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Euroseas (ESEA) – Results below expectations on higher drydocking costs but near-term outlook still bright.

Posted on by slightbourne@noblecapitalmarkets.com


Friday, May 24, 2024

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.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Euroseas reported results below expectations mainly due to higher drydocking costs. Vessel utilization and shipping rates were near expectations. With ship repairs completed and new vessels on the way, the company is well positioned to take advantage of an improved shipping rate environment. While the existing fleet is largely chartered out, the addition of four newbuild vessels increases the company’s leverage to shipping rates. 

Management expects some shipping rate softness in 2025 due to the large number of vessel additions industry wide year to date. Shipping rates have benefitted from the conflict in the Red Sea, which has caused ships to take longer routes. Should conflicts abate, rates could weaken as decreased demand for ships is met with additional vessel supply. We would not be surprised to see management increase its 2025 charter position ahead of any weakness.

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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. 

Behind the Scenes of Biotech’s Battle for the Billion-Dollar Diet Pill

Posted on by slightbourne@noblecapitalmarkets.com

For biotech investors scouring for the next big opportunity, the massive manufacturing expansions underway at pharma giant Eli Lilly (LLY) are worth a close look. The company just announced another staggering $5.3 billion investment into a key production facility in Indiana to crank up supply of its blockbuster obesity and diabetes drugs.

This commitment brings Lilly’s total investment at the Lebanon, Indiana site to an incredible $9 billion – representing the firm’s largest-ever manufacturing bet in its nearly 150-year history. It highlights the huge demand that Lilly’s game-changing medications like Mounjaro and Zepbound are facing from physicians and patients alike.

For small biotech firms developing the next generation of weight loss, diabetes and metabolism therapies, Lilly’s supply chain moves send an important signal – this market is headed for explosive growth in the coming years. Companies sitting on promising pipeline candidates could emerge as attractive buyout targets.

At the heart of Lilly’s expansion plans are its incretin drugs, which mimic gut hormones to suppress appetite and regulate blood sugar. Mounjaro, approved for diabetes, and Zepbound, greenlit for chronic weight management, both contain the active ingredient tirzepatide.

Since their launches, demand for these effective and convenient once-weekly injectable treatments has far outstripped supply. Shortages have been widespread in the U.S. as Lilly raced to build out its production infrastructure.

The new $9 billion Indiana campus will be instrumental in increasing Lilly’s capacity to manufacture tirzepatide at scale. When fully operational in 2028, it will employ around 900 skilled workers including scientists, engineers and technicians.

But this plant is just one piece of Lilly’s supply chain mobilization for incretin drugs. Since 2020, the company has plowed over $18 billion into building, acquiring and expanding manufacturing sites in the U.S. and Europe. New facilities are also coming online in North Carolina, Ireland and Germany through 2026.

These investments are already paying dividends. On its latest earnings call, Lilly hiked its 2023 revenue guidance by $2 billion, citing greater visibility into ramping up production of Mounjaro, Zepbound and its incretin pipeline over the remainder of the year.

For small biotechs, the supply chain frenzy at Lilly underscores the commercial opportunity in obesity, diabetes and metabolism. With over 40% of U.S. adults classified as obese, safe and effective chronic weight management regimens like Lilly’s incretin franchise could disrupt a massive global market worth billions annually.

Take a moment to look at more emerging growth biotechnology companies by taking a look at Noble Capital Markets’ Senior Research Analyst Robert LeBoyer’s coverage list.

The manufacturing expansions suggest appetite for these therapies will continue to surge, fueling demand for the next generation of medications offering better efficacy, tolerability and dosing schedules. Smaller drug developers operating in this space could become prime M&A candidates as deep-pocketed pharmas look to build out their obesity and diabetes portfolios.

Case in point: Lilly itself acquired Zepbound through its $8 billion buyout of Protunor Biopharma in 2022. Several major deals have already reshaped the incretin drug landscape in recent years, including Pfizer’s $6.7 billion purchase of Akero Therapeutics for its NASH/diabetes pipeline.

With its bold investments, Lilly is putting its money where its mouth is when it comes to obesity and metabolic disease. For lean biotechs advancing the next wave of therapies in this booming treatment category, that could spell opportunity knocking in the form of lucrative buyout offers or partnerships down the line.

Keep an eye on this space as Lilly’s supply chain moves underscore that the fight against fat is only just beginning for the pharmaceutical industry.

Trade Settlement Just Accelerated – What It Means for Your Money

Posted on by slightbourne@noblecapitalmarkets.com

If you trade stocks, bonds or other securities, a major change is coming next week that could significantly impact your transactions and capital. On May 28th, the settlement cycle for trades in U.S. markets is shifting from the longstanding T+2 standard down to T+1.

