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.
Call For A Review. In an amended Schedule 13D filing, investor Lakeview Opportunity Fund has communicated its views on the Company to the CVG management and Board on opportunities for value creation, including through a review process that explores strategic alternatives, including a sale of the Company.
Who Is Lakeview? With Managing Partner Ari Levy, Lakeview is a concentrated and opportunistic multi-strategy fund. The Fund focuses on underfollowed or ignored market areas, such as small and mid-cap value equities, niche Wall Street vehicles, options, and selective shareholder activism, where Lakeview helps companies, generally trading at significant discounts to private market value, unlock shareholder 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.
Nvidia, the world’s leading producer of artificial intelligence chips, is facing fresh uncertainty in one of its most important markets after reports that China has instructed domestic technology firms to stop using its products. According to sources familiar with the matter, Beijing’s Cyberspace Administration has urged major players, including TikTok parent company ByteDance and e-commerce giant Alibaba, to halt purchases of Nvidia’s RTX Pro 6000D chips. The processors were designed specifically for China after earlier restrictions limited the sale of more advanced models.
The development marks another escalation in the ongoing technology rivalry between the United States and China. Washington has already imposed limits on the export of advanced semiconductors to China, citing national security concerns. Last month, the Trump administration struck a deal with Nvidia that allowed its H20 server chips to be sold in the country under strict conditions, with a portion of sales revenues redirected to the U.S. government. However, Beijing’s reported response suggests a determination to reduce reliance on American hardware while accelerating investment in domestic alternatives.
Nvidia has long described its business in China as unpredictable, with company leaders acknowledging the volatility of operating amid geopolitical tensions. This latest setback follows news earlier in the week that Chinese regulators have launched an antitrust investigation into Nvidia’s $6.9 billion acquisition of Mellanox, an Israeli data center networking firm. The probe highlights Beijing’s willingness to scrutinize foreign acquisitions and could add further pressure to Nvidia’s strategic plans in the region.
Despite the challenges in China, Nvidia continues to expand globally at an aggressive pace. During a high-profile U.S. state visit to the U.K., the company announced £11 billion ($15 billion) in investment toward British artificial intelligence infrastructure. The move signals Nvidia’s intention to diversify its growth beyond Asia while deepening ties with Europe’s rapidly expanding AI sector. Other major American technology companies, including Microsoft, Google, and Salesforce, have announced similar multibillion-dollar AI commitments in the U.K., reflecting broader industry momentum.
China, however, remains a key focus for the global AI market. The country’s enormous tech ecosystem, vast consumer base, and strong government backing for artificial intelligence research make it one of the most competitive environments in the world. For Nvidia, exclusion from this market could slow growth and open the door for local competitors to capture share. At the same time, U.S. policy continues to shape the availability of high-performance chips abroad, adding layers of complexity for global semiconductor leaders.
The reported ban underscores the shifting dynamics of the U.S.-China tech rivalry and how quickly geopolitical tensions can reshape business strategies. While Nvidia remains dominant in AI chip innovation, its position in China has transformed from a driver of growth to a source of risk. The coming months will determine whether the company can adapt to the changing environment and preserve its competitive edge in the face of growing political and economic headwinds.
TikTok’s uncertain future in the United States has entered a decisive phase, with a handful of powerful investors lining up to buy a stake in the platform as political pressure mounts.
The Chinese-owned app, run by parent company ByteDance, has been at the center of U.S. scrutiny for years over concerns about data security and influence from Beijing. What began with executive orders and court battles during the Trump administration has evolved into a bipartisan push to either ban TikTok or force a sale of its U.S. operations.
Earlier this year, the U.S. Supreme Court upheld the Protecting Americans from Foreign Adversary Controlled Applications Act (PAFACA), also known as the “TikTok ban.” That ruling seemed to seal the app’s fate. On January 19, TikTok briefly shut down U.S. operations before swiftly returning less than 12 hours later, citing new efforts by President Trump to keep the platform alive.
