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Release – PDS Biotech Announces Exclusive Global License Agreement for Investigational IL-12 Tumor-Targeted Cytokine from Merck KGaA, Darmstadt, Germany

Posted on January 3, 2023January 3, 2023 by cpatches

PDS Biotech bolsters immuno-oncology portfolio with a clinical-stage product synergistic with its Versamune® platform

PDS Biotech to host conference call and webcast on Tuesday, January 3, 2023, at 8:00 AM EST

FLORHAM PARK, N.J., Jan. 03, 2023 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing a growing pipeline of targeted immunotherapies for cancer and infectious disease, today announced an exclusive global license agreement with Merck KGaA, Darmstadt, Germany for the tumor-targeting IL-12 fusion protein M9241 (formerly known as NHS-IL12), which will join the pipeline as PDS0301. M9241 appears to enhance the proliferation, potency and longevity of T cells in the tumor. The combination of Versamune® and IL-12 is patented by PDS Biotech and is designed to overcome tumor immune suppression utilizing a different mechanism from checkpoint inhibitors.

Under the terms of the agreement, PDS Biotech will receive from Merck KGaA, Darmstadt, Germany an exclusive license to M9241. PDS Biotech will assume responsibility for future development, commercialization, and manufacturing of M9241.

Under the terms of the agreement, Merck KGaA, Darmstadt, Germany will receive an upfront cash payment of $5 million and will be entitled to up to $11 million in development and regulatory milestone payments including first commercial sales for the first 2 indications, and up to $105 million in commercial milestones, and a 10% royalty on future sales of M9241 with standard step-down provisions. Merck KGaA will receive 378,787 shares of PDS Biotech’s common stock having a value of $5 million, based on the closing price of PDS Biotech’s common stock on December 30, 2022.

“We are pleased to have partnered with Merck KGaA, Darmstadt, Germany to advance the development of M9241, a highly innovative cytokine therapy,” said Dr. Frank Bedu-Addo, PDS Biotech CEO. “Under the licensing arrangement between Merck KGaA, Darmstadt, Germany and PDS Biotech, assumption of an equity stake by Merck KGaA, Darmstadt, Germany in PDS Biotech further confirms the potential of the Versamune® platform and the data generated to date with this combination therapy. I’d like to thank the Merck KGaA, Darmstadt, Germany team for their support of PDS Biotech’s mission to potentially offer more cancer patients improved treatment options.”

M9241 was studied in a novel triple combination at the National Cancer Institute in a Phase 2 trial (NCT04287868) in combination with PDS0101, a Versamune® based HPV16-targeted immunotherapy, and bintrafusp alfa, a bifunctional fusion protein targeting two independent immunosuppressive pathways (PD-L1 and TGF-β). The triple combination was studied in checkpoint inhibitor (CPI)-naïve and -refractory patients with advanced HPV-positive anal, cervical, head and neck, vaginal, and vulvar cancers who have failed prior therapy.

Data highlights for patients who had failed prior treatments including CPIs:

Median overall survival for treated patients is 21 months in 29 CPI refractory patients. The reported historical median OS in patients with CPI refractory disease is 3-4 months.
63% (5/8) of treated patients with the optimal dose combination had significant tumor shrinkage of over 30% (objective response). With the standard of care, the reported percentage of patients having an objective response is less than 10%.
79% (11/14) of treated patients demonstrated a greater than two-fold increase in HPV16-targeted T cells.

Results for patients who had failed prior treatments but were CPI-naïve also continue to appear to be encouraging:

88% (7/8) of CPI naïve patients had an objective response.
38% (3/8) of responders had a complete response.
In CPI naïve subjects, 75% (6/8) remain alive at a median follow-up of 27 months. As a result, median OS has not yet been reached. Historically median OS for similar patients with platinum experienced CPI naïve disease is 7-11 months.

PDS Biotech has a scheduled meeting with the Food and Drug Administration (FDA) to discuss a registrational trial for investigating the triple combination of M9241, PDS0101 and a checkpoint inhibitor in recurrent/metastatic HPV-positive cancers.

Dr. Lauren V. Wood, Chief Medical Officer at PDS Biotech, commented, “M9241 seems to be unique in its ability to target the tumor’s microenvironment and appears to further promote proliferation of Versamune®-induced T cells in the tumors while also potentially enhancing the killing potency of the T cells. With the addition of M9241 to our Versamune®-based pipeline products, our goal is to develop and achieve checkpoint inhibitor-agnostic and independent combinations in advanced cancers. We look forward to expanding clinical development of our novel investigational combination products.”

Conference Call and Webcast
PDS Biotech will host a conference call and webcast on Tuesday, January 3, 2023, beginning at 8:00 AM EST. Participants should dial 877-407-3088 (United States) or 201-389-0927 (International) and reference conference ID 13734890. To access the webcast, please use the following link. The event will be archived in the investor relations section of PDS Biotech’s website for six months.

About PDS Biotechnology
PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of targeted cancer and infectious disease immunotherapies based on our proprietary Versamune® and Infectimune™ T cell-activating technology platforms. We believe our targeted Versamune® based candidates have the potential to overcome the limitations of current immunotherapy by inducing large quantities of high-quality, potent polyfunctional tumor specific CD4+ helper and CD8+ killer T cells. To date, our lead Versamune® clinical candidate, PDS0101, has demonstrated the potential to reduce tumors and stabilize disease in combination with approved and investigational therapeutics in patients with a broad range of HPV-expressing cancers in multiple Phase 2 clinical trials. Our Infectimune™ based vaccines have also demonstrated the potential to induce not only robust and durable neutralizing antibody responses, but also powerful T cell responses, including long-lasting memory T cell responses in pre-clinical studies to date. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

About PDS0301
PDS0301 is a tumor-targeting IL-12 that enhances the proliferation, potency and longevity of T cells in the tumor. Together with Versamune® based immunotherapies, PDS0301 works to promote a targeted T cell attack against cancers and also overcome tumor-induced immune suppression. Clinical data suggest this combination may demonstrate significant disease control by shrinking tumors and/or prolonging survival in recurrent/metastatic cancers with poor survival prognosis. A National Cancer Institute-supported Phase 2 clinical study of PDS0301 in a triple combination therapy is being conducted in checkpoint inhibitor refractory patients with multiple advanced HPV-associated cancers.