What does this mean? Instead of having two business days after a trade execution to pay up and settle, you’ll now need to pony up your cash and securities just one day later under the accelerated T+1 timeline.

While seemingly a small change, this compression in the settlement schedule could have big ramifications for how you manage trades and the money involved. The transition is expected to cause disruptions, at least in the short-term, that all investors need to be prepared for.

For one, market participants anticipate a spike in trade settlement failures as brokers, banks and trading firms scramble to comply with the tighter T+1 window. With less time to line up cash and shares, there is higher risk that obligations don’t get met when due. History shows failure rates did jump when the U.S. shifted from T+3 to T+2 settlement back in 2017.

Settlement failures can lead to losses on trades, penalties, and reputational damage. The Securities Industry and Financial Markets Association (SIFMA) expects “small changes” in fail rates initially, but any increase could create snags.

There are also concerns that risks and cash crunches could migrate to other areas like foreign exchange funding markets. Foreign investors holding trillions in U.S. securities may face challenges sourcing dollars for transactions in the compressed T+1 timeframe. This could drive demand for overnight lending at elevated interest rates.

Similarly, the shortened settlement cycle could disrupt securities lending by reducing the availability of shares to borrow if there is less time to recall loaned stocks before settling trades.

While ultimately aimed at reducing risks long-term, the shortened T+1 settlement period represents a monumental operational change that the investing industry has been scrambling to prepare for. Over 1,000 different firms have been coordinating testing, setting up monitoring “command centers”, and adjusting processes.

Even with months of planning, there could still be issues and errors in the first few days and weeks as standard practices adapt to the quicker timeline. Major transition risk points to watch include May 29th when trades from both the final T+2 date and first T+1 date converge, creating an expected settlement volume surge.

For all investors, some key implications are clear – be ready for potential trade failures and funding crunches, have contingency plans in place, and expect a Period of adjustment as the new accelerated T+1 regime takes hold. Flexibility and patience may be required as longstanding settlement processes are overhauled practically overnight.

The shift to T+1 is considered vital to modernizing market plumbing. But adapting to its faster payment cadence will put investors’ operational capabilities and capital management to the test like never before.

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Release – Traws Pharma’s ICAR Poster Highlights Potency Of COVID-19 Candidate

Posted on by aweinsoff@channelchek.com

Research News and Market Data on TRAW

May 23, 2024

Differentiated resistance profile positions Traws’ program as a potential class leader

NEWTOWN, Pa., May 23, 2024 (GLOBE NEWSWIRE) — Traws Pharma, Inc. (“Traws” or “Traws Pharma”), a clinical stage biopharmaceutical company developing oral small molecules for respiratory viral diseases and cancer, today announced presentation of a poster at the annual International Conference on Antiviral Research (ICAR2024) which is being held from May 20th to May 24th in Gold Coast, Australia. The poster highlights positive results of preclinical experiments using patient isolates of COVID19 virus to define the resistance profile of ratutrelvir, formerly known as travatrelvir or TRX01, Traws’ ritonavir-free Mpro protease inhibitor for COVID19, currently in Phase 1 single and multiple ascending dose (SAD/MAD) escalation studies.

“We are very pleased to present the results of resistance studies for ratutrelvir at ICAR2024. Resistance studies are an important part of establishing a differentiation profile for an antiviral agent. Our initial data indicate that ratutrelvir has superior activity compared to nirmatrelvir against a range of omicron variants, based on a comparison of EC50. We believe the results presented at ICAR provide additional positive data to indicate that ratutrelvir has a differentiated resistance profile compared to nirmatrelvir,” said Werner Cautreels, Ph.D., Chief Executive Officer of Traws Pharma.

Dr. Cautreels continued, “Some resistance mutations are common to both drugs but a large part of resistance to nirmatrelvir was not seen with ratutrelvir. Together, ratutrelvir’s differentiated resistance profile, promising pharmacokinetic effects, potential to be used without ritonavir and the accelerated pace of Phase 1 enrollment put the compound on track to advance to Phase 2 studies in H2 2024 and position ratutrelvir as a potential class-leading therapy for COVID- 19.”

C. David Pauza, Ph.D., Chief Scientific Officer, Virology at Traws Pharma said, “Understanding the patterns of resistance mutations gives us the ability to identify circulating viruses that may already be resistant to individual antiviral agents; selecting the right drug can be guided by this information. The resistance studies presented at ICAR compared ratutrelvir to nirmatrelvir, the only Mpro inhibitor approved in the U.S. Our data suggest that ratutrelvir exhibited greater activity compared to nirmatrelvir against wild type Mpro, and remained active against Mpro variants with specific mutations that are associated with nirmatrelvir resistance.”

