Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
New charter at an attractive rate. Euroseas announced a new time charter for its 2001-built, 2,556 twenty-foot equivalent unit (TEU) feeder containership, M/V EM Corfu, at a gross daily rate of $62,500 for a minimum period of 12 to a maximum period of 14 months. The charter, expected to commence in mid-December following a scheduled dry-dock, represents a significant increase from the previous rate of $28,000 per day. The new charter is expected to generate approximately $17.8 million in EBITDA over the minimum 12-month period. The agreement increases charter coverage to approximately 100% for 2026, 91% for 2027, and 49% for 2028.
Monetizing an older vessel. Euroseas also agreed to sell the M/V Evridiki G, a 2001-built sister vessel of the EM Corfu, for approximately $26 million. The transaction is expected to generate a gain of $22.5 million, or $3.19 per share. We view the sale favorably given the vessel’s age and the opportunity to realize an attractive price while reducing the fleet’s exposure to older tonnage.
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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.
City Therapeutics and Iambic Therapeutics make strong Nasdaq debuts, highlighting renewed interest in RNA-based medicines and AI-powered drug discovery.
The biotechnology IPO market showed fresh signs of momentum last week as City Therapeutics (NASDAQ: CTY) and Iambic Therapeutics (NASDAQ: IAM) raised a combined $350 million in public offerings. Both companies attracted strong investor interest and delivered positive first-day trading performances, suggesting that demand for emerging drug developers may be improving despite broader market volatility.
City Therapeutics, a Cambridge, Massachusetts-based biotechnology company developing RNA interference (RNAi) medicines, raised approximately $200 million through an upsized initial public offering. The company sold 11.1 million shares at $18 each, exceeding its original fundraising target, and began trading on the Nasdaq on October 16.
Shares climbed approximately 24% during their first trading session, closing at $22.40 and giving the company a strong public-market debut.
Founded in 2023, City Therapeutics focuses on RNAi technology, which works by silencing specific genes responsible for producing disease-related proteins. Its lead candidate, CITY-FXI, is undergoing Phase 1 clinical testing for thromboembolic diseases, conditions involving potentially dangerous blood clots.
The company’s broader pipeline includes CITY-RBP4, targeting Stargardt disease and other retinal disorders, and CITY-TFR2, being developed for anemia associated with chronic diseases. The IPO proceeds will help advance these programs through clinical development.
Meanwhile, San Diego-based Iambic Therapeutics raised $150 million through the sale of approximately 9.4 million shares priced at $16 each. The company began trading on October 15 under the ticker IAM, with shares gaining approximately 13% during their first session.
Iambic represents a different segment of biotechnology innovation, combining artificial intelligence with automated laboratory experimentation to accelerate drug discovery.
Its proprietary technology uses AI models to analyze molecular structures, predict drug behavior, and identify promising therapeutic candidates. The company believes this approach can reduce the time and resources traditionally required to discover and develop new medicines.
Iambic’s lead clinical candidate, IAM1363, is an experimental cancer treatment discovered using its AI-powered platform. The company also maintains a pipeline of additional oncology programs and partnerships with established pharmaceutical companies.
Investor interest in Iambic was supported by prominent institutional backers, including ARK Investment Management and Duquesne Family Office, which indicated interest in purchasing up to $60 million of shares in the offering. Nvidia has also established an investment and technology relationship with the company.
The successful debuts arrive during a period when biotechnology companies have faced challenging financing conditions, with higher capital costs and investor caution limiting access to public markets.
However, these offerings suggest investors remain willing to support companies with differentiated technologies, promising drug pipelines, and credible development strategies.
The contrasting approaches of City Therapeutics and Iambic also highlight two important investment themes. RNA-based therapies are expanding the range of diseases that can potentially be treated through targeted genetic mechanisms, while artificial intelligence is creating new opportunities to improve drug discovery efficiency.
Still, both companies remain clinical-stage developers, meaning their long-term success depends on achieving favorable clinical trial results, securing regulatory approvals, and eventually commercializing their treatments.
For investors, the combined $350 million raised and positive trading debuts provide encouraging evidence that the biotechnology IPO market may be regaining momentum. Whether that momentum continues will depend on broader market conditions, future clinical milestones, and the performance of newly listed companies.
The strong reception for City Therapeutics and Iambic suggests that innovative biotechnology remains an attractive investment opportunity, particularly where emerging technologies offer the potential to address significant unmet medical needs.
The contrasting approaches of City Therapeutics and Iambic highlight growing investor interest in innovative drug development platforms. That interest extends to smaller publicly traded biotechnology companies advancing novel treatments, including Ocugen (NASDAQ: OCGN), which is developing gene therapies for inherited retinal diseases, and MAIA Biotechnology (NYSE American: MAIA), which is advancing its investigational telomere-targeting cancer treatment, ateganosine. While these companies pursue different scientific approaches, they reflect the broader investment focus on targeted therapies addressing unmet medical needs. Meanwhile, Merck KGaA’s $1.3 billion acquisition of Silence Therapeutics further underscores the strategic value pharmaceutical companies are placing on emerging RNA-based medicines.
Noble Capital Markets Research Report Tuesday, October 20, 2026
Companies contained in today’s report:
Euroseas (ESEA)/OUTPERFORM – Strong Charter Rates and Attractive Vessel Sale
Euroseas (ESEA/$66.59 | Price Target: $95) Mark Reichman [email protected] | (561) 999-2272 Strong Charter Rates and Attractive Vessel Sale Rating: OUTPERFORM
New charter at an attractive rate. Euroseas announced a new time charter for its 2001-built, 2,556 twenty-foot equivalent unit (TEU) feeder containership, M/V EM Corfu, at a gross daily rate of $62,500 for a minimum period of 12 to a maximum period of 14 months. The charter, expected to commence in mid-December following a scheduled dry-dock, represents a significant increase from the previous rate of $28,000 per day. The new charter is expected to generate approximately $17.8 million in EBITDA over the minimum 12-month period. The agreement increases charter coverage to approximately 100% for 2026, 91% for 2027, and 49% for 2028.
Monetizing an older vessel. Euroseas also agreed to sell the M/V Evridiki G, a 2001-built sister vessel of the EM Corfu, for approximately $26 million. The transaction is expected to generate a gain of $22.5 million, or $3.19 per share. We view the sale favorably given the vessel’s age and the opportunity to realize an attractive price while reducing the fleet’s exposure to older tonnage.
Noble Capital Markets Research Report Monday, October 19, 2026
Companies contained in today’s report:
Conduent (CNDT)/OUTPERFORM – Conduent Moves To Resolve Major Litigation Overhang First Phosphate Corp. (PHOS)/OUTPERFORM – Advancing Toward Feasibility Kodiak Copper Corp. (KDKCF)/OUTPERFORM – Kodiak Extends Ketchan Mineralization, Strengthening Resource Potential Kratos Defense & Security (KTOS)/OUTPERFORM – A Tuck-in and Other News
Conduent (CNDT/$1.39 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Conduent Moves To Resolve Major Litigation Overhang Rating: OUTPERFORM
Reaches $80 million class action settlement. Conduent agreed to settle consolidated class action litigation related to its previously disclosed January 2025 cybersecurity incident. The incident involved unauthorized access to the company’s networks beginning in October 2024 and exposed personal information belonging to approximately 62 million individuals. The agreement remains subject to court approval.
Addresses significant litigation exposure. The settlement seeks to resolve litigation stemming from the cybersecurity incident, including claims involving Conduent and affected clients. Upon final approval, the agreement would release Conduent, its affected clients, and their affected customers from covered claims arising from the incident. We believe the agreement provides greater visibility into a significant legal uncertainty that has weighed on the company’s broader turnaround efforts.