Forward Looking Statements
This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for PDS0101, PDS0203 and other Versamune® and Infectimune™ based product candidates; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101, PDS0203 and other Versamune® and Infectimune™ based product candidates and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund its disclosed clinical trials, which assumes no material changes to our currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim or preliminary results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from its clinical development programs and any collaboration studies; the success of the Company’s license agreements, including the potential for the clinical and nonclinical data available under the Company’s exclusive license agreement with Merck KGaA to aid in the development of the Versamune® platform; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control, including unforeseen circumstances or other disruptions to normal business operations arising from or related to COVID-19. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Versamune® is a registered trademark and Infectimune™ is a trademark of PDS Biotechnology.

Investor Contacts:
Deanne Randolph
PDS Biotech
Phone: +1 (908) 517-3613
Email: drandolph@pdsbiotech.com

Rich Cockrell
CG Capital
Phone: +1 (404) 736-3838
Email: pdsb@cg.capital

Media Contacts:
Bill Borden
Tiberend Strategic Advisors, Inc.
Phone: +1 (732) 910-1620
Email: bborden@tiberend.com

Dave Schemelia
Tiberend Strategic Advisors, Inc.
Phone: +1 (609) 468-9325
Email: dschemelia@tiberend.com

Release – Tonix Pharmaceuticals to Present at Biotech Showcase 2023

Posted on January 3, 2023January 3, 2023 by cpatches

Research News and Market Data on TNXP

CHATHAM, N.J., Jan. 03, 2023 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP), a clinical-stage biopharmaceutical company, announced today that Seth Lederman, M.D., Chief Executive Officer of Tonix Pharmaceuticals, will present at Biotech Showcase 2023 being held January 9-11, 2023, at the Hilton San Francisco Union Square.

Details of the Tonix presentation are as follows:

Event:	Biotech Showcase 2023
Date:	Tuesday, January 10, 2023
Time:	3:00 p.m. PT (6:00 p.m. ET)
Location:	Hilton San Francisco Union Square
Track:	Yosemite C (Ballroom Level)

A live webcast and subsequent archived recording of the Company presentation will be available under the IR Events tab of the Investors section of the Tonix Pharmaceuticals website at www.tonixpharma.com or can be found here. Investors interested in arranging a meeting with the Company’s management during the conference should contact Brandon.Weiner@Westwicke.com.

Tonix Pharmaceuticals Holding Corp.^*

Tonix is a clinical-stage biopharmaceutical company focused on discovering, licensing, acquiring and developing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s portfolio is composed of central nervous system (CNS), rare disease, immunology and infectious disease product candidates. Tonix’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 (cyclobenzaprine HCl sublingual tablet), is in mid-Phase 3 development for the management of fibromyalgia with a new Phase 3 study launched in the second quarter of 2022 and interim data expected in the second quarter of 2023. TNX-102 SL is also being developed to treat Long COVID, a chronic post-acute COVID-19 condition. Tonix initiated a Phase 2 study in Long COVID in the third quarter of 2022 and expects interim data in the third quarter of 2023. TNX-1300 (cocaine esterase) is a biologic designed to treat cocaine intoxication and has been granted Breakthrough Therapy designation by the FDA. A Phase 2 study of TNX-1300 is expected to be initiated in the first quarter of 2023. TNX-1900 (intranasal potentiated oxytocin), a small molecule in development for chronic migraine, is expected to enter the clinic with a Phase 2 study in the first quarter of 2023. TNX-601 ER (tianeptine hemioxalate extended-release tablets) is a once-daily formulation of tianeptine being developed as a potential treatment for major depressive disorder (MDD) with a Phase 2 study expected to be initiated in the first quarter of 2023. Tonix’s rare disease portfolio includes TNX-2900 (intranasal potentiated oxytocin) for the treatment of Prader-Willi syndrome. TNX-2900 has been granted Orphan Drug designation by the FDA. Tonix’s immunology portfolio includes biologics to address organ transplant rejection, autoimmunity and cancer, including TNX-1500, which is a humanized monoclonal antibody targeting CD40-ligand (CD40L or CD154) 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 first half of 2023. Tonix’s infectious disease pipeline includes a vaccine in development to prevent smallpox and monkeypox, TNX-801, a next-generation vaccine to prevent COVID-19, TNX-1850, a platform to make fully human monoclonal antibodies to treat COVID-19, TNX-3600, and humanized anti-SARS-CoV-2 monoclonal antibodies, TNX-3800, recently licensed from Curia. TNX-801, Tonix’s vaccine in development to prevent smallpox and monkeypox, also serves as the live virus vaccine platform or recombinant pox vaccine (RPV) platform for other infectious diseases. A Phase 1 study of TNX-801 is expected to be initiated in Kenya in the second half of 2023.

^*All of Tonix’s product candidates are investigational new drugs or biologics and have not been approved for any indication.

This press release and further information about Tonix can be found at www.tonixpharma.com.