Trump has since extended TikTok’s reprieve multiple times, most recently postponing enforcement of the ban for 75 days while talks continue. His stated goal: to create “TikTok America,” a structure that splits ownership roughly 50-50 between ByteDance and a U.S.-backed consortium of investors. ByteDance would retain just under 20%.
Reports suggest potential buyers include some of the biggest names in tech and finance. Oracle, Silver Lake, and Andreessen Horowitz are among those positioned to oversee operations. Meanwhile, real estate billionaire Frank McCourt has assembled “The People’s Bid for TikTok,” backed by Project Liberty, Guggenheim Securities, and the law firm Kirkland & Ellis. Their pitch emphasizes transparency, privacy, and open-source technology.
Other bids are also emerging. Jesse Tinsley, CEO of Employer.com, announced a $30 billion all-cash offer through an American investor consortium. At the same time, CFRA Research estimates TikTok’s U.S. valuation could climb to as high as $60 billion if a sale moves forward.
TikTok’s fight for survival highlights just how central the platform has become in American life. With more than 150 million U.S. users—many of them young creators and small businesses—the app represents both cultural clout and enormous advertising potential. For Washington, though, it represents a potential national security risk.
The drama has unfolded against a backdrop of shifting political positions. Trump, who initially championed a ban in 2020, reversed course late last year, signaling a willingness to strike a deal that preserves the platform. The Biden administration’s earlier support of legislation against TikTok underscores that this is not simply a partisan issue, but a broader debate about data sovereignty and global tech power.
As negotiations continue, TikTok’s future remains uncertain. Whether it becomes “TikTok America” under new ownership, or faces fresh legal hurdles, will determine if one of the world’s most popular apps can remain a fixture in U.S. digital life. For now, investors, regulators, and millions of users are watching closely as the clock ticks down.
$4.7 million upfront with up to an additional approximately $8.3 million of potential aggregate gross proceeds upon the exercise in full of warrants
BOTHELL, Wash., Sept. 15, 2025 (GLOBE NEWSWIRE) — Cocrystal Pharma, Inc., (Nasdaq: COCP) (the “Company” or “Cocrystal”), today announced the closing of its previously announced registered direct offering priced at-the-market under Nasdaq rules for the purchase and sale of 2,764,710 shares of its common stock at a purchase price of $1.70 per share. In a concurrent private placement, the Company issued unregistered warrants to purchase up to 5,529,420 shares of common stock at an exercise price of $1.50 per share that are exercisable upon issuance and will expire twenty-four months from the effective date of the registration statement covering the resale of the shares of common stock issuable upon exercise of the unregistered warrants.
H.C. Wainwright & Co. acted as the exclusive placement agent for the offering.
The gross proceeds to the Company from the offering, before deducting the placement agent’s fees and other offering expenses payable by the Company, were approximately $4.7 million. The potential additional gross proceeds to the Company from the warrants, if fully-exercised on a cash basis, will be approximately $8.3 million. No assurance can be given that any of such short-term warrants will be exercised. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes.
The common stock (but not the unregistered warrants and the shares of common stock underlying the unregistered warrants) described above were offered by the Company pursuant to a “shelf” registration statement on Form S-3 (File No. 333-271883) that was declared effective by the Securities and Exchange Commission (the “SEC”) on May 26, 2023. The offering of the shares of common stock was made only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A final prospectus supplement and accompanying prospectus relating to the registered direct offering were filed with the SEC. Electronic copies of the final prospectus supplement and accompanying prospectus may be obtained on the SEC’s website at http://www.sec.gov or by contacting H.C. Wainwright & Co., LLC at 430 Park Avenue, 3rd Floor, New York, New York 10022, by phone at (212) 856-5711 or e-mail at placements@hcwco.com.
The unregistered warrants described above were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and/or Regulation D promulgated thereunder and, along with the shares of common stock underlying such unregistered warrants, have not been registered under the Securities Act, or applicable state securities laws. Accordingly, the unregistered warrants and underlying shares of common stock may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Cocrystal Pharma, Inc.