First Phosphate Corp. (PHOS/$12.8 | Price Target: $25.5) Mark Reichman [email protected] | (561) 999-2272 Advancing Toward Feasibility Rating: OUTPERFORM
Significant progress toward development. First Phosphate continues to advance its North American LFP battery materials strategy, supported by its inclusion in a G7-backed critical minerals initiative, international financing interest, accelerated permitting coordination in Quebec, and expanded mineral resources. These developments strengthen the company’s strategic position as Bégin-Lamarche advances toward feasibility.
Strengthening project economics and financing prospects. With the updated mineral resource estimate, indicated mineral resources increased by 378%, providing greater geological confidence for feasibility-level mine planning. Canadian government contributions and potential export credit support from Swiss and Danish agencies could reduce future funding requirements. Management is targeting completion of the Bégin-Lamarche feasibility study in the first quarter of calendar 2027.
Ketchan deposit expands significantly. Kodiak Copper recently reported encouraging results from seven drill holes totaling 1,583 meters at its 100%-owned MPD copper-gold project in British Columbia. Step-out drilling extended the known mineralized envelope at Ketchan by at least 450 meters southeast of its existing 1.4-kilometer resource footprint, increasing the known extent of the mineralized system and supporting potential resource growth.
Near-surface copper-gold mineralization. Hole AG-26-034 intersected 122.5 meters grading 0.41% copper equivalent (CuEq), beginning just 5.5 meters below the surface. Hole AG-26-021 returned 202.5 meters grading 0.20% CuEq, while infill hole AG-26-015 intersected 207.3 meters grading 0.31% CuEq. The results demonstrate mineralization both beyond and within the existing resource boundaries.
Kratos Defense & Security (KTOS/$40.42 | Price Target: $100) Joe Gomes [email protected] | 561-999-2262 A Tuck-in and Other News Rating: OUTPERFORM
A Tuck-in. Last week, Kratos acquired Jetset Airmotive from its founders. Jetset’s MRO operations on PT6A turbine engines complement Kratos’ existing MRO operations conducted through its Oklahoma-based CTS subsidiary. Based on previous such transactions, we believe the acquisition was structured as 50% KTOS shares and 50% cash, which would imply roughly $50 million in total. With an estimated $40-$50 million in revenue and typical 13-14% EBITDA margins, Jetset was purchased for approximately 1x revenue and 9x EBITDA. The acquisition should add about $5+ million to annual EBITDA.
New Contracts. Kratos has been awarded more than $100 million over multiple contracts to develop prototype mission applications and cyber capabilities, providing space intelligence data in support of joint operations across the space and cyberspace domains. The contracts will leverage Kratos’ software products, analytics, and expertise in RF, signal processing, cybersecurity, and software development, establishing a proven technology base that can be adapted and integrated to meet emerging space and cyber mission requirements.
High-grade results strengthen exploration outlook. Tectonic Metals reported encouraging results from 19 drill holes at its Flat Gold Project in Alaska. At the Alpha Bowl target, drilling intersected 2.41 grams per tonne (g/t) gold over 59.44 meters, including 11.82 g/t over 10.67 meters and 39.96 g/t over 3.05 meters, within a broader interval of 1.86 g/t over 80.77 meters beginning at the surface. The results strengthen the potential for a large, near-surface gold system containing higher-grade zones.
Alpha Bowl emerges as a priority target. Alpha Bowl extends approximately 820 meters along strike and 600 meters in width, with mineralization encountered beyond 300 meters of vertical depth. Recent and historical drilling demonstrate gold mineralization across multiple locations, with higher-grade intersections suggesting opportunities to enhance future resource quality. Drilling is evaluating mineralization continuity and expansion potential, with several holes awaiting assays.
Noble Capital Markets Research Report Thursday, October 15, 2026
Companies contained in today’s report:
AZZ (AZZ)/OUTPERFORM – Record Results Reinforce Growth Outlook NanoViricides (NNVC)/OUTPERFORM – Ebola Trial Reports Ongoing Enrollment Progress Ocugen (OCGN)/OUTPERFORM – Ocugen Completes Licensing Agreement For MENA Region SKYX Platforms (SKYX)/OUTPERFORM – Transformative Acquisition Completed
AZZ (AZZ/$137.66 | Price Target: $170) Mark Reichman [email protected] | (561) 999-2272 Record Results Reinforce Growth Outlook Rating: OUTPERFORM
FY 2027 Second Quarter Results Exceed Expectations. AZZ reported adjusted net income of $60.1 million, or $2.00 per diluted share, compared with $46.9 million, or $1.55 per share, in the prior-year period. Results exceeded our estimates of $54.9 million, or $1.81 per share, by 9.5% and 10.5%, respectively. Revenue increased 16.7% to a record $486.9 million, while adjusted EBITDA rose 25.0% to $110.9 million, exceeding our $101.6 million estimate. Adjusted EBITDA margin expanded 150 basis points to 22.8%. Metal Coatings revenue increased 22.9% to $233.5 million, while Precoat Metals revenue rose 11.5% to $253.4 million. Segment adjusted EBITDA margins were 30.7% and 21.2%, respectively.
FY 2027 Corporate Guidance Raised. Reflecting strong first-half results and sustained operating momentum, management increased FY 2027 revenue guidance to $1.825 to $1.875 billion from $1.800 to 1.850 billion. Adjusted EBITDA guidance increased to $380 to $420 million from $375 to $415 million, while adjusted diluted EPS guidance rose to $7.00 to $7.30 from $6.75 to $7.15.
Patient Enrollment and Treatment Continue. Nanoviricides provided an update on the progress of its Phase 2a trial in Ebola, including additional details on its design, endpoints, and objectives. The Phase 2a trial began treating patients with NV-387 in the Democratic Republic of Congo (DRC) in late September. The company reported that enrollment is continuing, with data expected in 1Q27.
Stages Of Infection Are Emerging. The current outbreak of Ebola virus disease (EVD) in the DRC has been caused by a new variant of the Bundibugyo Ebolavirus (BDBV). The development of symptoms varies between patients, and its diagnosis is still being refined. During the first 5 to 7 days after initial infection, mild symptoms may not even be noticeable. Patients typically seek treatment after about 5 to 7 days, when they begin vomiting and have severe diarrhea. The trial is expected to enroll most patients at this stage.
Ocugen (OCGN/$0.84 | Price Target: $12) Robert LeBoyer [email protected] | (212) 896-4625 Ocugen Completes Licensing Agreement For MENA Region Rating: OUTPERFORM
Licensing Agreement Finalizes Terms Announced In July. Ocugen and Roots Pharmaceuticals have finalized a licensing agreement for the commercialization of OCU400 in the Middle East and North Africa. The license finalizes the terms that the two companies announced in July 2026. This advances Ocugen’s plan to market OCU400 worldwide.
Collaboration Covers A Large Territory. The agreement gives Kuwait-based Roots Pharmaceuticals and its strategic partner, Al-Dhow International Holding, exclusive rights for the Middle East and North Africa coastal countries (MENA region). Retinitis pigmentosa (RP) is estimated to have a higher incidence in this region than in the US and Europe, although we cannot project sales at this time.
Deako. SKYX Platforms has closed the merger with Deako, Inc., which we first covered in our September 11th report. As we noted then, the merger enables SKYX to offer an A-to-Z AI and smart home plug-and-play solution for homes and buildings. The merger significantly expands SKYX’s addressable market and also opens additional avenues of cross-selling opportunities for both companies, in our view.