Forward Looking Statements

Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words such as “anticipate,” “believe,” “forecast,” “estimate,” “expect,” and “intend,” among others. These forward-looking statements are based on Tonix’s current expectations and actual results could differ materially. There are a number of factors that could cause actual events to differ materially from those indicated by such forward-looking statements. These factors include, but are not limited to, risks related to the failure to obtain FDA clearances or approvals and noncompliance with FDA regulations; delays and uncertainties caused by the global COVID-19 pandemic; risks related to the timing and progress of clinical development of our product candidates; our need for additional financing; uncertainties of patent protection and litigation; uncertainties of government or third party payor reimbursement; limited research and development efforts and dependence upon third parties; and substantial competition. As with any pharmaceutical under development, there are significant risks in the development, regulatory approval and commercialization of new products. Tonix does not undertake an obligation to update or revise any forward-looking statement. Investors should read the risk factors set forth in the Annual Report on Form 10-K for the year ended December 31, 2021, as filed with the Securities and Exchange Commission (the “SEC”) on March 14, 2022, and periodic reports filed with the SEC on or after the date thereof. All of Tonix’s forward-looking statements are expressly qualified by all such risk factors and other cautionary statements. The information set forth herein speaks only as of the date thereof.

Contacts

Jessica Morris (corporate)
Tonix Pharmaceuticals
investor.relations@tonixpharma.com
(862) 904-8182

Olipriya Das, Ph.D. (media)
Russo Partners
Olipriya.Das@russopartnersllc.com
(646) 942-5588

Peter Vozzo (investors)
ICR Westwicke
peter.vozzo@westwicke.com
(443) 213-0505

Source: Tonix Pharmaceuticals Holding Corp.

Released January 3, 2023

Tokens.com Corp. (SMURF) – Where Do We Go From Here?

Posted on January 3, 2023January 3, 2023 by cpereira@noblefcm.com

Tuesday, January 03, 2023

Tokens.com Corp is a publicly traded company that invests in Web3 assets and businesses focused on the Metaverse, NFTs, DeFi, and gaming based digital assets. Tokens.com is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in play-to-earn revenue generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens. Through its growing digital assets and NFTs, Tokens.com provides public market investors with a simple and secure way to gain exposure to Web3.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Third Quarter Results. Third quarter revenue totaled $101,235, down from $448,976 in the same period last year, as staking revenue dropped to $53,972 from $417,572 last year. On the positive side, Tokens.com reported two new revenue streams-leasing and gaming. Leasing revenue totaled $49,871 while gaming contributed $4,892. Operating loss was at $879.430 versus last year’s $167,331. Net loss for the Company was $1.8 million, or a loss of $0.02 per share versus net income of $4.1 million, or $0.05 per share.

Truncated Full Year Results. As the Company has switched its year-end to September 30 from December 31, Tokens also reported truncated full year results. For the nine months, revenue totaled $678,269 compared to $1.08 million in the same period last year. Operating loss was $2.0 million compared to $5.2 million. Net loss was $5.9 million, or a loss of $0.06 per share, compared to a net loss of $8.3 million, or a net loss of $0.12 per share last year.

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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.

Baudax Bio (Baudax Bio) – Baudax Bio Discontinuing ANJESO Sales; Reducing Rating To Market Perform

Posted on January 3, 2023January 3, 2023 by cpereira@noblefcm.com

Tuesday, January 03, 2023

Baudax Bio is a pharmaceutical company focused on innovative products for acute care settings. ANJESO is the first and only 24-hour, intravenous (IV) COX-2 preferential non-steroidal anti-inflammatory (NSAID) for the management of moderate to severe pain. In addition to ANJESO, Baudax Bio has a pipeline of other innovative pharmaceutical assets including two novel neuromuscular blocking agents (NMBs) and a proprietary chemical reversal agent specific to these NMBs. For more information, please visit www.baudaxbio.com.

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

Not Wholly Unexpected. The ANJESO discontinuation announced in an 8-k filing dated December 28, 2022, and also in the FDA Orange Book, was not unexpected given the reduction in commercial force earlier in 2022. However, with the concurrent news of no monetization of the ANJESO asset through partnership or sale, the risk profile increases in the near term. The Company continues to evaluate alternatives to ANJESO monetization in both the US and abroad.

Sole Focus On NMBs. We have highlighted the neuromuscular blockers as a tremendous opportunity longer term while previously reducing the growth profile of ANJESO. However, with the discontinuation of ANJESO sales, the NMBs now become the sole focus. BX1000, the intermediate acting NMB currently enrolling patients in Phase II, is expected to have interim analysis in 1Q 2023. BX2000, the ulra-short acting NMB, is in a dose escalation Phase I trial expected to be completed during 2023. The reversal agent, BX3000, is expected to file an IND in mid-2023.

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

Metals & Mining Fourth Quarter 2022 Review and Outlook

Posted on January 3, 2023January 3, 2023 by cpatches

Monday, January 03, 2023

Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.

Refer to the bottom of the report for important disclosures

Mining companies outperform the broader market. During the fourth quarter, mining companies (as measured by the XME) appreciated 17.2% compared to a gain of 7.1% for the S&P 500 index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 18.8% and 21.0%, respectively. Gold, silver, copper, and lead futures prices gained 9.2%, 26.3%, 12.3%, and 6.1%, respectively, while zinc declined 1.1%. For the full year 2022, all indices outperformed the S&P 500 which declined 19.4%. Despite aggressive rate hikes by the Federal Reserve and U.S. dollar strength, gold performed as a store of value with the price ending just under where it began the year.

Will precious metals break out to the upside? The U.S. Dollar Index declined 7.7% during the fourth quarter, while the yield on the 10-year treasury note increased from 3.80% to 3.88%. While the Federal Reserve has signaled higher rates, an inflection point may have been reached as investors sought to preserve value amid deteriorating economic conditions, geopolitical uncertainty and market volatility. In our view, interest rates could peak by mid-year with the potential for easing depending on economic conditions. We think precious metals prices around current levels are sufficient for mining companies to be profitable and attract new investment. Our outlook is for range-bound pricing around current levels with a modest upward bias in the first half of 2023.

Less certain near-term outlook for industrial metals. While the price of copper declined 13.2% in 2022, the price rebounded in the fourth quarter. On a full year basis, zinc and lead prices were down 6.1% and up 1.2%, respectively. While the long-term investment case for owning industrial metals mining companies remains favorable, it may be too early to offer a bullish call due to near-term concerns about economic growth in the U.S. and abroad.