Dr. Pauza added, “An important finding was that critical mutations accounting for much of the resistance to nirmatrelvir were not found using ratutrelvir, indicating important differences between the two compounds. These differences were most apparent when the nirmatrelvir-resistant mutants P252L or T304I were involved in drug resistance, as these mutations were not observed after ratutrelvir selection.

The data were reported in a poster entitled, “Travatrelvir, an inhibitor of SARS-CoV-2 Main Protease now in Phase 1 Clinical Trials: in vitro Drug Resistance Compared to Nirmatrelvir” (Abstract 356V) presented at ICAR by Bhargava Teja Sallapalli, Master of Veterinary Science, Department of Veterinary Medicine, Virginia-Maryland School of Veterinary Medicine, College Park Maryland et al. The poster can be found on the Scientific Presentations section of the Traws Investor Relations web page.

About Ratutrelvir, the Phase 1 Program and Planned Next Steps

Ratutrelvir (also previously known as 83-0060) was designed as an inhibitor of the SARS-CoV-2 Mpro (3CL protease). It has demonstrated in vitro activity against the original strain of the virus as well as the delta and omicron variants and is more active than nirmatrelvir (PAXLOVID®, Pfizer’s Mpro inhibitor) in preclinical studies. Also in preclinical studies, ratutrelvir did not require co-administration with a human cytochrome P450 (CYP) inhibitor, such as ritonavir, and so it is expected to avoid associated drug:drug interactions, potentially permitting wider patient use. The drug candidate’s pharmacokinetic (PK) profile may enable a once daily, treatment regimen and reduce the likelihood of viral rebound.

The Phase 1 study will evaluate single and multiple ascending doses of ratutrelvir in a double-blinded, placebo-controlled clinical trial to assess safety, tolerability, and pharmacokinetics. Subjects will be randomized 3:1 in five fasted and one fed single ascending dosing (SAD) cohorts and two multiple ascending dosing (MAD) cohorts. Topline data from the study, which is being conducted in Australia (NCT06402136), and the initiation of an international Phase 2 study in subjects with moderate to severe COVID19, are expected to take place in H2 2024.

About Traws Pharma, Inc.

Traws Pharma is a clinical stage biopharmaceutical company developing oral small molecule therapies for the treatment of respiratory viral diseases and cancer. The viral respiratory disease program includes an oral inhibitor of the SARS-CoV-2 Mpro (3CL protease), ratutrelvir, and tivoxavir marboxil, a new oral antiviral drug candidate for influenza which targets the influenza cap-dependent endonuclease and has shown activity in cell-based assays against drug resistant viruses as well as against avian flu.

In the cancer program, Traws is developing the novel, proprietary multi-kinase CDK4-plus inhibitor narazaciclib for refractory endometrial cancer and potentially other cancers. Narazaciclib targets pathways involved in the development of resistance to CDK inhibitors.

Traws Pharma is committed to delivering novel compounds for unmet medical needs using state-of-the-art drug development technology. With a focus on product safety and a commitment to patients in need or that are specifically vulnerable, we build solutions for important medical challenges, aiming to alleviate the burden of viral infections and cancer.

Forward-Looking Statements

Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995, and involve risks and uncertainties including statements regarding preclinical studies to evaluate the resistance profile of ratutrelvir, the Phase 1 study of ratutrelvir in Australia and its design, timing and potential results and the timing of a planned Phase 2 study. Traws has attempted to identify forward-looking statements by terminology including “believes”, “estimates”, “anticipates”, “expects”, “plans”, “intends”, “may”, “could”, “might”, “will”, “should”, “preliminary”, “encouraging”, “approximately” or other words that convey uncertainty of future events or outcomes. Although Traws believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, including the success and timing of Traws’ clinical trials, collaborations, market conditions and those discussed under the heading “Risk Factors” in Traws’ filings with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Traws undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.

Traws Pharma, Inc. Contact:
Mark Guerin
Traws Pharma, Inc.
267-759-3680
www.trawspharma.com

Investor Contact:
Bruce Mackle
LifeSci Advisors, LLC
646-889-1200
bmackle@lifesciadvisors.com

Release – Bitcoin Depot Partners with New England-Based Convenience Retailer Nouria Energy

Posted on by aweinsoff@channelchek.com

Research News and Market Data on BTM

May 23, 2024 8:00 AM EDTDownload as PDF

Company to Install 57 New Bitcoin ATM Kiosks Beginning in Q2 2024

ATLANTA, May 23, 2024 (GLOBE NEWSWIRE) — Bitcoin Depot (NASDAQ: BTM), a U.S.-based Bitcoin ATM (“BTM”) operator and leading fintech company, today announced a new retail partnership with Nouria Energy Corporation (“Nouria”), a leading convenience store brand based in the northeastern U.S. with robust operations across 175 company owned c-stores and fuel retailers. Beginning in Q2 2024, Bitcoin Depot will deploy its kiosks into 57 Nouria locations across Massachusetts, Maine, and New Hampshire.