New Pipeline Details. SKYX noted the combined Company pipeline is over 4 million units with an expected average selling price of approximately $50/product, suggesting a $200 million+ current pipeline. With cross-selling opportunities, SKYX’s full product line is expected to create an opportunity to increase Deako’s revenue per home by up to fivefold; we expect to see strong pipeline growth going forward. And there is the opportunity to cross-sell Deako products into SKYX’s existing projects.
Noble Capital Markets Research Report Wednesday, October 14, 2026
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Drilling Completed at Thor’s Valley; Assays Expected in November AZZ (AZZ)/OUTPERFORM – Record Earnings Drive Increased Guidance
Aurania Resources (AUIAF/$0.13 | Price Target: $0.3) Mark Reichman [email protected] | (561) 999-2272 Drilling Completed at Thor’s Valley; Assays Expected in November Rating: OUTPERFORM
2026 drilling program completed. Aurania completed eight diamond drill holes totaling 780.7 meters at its Thor’s Valley gold-silver project in Iceland, compared with six holes originally planned. The program included six holes twinning historical drilling, one drilled in the same direction as a historical hole but at a different inclination, and a step-out hole 50 meters northwest of the historic area. The program was intended to confirm historical results and assess the continuity and extent of mineralization. Assay results are expected in November 2026.
Core recovery improves geological confidence. Aurania achieved nearly 100% core recovery in most holes, compared with approximately 50% or less historically. Using HQ3 diamond drilling, the company recovered fragmented, clay rich vein material frequently lost during earlier programs. More representative samples should improve the assessment of historical gold grades and mineralized widths.
AZZ (AZZ/$136.71 | Price Target: $170) Mark Reichman [email protected] | (561) 999-2272 Record Earnings Drive Increased Guidance Rating: OUTPERFORM
Q2 FY 2027 Financial Results. AZZ reported adj. net income of $60.1 million, or $2.00 per share, versus $46.9 million, or $1.55 per share, a year ago. Results exceeded our estimates of $54.9 million, or $1.81 per share, by 9.5% and 10.5%, respectively. Revenue increased 16.7% to a record $486.9 million, while adj. EBITDA rose 25.0% to $110.9 million, exceeding our $101.6 million estimate. Adj. EBITDA margin expanded 150 basis points to 22.8%. Metal Coatings revenue increased 22.9% to $233.5 million, while Precoat Metals revenue rose 11.5% to $253.4 million. Segment adj. EBITDA margins were 30.7% and 21.2%, respectively.
FY 2027 Corporate Guidance Raised. Reflecting strong performance and sustained sales momentum, management raised FY 2027 revenue guidance to $1.825–$1.875 billion from $1.800–$1.850 billion. Adj. EBITDA guidance increased to $380–$420 million from $375–$415 million, while adj. EPS guidance rose to $7.00–$7.30 from $6.75–$7.15. The revised outlook reflects contributions from the new Washington, Missouri facility, improved operations, and lower interest expense. Capital expenditures are expected to total $80–$100 million, with debt reduction of $100–$140 million.
Noble Capital Markets Research Report Thursday, October 8, 2026
Companies contained in today’s report:
Alliance Resource Partners (ARLP)/OUTPERFORM – Coal Operations Anchor Cash Flow as Oil and Gas Royalties Expand Resources Connection (RGP)/OUTPERFORM – Pricing Holds as the Recovery Remains Elusive Xcel Brands (XELB)/OUTPERFORM – Performance-Based Partnership Could Accelerate Royalty Growth
Alliance Resource Partners (ARLP/$24.65 | Price Target: $33.5) Mark Reichman [email protected] | (561) 999-2272 Coal Operations Anchor Cash Flow as Oil and Gas Royalties Expand Rating: OUTPERFORM
Coal fundamentals support a constructive outlook. Alliance Resource Partners is the second-largest coal producer in the eastern United States and benefits from a competitive cost structure and strong earnings visibility based on contracted sales. More than 99% of expected 2026 coal volumes are committed and priced, while approximately 85% of anticipated 2027 volumes are contracted. Growing electricity demand and a more supportive regulatory environment could extend coal-fired power plant lives and strengthen demand for thermal coal.
Royalties strengthen the growth profile. Alliance continues to expand its high-margin oil and gas royalty business, supported by more than $1 billion invested in mineral interests. The recent $206.2 million AllDale acquisition expanded its portfolio to approximately 115,680 net royalty acres, including more than 44,770 acres in the Permian Basin. We expect royalties to contribute increasingly to earnings and cash flow without the capital requirements of operated properties.
Resources Connection (RGP/$2.99 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 Pricing Holds as the Recovery Remains Elusive Rating: OUTPERFORM
Overview. Resources Connection’s first-quarter results were within management’s revenue and gross margin outlook, while lower operating expenses helped profitability exceed our July projections. However, the Company has yet to demonstrate sustained revenue improvement. We believe pricing discipline and ongoing cost actions provide a foundation for recovery, but weak consultant utilization and recent cash consumption leave less room for an extended turnaround.
1Q27 Results. Revenue was $98.1 million compared to $120.2 million in 1Q26 and our $100 million estimate. Adjusted EBITDA was a loss of $3.6 million compared to $3.1 million in 1Q26 and our projected $5.5 million loss. Adjusted net loss was $0.16/sh. versus EPS of $0.03 in 1Q26 and our $0.22/sh. loss estimate. The earnings improvement relative to our forecast is encouraging, although it does not change the need for higher billable activity.
Xcel Brands (XELB/$0.64 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 George Proost [email protected] | Performance-Based Partnership Could Accelerate Royalty Growth Rating: OUTPERFORM
An important evolution of the creator-commerce model. Xcel Brands announced a partnership with Paradium.AI to launch PetHelpful x Trust·Respect·Love by Cesar Millan, combining Parade’s extensive digital publishing network with Cesar Millan’s global recognition and authentic content. We believe the collaboration marks an important evolution in Xcel’s strategy, leveraging AI-powered content to convert strong consumer awareness into retail sales.
A compelling performance-based marketing model. Paradium.AI commits significant marketing resources through its media platforms to participating retailers at no cost, while Paradium.AI, Cesar Millan, and Xcel share performance-based royalties. We believe this creates an attractive proposition for retailers by providing substantial promotional support while aligning all parties’ interests around generating sales.
Noble Capital Markets Research Report Thursday, October 8, 2026
Companies contained in today’s report:
MAIA Biotechnology (MAIA)/OUTPERFORM – Patient Enrollment Completed In THIO-101, Enrollment Milestone Reached In THIO-104
MAIA Biotechnology (MAIA/$1.18 | Price Target: $14) Robert LeBoyer [email protected] | (212) 896-4625 Patient Enrollment Completed In THIO-101, Enrollment Milestone Reached In THIO-104 Rating: OUTPERFORM
MAIA Reported Two Important Clinical Trial Milestones. MAIA announced the completion of enrollment for the Part C Expansion Stage of the THIO-101 trial. This part of THIO-101 has enrolled 150 patients. Separately, the Phase 3 THIO-104 trial reached enrollment of 65 patients, putting it on schedule to enroll 100 patients by YE2026. Reaching the full-year enrollment goal could allow an interim analysis in FY2027.
Results From THIO-101 Part C Have Been Positive To Date. As discussed in our Research Note on September 22, MAIA recently announced initial efficacy data from the THIO-101 Part C. The evaluable population, consisting of patients with at least one post-treatment evaluation by tumor scan, showed a disease control rate (DCR) of 90.5%. This far exceeds published studies that show a 25%–35% DCR for standard third-line chemotherapy regimens.
