Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.
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Approval May Come After The PDUFA Date Of June 28. Unicycive announced that an FDA inspection has found deficiencies with the cGMP (certified Good Manufacturing Practice) compliance at a third-party manufacturing subcontractor. The company’s product, OLC, is manufactured by a contract manufacturer with other subcontractors. The deficiency does not involve the active pharmaceutical compound (APC) and may be related to final finishing and packaging operations.
Good News and Bad News. The FDA stated that the manufacturing deficiencies must be resolved before product label discussions can proceed. We interpret this to mean that the FDA review of the clinical data has been completed, the manufacturing inspection was conducted, and product labeling remains as the final step before approval. Although the manufacturing deficiencies have stopped the labeling discussion, we expect NDA approval when corrected.
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The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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Favorable Adelanto Outcome. The GEO Group received some more good news yesterday with the U.S. District Court, Central District of California, approving a settlement that allows for immediate full intake at GEO’s 1,940-bed Adelanto ICE Processing Center in California. Recall, previous court rulings had limited the use of Adelanto based on the then prevailing COVID-19 conditions.
Another Uplift. Under a January 20025 ruling, the Court had allowed the facility to increase its population cap to 475 detainees. At full occupancy and under the current contract, GEO would see an uplift in revenue of some $31 million, with margins consistent with other Company-owned Secure Service facilities. Adding in Monday’s D. Ray James announcement, GEO could be looking at $100 million of additional revenue and approximately $26 million of net operating income on an annual basis.
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Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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Another Arrow. Yesterday, MustGrow added another arrow to its NexusBioAg product quiver with the signing of a distribution agreement with Phospholutions Inc., whereby MustGrow will sell Phospholutions’ RhizoSorb product in Canada. The new agreement further broadens NexusBioAg’s product offerings in Canada.
RhizoSorb. Phospholutions’ mission is to enhance global phosphorus use, a critical fertilizer for food production. Phosphorus is the second most used nutrient in global food production. RhizoSorb was developed to cut costs and reduce the environmental impact of fertilizer use by releasing nutrients in the soil more efficiently. The product has been through over 500 trials, including over 400 field trials. Notably, Phospholutions has signed a distribution agreement with The Andersons (NASDAQ:ANDE) for RhizoSorb distribution in the U.S.
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Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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LIFE offering. Century Lithium has commenced an offering, under the Listed Issuer Financing Exemption (LIFE), to raise a minimum of C$2,000,000 and a maximum of C$5,000,000 with an offering of up to 16,666,667 units at a price of C$0.30 per unit. Each unit will consist of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of C$0.45 for a period of 24 months following the issuance of the units. After selling commissions, fees, and estimated offering costs, the company expects to receive net proceeds of C$1,810,000 to C$4,600,000.
Use of net proceeds. Net proceeds from the financing will be used to complete an updated feasibility study for the company’s Angel Island Lithium Project, complete the project’s Plan of Operations, work towards National Environmental Policy Act (NEPA) compliance, and general working capital. The offering is expected to close on or about July 7 and is not expected to close in tranches.
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Key Points: – CPI and PPI inflation reports for May are due this week, with modest increases expected but upside risks from tariffs. – Treasury auctions of 10- and 30-year bonds will test investor demand amid rising deficits and higher yields. – The results may influence Federal Reserve policy and market volatility, especially if inflation surprises to the upside.
Investors are bracing for a potentially volatile week as key inflation reports and large government bond auctions test the strength of the U.S. fixed income market. With concerns rising around growing fiscal deficits, tariffs, and monetary policy uncertainty, both data and demand will be under a microscope.
The Bureau of Labor Statistics is set to release two important indicators: the Consumer Price Index (CPI) for May on Wednesday, followed by the Producer Price Index (PPI) on Thursday. These readings come at a delicate time for markets already on edge over the potential long-term impact of President Trump’s recent tariffs and record government spending.
Economists forecast modest increases, with CPI expected to rise 0.2% month-over-month and 2.4% year-over-year. The core CPI, which excludes food and energy, is projected to climb 0.3% from April and 2.9% annually. Producer prices, which declined in April, are expected to bounce back slightly, with consensus pointing to a 0.2% monthly gain in headline PPI and 0.3% in the core reading.
