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Tonix Pharmaceuticals (TNXP) – TNX-102 SL Receives FDA Approval As Expected

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Monday, August 18, 2025

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

Robert LeBoyer, Senior Vice President, Equity Research Analyst, Biotechnology, Noble Capital Markets, Inc.

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

Tonix Announced The Approval of TNX-102 SL. As we had anticipated, TNX-102 SL (Tonmya) has received approval for the treatment of fibromyalgia. A conference call is planned for 8:30 am on August 17. Further details on the marketing program and plans for product launch are expect to be discussed. First sales are expected by 4Q25.

TNX-102 SL Addresses Numerous Symptoms of Fibromyalgia. The NDA (New Drug Application) was based on two Phase 3 studies. The primary endpoint was a reduction in pain scores at 14 days compared with placebo. After three months about 30% of the patients had a clinically meaningful reduction in pain compared with placebo. The studies also met all six of the secondary endpoints with high levels of statistically significance.


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QuoteMedia Inc. (QMCI) – Improved Revenue Trends

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Monday, August 18, 2025

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

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

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

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

Mixed Q2 Results. The company reported improved Q2 revenue trend, with revenue growing 5% over the prior year period to $4.9 million, marking the highest quarterly revenue in the company’s history and sequential improvement from 3% in Q1. Adj. EBITDA of $0.1 million in Q2 was lower than our estimate of $0.4 million, largely due to increased development costs, as illustrated in Figure #1 Q2 Results. In our view, the company’s business pipeline appears to be improving and revenue should gain momentum throughout the year and into 2026. 

Capitalizing less development costs. Notably, the company capitalized less development costs in Q2 than in the prior year, leading to more development costs expensed in Q2. While this impacted Q2, we believe that margins should improve as the company begins to recognize the revenue from the new business “wins” in future quarters. Furthermore, the company will be expensing development costs at a similar rate to Q2 moving forward.


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Comstock (LODE) – De-Risking the Company by Raising Funds to Reduce Debt and Fund Growth

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Monday, August 18, 2025

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.

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

Second quarter financial results. Comstock reported a net loss of $7.8 million or $(0.27) per share, compared to a net loss of $8.6 million or $(0.60) per share during the prior year period. Revenue decreased to $339.5 thousand compared to $434.8 thousand during the prior year period. The loss from operations widened to $7.7 million compared to $5.6 million during the second quarter of 2024 due to higher selling, general, and administrative expenses that increased to $4.6 million from $2.8 million. Relative to our net loss estimate of $5.0 million, or $(0.16) per share, revenues were below our estimates, while operating expenses were higher. 

Recent financing. Comstock raised gross proceeds of ~$30.0 million with a public offering of 13.3 million shares priced at $2.25 per share. The net proceeds will be used to fund capital expenditures associated with commercializing its first industry-scale facility for Comstock Metals, development expenses, and general corporate purposes, including the repayment of existing debt. As of August 14, LODE shares outstanding were 49.3 million compared to 32.4 million as of June 30. The underwriters have a 30-day option to purchase up to an additional 2.0 million shares to cover over-allotments, which we assume will be exercised.


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Bit Digital (BTBT) – Second Quarter Results

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Monday, August 18, 2025

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

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

Transformation. Since the end of 1Q25, Bit Digital has transformed the business: first moving to an Ethereum treasury and staking platform, and then the WhiteFiber IPO. The focus going forward at Bit Digital is to build one of the largest institutional balance sheets in the public markets and generate scalable staking yield. We expect the WhiteFiber holding to be liquidated over time to fund this goal.

2Q25 Results. Revenue of $25.7 million fell from $29.0 million in 2Q24, was flat sequentially, and in-line with our $25.4 million estimate. The key difference was Mining revenue, which fell to $6.6 million from $16.1 million last year. Cloud Services revenue rose to $16.6 million from $12.5 million in 2Q24. Higher one-time G&A costs and lower gross margins across most business lines, offset by a $27.1 million gain on Digital Assets, resulted in operating income of $13.9 million, compared to an operating loss of $11.5 million in 2Q24, which was impacted by a $11.5 million loss on Digital Assets. The Company reported net income of $14.9 million, or $0.07/sh, versus a net loss of $12 million, or $0.09/sh last year. 