Cocrystal Pharma, Inc. is a clinical-stage biotechnology company that addresses significant unmet needs by developing innovative antiviral treatments for challenging diseases including influenza, viral gastroenteritis, COVID, and hepatitis. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs.
Forward-Looking Statements
The information in this press release includes “forward-looking statements.” Any statements other than statements of historical fact contained herein, including statements as to the intended use of net proceeds from the offering, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology.
Gold surged past $3,700 an ounce for the first time in history on Tuesday, as investors doubled down on expectations that the Federal Reserve will cut interest rates this week and possibly keep easing into 2026.
The rally reflects a powerful mix of falling Treasury yields, political pressure on the Fed, and growing concerns that government debt is no longer a safe haven. The U.S. dollar dropped to its weakest level in more than 10 weeks, further boosting gold’s appeal.
Markets have already priced in a rate cut at this week’s Fed meeting, but the real focus is on the central bank’s quarterly economic projections and Chair Jerome Powell’s comments in the post-decision press conference. A series of weak labor market reports and stable inflation readings have strengthened the case for further cuts this year. Since gold does not pay interest, lower rates typically increase its attractiveness compared to bonds.
The political backdrop is also fueling the rally. President Donald Trump has openly pressured the Fed to move faster on monetary easing and has pushed to remove Governor Lisa Cook. Meanwhile, Stephen Miran, a senior economic advisor in the administration, is expected to join the central bank as soon as Tuesday. These developments have reinforced market expectations that monetary policy will stay accommodative in the months ahead.
So far this year, gold has climbed more than 40%, outperforming major assets like the S&P 500. The metal recently surpassed its inflation-adjusted peak from 1980, cementing its status as the safe-haven asset of choice during a time of uncertainty. Central bank buying and strong inflows into exchange-traded funds have added fuel to the rally.
Analysts warn that the move may only be the beginning. Goldman Sachs has suggested that if just 1% of privately held U.S. Treasuries were reallocated into gold, prices could surge toward $5,000 an ounce. For investors wary of ballooning government debt in the U.S., Europe, and beyond, gold has become the natural alternative.
Other precious metals have also seen movement: silver rose to its highest price in 14 years, while platinum and palladium slipped.
With gold setting fresh records and momentum accelerating, markets are now watching whether the Fed’s tone confirms what traders already believe: that a new era of monetary easing has begun. If so, the path toward even higher levels of gold could already be set.
For more context on why investors are shifting away from government debt and piling into gold, read our in-depth analysis from last week here.
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.
Cadrenal Acquires Complimentary Cardiovascular Products. Cadrenal announced that it has acquired the anti-coagulant assets of eXlthera Pharmaceuticals. The products include frunexian, a Pre-Phase-2 anti-coagulant drug that inhibits a different step in the coagulation cascade from tecarfarin. Frunexian is in development for different indications and could extend Cadrenal’s product line to additional indications that are not served by current drugs. The acquisition also includes an oral formulation and other research-stage molecules.
Frunexian Has Several Distinguishing Features. The lead product from eXlthera is frunexian, a Factor XIa inhibitor. Most of the DOAC (direct-acting oral anticoagulant) class target Factor Xa and have been developed for long-term use on an outpatient basis. In contrast, frunexian targets Factor XIa, a different component of the coagulation cascade.
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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.
Alphabet, the parent company of Google, has officially crossed the $3 trillion market capitalization threshold, becoming the fourth U.S. company to reach the milestone. Shares jumped more than 4% on Monday, propelling the tech giant into an elite group alongside Apple, Microsoft, and Nvidia.
The rally marks a historic moment for the company, which debuted on the stock market a little over 20 years ago and restructured as Alphabet a decade ago. This latest achievement comes amid heightened regulatory scrutiny, rapid advances in artificial intelligence, and intense competition in the tech sector.