Putting it all together. In our view, precious metals mining companies, notably exploration companies, continue to offer attractive return potential. Should gold and silver prices hold recent gains, investors may begin to invest more confidently and aggressively. While the near-term outlook for industrial metals could be negatively impacted by near-term macroeconomic factors, an eventual return to economic growth could result in strong prices due to potential supply and demand imbalances.

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All statements or opinions contained herein that include the words “we”, “us”, or “our” are solely the responsibility of Noble Capital Markets, Inc.(“Noble”) and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results. Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

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Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

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

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This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of
transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

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 in the securities of the subject company or any other company mentioned in this report.

Gold Assets Get Even Hotter

Posted on January 3, 2023January 3, 2023 by phoffman@channelchek.com

Will Gold Related Assets Continue to Outperform?

Gold, which has been moving up slowly over the past weeks and months, stood out on this first business day of the year by noticeably outperforming other asset classes. By late afternoon gold had passed the highest level it had been in six months. Why, after a full year of market turmoil and economic uncertainty, is exposure to gold now attracting investors? Will this trend continue? And what are the various ways a stock market investor can benefit from rising interest in this element?

Background

A strong and upward-trending US dollar provides a parking place for those looking for a safe-harbor investment – one with limited risk. For much of last year, US interest rates led the way among central banks, increasing yields on Treasury debt. This pushed the dollar value upward. The dollar exchange rate then began to weaken as Japan recently began raising its rates.

On the first trading day of 2023, Treasury yields fell as investors began to position for a possible change of monetary policy. This is somewhat cautionary as the FOMC minutes are released on Wednesday. The Fed has already begun tapering its increases in rates. The prospect of many more Federal Reserve interest rate hikes is unlikely. There is fear that the FOMC minutes may make this even more clear. Higher US dollar exchange rates as a result of yield increases had been dampening any natural increase in demand the safe haven metal may have had to push values higher. Plus, there is heightened talk of a US recession; this does not bode well for dollar strengthening moving forward. Investor caution is adding to the performance of gold.

What Investors Pay Attention To

A big investor focus is a release on Wednesday of the minutes from the Fed’s Dec. 13-14 monetary policy meeting. If the minutes make clear that the U.S. central bank is more likely to slow or end interest rate hikes, it opens the door for more assets to move to bullion, gold mining stocks, junior gold mining stocks, and ETFs.

As far as the performance of market-related exposure to gold, it shines compared to the S&P 500. XAU is gold bullion, as shown above as XAU/USD; it is the performance of one troy ounce of gold’s cost per dollar. Over the past three months, this has risen by 10.73%. For the same period, the junior mining stocks (GDXJ) and the major miners (GDMN) have risen by 25.55% and 33.32%, respectively.

The three-month performance accelerated today, we will get clues this week if this heightened interest continues.

To Consider

Did you know that Channelchek provides up-to-date material from a natural resources research analyst, including gold mining stocks, that the Wall Street Journal bestowed the ‘Best on the Street’ label, and that has been awarded the Forbes/Starmine’s ‘Best Brokerage Analyst’ honor? Today, Mark Reichman released his quarterly Metals and Mining Fourth Quarter Review and Outlook. Explore this report by clicking here.

If you have an interest in mining stocks, take advantage of your free access to Mr. Reichman’s research and reporting on many interesting natural resource producers by clicking here.

Paul Hoffman

Managing Editor, Channelchek

Source

https://www.reuters.com/markets/commodities/gold-climbs-six-month-peak-thin-trade-ahead-fed-minutes-2023-01-03/

https://www.channelchek.com/analysts/mark-reichman

Michael Burry Expects Huge Swings in 2023

Posted on January 3, 2023January 3, 2023 by phoffman@channelchek.com

Image: Michael Burry on the Set of “The Big Short” (Twitter, @michaeljburry)

Washington’s Economic Playbook According to Michael Burry

One benefit to Elon Musk purchasing Twitter and ridding the platform of many of the auto posts on well-followed accounts is that the well-followed Michael Burry is no longer deleting his tweets the same day as posted. Burry, who began the new year tweeting with a very clear economic roadmap, said less than a month ago that he trusts Elon. As far as the hedge fund manager’s 2023 economic roadmap, his expectations show that he is critical of all those in Washington that have a hand on the economic steering wheel and continue to resist oversteering.

While it can be frustrating for someone like Burry or any investor to forecast missteps by those that most impact the economy, especially if the official entities continue to repeat their behaviors, there is some consolation in the idea that patient investors can use these repeated actions to enhance their account’s performance.

Burry’s New Year’s Message

In 50 words, Dr. Burry, the investor made famous by Christian Bale’s portrayal of him in the 2015 movie The Big Short, said that he expects that inflation for this part of the interest rate, or market cycle, has already passed its high. In fact, he expects that it will be unmistakable, as the year progresses, that the US has fallen into a recession. A recession that can’t be denied or redefined because it will be that deep.

With this economic weakness, the hedge fund manager expects that we will not only see lower CPI readings but by the second half of this year, inflation may even turn negative – deflationary readings.

Burry then goes on to say that this will cause stimulus from both the fed and fiscal policy. This stimulus will be overdone if keeping inflation at bay is the goal. He expects we will have an inflationary period that may outdo the one we are coming off., Burry tweeted. “Fed will cut and government will stimulate. And we will have another inflation spike.”

Take Away

If you ask ten experts what will happen over the next 12 months, you will get ten or more conflicting projections. The Scion Asset Management CIO is often correct on what will eventually occur but just as often as he is right, he is far off on the timing. The scenarios that seem obvious to him have in the past played out a lot slower in the economy and marketplace.