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Trump Signals Massive Semiconductor Tariffs as U.S. Expands Trade Duties

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President Trump is preparing to roll out a new round of tariffs on semiconductor imports, signaling a sharp escalation in the United States’ trade strategy. The upcoming duties could reach levels as high as 300%, representing a major shift in the administration’s approach to key technology sectors. These tariffs are expected to be announced over the next couple of weeks and will likely have wide-ranging implications for the semiconductor industry and the broader economy.

This move continues a broader trend of imposing trade barriers across multiple sectors. Pharmaceutical imports are also expected to face similar duties in the near future, marking a significant expansion of tariffs beyond metals, machinery, and consumer goods. Economists anticipate that as these duties take hold, their effects will become more visible in economic indicators such as inflation and producer costs.

Early signs of tariff impact are already appearing in economic data. The wholesale price index showed a sharp rise in July, the fastest in roughly three years, suggesting that costs are increasingly being passed through to businesses. While the broader consumer inflation data has not yet reflected the full impact of previous tariffs, analysts expect that upcoming reports will more clearly show the consequences of higher import duties.

Despite concerns over inflation and trade disruptions, U.S. stock markets have so far remained resilient. Major indexes reached record highs recently, reflecting investor confidence and adaptation to the ongoing tariff environment. Revenue generated from existing tariffs has been substantial, though a portion of this revenue is indirectly borne by consumers through higher prices. The effect on corporate margins and consumer purchasing power is expected to intensify if new semiconductor and pharmaceutical duties are implemented at the highest proposed rates.

On the international front, trade negotiations continue to play a key role. An extension of the tariff truce with China has delayed further talks until November, temporarily easing tensions between the two largest economies. Current U.S. tariffs on Chinese imports average over 50%, creating a backdrop for the upcoming discussions with Canada, Mexico, and other trade partners. Reciprocal tariffs imposed on a range of countries earlier this month signal that Washington is aiming for a broader realignment of trade terms across multiple fronts.

Legal challenges to the tariffs remain unresolved. Multiple cases are currently pending in U.S. federal courts, including one high-profile appeal that could determine the legality of the administration’s tariff authority. A court ruling in either direction could significantly influence the trajectory of trade policy and investor sentiment.

As the U.S. government prepares to expand tariffs on semiconductors and pharmaceuticals, businesses and consumers alike are watching closely. The scale of the proposed duties represents one of the most aggressive trade actions in recent years, with potential ripple effects on global supply chains, technology production, and pricing. Economists, market analysts, and policymakers will be monitoring upcoming economic reports and legal developments to gauge how these tariffs will reshape the U.S. economy.

Xcel Brands (XELB) – Influencer Brands Set To Launch

Posted on by [email protected]


Friday, August 15, 2025

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

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

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

Q2 Results. The company reported Q2 revenue of $1.3 million and an adj. EBITDA loss of $0.3 million, as illustrated in Figure #1 Q2 results. Importantly, while revenue was 22.3% lower than our estimate of $1.7 million, the adj. EBITDA loss of $0.3 million was largely in line with our expectations of a loss of $0.35 million. Furthermore, the on target adj. EBITDA figure was driven by the company’s strategic cost reduction and business transformation efforts, as well as the Lori Goldstein divestiture.

Favorable outlook. While the company is approaching the back half of the year with caution, largely driven by potential tariff impacts, we believe it stands to benefit from a number of favorable developments. Notably, the company is launching its Longaberger brand in Q3 on QVC and announced an accelerated timeline for its new influencer brands. Additionally, the company stands to benefit from its Halston brand as royalties kick in.


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Unicycive Therapeutics (UNCY) – Actions Taken To Address Issues That Caused The CRL

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Friday, August 15, 2025

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.

Actions Taken To Correct Manufacturing Findings. Unicycive reported a 2Q25 loss of $6.4 million or $(0.52) per share, with cash on June 30, 2025 of $22.3 million. Based on our current estimates, we believe this is sufficient to fund operations through 2H25. On June 30, the company received a CRL (Complete Response Letter) following an FDA inspection that found deficiencies at a contract manufacturer’s facility. The findings stopped the labeling discussions required for completion of the NDA review. The company has shifted to one of its other manufacturers, and filed a request for a meeting with the FDA. 