Noble Capital Markets Research Report Wednesday, October 7, 2026
Companies contained in today’s report:
Beasley Broadcast Group (BBGI)/OUTPERFORM – Positioning For The Next Step Conduent (CNDT)/OUTPERFORM – Transit Sale Closes; Deleveraging Story Advances Lucky Strike Entertainment (LUCK)/OUTPERFORM – Q1 Headwinds, Full-Year Outlook Intact The GEO Group (GEO)/OUTPERFORM – To Redeem Debt, Extend Credit Facility
Beasley Broadcast Group (BBGI/$10.07 | Price Target: $28) Michael Kupinski [email protected] | (561) 994-5734 George Proost [email protected] | Positioning For The Next Step Rating: OUTPERFORM
Revising estimates. We are lowering our second-half 2026 revenue expectations to reflect a softer advertising environment, including lower expectations for core and political advertising. We now forecast Q3 revenue of $42.7 million and adjusted EBITDA of $3.9 million, followed by Q4 revenue of $49.5 million and adjusted EBITDA of $6.5 million.
Cost reductions are providing support. Despite the challenging revenue environment, we believe Beasley’s significantly lower operating cost structure is beginning to meaningfully benefit profitability. We forecast full-year 2026 revenue to decline 13.1% to $178.9 million, while adjusted EBITDA increases 45.2% to $15.3 million and the adjusted EBITDA margin expands to 8.5% from 5.1% in 2025.
Conduent (CNDT/$1.62 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 George Proost [email protected] | Transit Sale Closes; Deleveraging Story Advances Rating: OUTPERFORM
Transit sale completed. Conduent completed the previously announced sale of its public transit and fare collection business to Modaxo on October 1. In our view, the closing represents another important step in the company’s efforts to simplify its portfolio, reduce financial leverage, and focus resources on its core Commercial and Government businesses.
$125 million earmarked for debt reduction. Conduent received $140 million in cash consideration at closing and expects to use $125 million of net proceeds to repay borrowings under its revolving credit facility. We view the debt reduction favorably and believe the improved balance sheet should enhance the company’s financial flexibility as management executes its ASCEND strategy.
Lucky Strike Entertainment (LUCK/$5.29 | Price Target: $14.5) Michael Kupinski [email protected] | (561) 994-5734 George Proost [email protected] | Q1 Headwinds, Full-Year Outlook Intact Rating: OUTPERFORM
Q1 expectations reset. We are lowering our fiscal Q1 revenue and adj. EBITDA forecasts to $299.0 million and $72.5 million, down from $307.0 million and $77.0 million, respectively. The revision largely reflects softer-than-expected water-park results due to unfavorable weather, pricing, and season-pass decisions, as well as lingering disruption from the World Cup.
Water-park weakness appears fixable. While weather and an aggressive, roughly 30% price increase pressured attendance, per-capita spending improved, and labor costs declined. Management plans to recalibrate pricing, start selling season passes earlier, and further optimize admissions to position the parks for improved performance next season.
The GEO Group (GEO/$29.94 | Price Target: $40) Joe Gomes [email protected] | 561-999-2262 To Redeem Debt, Extend Credit Facility Rating: OUTPERFORM
Debt Redemption. The GEO Group is redeeming all of its $650 million 8.625% Senior Secured Notes due in 2029. The redemption will be funded from net proceeds of the facility sale announced Monday. We view this as a significant positive for the Company, reducing outstanding debt, eliminating interest payments, and setting the Company up to be more aggressive in its share repurchase program.
Details. The redemption price for the 2029 Senior Secured Notes will be equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 million, plus any accrued and unpaid interest. GEO is receiving a net $705 million from the facility sale and had another $55 million of cash on the balance sheet as of June 30th. The redemption of the 2029 Senior Secured Notes will occur on October 15, 2026. GEO will save some $56 million in annual interest expense.
Noble Capital Markets Research Report Tuesday, October 6, 2026
Companies contained in today’s report:
Alliance Entertainment Holding (AENT)/OUTPERFORM – Building A Higher-Margin Entertainment Platform NN (NNBR)/OUTPERFORM – A Deeper Look Into the Implications of the PIPE Transaction Tectonic Metals Inc. (TETOF)/OUTPERFORM – Preparing for the Next Phase of Growth The GEO Group (GEO)/OUTPERFORM – A Sale; Increased Buyback Authorization
Alliance Entertainment Holding (AENT/$4.69 | Price Target: $9) Michael Kupinski [email protected] | (561) 994-5734 George Proost [email protected] | Building A Higher-Margin Entertainment Platform Rating: OUTPERFORM
Noble Virtual Conference Highlights. On October 1, 2026, Bruce Ogilvie, Executive Chairman of Alliance Entertainment, presented at Noble’s October Virtual Emerging Growth Conference. The presentation highlighted an optimistic outlook for fiscal 2027 and opportunities to expand margins through licensing, collectibles, authentication, and fulfillment. A replay is available here.
Favorable revenue and margin expansion outlook. Management expects continued revenue growth and margin expansion in fiscal 2027, supported by continued demand for physical media products and a full year of the company’s high-margin licensing deal with Amazon MGM. Additionally, the company’s return to direct movie sales to Walmart eliminates third-party intermediary fees and restores access to supply chain financing, supporting faster cash collection and higher margins. Management expects the full benefit to become more apparent in fiscal Q2.
NN (NNBR/$4.24 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 A Deeper Look Into the Implications of the PIPE Transaction Rating: OUTPERFORM
Transaction. As noted, NN is eliminating its outstanding Preferred stock, which will eliminate the associated dividends that cost the Company approximately $19 million in 2025. NN issued 11.3 million shares in the PIPE transaction and an additional 4.8 million pre-funded warrants. Eliminating the dividends and increasing the share count would lower our 4Q26 estimated loss per share to $0.03 from a prior $0.06. The elimination of $122.1 million of outstanding preferred stock as of June 30th significantly improves NN’s capital structure.
Term Loan. At the end of June, NN had $133.5 million outstanding under its term loan facility at a 13.5% interest rate. We believe the elimination of the preferred, along with solid operating performance, gives management the opportunity to refi the term debt at a lower rate. For illustrative purposes, reducing the interest rate to 10% from 13.5% would save the Company $4.6 million in annual interest costs, or about $0.04/sh, based on 100 million shares outstanding.
Tectonic Metals Inc. (TETOF/$1.32 | Price Target: $3.5) Mark Reichman [email protected] | (561) 999-2272 Preparing for the Next Phase of Growth Rating: OUTPERFORM
Senior leadership team appointment. Effective October 1, Tectonic appointed Mr. Eduard Epshtein, CPA, CA, as Chief Financial Officer and Corporate Secretary. Mr. Epshtein has more than 20 years of capital markets, project development, transactions, and corporate finance experience, including 16 years as Chief Financial Officer of Lithium Americas (NYSE: LAC, TSX: LAC). During his tenure, Lithium Americas evolved from an exploration-stage company into a NYSE-listed producer with a market capitalization exceeding US$5 billion.
Experience aligned with Tectonic’s next phase. We view the appointment positively given Mr. Epshtein’s experience advancing major resource projects from exploration through construction and production. His experience with project finance, strategic partnerships, joint ventures, offtake arrangements, M&A, and corporate governance should become increasingly relevant as Tectonic moves Flat from exploration toward resource definition and economic evaluation.