However, any upward surprise in the data could disrupt fragile investor sentiment, especially as rising inflationary pressures threaten to delay future interest rate cuts by the Federal Reserve. Traders will be closely analyzing the data for signs of whether the recent tariffs are starting to flow through to consumer and producer prices.
Compounding the pressure, the U.S. Treasury will hold two major auctions this week: $39 billion in 10-year notes on Wednesday and $22 billion in 30-year bonds on Thursday. These long-duration securities will act as a litmus test for investor demand at a time when U.S. debt levels are drawing increased scrutiny from both markets and policymakers.
Key metrics from the auctions — such as the bid-to-cover ratio, the level of indirect bids, and the yield “tail” — will offer insight into how much appetite exists for U.S. debt amid rising deficits. Yields have already surged in recent weeks as investors demand greater compensation for holding Treasurys amid growing fiscal and geopolitical risks.
While the market remains relatively stable for now, analysts warn that a sudden jump in yields — driven either by weak auction demand or unexpected inflationary pressure — could send ripple effects across equities, credit markets, and consumer borrowing costs.
The bond market has been adjusting ever since the Fed’s rate cut last September, with yields taking another leg higher following Trump’s early April tariff announcement. The impact of these policies may be further amplified if inflation data begins trending upward over the coming months.
Even amid concerns, some analysts remain cautiously optimistic. Strong relative yields on U.S. Treasurys compared to global peers and signs of a cooling economy may continue to attract foreign and institutional investors seeking safety and steady returns.
Still, with inflation readings, bond supply, and fiscal policy all converging this week, investors are likely to remain on high alert. The outcomes of these events could shape not only the direction of yields but also the Federal Reserve’s monetary roadmap heading into the second half of 2025.
Key Points: – Concentra Biosciences is acquiring Elevation Oncology for $0.36 per share in cash plus a CVR tied to future financial milestones. – Elevation’s board supports the deal; insiders holding 5.1% have committed to tender their shares. – Shareholders could earn additional payouts based on net cash reserves and proceeds from potential asset sales.
In a strategic move within the biotech sector, Concentra Biosciences has announced plans to acquire Elevation Oncology, a clinical-stage oncology firm known for its targeted cancer therapies. The transaction, which was unveiled Monday, values Elevation at $0.36 per share in cash. In addition to the upfront payment, shareholders will receive a contingent value right (CVR) tied to future financial outcomes.
This acquisition marks a significant shift for Elevation Oncology, which has focused its efforts on developing precision treatments for solid tumors with limited current treatment options. The deal aligns with Concentra’s expansion strategy in oncology innovation, particularly in addressing high-need patient populations.
Under the terms of the agreement, Elevation stockholders will receive a cash payout of $0.36 per share, with an additional CVR providing potential future compensation. The CVR includes two main components: shareholders could benefit from any closing cash above $26.4 million and from a share of future net proceeds related to the disposition of EO-1022, a clinical asset, if sold within a year of closing. The CVR will remain active for up to five years following the merger.
Elevation’s board of directors has unanimously backed the agreement, emphasizing that the proposed terms serve the best interest of shareholders. A wholly owned subsidiary of Concentra is expected to begin a formal tender offer by June 23, 2025. For the acquisition to proceed, a majority of Elevation’s outstanding shares must be tendered, and at least $26.4 million in net cash must remain on hand after deducting liabilities, transaction costs, and specific payments.
Support for the deal is already emerging. Elevation’s leadership and certain insiders, who collectively own about 5.1% of the company’s shares, have signed agreements to support and tender their holdings. If all conditions are met, the merger is expected to finalize by July 2025.
The acquisition arrives at a pivotal moment for Elevation Oncology. The company has faced challenges navigating the complex landscape of cancer drug development and commercialization. Partnering with Concentra provides a pathway to both secure value for current shareholders and potentially advance EO-1022 and other clinical assets under stronger financial and operational support.
Legal counsel for Elevation Oncology is being provided by Fenwick & West LLP, while Gibson, Dunn & Crutcher LLP is advising Concentra.