His first tweet in 2023 said that he expects more of the same from the folks in Washington, including the Federal Reserve and the US Treasury. The fed is now pushing hard on the economic brake pedal, which will could cause activity to reach recessionary levels. He expects that this will be followed by a panic move to the gas pedal that will create shortages, increased demand, and consumer price increases.

If he is correct, this means different things to investors with different time horizons. But it appears that Burry expects the tightening cycle to end soon.

Paul Hoffman

Managing Editor, Channelchek

Source

Burry New Year’s tweet

https://nypost.com/2022/12/09/michael-burry-deletes-twitter-account-despite-declaring-elon-musk-has-his-trust/

The Week Ahead – FOMC Minutes, January Effect, Fed Focus

Posted on January 2, 2023January 2, 2023 by phoffman@channelchek.com

Investors Watching for a Bounce in January

Have you become accustomed to a four-day workweek? Fortunately, we all will be slowly weened off of four days on and three days off. Next week (beginning January 8) is a full five-day trading week; then, we get another three-day weekend for MLK Jr. Day (January 16). This is followed by four weeks until President’s Day, which is a national holiday. So we should all acclimate to reality without shocking the system too much.

Stocks are far cheaper than they were at the start of last year. The current P/E ratio of the S&P 500 is 18.59. A year ago, that stat stood at 29.33. The last time a year ended with P/Es this low was December 2018.

A popular new year stock market axiom is the January Effect. This suggests there is a tendency for stock prices to rise in the first month of the year following a year-end sell-off. With some light number crunching, it would seem there has actually been a slight upward bias in January, but it is barely higher than that of a coin toss. Market conditions and fundamentals are probably a better focus for traders and investors. On Wednesday, the FOMC minutes for the December FOMC will be released. This may have more impact on the market’s tone to begin the new year than any market axiom.

Monday 1/2

Markets and Government Offices closed.
The Kuna is out as Croatia’s currency, and the Euro is in. Croatia, which has been an EU member since 2013, becomes part of the eurozone to start 2023. The integration provides open borders within the Schengen visa-free zone and the adoption of the Euro as its national currency.

Tuesday 1/3

Treasuries that would have settled on the 31^st, settle on this first business day since month end.
9:45 AM, PMI Manufacturing Index for December is expected to come in unchanged from the mid-month report at 46.2. This reading would indicate a contraction in manufacturing.
10:00 AM, Construction Spending is expected to report another weak number. After slipping 0.3 percent in October, construction spending in November is expected to fall 0.4 percent as residential building remains weak.

Wednesday 1/4

10:00 AM, the JOLTS report, an indicator of job openings, has shown declines since August. It is expected to show a reduction again to 10.1 million in November versus 10.3 million in October.
10:00 AM, the ISM Manufacturing Index is likely to confirm slowing in the sector. After gradually decelerating through the year and then entering a sub-50 contraction in November at 49.0, the ISM manufacturing index for December is expected to print at 48.0, and show a worsening decline.
2:00 PM, Federal Open Market Committee minutes for December. We know how this story ended; they pushed overnight rates up by 0.50%. But, the details of the issues, debates, and how much consensus there was among FOMC members three weeks later lends insight into whether the hawkish stance is fading or likely to increase. The minutes are a possible market mood changer as investors and fed watchers measure each word. The minutes will include the complete economic analysis compiled by Fed officials and opinions at odds with the consensus.

Thursday 1/5

7:30 AM, The Challenger Job-Cut Report is not widely followed as it includes much of the same measures as the weekly Jobless Claims. It counts and categorizes announcements of corporate layoffs based on mass layoff data from state departments of labor. Unlike most economic data, this series is not adjusted for seasonal variations; holiday layoffs could create big changes in the reading. The prior level for November was 76.84.
8:30 AM, Jobless Claims for the week ended December 31^st are expected to creep up to 228,000 versus 225,000 the prior week. Any large variation from this expectation could be market moving as the fed closely watches the employment situation.
9:20 AM, the President of the Atlanta Fed, Raphael Bostic, will be speaking. Any time a voting member of the FOMC is speaking publicly, there is the possibility of insight into how that member may have recently changed their leaning on policy. Atlanta Fed events are often broadcast live on this YouTube channel.
4:30 PM, Fed’s Balance Sheet. This report has, in recent months, garnered more attention. This is because the weekly report of the Fed’s balance sheet provides details as to whether the pace of reductions ($95 billion monthly) is being adhered to. This represents the other tightening (QT) outlined in the current monetary policy. They are securities (treasuries and mortgaged-backed securities) that are maturing off the Fed’s balance sheet and not being replaced. This real money comes out of the economy and represents fewer dollars to hold longer-term interest rates down.

Friday 1/6

8:30 AM, the Employment Situation is a very closely watched economic indicator. It provides measures that both include and exclude government workers. The expected 200,000 rise for nonfarm payroll growth in December is well below the 263,000 reported in November. For each of the last seven months, this report has exceeded the consensus of economists’ projections.
10:00 AM, Factory Orders are a true leading indicator. They are expected to have fallen 0.6% in November.
11:15 AM and 3:30 PM, the President of the Atlanta Fed, Raphael Bostic, will be speaking. Any time a voting member of the FOMC is speaking publicly, there is the possibility of insight into how that member may have changed their leaning on policy. Atlanta Fed events are often broadcast live on this YouTube channel.
12:15 PM, the President of the Richmond Fed, Thomas Barkin, will be speaking. Any time a voting member of the FOMC is speaking publicly, there is the possibility of insight into how that member may have changed their leaning on policy.

What Else

We all have to grow accustomed to writing and typing “2023” this week. The residents of Croatia have a larger challenge, they have to convert all of their payments and transactions into euros.

The first half of the year will likely be a test of Fed Chair Jay Powell as all attention is being paid to whether monetary policy can be navigated in a way that provides for the Fed mandate of low inflation while at the same time maintaining an acceptable level of unemployment. Full employment is the Fed’s other mandate. Stock market performance usually hinges on how well the market thinks the Fed is navigating to calmer waters. December’s price action suggests room for improvement.