“We are thrilled to join forces with Nouria, a respected leader in convenience retail, as we continue our ambitious growth journey throughout 2024,” said Brandon Mintz, CEO of Bitcoin Depot. “At Bitcoin Depot, it is our singular mission to provide unparalleled convenience and pioneering solutions to enhance crypto accessibility for our customers. That objective is made possible through synergistic collaboration with our network of like-minded retail partners, and we look forward to our partnership with Nouria in the months ahead.”

“We are excited to partner with Bitcoin Depot to introduce BTM kiosks in Nouria stores, offering our guests exciting new opportunities to engage with cryptocurrency,” said Kristine Modugno, Director of Category Management at Nouria. “We continuously strive to elevate our suite of products and services for guests, and Bitcoin Depot’s products exemplify a customer-centric approach that perfectly aligns with our operational mentality.”

Bitcoin Depot’s products and services provide an intuitive, quick, and convenient process for converting cash into Bitcoin. This allows users to access the broader digital financial system, including using Bitcoin to make payments, transfers, remittances, online purchases, and investments.

The Company has successfully enacted a series of significant growth and expansion initiatives thus far in 2024, serving to reinforce its position as the market share leader in North America. In April 2024, Bitcoin Depot announced a partnership with its first major grocery chain and purchased an additional 2,300 kiosks to meet increased retailer demand. The Company’s momentum was reinforced further by recent expansion into Australia and Puerto Rico along with achieving the largest installed fleet of BTMs in its history by surpassing its goal of signing 8,000 BTM locations ahead of schedule.

About Bitcoin Depot 
Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to Bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with approximately 7,400 kiosk locations as of April 1, 2024. Learn more at www.bitcoindepot.com.   

About Nouria Energy Corporation
Nouria Energy Corporation, founded in 1989, is one of New England’s largest and most trusted family-owned and operated convenience stores and fuel retailers. With a robust C- Store operation of 175 company-owned locations and a vast dealer network, Nouria provides top-tier products, fresh food, and excellent customer service throughout the Northeast. Nouria also owns and operates over 60 independent car wash locations in New England under the Golden Nozzle brand.

Cautionary Note Regarding Forward-Looking Statements
This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, the anticipated effects of the Amendment, and the closing of the Preferred Sale. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,” “plan,” “potential,” “priorities,” “project,” “pursue,” “seek,” “should,” “target,” “when,” “will,” “would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Contacts: 

Investors  
Cody Slach, Alex Kovtun  
Gateway Group, Inc.  
949-574-3860  
BTM@gateway-grp.com 

Media  
Christina Lockwood, Brenlyn Motlagh, Ryan Deloney  
Gateway Group, Inc. 
949-574-3860  
BTM@gateway-grp.com 

Source: Bitcoin Depot Inc.

Released May 23, 2024

Nvidia’s $2.5 Trillion Stunner – The Chip That Conquered Wall Street

Posted on by slightbourne@noblecapitalmarkets.com

Nvidia’s explosive earnings sent shockwaves through the markets this week, with the chip giant’s stock skyrocketing over 9% to new all-time highs above $1,000 per share. The stunning results highlighted accelerating demand for Nvidia’s AI chips and platforms, particularly for applications like generative AI. Nvidia now boasts a staggering $2.5 trillion market cap as faith in the company’s AI leadership grows.

The Santa Clara-based company reported blowout Q1 numbers, with revenue rocketing 262% year-over-year to $26 billion. Adjusted earnings per share of $6.12 crushed expectations of $5.65. Nvidia’s Data Center segment, now 86% of total revenue, saw explosive 427% growth as hyperscalers and enterprises doubled down on AI computation. Even gaming revenue grew a robust 37% amid the AI buzz.

Perhaps most impressively, Nvidia projected Q2 revenue guidance of $28 billion, topping analyst estimates by over $1 billion. This guidance implies around 50% sequential growth, highlighting rapidly escalating demand as AI goes mainstream across industries. CEO Jensen Huang cited “strong and accelerating demand” from cloud providers, consumer tech giants, enterprises, automotive, and healthcare customers.

Nvidia’s results and sunny outlook supercharged the stock to new records above $1,040 per share in early trading on Thursday. At these levels, the chip titan’s valuation has more than tripled from just six months ago. While skeptics point to Nvidia’s nosebleed valuation over 50x forward earnings, the market is betting big on sustained hyper growth from AI proliferation.

The AI leader’s stratospheric rise propelled the entire semiconductor sector, with rivals like AMD and Intel notching solid gains. However, Nvidia’s influence now extends far beyond semis, with its breakneck AI momentum driving the entire tech market higher. The Nasdaq 100 jumped nearly 2% on Thursday, hitting new highs.