The GEO Group (GEO/$32.34 | Price Target: $40) Joe Gomes [email protected] | 561-999-2262 A Sale; Increased Buyback Authorization Rating: OUTPERFORM
Facilities Sale. The GEO Group has sold its Adelanto, California ICE Processing Center complex to the Federal government for $950 million, or a net of $705 million. This is the first facility sale by GEO to the Department of Homeland Security and follows similar transactions earlier this year by competitor CoreCivic to DHS. The sale provides a solid foundation for the value of GEO’s assets in our view.
Details. The Adelanto complex consists of 3 buildings with a total of 2,644 beds. On a consolidated basis, the sale price equates to over $359,000/bed. GEO expects to continue providing support services to the Federal government at these locations under the existing contract agreement, although we would expect some changes to the contract as GEO no longer owns the facilities. The current contract runs through mid-December 2029 with a 5-year option period.
Noble Capital Markets Research Report Monday, October 5, 2026
Companies contained in today’s report:
NN (NNBR)/OUTPERFORM – Another Milestone In Cleaning Up The Capital Structure Sky Harbour Group (SKYH)/OUTPERFORM – Noble October Virtual Conference. SKYX Platforms (SKYX)/OUTPERFORM – Noble October Virtual Conference Star Equity Holdings, Inc. (STRR)/OUTPERFORM – Noble October Virtual Conference Vince Holding Corp. (VNCE)/OUTPERFORM – OVO Growth Roadmap Comes Into Focus
NN (NNBR/$4.51 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 Another Milestone In Cleaning Up The Capital Structure Rating: OUTPERFORM
Capital Structure. On Friday, NN announced it had entered into a securities purchase agreement for a private investment in public equity financing (PIPE) that is expected to result in net proceeds of approximately $50 million. A majority of the proceeds will be used to eliminate the outstanding Series D preferred stock. NNBR shares rose 24% on the news, closing at $4.51. We view Friday’s announcement positively, placing NN in a much stronger financial position to pursue extensive growth opportunities.
Details. NN will issue an aggregate of 16.1 million shares of common stock (or prefunded warrants in lieu thereof) at a price of $3.30 per share (or $3.29 per pre-funded warrant). Each pre-funded warrant has an exercise price of $0.01 per share of common stock and will be immediately exercisable. There are 10 investors making this investment, a mix of existing shareholders and new shareholders. The deal was significantly oversubscribed. The deal is expected to close on October 5th.
Macro Tailwinds. The total square footage of the aviation fleet continues to increase, driven by an increased number of aircraft operating-driven by both business and consumer demand-and the increasing size of the aircraft fleet. U.S. Business-Class total square footage, Sky Harbour’s target market, has risen by 73% over the past 15 years. On the supply side, no new major airports have been built since the early 1990s. The available land at or surrounding airports continues to shrink.
Deako Acquisition. Management does expect cost synergies, but the larger piece of the pie, in our view, is the ability to provide an A-to-Z solution across the electronic real estate of homes, buildings, and hotels, where power, control, sensing, and AI intelligence will reside. The combination will put SKYX at the forefront of data sharing in smart home systems, opening multiple high-margin revenue opportunities, in our opinion.
Harte Hanks. Harte Hanks has completed its go-shop period, and while other proposals were received, the Harte Hanks Board has not determined that any proposal constitutes a Superior Proposal to the Star proposal. Mr. Eberwein noted that both companies are moving forward to complete the announced deal, hopefully by year-end.
Vince Holding Corp. (VNCE/$10.5 | Price Target: $14) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | OVO Growth Roadmap Comes Into Focus Rating: OUTPERFORM
Insights From Noble’s Emerging Growth Conference. We recently hosted Vince Holding Corp. CEO Brendan Hoffman and CFO Yuji Okumura for a fireside chat at Noble Capital Markets’ Emerging Growth Virtual Equity Conference. The discussion provided additional insight into the strength of the core Vince business and, importantly, management’s strategy to leverage its operating platform to accelerate growth at the recently acquired OVO business. Click here to view the presentation. Vince participated in the conference on October 2.
Core Vince Momentum Remains Healthy. We believe the underlying Vince business remains on solid footing, supported by strength across both direct-to-consumer and wholesale. Second-quarter revenue rose 11.7% to $81.8 million, with DTC up 13.7% and wholesale up 10.4%, providing a solid foundation as management begins integrating OVO.
Noble Capital Markets Research Report Thursday, October 1, 2026
Companies contained in today’s report:
Conduent (CNDT)/OUTPERFORM – Laying Out the Path to Profitable Growth Kodiak Copper Corp. (KDKCF)/OUTPERFORM – Kay Copper Advances Resolution Minerals Ltd (RML)/OUTPERFORM – Horse Heaven Advances on Multiple Fronts
Conduent (CNDT/$1.56 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Laying Out the Path to Profitable Growth Rating: OUTPERFORM
A clearer path forward. At its Investor Day held on September 30 in New York, Conduent outlined ASCEND 2026-28, a three-year framework to transition the company from restructuring and portfolio simplification to consistent, profitable growth. The strategy centers on three priorities: Standardize operations and infrastructure, Specialize in core solutions, and Scale the company’s go-to-market capabilities.
Targets provide visibility through 2028. Management expects revenue of $2.15 billion-$2.25 billion in both 2026 and 2027, increasing to $2.25 billion-$2.35 billion in 2028. Adjusted EBITDA is expected to increase from $140 million-$170 million in 2026 to $170 million-$200 million in 2027 and $210 million-$250 million in 2028, with meaningful margin expansion anticipated.
Kodiak Copper Corp. (KDKCF/$0.49 | Price Target: $1.5) Mark Reichman [email protected] | (561) 999-2272 Kay Copper Advances Rating: OUTPERFORM
Transaction moves toward closing. Kodiak Copper has filed the initial TSX Venture Exchange listing application for Kay Copper and executed definitive agreements covering the combination of Kodiak’s Mohave project with Teck’s Copper Hill project in Arizona. The transaction is intended to create a well-funded, U.S.-focused copper explorer with two drill-ready porphyry projects. Completion is expected in October 2026, subject to TSX Venture Exchange (TSXV) acceptance and other customary closing conditions.
Financing is in place. In connection with the transaction, approximately C$5.37 million was raised through a subscription receipt financing at C$0.25 per receipt, in addition to an earlier C$830,000 financing. The proceeds are intended to fund exploration at Mohave and Copper Hill during 2026 and 2027. Following closing, Kodiak and Teck are each expected to own approximately 26.4% of Kay Copper.
Horse Heaven takes center stage. In fiscal 2026, Resolution Minerals repositioned the company around its 100%-owned Horse Heaven Antimony-Tungsten-Gold-Silver Project in Idaho following its acquisition in July 2025. During the year, Resolution initiated and expanded drilling, made gold discoveries at Golden Gate North and South, advanced the high-grade Antimony Ridge system, acquired the Johnson Creek processing site and historical tungsten stockpiles, and initiated metallurgical programs across gold, antimony, and tungsten.
Golden Gate continues to expand. Following the June 30 fiscal year-end, Resolution completed its 2026 Golden Gate drilling program with 42 diamond holes totaling 12,236 meters. Recent assays from Golden Gate South extended the mineralized zone to approximately 600 meters in width and returned the highest gold grades reported to date at Horse Heaven, including one meter grading 14.8 g/t Au and 10.2 meters grading 1.83 g/t Au. Assays remained pending for 36 holes, providing a pipeline of additional results.