Alphabet’s surge in September was fueled in large part by a favorable antitrust ruling. While a federal district court had previously found that Google held an illegal monopoly in search and advertising, the U.S. Department of Justice had pushed for harsher penalties, including a potential divestiture of the Chrome browser.
Judge Amit Mehta, however, stopped short of imposing the most severe remedies. That decision was viewed positively by investors, eliminating fears of a major breakup and giving Alphabet shares room to climb to record highs.
The judgment was celebrated not only by Wall Street but also drew national attention, with President Donald Trump publicly congratulating the company and calling it “a very good day.”
Alphabet’s $3 trillion valuation underscores its dominant role in the digital economy. The company has continued to grow despite facing challenges from emerging players in artificial intelligence, such as OpenAI and Perplexity, while also navigating increasing scrutiny from regulators in the U.S. and Europe.
CEO Sundar Pichai, who took over leadership of Alphabet in 2019, has steered the company through rapid industry change, balancing its core dominance in search and digital advertising with heavy investments in AI, cloud computing, and next-generation consumer technologies.
Alphabet’s shares are up more than 30% this year, more than double the Nasdaq’s 15% gain over the same period. The milestone reinforces its status as one of the most influential companies in the world, with billions of users relying on its products daily.
Alphabet’s achievement comes in a year when tech has dominated global markets. Nvidia, Apple, and Microsoft have all benefited from AI-driven growth, hardware innovation, and strong investor appetite for large-cap technology stocks. Alphabet’s entry into the $3 trillion club signals continued investor confidence that the company will remain at the center of technological transformation in the decade ahead.
With its valuation now cementing it as one of the world’s most valuable firms, Alphabet faces the dual challenge of maintaining growth while navigating ongoing regulatory battles and increasing competition. For investors, the latest milestone highlights both the resilience of Alphabet’s business model and its ability to adapt to a rapidly changing technology landscape.
California Resources Corporation (NYSE: CRC) and Berry Corporation (NASDAQ: BRY) announced today that they will merge in an all-stock transaction valued at approximately $717 million, including Berry’s net debt. The deal, unanimously approved by both companies’ boards, is set to create a more efficient, financially robust leader in California’s energy sector.
Under the agreement, Berry shareholders will receive 0.0718 shares of CRC common stock for each Berry share owned, representing a 15% premium based on the companies’ closing stock prices on September 12, 2025. Once completed, CRC shareholders will own roughly 94% of the combined company, while Berry investors will hold about 6%.
The merger values the combined entity at more than $6 billion and is expected to close in the first quarter of 2026, subject to shareholder and regulatory approvals. CRC’s executive management team will lead the unified company from its headquarters in Long Beach, California.
CRC President and CEO Francisco Leon emphasized that the merger strengthens the company’s portfolio by adding high-quality, oil-weighted reserves, while positioning it to generate higher free cash flow. The combined company expects to produce approximately 161,000 barrels of oil equivalent per day (81% oil) based on second-quarter 2025 figures and hold nearly 652 million barrels of proved reserves.
Berry brings with it not only valuable oil and gas assets in California and Utah but also ownership of C&J Well Services, an oilfield services subsidiary. This unit is expected to enhance CRC’s operational efficiency, support well maintenance, and help mitigate future cost pressures.
The deal is priced at about 2.9x enterprise value to 2025 estimated adjusted EBITDAX and is expected to be immediately accretive to free cash flow and net cash from operations. CRC anticipates generating annual synergies of $80–90 million within 12 months of closing, with half of those savings expected to be realized in the first six months.
Both companies stressed that the transaction maintains financial strength, with the combined entity projected to carry less than 1.0x leverage. Approximately 70% of expected second-half 2025 oil production will be hedged at a Brent floor price of $68 per barrel, providing a layer of stability amid commodity market volatility.
Beyond California, Berry’s large position in Utah’s Uinta Basin — about 100,000 net acres — adds strategic optionality and development potential for CRC. Four recently drilled horizontal wells in the basin are already producing significant volumes, with peak output expected in the coming weeks.