A Request For A Type A Meeting Was Filed. Following the receipt of the CRL, Unicycive filed a request for a Type A meeting with the FDA. This type of meeting is held to discuss the issues that led to the CRL and how to correct them. These meetings are usually scheduled within 30 days of the request. After meeting is held the company will receive the meeting minutes with requirements for resubmission of the NDA application. Unicycive expects to announce an updated plan for OCL development during 3Q25.


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Euroseas (ESEA) – Second Quarter Financial Results Exceed Expectations; Increasing Estimates

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Friday, August 15, 2025

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.

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

Second quarter financial results. Total net revenues for the second quartertotaled $57.2 million, a 2.5% decrease year-over-year, but slightly higher than our estimate of $56.7 million. Adjusted EBITDA and EPS were $39.3 million and $4.20, respectively, above our estimates of $38.5 million and $3.87. The better-than-expected results were due to higher time charter equivalent (TCE) rates of $29,420 per day compared to our estimate of $28,502 per day, along with modestly lower-than-expected operating expenses of $23.9 million compared to our estimate of $24.7 million.

Market outlook. TCE rates for feeder vessels increased 8% in the second quarter due to limited vessel availability and robust demand. While the global containership orderbook remains high, the feeder and intermediate segments have a much smaller pipeline of just 4 to 8%, offering some insulation from the potential negative impact of an oversupplied market. Ongoing Red Sea conflicts have further supported rates by prompting Suez Canal re-routings and increasing distance. Although U.S. trade policies cloud visibility, we expect TCE rates to remain strong through year-end 2025 and into 2026.


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DLH Holdings (DLHC) – Ongoing Work with NIH

Posted on by [email protected]


Friday, August 15, 2025

DLH delivers improved health and readiness solutions for federal programs through research, development, and innovative care processes. The Company’s experts in public health, performance evaluation, and health operations solve the complex problems faced by civilian and military customers alike, leveraging digital transformation, artificial intelligence, advanced analytics, cloud-based applications, telehealth systems, and more. With over 2,300 employees dedicated to the idea that “Your Mission is Our Passion,” DLH brings a unique combination of government sector experience, proven methodology, and unwavering commitment to public health to improve the lives of millions. For more information, visit www.DLHcorp.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.

Task Order. DLH has been awarded a task order valued at up to $46.9 million to continue providing information technology services, including enterprise IT systems management, cyber security, software development, cloud computing, and more, to the National Institutes of Health’s Office of Information Technology (“OIT”).

Details. The task order includes a base period and multiple options aggregating to a three-year period of performance. Through this award, DLH will leverage a comprehensive suite of digital transformation and cyber security solutions to support approximately 7,000 end-customers. As part of this new effort, DLH will design and implement a cloud migration strategy built on partnerships with leading commercial CSP vendors, including Azure, AWS, and Google.


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CoreCivic, Inc. (CXW) – Another New Contract

Posted on by [email protected]


Friday, August 15, 2025

CoreCivic is a diversified, government-solutions company with the scale and experience needed to solve tough government challenges in flexible, cost-effective ways. We provide a broad range of solutions to government partners that serve the public good through high-quality corrections and detention management, a network of residential and non-residential alternatives to incarceration to help address America’s recidivism crisis, and government real estate solutions. We are the nation’s largest owner of partnership correctional, detention and residential reentry facilities, and believe we are the largest private owner of real estate used by government agencies in the United States. We have been a flexible and dependable partner for government for nearly 40 years. Our employees are driven by a deep sense of service, high standards of professionalism and a responsibility to help government better the public good. Learn more at www.corecivic.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.

West Tennessee. As anticipated, CoreCivic announced another new contract with U.S. Immigration and Customs Enforcement (ICE). Through an intergovernmental services agreement (IGSA) between the City of Mason, Tennessee, and ICE, CoreCivic will resume operations at the Company’s 600-bed West Tennessee Detention Facility, a facility that has been idle since September 2021.

Details. The IGSA expires in August 2030 and may be further extended through bilateral modification. The agreement provides for a fixed monthly payment plus an incremental per diem payment based on detainee populations. Total annual revenue once the facility is fully activated is expected to be approximately $30 million to $35 million, with margins consistent with the CoreCivic Safety segment.


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Conduent (CNDT) – New Business Momentum Picking Up

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Friday, August 15, 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.

Solid Q2 results. Q2 revenue of $754 million aligned with our estimate, while adj. EBITDA of $37 million exceeded our forecast of $33 million. All three segments delivered sequential, new business, Annual Contract Value (ACV ) growth, a key forward indicator. This sales momentum supports our view that Conduent is on track to return to top-line growth in 2026.