This merger is part of a broader trend in the biotech sector, where companies with innovative pipelines seek strategic partnerships or acquisitions to accelerate growth and mitigate risk. For Concentra, the deal expands its reach into solid tumor therapeutics—a market with both high clinical need and strong commercial potential.
As the healthcare sector continues to evolve, this acquisition underscores the importance of collaboration in bringing forward novel cancer treatments and delivering shareholder value in a highly competitive and capital-intensive industry.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Treasure Mountain. Nicola Mining’s (TSX.V: NIM, OTCQB: HUSIF) Treasure Mountain Project is a 100% owned high-grade silver, lead, and zinc past-producing underground mine located 29 kilometers northeast of Hope, British Columbia. It offers significant exploration potential and has a valid permit (M-239) for mining operations through April 26, 2032, that permits the company to mine up to 60,000 tonnes per year. The company holds 31 contiguous mineral claims over an area of approximately 2,200 hectares and one mining lease covering 335 hectares, including 248 hectares of historic workings.
Receipt of exploration permit. On June 4, Nicola Mining received a multi-year area-based (MYAB) exploration permit to conduct extensive exploration at Treasure Mountain. The MYAB permit allows the company to carry out exploration activities, including 30 drill holes, 1,400 meters of trenching, 4,500 meters of trail building, and 20 kilometers of geophysical surveys over the next five years within certain boundaries of the project.
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Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Highlights from Noble’s Emerging Growth Virtual Conference. This report highlights Townsquare Media’s participation in Noble’s Virtual Equity conference June 4 & 5th. Bill Wilson, CEO, Stuart Rosenstein, CFO, and Claire Yanicay, Executive VP IR, provided insights on the company’s Digital strategy and favorable revenue and growth outlook. In addition, management highlighted its goal to reduce debt leverage. A rebroadcast is available here.
Digital to approach 70% of total company revenues. Currently, Digital accounts for roughly 55% of total company revenues and 55% of cash flow. Management indicated that Digital should continue to grow at favorable growth rates, with expected small declines in its legacy broadcast business. As such, management stated that total Digital revenues should approach 70% of total company revenue and cash flow contributions in the long term.
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Graham Corporation designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. The Company designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. It is a nuclear code accredited fabrication and specialty machining company. It supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. Its equipment is found in applications, such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. For the defense industry, its equipment is used in nuclear propulsion power systems for the United States Navy. The Company’s products are used in a range of industrial process applications in energy markets, including petroleum refining, defense, chemical and petrochemical processing, power generation/alternative energy and other.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Hans Baldau, Associate Analyst, Noble Capital Markets, Inc.
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4Q25 Results. Revenue rose 21% to $59.3 million versus $49.1 million in 4Q24 and our $56 million estimate. Gross margin was up 110 basis points to 27%. We were at 25%. Graham reported adjusted EBITDA of $7.65 million, up 159% y-o-y, and above our $5.4 million projection. GAAP and adjusted EPS were $0.40 and $0.43, respectively, compared to $0.12 and $0.15, respectively, last year. We were at $0.26 and $0.26.
Business Environment. Graham’s business environment remains favorable, as evidenced by the recent follow on Navy award. Increased Defense budgets and being in the right space should lead to additional revenue from the Defense sector. Space and Energy continue to have positive futures also, in our opinion.
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Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Amended agreement with Mackay Precious Metals. Comstock Inc. amended the membership interest purchase agreement to sell 100% of its northern most patented and unpatented mining claims, mineral exploration rights and town lots owned by Comstock Northern Exploration, LLC, plus the 25% issued and outstanding membership interest that Comstock owns in Pelen LLC to Mackay Precious Metals Inc. Consideration includes $2.95 million in cash plus a 1.5% NSR production royalty associated with the properties.
More favorable terms. The amendment increases the sale price to $2.95 million in cash from the previous $2.75 million in both cash and stock, thus increasing the cash component of the transaction by $1.2 million. Comstock previously received $1.0 million in cash. The remaining $1.95 million is due in a series of payments in June, July, and ending on or before August 30. Additionally, Mackay will transfer approximately 300 acres of patented and unpatented mining properties in Lyon County, Nevada, that are adjacent to and expand the area of Comstock’s Dayton Consolidated and Spring Valley mineral claims and lands for no consideration.