But Nvidia’s impact has transcended just tech, lifting the broad S&P 500 index to fresh all-time records above 4,600. As the S&P’s largest stock with a whopping 8% weighting, Nvidia’s 10% rally single-handedly lifted the index by nearly 1%. The AI juggernaut has been the prime catalyst carrying markets to new peaks in 2024 as economic concerns have faded.

Beyond the immediate stock surge, Nvidia also announced several shareholder-friendly moves that could sustain positive sentiment. The company unveiled a 10-for-1 stock split effective in June, potentially paving the way for entry into the elite, price-weighted Dow Jones Industrial Average. Nvidia also raised its quarterly dividend by over 20% following a growing trend among tech giants.

While Nvidia’s dizzy ascent has inevitably sparked bubble fears, the company’s execution and AI sector potential look undeniable for now. With a formidable head start over rivals and a rapidly expanding multi-trillion dollar opportunity, Nvidia may just be getting started. The AI revolution is here, and Nvidia is its indisputable leader – strong enough to keep lifting the entire market higher.


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Conduent Inc. (CNDT) – Attractive Appreciation Potential Based on Divestiture Activity

Posted on by cpereira@noblefcm.com


Thursday, May 23, 2024

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.

Divestiture strategy coming to fruition. During 2024, the company made significant progress in an organizational transformation long in the making. After its spinoff from Xerox in 2017, the company had plans to become a more streamlined business. But, it is the current management team that has successfully executed several key divestitures. In our view, the company is on track to become more efficient, with a healthier balance sheet, and with attractive revenue and cash flow growth.

Meeting proceeds target. On May 2, 2024, the company announced that is has agreed to sell its Casualty Claims Solutions business (related to workers’ comp) to MedRisk for $240 million in cash. Notably, we believe the company has now announced the bulk of its divestitures and is in line to achieve its goal of $600-$800 million of net divestiture proceeds. On a gross basis, the company is expecting roughly $900 million in proceeds. 


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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. 

Release – AdTheorent Named Best AdTech Platform in 2024 Digiday Media Awards

Posted on by aweinsoff@channelchek.com

Research News and Market Data on ADTH

May 22, 2024

NEW YORK, May 22, 2024 /PRNewswire/ — AdTheorent Holding Company, Inc. (Nasdaq: ADTH), a machine learning pioneer using privacy-forward solutions to deliver measurable value for programmatic advertisers, today announced that it has been named “Best AdTech Platform” in the 2024 Digiday Media Awards. The Digiday Media Awards honor the companies that are modernizing digital media.

AdTheorent named “Best AdTech Platform” in the 2024 Digiday Media Awards.

   

AdTheorent is a digital media platform with transformational privacy-forward methods to execute high-performing programmatic digital advertising campaigns for brand and agency customers. Rather than focusing on targeting user IDs, AdTheorent uses advanced data science and machine learning to score ad impressions based on the statistical likelihood that serving ads on such impressions will yield desired campaign business goals. AdTheorent builds custom machine learning models for each campaign goal and deploys them to the platform for automated execution and optimization. In addition, AdTheorent’s groundbreaking algorithm-based and ID-independent audience targeting solution has re-conceptualized what a targetable digital audience can be, leveraging advanced algorithms – not user IDs – to focus campaign delivery within each advertiser’s desired target audience while driving performance. AdTheorent’s privacy-forward approach to digital advertising and its ability to drive superior performance for advertisers sets the company apart from others in the industry. 

“AdTheorent brings a foundationally different approach to programmatic advertising which drives business outcomes for advertisers in a privacy-forward and efficient manner. We remain committed to building and enhancing the most advanced and differentiated machine learning-powered advertising technology and solutions ever deployed in market,” said Jim Lawson, CEO of AdTheorent. “We are honored to win the Digiday Media Award for ‘Best AdTech Platform’ and thank the judges for this valuable recognition.”

The 2024 Digiday Media Awards recognize companies that are modernizing the digital media industry through technology, partnerships, and innovation. Digiday’s panel of industry-leading judges evaluated hundreds of entries to identify the companies or campaigns that clearly demonstrate success based on the following criteria: Innovation, Creativity, Consumer Value, Results and Overall. Digiday’s awards programs are some of the most influential in the industry.

For more information about AdTheorent’s approach, click here.