Berry’s Board Chair Renée Hornbaker highlighted that the merger strengthens both companies’ ability to deliver reliable, affordable energy to California while creating long-term shareholder value.
The transaction underscores a trend of consolidation within the energy sector as companies look to scale up, cut costs, and position themselves for a changing regulatory and market environment.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the bottom of the report for important disclosures.
Precious Metals Summit. Noble Capital Markets was well represented at The Precious Metals Summit on September 9-12at the Beaver Creek Resort in Colorado. The conference attracted 1,700 registrants compared to approximately 1,200 in 2024 and included a broad spectrum of mining companies and institutional investors. Collectively, Noble had private meetings with over 70 company management teams during the invitation-only event.
Relative performance. Year-to-date through September 12,mining companies (as measured by the XME) appreciated 51.2% compared to a gain of 11.9% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 105.7% and 110.6%, respectively. Platinum, silver, and gold futures prices have gained 55.0%, 46.5%, and 39.6%, respectively, while copper, lead, and nickel increased 15.5%, 3.4% and 0.4%. Zinc declined 1.0%. Precious metals have led the charge as Central Banks around the world have added to global gold reserves, along with greater portfolio allocations among investors to precious metals as a hedge against rising inflation, a depreciating U.S. dollar, concerns about government debt, and increased geopolitical uncertainty. Moreover, there has been a desire among some nations to diversify away from the U.S. dollar as the benchmark reserve currency. Gold has become the global asset of choice to preserve value amid declining confidence in fiat currencies and an era of global monetary, geopolitical, and fiscal uncertainty.
Common themes. Producers were the first to experience the benefit of strengthening commodity prices, which have carried through to income and cash flow statements. We expect more consolidation within the junior exploration sector and increased merger and acquisition activity. A common refrain we heard from Canada and Australia-based company management teams is a desire to increase exposure and access to the U.S. capital markets, which are the largest, deepest, and most liquid in the world. Generalists are returning to the sector, and greater allocations to the metals and mining sector among U.S. investors could provide another boost to valuation levels.
Conclusion. We remain constructive on the metals and mining sector. In our view, the broad-based rally in precious metals remains durable. While base metals have underperformed precious metals, we favor mining companies with copper exposure due to secular demand themes, including electrification, which we think supports a constructive outlook.
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ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE
Senior Equity Analyst focusing on Basic Materials & Mining. 20 years of experience in equity research. BA in Business Administration from Westminster College. MBA with a Finance concentration from the University of Missouri. MA in International Affairs from Washington University in St. Louis. Named WSJ ‘Best on the Street’ Analyst and Forbes/StarMine’s “Best Brokerage Analyst.” FINRA licenses 7, 24, 63, 87
WARNING
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RESEARCH ANALYST CERTIFICATION
Independence Of View All views expressed in this report accurately reflect my personal views about the subject securities or issuers.
Receipt of Compensation No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public appearance and/or research report.
Ownership and Material Conflicts of Interest Neither I nor anybody in my household has a financial interest
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.
GLSI-100 Received Fast Track Designation. Greenwich LifeSciences announced that GLSI-100 has received Fast Track designation from the FDA. In the near term, this designation allows GLSI increased communications and more FDA meetings regarding regulatory requirements for its clinical trial data and use of biomarkers. Once the FLAMINGO-01 trial is completed, GLSI will be eligible to apply for Accelerated Approval and Priority Review, potentially shortening the time to market.
The Designation Mirrors The Trial Entry Criteria. GLSI-100 has received Fast Track Designation from the FDA for the treatment of “patients with HLA-A*02 genotype and HER2-positive breast cancer who have completed treatment with standard of care HER2/neu targeted therapy to improve invasive breast cancer free survival…” This includes the clinical trial entry criteria and endpoints for the current double-blind arms of the trial.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Euroseas Ltd. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Capital Market under the ticker ESEA. Euroseas operates in the container shipping market. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.
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.