Paul Hoffman

Managing Editor, Channelchek

ChitogenX Inc. (CHNXF) – FQ3 2023 Reported; Advancing The Opportunities

Posted on December 30, 2022December 30, 2022 by cpatches

Friday, December 30, 2022

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

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

FQ3 2023 reported for the period ending October 31, 2022. As expected, no revenues were reported by the Company yesterday. Overall, expenses were higher than expectations, with lower than expected G&A and R&D expenses reported. Fair value adjustments in embedded derivatives, higher share based compensation and financing costs accounted for the difference in reported loss per share of $0.04 vs. our expected $0.03 loss per share. Our full fiscal year 2023 loss per share moves to $0.11 from prior $0.10.

ORTHO-R Phase I trial for rotator cuff completed. The initial portion was completed in early November. There were no safety issues reported, opening up Phase II enrollment at all 10 clinical sites. Phase II enrollment is now expected to be completed by end of calendar second quarter 2023, although this is a slight slippage from our earlier expectations. Patient assessment and scoring will occur after 12-month follow-up.

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

Most Interesting Articles on Channelchek in 2022 (Editor’s Choice)

Posted on December 30, 2022December 30, 2022 by phoffman@channelchek.com

The Year 2022 Brought Many Twists and Turns to Share with Readers – the Editor Picks His Favs

All markets are interconnected. In fact, markets are impacted by weather, war, worry, Washington, wages, waste, and that’s just the W’s. So each day, as Channelchek prepares to deliver research, articles, and pertinent video content to subscriber’s inboxes, we plow through a mountain of information and hope to share what is either not being addressed or covered, or present front page news from the point of view of seasoned investors, not rookie news writers.

Below are five articles that were published throughout the year on Channelchek. Although I have favorites not included here, and these are not the most read, I believe the below told a slightly different story than the mainstream narrative. As a content provider to this popular investment research platform, my job is not to call the market, it is to provide thoughts and knowledge to help you make decisions on small and microcap stocks and the overall universe of investment opportunities. Still, the content team is proud when, for example, the entire newswire exploded with the word “pivot” that we then reminded our readers there was nothing indicating a pivot was imminent or even being discussed among FOMC members. As most Channelchek content providers are investors, analysts, and market watchers, we were also proud to serve our readership by being among the first to dig through the $AMC $APE dividend and define the true effects to stakeholders.

I think you’ll find these five articles are still compelling, and if you have not registered for no-cost insights to your inbox each day, here’s your chance to start the New Year from a slightly different investment angle.

Click Here to Register.

#1 More Behind AMC’s APE Dividend than Meets the Eye

“So, ladies and gentlemen, gentlemen and ladies, TODAY WE POUNCE.” This is how the AMC Chairman began his letter to shareholders on August 4. The company announced a unique dividend to be awarded to listed shareholders later in the month. The impact of the dividend is still being felt and discussed among market participants.

#2 The Truth About the Fed Pivot Rumors

In this article explaining the Fed not pivoting but instead doubling down on describing a strong hawkish bias does not necessarily mean bad news for investors in stocks. It’s a follow-up article to Don’t Fear the Rate Hike, which was widely read and shared on social media. There is information in the above Fed pivot article that I am certain will be as pertinent in 2023 as it was in 2022.

#3 What Investors Haven’t Yet Noticed About the Value in Some Biotechs

If you’re shopping for a wallet and one comes complete with $100 worth of cash inside and is priced at $60, would you think there is value to this purchase? A situation similar to this has evolved in many biotech stocks. The article was written in late May, and although it has only played out for a few companies in the sector, conditions still exist for a feeding frenzy in biotech stocks. Information within the article could also apply to other sectors that have lost popularity post Covid19.

#4 Reading Between Michael Burry’s Lines

The only real contact hedge fund manager Michael Burry has with the outside world is Twitter posts (which, since Musk’s arrival, Burry now promises not to delete), his quarterly SEC filing of holdings, and every four or five years he will allow an interview with Bloomberg via Bloomberg Msg. Investment content providers are all over every tweet and quick to tell the world what it means. There are even YouTube channels that exist only to guess at what Burry’s portfolio at Scion may hold and what Burry (maybe) thinks. They do this because many readers swarm to learn more about what he is preparing for.

Some of the most widely read and long-lived content on Channelchek are articles about this guru. Still we promise to only present his tweets, filings, and thoughts when the information seems useful.

#5 What Sectors Do Best With a Strong Dollar?

Written in late April, this article hit a need that stayed important to readers throughout 2022. While the exact numbers are no longer current, the knowledge of how one market impacts another is always worth tucking away in the back of your brain so that, as an investor or trader, you can be early on building a position rather than later when the trade may have already hit the news and lost the bulk of its move. While there are always moving pieces, especially when it comes to currency strength, this article, most often discovered through Google searches, is super short but contains useful information.

Happy New Year

Thank you for letting us be a part of 2022. In the coming year, we have plans to continue everything we are now doing and add on some features that we believe will provide users with relevant information not found in too many other places.

If you have not yet signed up, now is a great time to make sure you don’t miss anything. Click Here.

Paul Hoffman

Managing Editor, Channelchek

Why You Should Treat Your Trading Account Like a Used Car Lot

Posted on December 30, 2022December 30, 2022 by phoffman@channelchek.com

Smaller Losses and Bigger Gains Come with Mindset

I don’t think I’m a very good businessman. I act too much with the heart. – Pelé

If you treat the holdings in your trading account with any attachment, your ability to sell at the right time will be hindered, and your profit potential will suffer. Ideally, an active trading account accumulates when the selling volume reaches a peak, prices are cheap, and lightens up when prices are sufficiently above the purchase price. Or when there appears to be better used for the account’s capital — including moving to cash equivalents.