About AdTheorent
AdTheorent (Nasdaq: ADTH) uses advanced machine learning technology and privacy-forward solutions to deliver impactful advertising campaigns for marketers. AdTheorent’s machine learning-powered media buying platform powers its predictive targeting, predictive audiences, geo-intelligence, audience extension solutions and in-house creative capability, Studio A\T. Leveraging only non-sensitive data and focused on the predictive value of machine learning models, AdTheorent’s product suite and flexible transaction models allow advertisers to identify the most qualified potential consumers coupled with the optimal creative experience to deliver superior results, measured by each advertiser’s real-world business goals. 

AdTheorent is consistently recognized with numerous technology, product, growth and workplace awards. AdTheorent was named “Best Buy-Side Programmatic Platform” in the 2023 Digiday Technology Awards and was honored with an AI Breakthrough Award and “Most Innovative Product” (B.I.G. Innovation Awards) for five consecutive years. Additionally, AdTheorent is the only seven-time recipient of Frost & Sullivan’s “Digital Advertising Leadership Award.” AdTheorent is headquartered in New York, with fourteen locations across the United States and Canada. For more information, visit adtheorent.com.

(PRNewsfoto/AdTheorent, Inc.)

   

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/adtheorent-named-best-adtech-platform-in-2024-digiday-media-awards-302152145.html

SOURCE AdTheorent

Melanie Berger, AdTheorent, melanie@adtheorent.com, 850-567-0082

Release – Tonix Pharmaceuticals to Deliver an Oral Presentation and Present Two Posters at the American Society of Clinical Psychopharmacology (ASCP) Annual Meeting

Posted on by aweinsoff@channelchek.com

Research News and Market Data on TNXP

May 22, 2024 8:00am EDT

Oral Presentation of Tonmya™ (TNX-102 SL) for Fibromyalgia; NDA preparation in progress

Posters Highlighting Other TNX-102 SL Programs In Clinical Development; Long COVID and Acute Stress Disorder

CHATHAM, N.J., May 22, 2024 (GLOBE NEWSWIRE) — Tonix Pharmaceuticals Holding Corp. (Nasdaq: TNXP) (Tonix or the Company), a fully-integrated biopharmaceutical company with marketed products and a pipeline of development candidates, today announced that the Company will deliver an oral presentation and present two posters at the American Society of Clinical Psychopharmacology (ASCP) Annual Meeting being held May 28-31, 2024 at the Loews Miami Beach Hotel in Miami Beach, Fla.

The oral presentation will detail findings of studies of Tonmya (TNX-102 SL, sublingual cyclobenzaprine HCl) in fibromyalgia. One poster will describe the Phase 2 proof of concept study of TNX-102 SL in fibromyalgia-type Long COVID. The second poster will describe the upcoming investigator-initiated Phase 2 trial of TNX-102 SL in treating acute stress disorder and preventing posttraumatic stress disorder after motor vehicle collision, which will be conducted by the University of North Carolina, the sponsor of the study.

TNX-102 SL is a centrally acting, non-opioid medication, which is trade named Tonmya™ for the management of fibromyalgia. As previously announced, the second statistically significant Phase 3 study of Tonmya, RESILIENT, met its pre-specified primary endpoint, significantly reducing daily pain compared to placebo in participants with fibromyalgia (p=0.00005). Statistically significant and clinically meaningful results (p=0.001 or better) were also seen in all key secondary endpoints related to improving sleep quality, reducing fatigue, and improving overall fibromyalgia symptoms and function.

Tonix plans to submit a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) in the second half of 2024 for Tonmya for the management of fibromyalgia and has scheduled a Type B pre-NDA meeting with FDA for the second quarter of 2024.

Copies of the Company’s presentation and posters will be available under the Scientific Presentations tab of the Tonix website at www.tonixpharma.com following the conference. Additional meeting information can be found on the ASCP website here.

Oral Presentation Details

Presenter:Seth Lederman, M.D., Chief Executive Officer
Title:Effects of Bedtime TNX-102 SL (Sublingual Cyclobenzaprine (CBP) HCl) on Mood and Anxiety Symptoms in Fibromyalgia: Results of the Phase 3 RESILIENT Trial
Date/Time:May 29, 2024, 3:00 p.m. ET

Poster Presentation Details

Presenter:Herbert Harris, M.D., Ph.D., Executive Vice President, Translational Medicine
Title:Effect of Bedtime Sublingual Cyclobenzaprine (TNX-102 SL) on Pain, Sleep, Fatigue and Cognition in Fibromyalgia-Type Long COVID: Results of a Double-Blind Randomized Proof-of-Concept Phase 2 Study
Date/Time:May 30, 2024, 12:30 p.m. ET
Presenter:David Hsu, Ph.D., Senior Scientist
Title:Optimizing Acute Stress Reaction (ASR) Interventions with TNX-102 SL (Sublingual Cyclobenzaprine HCl) – The OASIS Trial: Sustaining Civilian Performance Post-Trauma by Reduction of ASR and Prevention of ASD/PTSD
Date/Time:May 30, 2024, 12:30 p.m. ET