Big Beautiful Bill may present upside. We view the recently passed “Big Beautiful Bill” as a potential tailwind for Conduent’s Government segment. The legislation tightens eligibility enforcement for public benefits, which may drive increased demand for outsourced eligibility verification and fraud detection, which are core capabilities for the company.


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Cocrystal Pharma (COCP) – 2Q25 Reported With Norovirus and Influenza Product Updates

Posted on by [email protected]


Friday, August 15, 2025

Cocrystal Pharma, Inc. is a clinical-stage biotechnology company discovering and developing novel antiviral therapeutics that target the replication process of influenza viruses, coronaviruses (including SARS-CoV-2), hepatitis C viruses and noroviruses. Cocrystal employs unique structure-based technologies and Nobel Prize-winning expertise to create first- and best-in-class antiviral drugs. For further information about Cocrystal, please visit www.cocrystalpharma.com.

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.

Antivirals Continue To Move Forward. Cocrystal reported 2Q25 loss of $2.1 million or $(0.20) per share. During 2Q, the company presented data from its CDI-988 Phase 1 study in norovirus. Separately, CDI-988 has demonstrated inhibition of multiple strains, including GII.17 and GII.4 that have caused norovirus outbreaks over the past 2 years. The Phase 2a human challenge study testing CC-42344 in influenza has been extended. CC-42344 has shown inhibition of several strains of avian influenza that have caused public health concerns. Cash on June 30, 2025 was $4.8 million.

Phase 1b Is Planned For CDI-988  In Norovirus. Data from a Phase 1 trial showing safety and efficacy of CDI-988 was presented in August. The data show that CDI-988 was safe and effective through a range of doses in a single-ascending (SAD) and multiple-ascending (MAD) dose cohorts. A Phase 1b study testing CDI-988 as both treatment and prophylaxis for norovirus is planned for later in FY2025.


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Strong September Corporate Bond Issuance Expected Despite Rate Cut Uncertainty

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The U.S. corporate bond market is gearing up for a strong September, with investment-grade issuance expected to remain one of the highest of the year. Market strategists and bankers anticipate that companies will proceed with large volumes of bond sales despite a shift in expectations for Federal Reserve interest rate cuts.

Historically, September has been one of the busiest months for investment-grade corporate bond activity, averaging around $140 billion in new deals. Last year set a record, surpassing $172 billion, as companies took advantage of robust investor demand for higher-yielding assets. This year’s issuance is projected to be similarly active, driven primarily by corporate financing needs rather than short-term changes in interest rate forecasts.

Recent economic data has tempered expectations for a substantial Fed rate cut in the near term. Producer price growth accelerated, while consumer price increases aligned with forecasts, suggesting inflation remains stubborn. As a result, markets now anticipate smaller or delayed rate adjustments compared to earlier projections.

Despite the evolving interest rate outlook, corporate treasurers are unlikely to postpone planned September bond offerings. Issuance decisions are typically based on long-term funding strategies and capital requirements, not on the immediate direction of monetary policy. Analysts note that minor movements in yields or credit spreads rarely deter companies from moving forward during this historically active month.

Corporate credit spreads—the additional yield investors demand over U.S. Treasuries—have experienced only modest changes in recent weeks. On average, spreads tightened by about one basis point, leaving them close to multi-decade lows. Bond yields remain below January levels, maintaining favorable financing conditions for issuers.

Industry experts expect that the two weeks leading up to Labor Day will be relatively quiet, as is common, but issuance is likely to accelerate sharply in September. With annual investment-grade supply in the U.S. often approaching $1.5 trillion, market participants anticipate continued heavy calendars in late summer and early fall.

The upcoming wave of bond sales will also be influenced by broader market dynamics, including investor appetite for corporate debt and the ongoing search for yield in a still-uncertain interest rate environment. Many institutional investors view investment-grade corporate bonds as an attractive balance between risk and return, especially when economic data signals resilience in corporate earnings and credit quality.

Overall, the combination of strong historical precedent, stable credit conditions, and ongoing financing needs suggests that September will remain a peak month for U.S. corporate bond issuance. Whether or not the Fed adjusts rates in the near term, companies are expected to press forward, ensuring the corporate bond market stays active as the year heads into its final quarter.