The Pelé quote above reminds me of many active traders; they enjoy the rush of playing and know they can only claim a victory when on the field and in play. These traders often stay on the field too long and accumulate losing positions. The markets are not a game where the odds of winning or losing are equal on any given day. Trading the markets is better thought of as a business that, at times should increase inventory and at times scale down.

Think of Your Trading Account as a Business

I struggled this week as I had two positions in the red that, for tax reasons, I should let go of to offset gains and the taxes that go along with those gains. These positions are not acting poorly, but they are negative, and they both are taking longer than I had hoped to pay off. Each easily allows me to immediately purchase a similar position without upsetting the IRS. But I have hesitated to sell all week.

If trading is a business, one does what is believed to net the most profit – always. I’m usually pretty good at this, but these two small positions would represent my first losses of the year in my trading account (hurray for me). I was fortunate enough to spot the market’s relentless one-direction trend in 2022, this allowed me to ride the downward waves. The trend seems to be continuing, so exiting these two holdings and getting back into something with similar attributes makes solid business management sense. But it isn’t that easy, I’m a competitive person. The “sportsman” side of me did not want to take any losses after dozens of wins. Today, the last day of the year, I woke and told myself the intelligent thing is doing what should net more money – not what will net bragging rights over win percentage.

There are many other reasons people don’t sell when the probabilities indicate they should. One is not pre-determining if the trade is behaving as expected; another is falling in love with a stock and not wanting to part with it. Another is knowing you were once up and not wanting to permanently lock in something that is now red. Another may be “addiction to the game,” this burns money; a good trader should be comfortable sitting with a large cash position for weeks or months if that is what makes the most business sense.

All of these feelings that impact behavior are part of being human. There are plenty of other outlets to act on feelings outside of the markets, but investing requires you to act as though you are running a business. Don’t fall in love with your positions, and if they aren’t treating you well, get rid of them.

Car Lot Owner Mentality

This may not work for everyone, but I think of my trading account (not retirement savings) as a used car lot. I am the manager and every one of the cars represents something I want to sell. If you look at your account in this way, stocks are just inventory. If times are good and prices are rising on my inventory, I want to slow down the pace of my selling. When times ahead look as though people may not want the kind of inventory on my lot, I can’t sell fast enough, even if at a loss. The cash then raised serves as dry powder that stands ready to be invested in cars/inventory/stocks believed to be more in demand. Inventory that will provide more of a profit.

By thinking of my account as a car lot, I avoid 95% of the mental, “acting with the heart” trading missteps that I see others get trapped by. I still have a 5% problem that includes wanting a perfect score.

Investors buying and selling on an exchange have a huge advantage over managers of a car lot. For most exchange traded securities, finding someone to close out your position with does not require someone walking in off the street that just happens to want what is on your lot. Investors of securities have sell buttons that alert the investment community that you are unloading. Even thinly traded securities will have someone take the other side of the trade at the right price. There are no other businesses in the world where unwanted inventory is this easy to unload. Traders are like car lot owners with this unique advantage.

Don’t Coddle the HODL Model

While buy and hold may be a good long-term portfolio strategy for retirement money or other long-term assets, holding without reason other than the investment community encourages you to “HODL” forever and not to throw in the towel can get you in trouble. The HODL community encourages investors of certain assets to Hold On for Dear Life; this isn’t trading; it’s a recipe for an ulcer.

When does it make sense to close out a position? In general, there are some marketplace related reasons to unwind a position. These are reasons that are related to the company, changes in the markets, or better opportunity elsewhere. Or non-market-related outside reasons. Perhaps one wishes to use some of the profit to put in a pool, or they wish to stem possible losses while waiting for better clarity. Outsiders encouraging an entire community to hold a position to help push up its price only works until greed kicks in and those sworn to HODL realize the stock is up for unnatural reasons and they should be among the first out.

Kneejerk market reactions to news or events can cause a wave of selling or buying that then settles down and reverses somewhat. This may provide an opportunity to unwind positions into the feeding frenzy and re-enter it when the market settles in at a more level-headed price.

Broaden Investment Base

If you are a used car lot owner during a recession, you may opt to only half-fill your lot and make sure the cars in inventory are affordable to the community you serve. If the economy fires up and money is then widely available, you may want to maximize your inventory and make sure they are cars that will net the most profit. It is important to know a lot about different classes of cars. This is how you run that business, minivans and crossovers some years, even if you like British sports cars.

For trading, after the pandemic plunge in early 2020, the markets had solid trends. First up with many sectors outpacing the others. Then it trended down, with many sectors outpacing the others. Understanding the sectors and companies within the sectors allows better decisions. If you have spent all your time wondering whether you should get into Apple or Tesla at the exclusion of others, while oil companies or utilities were what had a clear trend, or in Nasdaq 100 stocks because the media always talks about them, when small-caps were making their move, you may wish to broaden your focus.

Take-Away

Internal trouble exiting positions impacts more self-directed investors than will ever admit to it on social media (or actual in-the-flesh interaction). If thought of as inventory and a tool for maximizing return, the trouble is put in a place most can handle, as a “business owner,” you are buying what you feel you can sell. That is the only reason to buy. If you don’t know if you can sell it higher tomorrow, but there is something that you believe you can, then perhaps it is time to evaluate dumping, even at a loss, to pick up something else.

Cash can often be that something else. Earning 4% annually on a short t-bill isn’t sexy, but having that liquid holding when opportunity presents itself, allows you to pounce. There is nothing worse than seeing something very clearly as a winning trade and not having the capital to load up on it.

Paul Hoffman

Managing Editor, Channelchek

PDS Biotechnology Corp (PDSB) – Triple Therapy Data Shows Large Improvements Over Standard of Care

Posted on December 29, 2022December 29, 2022 by cpatches

Thursday, December 29, 2022

PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them. The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.

Robert LeBoyer, Vice President, Research Analyst, Life Sciences , Noble Capital Markets, Inc.