Tonix Pharmaceuticals Holding Corp.*

Tonix is a fully-integrated biopharmaceutical company focused on developing, licensing and commercializing therapeutics to treat and prevent human disease and alleviate suffering. Tonix’s development portfolio is focused on central nervous system (CNS) disorders. Tonix’s priority is to submit a New Drug Application (NDA) to the FDA in the second half of 2024 for Tonmya1, a product candidate for which two statistically significant Phase 3 studies have been completed for the management of fibromyalgia. TNX-102 SL is also being developed to treat acute stress reaction as well as fibromyalgia-type Long COVID. Tonix’s CNS portfolio includes TNX-1300 (cocaine esterase), a biologic designed to treat cocaine intoxication that has Breakthrough Therapy designation. Tonix’s immunology development portfolio consists of 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 rejection and for the treatment of autoimmune diseases. Tonix also has product candidates in development in the areas of rare disease and infectious disease. Tonix Medicines, our commercial subsidiary, markets Zembrace® SymTouch® (sumatriptan injection) 3 mg and Tosymra® (sumatriptan nasal spray) 10 mg for the treatment of acute migraine with or without aura in adults.

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

1Tonmya™ is conditionally accepted by the U.S. Food and Drug Administration (FDA) as the tradename for TNX-102 SL for the management of fibromyalgia. Tonmya has not been approved for any indication.

Zembrace SymTouch and Tosymra are registered trademarks of Tonix Medicines. All other marks are property of their respective owners.

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; risks related to the failure to successfully market any of our products; 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, 2023, as filed with the Securities and Exchange Commission (the “SEC”) on April 1, 2024, 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.

Investor Contact

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

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

Media Contact

Katie Dodge
LaVoieHealthScience
kdodge@lavoiehealthscience.com
(978) 360-3151

Primary Logo

Source: Tonix Pharmaceuticals Holding Corp.

Released May 22, 2024

Release – The ODP Corporation Releases 2024 Sustainability Report

Posted on by dburczyk@noblecapitalmarkets.com

Research News and Market Data on ODP

Report Presents the Company’s Environmental, Social and Governance (ESG) Practices and Goals

BOCA RATON, Fla.–(BUSINESS WIRE)–May 22, 2024– The ODP Corporation (“ODP,” or the “Company”) (NASDAQ:ODP), a leading provider of products and services through an integrated business-to-business (B2B) distribution platform and omnichannel presence, today announced the release of its 2024 Corporate Sustainability Report, providing information on the Company’s sustainability practices and goals.

“I am excited to share our accomplishments and vision in our latest report for our People, Planet, and Prosperity—our triple bottom line approach to sustainability—with a strong focus on our 5C Culture,” said Gerry Smith, chief executive officer for The ODP Corporation. “We’re proud of our progress toward our sustainability commitments and goals and we will continue working toward creating a sustainable future for our company, our communities, and our planet.”

The 2024 Corporate Sustainability Report presents the Company’s notable achievements from 2023 and ongoing commitment to achieving its sustainability goals, supporting customers in meeting their sustainability commitments and making positive contributions to local communities. Accomplishments highlighted in the 2024 report include:

  • Achieved a 36% reduction in greenhouse gas (GHG) emissions from 2019 (MT CO2e Scopes 1 and 2)
  • Calculated our full scope of GHG inventory for the second year, which helped us set science-based targets and have them validated by SBTi
  • Delivered a 6.7% blended absolute plastic reduction in private label packaging and e-commerce shipping operations in 2023 from a 2022 baseline
  • Diverted 92% of waste from landfills across our distribution center network
  • Raised $5.6 million through in-store and online donations, powered by Round It Up America®, to support Title I public schools

To view the complete 2024 Corporate Sustainability Report or for more information about sustainability at The ODP Corporation, please visit theodpcorp.com/corporate-sustainability.

About The ODP Corporation
The ODP Corporation (NASDAQ:ODP) is a leading provider of products, services, and technology solutions through an integrated business-to-business (B2B) distribution platform and omnichannel presence, which includes world-class supply chain and distribution operations, dedicated sales professionals, a B2B digital procurement solution, online presence and a network of Office Depot and OfficeMax retail stores. Through its operating companies Office Depot, LLC; ODP Business Solutions, LLC; Veyer, LLC; and Varis, Inc., The ODP Corporation empowers every business, professional, and consumer to achieve more every day. For more information, visit theodpcorp.com.

ODP and ODP Business Solutions are trademarks of ODP Business Solutions, LLC. Office Depot is a trademark of The Office Club, LLC. OfficeMax is a trademark of OMX, Inc. Veyer is a trademark of Veyer, LLC. Varis is a trademark of Varis, Inc. ©2024 Office Depot, LLC. All rights reserved. Any other product or company names mentioned herein are the trademarks of their respective owners.