Noble Capital Markets Research Report Wednesday, September 30, 2026
Companies contained in today’s report:
1-800-Flowers.com (FLWS)/OUTPERFORM – Sharpening the Focus Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – Deep Drilling Extends Lion Zone at Depth Unicycive Therapeutics (UNCY)/OUTPERFORM – Unicycive Announces NDA Resubmission For OLC, Ahead Of Our Expected Timeframe
1-800-Flowers.com (FLWS/$2.6 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Sharpening the Focus Rating: OUTPERFORM
Portfolio simplification. FLWS agreed to sell PersonalizationMall and Things Remembered to PlanetArt for approximately $45 million. We believe the transaction advances management’s strategy to simplify the business and concentrate resources behind its core brands and higher-return growth opportunities. The transaction is expected to close within the next several weeks.
Debt amendment increases flexibility. Importantly, a recent amendment to the credit agreement allows FLWS to retain a portion of the sale proceeds rather than directing the entire amount toward debt reduction. We estimate that roughly $22.5 million will reduce term debt, while approximately $22.5 million will be available to reinvest in the business.
Power Metallic Mines Inc. (PNPNF/$0.81 | Price Target: $2) Mark Reichman [email protected] | (561) 999-2272 Deep Drilling Extends Lion Zone at Depth Rating: OUTPERFORM
Deep drilling expands the Lion Zone. Power Metallic recently released new drill results that extend the known depth of the Lion Zone, with Hole PML-26-125 intersecting 5.70 meters grading 14.00% copper equivalent recovered (CuEqRec) at nearly 800 meters vertical depth. The intercept was drilled roughly 150 meters below the previous deepest high-grade hole and lies well beneath the limits of the recently announced mineral resource estimate, providing additional evidence that Lion remains open at depth.
Grades remain strong below the current resource. Hole PML-26-125 returned 11.42% copper within the broader 5.70-meter interval, including 2.15 meters grading 24.62% CuEqRec and 20.30% copper. A second hole, PML-26-121a, intersected 7.70 meters grading 3.28% CuEqRec, including 1.70 meters at 11.93% CuEqRec. Together, the results suggest that high-grade copper-platinum group elements (PGE) mineralization continues below the current resource envelope rather than tapering out at depth.
Unicycive Therapeutics (UNCY/$4.55 | Price Target: $40) Robert LeBoyer [email protected] | (212) 896-4625 Unicycive Announces NDA Resubmission For OLC, Ahead Of Our Expected Timeframe Rating: OUTPERFORM
NDA For OLC Has Been Resubmitted. Unicycive has resubmitted its NDA (New Drug Application) for OLC (oxylanthanum carbonate) to control phosphate levels in patients with chronic kidney disease (CKD) on dialysis. Typically, the FDA accepts the submission for filing within 30 days and provides a PDUFA date, the statutory date for the agency to respond. This date is expected to be six months later, for a PDUFA date around March 30, 2026.
An Alternate Manufacturing Vendor Has Been Added. The resubmission included CMC (Chemistry, Manufacturing, and Controls) product data from a new third-party manufacturing vendor similar to the original vendor, including OLC manufacturing and 12-month stability studies. The NDA also includes data from bridging studies showing the vendors’ products are equivalent, as recommended by the FDA.
A New Task Order. DLH has been awarded a task order to provide risk management framework and cybersecurity operations support services to the National Institutes of Health (“NIH”) Center for Information Technology (“CIT”). CIT provides the NIH community with a secure and reliable IT infrastructure in support of its mission-critical research activities. In our view, not only does the award expand DLH’s support for NIH, but the award aligns with management’s strategy to grow technology-powered solutions in core markets.
Details. Notably, the task order is new work for DLH. The award has a potential value of $19.1 million inclusive of all option periods. The base period and multiple options aggregate to a three-year period of performance. This new business comes hot on the heels of recent awards for DLH, supporting our thesis that the multi-year lull in awards has broken. We anticipate DLH to continue to win its fair share of business going forward.
Noble Capital Markets Research Report Monday, September 28, 2026
Companies contained in today’s report:
CoreCivic, Inc. (CXW)/OUTPERFORM – A CEO Transition Metals & Mining (Metals & Mining) – Observations from the 2026 Precious Metals Summit Ocugen (OCGN)/OUTPERFORM – New Designations In The Bahamas To Lead To First Commercial Approval For OCU400
CoreCivic, Inc. (CXW/$32.13 | Price Target: $42) Joe Gomes [email protected] | 561-999-2262 A CEO Transition Rating: OUTPERFORM
Transition. On Friday, CoreCivic announced that Patrick Swindle was stepping down as President and Chief Executive Officer due to health reasons. Mr. Swindle also resigned from CoreCivic’s Board. The Board named Lucibeth N. Mayberry as President and Chief Executive Officer of the Company. Ms. Mayberry also joined the Board. We believe CoreCivic’s deep bench of executives should make this a seamless transition.
Ms. Mayberry’s Background. Ms. Mayberry has served as the Executive Vice President and Chief Strategy Officer since May 2025. From October 2022 to May 2025, Ms. Mayberry served as the Executive Vice President and Chief Innovation Officer. Prior to assuming that role, Ms. Mayberry served as Executive Vice President, Real Estate from May 2015 until October 2022. She has previously served in various roles at CoreCivic since May 2003, including as Vice President, Deputy Chief Development Officer; Vice President, Research, Contract and Proposals; and Managing Director, State Partnership Relations.
Ocugen (OCGN/$1.02 | Price Target: $12) Robert LeBoyer [email protected] | (212) 896-4625 New Designations In The Bahamas To Lead To First Commercial Approval For OCU400 Rating: OUTPERFORM
First Commercialization Could Be Coming Soon. Ocugen has received Provisional Approval and Priority Designation from the Bahamian government for OCU400. Ocugen can now supply OCU400 through an Expanded Access Program (EAP). If the first patient is treated within 90 days, OCU400 will receive full regulatory approval, allowing for commercialization in Retinitis Pigmentosa (RP). We see this as a significant regulatory and commercial milestone.
Regulatory Approval Is More Significant Than Potential Sales. This would be the first approval to allow commercial sales of OCU400. While some countries allow compassionate-use treatments before approval at the company’s break-even cost, Ocugen will be allowed to charge full price and earn profit on the treatments. We expect only a handful of patients to be treated in the coming quarters and do not expect a material impact on quarterly Net Losses, as the company has three late-stage clinical trials in progress at this time.
Metals & Mining Industry Report Mark Reichman [email protected] | (561) 999-2272 Observations from the 2026 Precious Metals Summit
Precious Metals Summit. Weattended the Precious Metals Summit last week at the Beaver Creek Resort in Colorado. While strong increases in metal prices led to exceptional investment returns in 2025, returns have moderated in 2026. Year-to-date through September 25, mining companies (as measured by the XME) appreciated 4.6% compared to a gain of 13.1% for the S&P 500 Index. The VanEck Vectors Gold Miners (GDX) and Junior Gold Miners (GDXJ) ETFs were up 8.3% and 6.4%, respectively. While metals prices remain strong, gold, silver, nickel, and lead prices have retreated modestly since the end of last year, while copper and zinc prices have continued to advance. While rising rate expectations may pose a headwind for gold, an uncertain geopolitical environment and other factors may provide an offset.