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

New Data From The Phase 2 Triple Therapy Trial Shows Better Response And Survival Data. PDS Bio announced new data from its Phase 2 trial testing PDS0101 in combination with two immunomodulating drugs. Patients with HPV16-positive cancer received the “Triple Therapy” consisting of PDS0101, an IL-12 fusion protein, and a bivalent checkpoint inhibitor. One of two arms in the trial reached its median objective survival (OS) of 21 months, an improvement over the last interim update and the historical survival of 3 to 4 months.

New Overall Survival Data Shows Improvement Over Last Interim Update. Patients enrolled in the trial had HPV16-positive cancer with progressive disease after standard therapies. Patients who received previous checkpoint inhibitor therapy but no longer responded (checkpoint inhibitor refractory) reached a medial Overall Survival (OS) of 21 months. This compares to the last interim update of 16 months OS with 66% remaining alive. Expected survival for patients at this stage is 3 to 4 months. In the group that was naïve to checkpoint inhibitors, 75% remained alive at a median follow-up of 27 months, so the median OS has not been reached. Expected survival for similar patients is 7 to 11 months.

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

Two Non-Wall Street Economists Share Their 2023 Projections

Posted on December 29, 2022December 29, 2022 by phoffman@channelchek.com

Inflation, Unemployment, the Housing Crisis, and a Possible Recession: Two Economists Forecast What’s Ahead in 2023

With the current U.S. inflation rate at 7.1%, interest rates rising and housing costs up, many Americans are wondering if a recession is looming.

Two economists discussed that and more in a recent wide-ranging and exclusive interview for The Conversation. Brian Blank is a finance professor at Mississippi State University who specializes in the study of corporations and how they respond to economic downturns. Rodney Ramcharan is an economist at the University of Southern California who previously held posts with the Federal Reserve and the International Monetary Fund.

Both were interviewed by Bryan Keogh, deputy managing editor and senior editor of economy and business for The Conversation.

Are we headed for a recession in 2023?

Brian Blank: The consensus view among most forecasters is that there is a recession coming at some point, maybe in the middle of next year. I’m a little bit more optimistic than that consensus.

People have been calling for a recession for months now, and this seems to be the most anticipated recession on record. I think that it could still be a ways off. Consumer balance sheets are still relatively strong, stronger than we’ve seen them for most periods.

I think that the labor market is going to remain hotter than people have expected. Right now, over the last eight months, the labor market has added more jobs than anticipated, which is one of the strongest streaks on record. And I think that until consumer balance sheets weaken considerably, we can expect consumer spending, which is the largest part of the economy, to continue to grow quickly.

[But this] doesn’t mean that a recession is not coming. There’s always a recession somewhere down the road.

Rodney Ramcharan: Indeed, yes, there’s a likelihood that the economy is going to contract in the next nine months. The president of the New York Fed expects the unemployment rate to go up from 3.5% currently to somewhere between 4% to 5% in the next year. And I think that will be consistent with a recession.

In terms of how much worse it can be beyond that, it’s going to depend on a number of things. It could depend on whether the Fed is going to accept a higher inflation rate over the medium term or whether it’s really committed to getting the inflation rate down to the 2% rate. So I think that’s the trade-off.

Will unemployment go up?

Blank: [Unemployment] hasn’t risen much, and maybe it’ll pick up to somewhere close to 4%. Many are expecting something like four and a half percent. And I think that’s certainly possible. And I think that we can see small upticks in the coming months.

But I don’t think it’s going to rise as quickly as some people are expecting, in part because what we’ve seen so far is a lack of labor force participation. Until more people enter the labor market, I think there are going to be plenty of jobs to go around.

What is your outlook on interest rates?

Ramcharan: As people find it more and more difficult to find jobs, or to get jobs as they begin to lose jobs, I think that’s going to dampen spending. And we’re seeing that now as the cost of borrowing has gone up sharply, and the Fed is expecting that.

The expectation is the federal funds rate will go up to 5% by next year. If you tack on another couple of points, because of the risk involved, then the cost to borrow to buy a home could potentially get up to 8% for some people. And that could be very expensive.

And the flip side of this for businesses is there’s potentially going to be a slowdown in cash flow. If consumers are not spending, then the revenues that businesses depend on to make investments might not be there.

The additional piece in this puzzle is what the banks will then do. I think banks are going to begin to curtail the extension of credit. So not only will interest rates go up for the typical consumer and the typical business, it’s also likely that they are more likely to experience denial of credit, and so that should together begin to slow spending quite a bit.

After massive increases in housing prices, what caused them to suddenly drop?

Ramcharan: As the Fed lowered interest rates, there was a massive shift among the population for various reasons. They decided that housing was the right investment or the right thing. And so when 50 million people all collectively decide to buy homes, the supply of homes is reasonably constrained in the short run. And so that led to this massive increase in house prices and in rents.

In the last three months, the housing market has cooled sharply. We’re now seeing house prices beginning to fall. I would imagine, going forward, the housing market cooling is going to be a major driver behind the slowdown in the inflation rate and in real estate investment trusts. So that’s positive.

Our recent election just changed the composition of Congress. How will that affect the economy?

Blank: Certainly, when we have a divided Congress, we’re less likely to see decisions made that involve passing legislation that might support the economy. And I think it’s likely the Republican House is going to become a little bit more conservative with spending.

And so if we do start to see a downturn, I think you’re less likely to see legislation that might help support an economy that could be in need of it. That is going to make the job of the Federal Reserve more important.

How certain are these predictions?

Ramcharan: I just want to be careful here and let your viewers know that we’re making these statements based on theory, because the inflation that we’re experiencing now comes about from a pandemic, and there really is no evidence, there’s no data available, that people can look to to say, “What happens to an economy after a pandemic?” That data does not exist.

So we’re trying to piece together the data we do have with the theories we do have, but there’s a huge band of uncertainty about what’s going to happen.

Watch the full interview here.