Jennifer Robins
Media Relations
Jennifer.Robins@theodpcorp.com

Swati Joshi
Media Relations
Swati.Joshi@theodpcorp.com

Source: The ODP Corporation

EuroDry (EDRY) – First quarter results hurt by drydocking and vessel damage

Posted on by cpereira@noblefcm.com


Wednesday, May 22, 2024

EuroDry Ltd. was formed on January 8, 2018 under the laws of the Republic of the Marshall Islands to consolidate the drybulk fleet of Euroseas Ltd. into a separate listed public company. EuroDry was spun-off from Euroseas Ltd. on May 30, 2018; it trades on the NASDAQ Capital Market under the ticker EDRY. EuroDry operates in the dry cargo, drybulk shipping market. EuroDry’s operations are managed by Eurobulk Ltd., an ISO 9001:2008 and ISO 14001:2004 certified affiliated ship management company and Eurobulk (Far East) Ltd. Inc., which are responsible for the day- to-day commercial and technical management and operations of the vessels. EuroDry employs its vessels on spot and period charters and under pool agreements.

Michael Heim, Senior Vice President, Equity Research Analyst, Energy & Transportation, Noble Capital Markets, Inc.

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

Voyage days were down due to drydocking and damage. Two vessels were drydocked, removing the ships from 52 days of service. A damaged boiler on one of the vessels took the ship offline 18 days longer than expected. Decreased utilization meant lower-than-expected revenues.

Drydocking also led to higher costs. Costs rose due to increased drydocking. Fortunately, the boiler repairs will be covered by insurance (not lost days however). Financing costs declined with debt repayment and are poised to drop lower as debt repayments decrease.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Comtech Telecommunications (CMTL) – Continuing NG911 Services in Massachusetts

Posted on by cpereira@noblefcm.com


Wednesday, May 22, 2024

Comtech Telecommunications Corp. engages in the design, development, production, and marketing of products, systems, and services for advanced communications solutions in the United States and internationally. It operates in three segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers. The Telecommunications Transmission segment provides satellite earth station equipment and systems, over-the-horizon microwave systems, and forward error correction technology, which are used in various commercial and government applications, including backhaul of wireless and cellular traffic, broadcasting (including HDTV), IP-based communications traffic, long distance telephony, and secure defense applications. The Mobile Data Communications segment provides mobile satellite transceivers, and computers and satellite earth station network gateways and associated installation, training, and maintenance services; supplies and operates satellite packet data networks, including arranging and providing satellite capacity; and offers microsatellites and related components. The RF Microwave Amplifiers segment designs, develops, manufactures, and markets satellite earth station traveling wave tube amplifiers (TWTA) and broadband amplifiers. Its amplifiers are used in broadcast and broadband satellite communication; defense applications, such as telecommunications systems and electronic warfare systems; and commercial applications comprising oncology treatment systems, as well as to amplify signals carrying voice, video, or data for air-to-satellite-to-ground communications. The company serves satellite systems integrators, wireless and other communication service providers, broadcasters, defense contractors, military, governments, and oil companies. Comtech markets its products through independent representatives and value-added resellers. The company was founded in 1967 and is headquartered in Melville, New York.

Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , 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.

Contract Resigned. Yesterday, Comtech announced that the Commonwealth of Massachusetts approved the execution of a contract with Comtech to continue operations and maintenance of its Next Generation 911 system within the state. The contract follows the renewal of the Washington contract earlier in the year.

Some Needed Good News. Given the recent negative news, the renewal of the Massachusetts contract is some welcomed good news. Significantly, the Massachusetts announcement, combined with the earlier Washington announcement, indicates clients are continuing to work with Comtech even given the turmoil. We view this positively.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

CoreCivic, Inc. (CXW) – Increasing its Repurchase Program

Posted on by cpereira@noblefcm.com


Wednesday, May 22, 2024

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.

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

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

Ability to Buy More Shares. On Monday, CoreCivic filed a form 8-K stating that on May 16, 2024, the Board of Directors authorized an increase of $125 million to the Company’s share repurchase program. The approval raised the overall program to $350 million of common stock. We believe the increase continues management’s philosophy of being opportunistic in repurchases while maintaining a leverage goal of 2.25x-2.75x.

Program’s History. The Board originally approved the share repurchase program in May 2022 for $150 million. The program has since been increased twice, once in August 2022 to $225 million, and now in Monday’s filing. Since the beginning of the program, management has repurchased 13.3 million shares at an average price of approximately $11.99 per share for a total purchase price of $159.3 million. Including the additional authorization, there is approximately $190.7 million remaining under the program.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.