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Key Points: – Consumers now expect inflation to rise 3.2% over the next year, down from 3.6% in April, signaling easing price concerns. – President Trump’s decision to pause aggressive tariff plans appears to have calmed inflation fears. – Fewer Americans expect job losses or missed debt payments, and optimism about the stock market has ticked up.
Americans appeared more optimistic about inflation in May, as expectations for rising prices declined across the board, according to a new report from the Federal Reserve Bank of New York. The improvement coincides with President Donald Trump’s decision to ease back on his sweeping tariff threats, providing some relief to consumers and policymakers alike.
The Fed’s Survey of Consumer Expectations, released Monday, showed that the anticipated inflation rate one year from now fell to 3.2%, down from 3.6% in April. It marks one of the sharpest monthly drops in recent years and suggests Americans are growing more confident that inflation may not spiral out of control.
Longer-term inflation outlooks also improved. The three-year expectation ticked down to 3%, while the five-year projection eased to 2.6%. While still above the Federal Reserve’s 2% target, the declines point to a growing belief among households that price pressures could be moderating.
The shift comes after the White House softened its stance on some of its more aggressive trade proposals. In April, President Trump announced sweeping 10% tariffs on all U.S. imports and floated the idea of “reciprocal” duties on specific countries. But by early May, the administration introduced a 90-day negotiation period and paused additional tariff hikes, calming fears of an escalating trade war.
The easing rhetoric appears to have had a measurable effect on consumer sentiment, at a time when officials at the Federal Reserve are closely monitoring expectations to determine the future path of interest rates.
“The inflation outlook is coming down, even as tariff collections rise,” said National Economic Council Director Kevin Hassett in an interview Monday. “It runs counter to the narrative that tariffs automatically lead to higher inflation.”
April’s core Personal Consumption Expenditures (PCE) index, the Fed’s preferred inflation measure, remained at 2.5% — stable, but not accelerating. Headline PCE, which includes food and energy, dipped slightly to 2.1%, one of the lowest levels in over three years.
The New York Fed’s survey also found that inflation expectations declined across several major spending categories. While Americans still expect food prices to climb by 5.5% over the next year — up slightly from April — they foresee smaller increases in gas, rent, medical care, and college tuition.
In addition to inflation, the report included promising data on labor market confidence and household finances. The percentage of respondents who believe they’ll lose their job in the next 12 months dropped to 14.8%, a slight but notable improvement. Meanwhile, fewer Americans expect to miss a minimum debt payment in the near term, with that figure falling to 13.4%, the lowest since January.
Consumers also seem to be gaining confidence in the markets. The share of respondents expecting stock prices to be higher a year from now rose to 36.3%, reflecting optimism despite geopolitical uncertainty.
As policymakers weigh inflation, tariffs, and rate decisions, these improving expectations may offer a signal: Americans are cautiously optimistic that the worst inflation fears could be fading.
Elevated Baseline. Titan’s multi-year strategic transformation has elevated the baseline for the Company. An optimized product portfolio, strong customer relationships, expanded aftermarket business, and long-term tailwinds have increased Titan’s earnings power to $250-$300 million of adjusted EBITDA mid-cycle.
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The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 103 facilities totaling approximately 83,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 18,000 employees.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
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Lawton Sale. The GEO Group announced it has entered into a purchase agreement to sell its Company-owned Lawton, OK, facility to the Oklahoma Department of Corrections for $312 million. This is one of two facilities GEO management had indicated were up for sale. The sale is expected to close by the end of July 2025.
Value Affirming. The Lawton sale re-affirms our belief in the value of GEO’s real estate assets, a value that significantly exceeds the current stock price. Based on the reported 2,682 beds, the purchase price is equivalent to $116,000/bd. With some 43,000 owned beds in the Safety segment alone, the potential value of the segment real estate would be $5 billion. We do not expect the sale to have a significant impact on reported EBITDA.
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