI race, as firms compete to push the boundaries of model performance, scalability, and reliability.

xAI has already made headlines for Colossus, its supercomputer cluster in Memphis, Tennessee, which the company claims is the largest of its kind worldwide. The expansion of this infrastructure signals Musk’s intent to ensure that xAI can rival established leaders like OpenAI and Anthropic in the high-stakes competition to dominate the AI landscape.

The funding round arrives at a time when competitors are also securing significant backing. Earlier this month, Anthropic raised $13 billion at a valuation of $183 billion, while OpenAI is reportedly in talks for a stock sale that could value the company at around $500 billion. ByteDance, meanwhile, is preparing a new employee share buyback program at a valuation of more than $330 billion.

By entering the $200 billion valuation club, xAI not only signals its arrival among elite AI firms but also highlights the fierce battle for both talent and infrastructure. Much of the new capital is expected to go toward recruiting top AI researchers and engineers—an area where costs continue to rise as demand far exceeds supply.

Building Toward the Future

Musk’s AI ambitions go beyond technology alone. xAI acquired the social media platform X (formerly Twitter) earlier this year, giving it a unique advantage in terms of training data and user integration. By combining large-scale data resources with cutting-edge compute infrastructure, xAI is positioning itself as a long-term challenger to the sector’s biggest players.

The latest valuation leap reflects not just investor confidence in xAI, but also broader optimism that AI technologies will remain central to economic and business growth for years to come. With infrastructure rapidly scaling and capital continuing to pour in, xAI’s next steps will be closely watched as it attempts to shape the future of artificial intelligence.