New time charter contract. Euroseas Ltd. announced a new time charter for the M/V Jonathan P at a gross daily rate of $25,000 for a minimum of 11 months, with an option to extend to a maximum of 12 months at the charterer’s option. The charter will commence on November 17th.
Attractive rate and improved charter coverage. The new contract is in direct continuation of the current charter and represents a $5,000 per day increase. It is expected to contribute approximately $5.7 million in EBITDA over the minimum contract period and raise Euroseas’ charter coverage to 100% for the remainder of 2025 and 70% for 2026.
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This 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.
The Russell 2000 Index, which tracks smaller and riskier U.S. companies, has staged an impressive rally in recent weeks — and analysts believe the momentum could last well into the next 12 months.
Since the end of July, the Russell 2000 has climbed nearly 10%, more than double the advance of the S&P 500. Wall Street strategists see room for an additional 20% gain in the index over the next year, compared to expectations of an 11% rise in the broader S&P 500, according to Bloomberg data.
The outlook is notable given small caps’ underperformance in recent years. Since 2020, the Russell 2000 has consistently lagged behind large-cap peers. Even after the latest rebound, the index trails the S&P 500 for 2025. However, analysts argue that a shift in monetary policy could change the dynamic.
With the Federal Reserve expected to begin cutting interest rates, borrowing costs for smaller firms are likely to ease, providing a meaningful boost to margins. Because companies in the Russell 2000 are more sensitive to credit conditions, lower rates could spark renewed investor interest and broaden a bull market that has so far been led by large-cap names.
Recent market reactions highlight the trend. After new inflation and jobs data reinforced expectations for Fed rate cuts, the Russell 2000 rose 1.2% in a single session, outpacing the S&P 500’s 0.7% gain. Investors appear to be positioning for an extended period of small-cap outperformance.
Corporate earnings are also helping the case. In the second quarter, more than 60% of Russell 2000 companies beat profit forecasts, with average revenue growth surpassing expectations by 130 basis points. Stronger earnings, combined with rate cuts and attractive valuations, provide what some strategists describe as a compelling setup for small-cap equities.
Valuations remain a central theme. While the Russell 2000’s price-to-earnings ratio has risen to slightly above its long-term average following the recent rally, the index still trades at a wide discount to large-cap stocks. This valuation gap, coupled with improved sentiment, suggests further upside potential.
Options activity reflects the growing bullish stance. Data from Cboe Global Markets indicates stronger demand for upside calls on the Russell 2000 than on the S&P 500, showing investors are positioning for continued gains in areas where they remain underexposed.
Fund flows are also supportive. Passive investments into small-cap funds have turned positive, reversing prior outflows. Some strategists caution that sustained gains will still depend on broader economic momentum, but improving earnings revisions and investor interest point to a constructive backdrop.
Wall Street firms including Barclays, Goldman Sachs, and U.S. Bank have highlighted small caps as an underappreciated segment with significant catch-up potential. If the Fed delivers the expected series of rate cuts, the coming year could see the Russell 2000 play a leading role in U.S. equity markets for the first time in years.
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.
AVERSA Fentanyl Is Moving Forward. Nutriband reported results from 2Q26, ended July 31, 2025, with a loss of $2.12 per share. Revenues for 2Q26 were $0.6 million compared with $0.4 million in 2Q25. The increase was attributed to the expansion of contract manufacturing services in the Pocono Pharma division that produces kinesiology tape. Net loss was $2.0 million before Preferred Dividends of $21.8 million, bringing Net Loss Available To Shareholders to $23.8 million. Cash at the end of the quarter was $6.9 million.
Meeting With The FDA Later In September. The company has scheduled a meeting with the FDA on September 18, 2025, to discuss the upcoming Phase 1 clinical trial for AVERSA Fentanyl. This is a Type C Meeting, requested by the company to discuss product development. The meeting agenda includes the CMC (Chemistry, Manufacturing, and Controls) and other aspects of the Investigational New Drug Application (IND) using the 505(b)(2) route of regulatory approval.
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