Investors are more discerning. Sentiment remains constructive, supported by strong metals prices, robust industry cash flows, and continued institutional interest in the sector. Conference participation was strong, including executive teams from over 225 mining companies and a broad mix of institutional investors, sell-side brokerage firms, and other industry participants. Investors appear to be increasingly focused on companies with scale, grade, strong metallurgy, manageable capital requirements, and an identifiable path for converting exploration success into economic value
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Noble Capital Markets Research Report Thursday, September 24, 2026
Companies contained in today’s report:
NanoViricides (NNVC)/OUTPERFORM – Phase 2 Clinical Trial For HV-387 In MPox Begins NN (NNBR)/OUTPERFORM – Raises Full Year Revenue and Adjusted EBITDA Guide V2X (VVX)/OUTPERFORM – Follow-on Award
NanoViricides (NNVC/$1.51 | Price Target: $6) Robert LeBoyer [email protected] | (212) 896-4625 Phase 2 Clinical Trial For HV-387 In MPox Begins Rating: OUTPERFORM
Phase 2 Trial Patient Enrollment Has Started. NanoViricides has begun enrolling patients in the Phase 2 clinical trial testing NV-387 for MPox Virus Infection in the Democratic Republic of Congo (DRC). This meets our expected timeframe for the start of the trial, with preliminary results expected in late 4Q26. We anticipate a second trial testing NV-387 to start shortly in the same region.
Phase 2 Trial Design. The trial is an open-label study designed to evaluate the efficacy and safety of NV-387 compared with the standard of care. The trial is being conducted in Lodja, Sankuru Province, DRC, a remote province not (yet) affected by the Ebola outbreaks seen in other regions. NV-387 is formulated as an oral solid (gummies) that does not require refrigeration or cold storage, making it practical to administer in remote regions.
NN (NNBR/$3.86 | Price Target: $6) Joe Gomes [email protected] | 561-999-2262 Raises Full Year Revenue and Adjusted EBITDA Guide Rating: OUTPERFORM
A Raise. For the third time in 2026, NN management raised full-year guidance, reflecting the positive momentum of the business, in our view. Full-year revenue is now expected to be in the $470-$490 million range, with adjusted EBITDA now projected to be in the $58-$68 million range, up from a prior $460-$480 million and $55-$65 million, respectively. Initial 2026 guidance called for revenue in the $445-$465 million range and adjusted EBITDA in the $50-$60 million range.
Management Commentary. NN management noted, “Our business continues to build momentum as we ramp up in our key growth markets of Data Center, Defense & Electronics, and Medical, where demand for our solutions remains strong and actively expanding. Our year-to-date results and year-to-go forecast underpin this improved guidance and reflect the steady performance of our growth and cost programs.”
V2X (VVX/$74.94 | Price Target: $92) Joe Gomes [email protected] | 561-999-2262 Follow-on Award Rating: OUTPERFORM
Business. V2X continues to add business with a recent follow-on award from the Air Force for base support services and a position on an ID/IQ supporting the Air Force’s Carriage Equipment Production Effort for the Long Range Standoff (LRSO) cruise missile program. Such awards demonstrate V2X’s strong position to bid for and win new and expanded business, in our opinion.
Follow-on. The Department of War announced that V2X Systems has been awarded an undefinitized contract action with a not-to-exceed ceiling price of $231.8 million, a modification to a previously awarded contract for base support services in support of the Iraq F-16 program. The modification brings the total cumulative face value of the contract to $594.2 million. Work will be performed at Martyr BG Ali Flaih Air Base, Iraq, and is expected to be completed by July 17, 2027. Foreign Military Sales funds in the amount of $115.9 million are being obligated at the time of award.
Noble Capital Markets Research Report Wednesday, September 23, 2026
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Advancing Plans for a Stand-Alone Merchant Chlor-Alkali Plant Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Tegoprubart Extension Study Maintains Improvement Over Tacrolimus
Century Lithium Corp. (CYDVF/$0.18 | Price Target: $2.3) Mark Reichman [email protected] | (561) 999-2272 Advancing Plans for a Stand-Alone Merchant Chlor-Alkali Plant Rating: OUTPERFORM
Advancing a merchant chlor-alkali plant. Century Lithium plans to develop a commercial-scale chlor-alkali plant in the Western United States that would produce chlorine, hydrochloric acid, and sodium hydroxide from sodium chloride, water, and electricity. The plant is expected to initially produce at a rate of 300 short tons per day (st/d) of chlorine, with potential expansion to 600 st/d depending on regional demand and the supply needs of Angel Island.
Early offtake interest provides commercial support. Century has signed eight non-binding Memorandums of Understanding (MOUs) that could collectively fully utilize the plant’s initial production, while discussions with additional customers are ongoing. The company is evaluating sites in Nevada and Utah based on power, feedstock, rail access, permitting, and proximity to customers, with final site selection expected following completion of due diligence.
Eledon Pharmaceuticals (ELDN/$2.89 | Price Target: $10) Robert LeBoyer [email protected] | (212) 896-4625 Tegoprubart Extension Study Maintains Improvement Over Tacrolimus Rating: OUTPERFORM
Long-Term Data Updated At Transplant Conference. Eledon presented an update to the Phase 2 BESTOW Extension study at the International Congress of The Transplantation Society. Analysis up to 24 months after transplantation showed that patients treated with tegoprubart had statistically significant improvements in kidney function compared with patients treated with tacrolimus. Separately, tegoprubart has also received Fast Track designation from the FDA in the kidney transplant indication.
Updated Extension Study Data. Patients completing the BESTOW trial were entered into an Extension Stage to follow outcomes after the trial period ended. At 18, 21, and 24 months, tegoprubart patients had a higher eGFR of about 71 mL/min/1.73m2 compared with 58 mL/min/1.73m2 for tacrolimus, with differences that were statistically significant. Tegoprubart patients showed a continued improvement in eGFR after the trial, while tacrolimus patients showed a gradual but steady decline.
Noble Capital Markets Research Report Tuesday, September 22, 2026
Companies contained in today’s report:
MAIA Biotechnology (MAIA)/OUTPERFORM – Heading Into 4Q After Strong Clinical Progress Titan International (TWI)/OUTPERFORM – To Sell ITM Business
MAIA Biotechnology (MAIA/$1.33 | Price Target: $14) Robert LeBoyer [email protected] | (212) 896-4625 Heading Into 4Q After Strong Clinical Progress Rating: OUTPERFORM
Phase 2 Extension Stage Has Begun Treatment At US Sites. MAIA began treating patients at three US sites in the Part C Expansion Phase of its Phase 2 THIO-101 trial. The trial tests ateganosine (aka THIO) in non-small cell lung cancer (NSCLC) and had completed the planned patient enrollment at international sites worldwide. Two additional US sites are expected to open during 2026.
Initial Data Shows Consistent Efficacy. In June 2026, MAIA announced initial efficacy data from the ongoing Phase 2 THIO-101 Part C Expansion Stage. Patients with at least one post-treatment evaluation by tumor scan showed a disease control rate (DCR) of 90.5% in the evaluable population. We believe that data consistent with Parts A and B could allow the company to apply for Accelerated Approval and Priority Review.
Titan International (TWI/$7.36 | Price Target: $11) Joe Gomes [email protected] | 561-999-2262 To Sell ITM Business Rating: OUTPERFORM
A Sale. Titan International entered into an agreement to sell its Italtractor ITM undercarriage business. The sale is expected to generate cash value of approximately $285 million, which includes a $207 million initial purchase price, $6 million of potential earnout proceeds, $23 million of customary adjustments based on ITM’s net assets and financial position at closing, and $49 million of dividends, consisting of $38 million received in recent years and $11 million expected prior to closing. The deal is expected to close in early January.
Focus. We expect Titan to use the proceeds to sharpen its focus on the core global wheel and tire operations serving the agriculture, construction, and consumer markets. Investments are expected to be focused on the Company’s highest growth opportunities and may include the purchase of adjacent businesses. A portion of the proceeds may be used to reduce outstanding net debt, which totaled $413 million as of June 30th.
Noble Capital Markets Research Report Monday, September 21, 2026
Companies contained in today’s report:
Codere Online (CDRO)/OUTPERFORM – Adding the NFL to the Mexico Playbook Xerox Holdings Corporation (XRX)/OUTPERFORM – A Clearer Path Through the Turnaround
Codere Online (CDRO/$9 | Price Target: $16) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Adding the NFL to the Mexico Playbook Rating: OUTPERFORM
High-visibility NFL Agreement. Codere recently announced a multi-year agreement with the NFL, establishing it as the league’s Official Betting Partner in Mexico. In our view, the high-visibility partnership strengthens its presence in a key market, increases brand awareness, deepens customer engagement opportunities, and enhances brand credibility.
Details. The agreement is set to run for three years and includes annual sponsorship of one NFL game in Mexico City and Super Bowl sponsorship rights in Mexico. The agreement kicks off with the November 22, 2026, 49ers–Vikings matchup and Super Bowl LXI in Los Angeles in February 2027. The partnership also creates fan engagement opportunities through hospitality programs, VIP experiences, promotional events across multiple Mexican cities, and official NFL merchandise.
Xerox Holdings Corporation (XRX/$3.42 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 George Proost [email protected] | A Clearer Path Through the Turnaround Rating: OUTPERFORM
Xerox Roadshow. On September 16th, Louis Pastor, CEO, Chuck Butler, CFO, and Greg Stein, SVP & Head of IR, presented to investors at a non-deal roadshow in St. Louis. The presentation highlighted the company’s turnaround strategy, focusing on its efforts to stabilize revenue, expand margins, and reduce debt.
Broadening the revenue base. Earlier this month, the company announced a strategic partnership with Flint Group Digital Xeikon to utilize its digital press technology in Xerox-branded products. The partnership bolsters Xerox’s position in the production print market by providing access to digital packaging, labels, and commercial print without the cost of developing the technology internally.
Noble Capital Markets Research Report Thursday, September 17, 2026
Companies contained in today’s report:
DLH Holdings (DLHC)/OUTPERFORM – $43.7 Million Follow-On Award First Phosphate Corp. (PHOS)/OUTPERFORM – SERV Adds a Significant New Export Credit Agency (ECA) Financing Component GeoVax Labs (GOVX)/OUTPERFORM – MVA Technology Platform Produces New Vaccine For Ebola Kodiak Copper Corp. (KDKCF)/OUTPERFORM – Advancing a District-Scale Copper-Gold Porphyry Project in British Columbia
DLH Holdings (DLHC/$3.99 | Price Target: $7) Joe Gomes [email protected] | 561-999-2262 $43.7 Million Follow-On Award Rating: OUTPERFORM
Follow-on Order. DLH has been awarded a task order to continue providing high-quality information technology services for the National Heart, Lung, and Blood Institute. DLH has performed on this mission since 2018. The task order, valued at up to $43.7 million, includes a base period and multiple options aggregating to a two-and-a-half-year period of performance. We view this most recent award as further confirmation that the backlog of contracts and task orders is being freed up which will benefit DLH going forward.
Details. Under this task order, DLH will build on its existing implementation of artificial intelligence for IT operations and automation to improve service efficiency, system reliability, data integrity, cybersecurity, and compliance- all strengths of DLH. The Company will provide services in support of approximately 2,000 NHLBI scientific and administrative employees and contractors.
First Phosphate Corp. (PHOS/$15.37 | Price Target: $25.5) Mark Reichman [email protected] | (561) 999-2272 SERV Adds a Significant New Export Credit Agency (ECA) Financing Component Rating: OUTPERFORM
Swiss support adds another financing layer. First Phosphate has received a Letter of Support from Swiss Export Risk Insurance (SERV) for approximately US$212.5 million in potential financing tied to Swiss machinery, equipment, goods, and services for the Bégin-Lamarche mine and processing facility. The contemplated financing is based on an assumed US$250 million eligible Swiss export contract, with SERV prepared to consider financing 85% of the contract value.
European and G7 support is converging around the project. The SERV announcement follows EIFO’s earlier letter of intent for up to €170 million in guaranteed financing support, while the Canadian government’s G7 Critical Minerals Resilience and Production Alliance announcement also highlighted Danish support for the Bégin-Lamarche mine and Italian financial and industrial support for First Phosphate’s downstream phosphoric acid facility. Switzerland is not a G7 member, but SERV’s participation adds another significant European state-backed export finance institution to a project already receiving support through G7-related initiatives.
GeoVax Labs (GOVX/$0.41 | Price Target: $10) Robert LeBoyer [email protected] | (212) 896-4625 MVA Technology Platform Produces New Vaccine For Ebola Rating: OUTPERFORM
BDBV Vaccine Construct Developed With GeoVax’s Proprietary Technology. GeoVax has developed a new vaccine construct against Bundibugyo virus (BDBV). This is the virus causing the Ebola Virus Disease (EVD) outbreak in the Democratic Republic of Congo (DRC), now the largest Ebola outbreak and the fastest-spreading outbreak in the DRC. We see this new vaccine construct as proof of principle for the GeoVax MVA technology platform and its ability to respond to infectious diseases with new vaccines.
We See This As An Example Of The MVA Technology Capabilities. GeoVax has proprietary technology based on the MVA (Modified Vaccinia Ankara) virus that it can use to develop and manufacture new vaccines. This technology provides a common foundation for developing new vaccines and responding to infectious disease outbreaks. Previous vaccines developed with the MVA technology platform can stimulate both antibody and cellular immune responses, resulting in long durability, high tolerability, and improved safety profiles.
Kodiak Copper Corp. (KDKCF/$0.52 | Price Target: $1.5) Mark Reichman [email protected] | (561) 999-2272 George Proost [email protected] | Advancing a District-Scale Copper-Gold Porphyry Project in British Columbia Rating: OUTPERFORM
A large copper resource with room to grow. We have initiated coverage of Kodiak Copper Corp. with an Outperform rating and a price target of C$2.10, or approximately US$1.50 per share. Kodiak’s 100%-owned MPD Copper-Gold Project in southern British Columbia contains 439.2 million tonnes of Indicated and Inferred Resources across seven deposits, all open to expansion. Resource growth and improved project definition could support a higher valuation against a favorable long-term outlook for copper.
Ketchan drilling supports higher-grade potential. Hole AG-26-019 returned 283.5 meters at 0.70% copper equivalent (CuEq) from 37.5 meters downhole, including 108 meters at 1.02% CuEq. The result highlights shallow mineralization that could improve the grade and confidence of the existing resource.
Noble Capital Markets Research Report Tuesday, September 15, 2026
Companies contained in today’s report:
GeoVax Labs (GOVX)/OUTPERFORM – GEO-MVA Phase 3 Trial Moves Forward With Laboratory Testing Agreement For Patient Samples
GeoVax Labs (GOVX/$0.43 | Price Target: $10) Robert LeBoyer [email protected] | (212) 896-4625 GEO-MVA Phase 3 Trial Moves Forward With Laboratory Testing Agreement For Patient Samples Rating: OUTPERFORM
Agreement With CEPI Lab Network Establishes Standardized Sample Testing. GeoVax announced an agreement with CEPI (Coalition for Epidemic Preparedness Innovations) to test patient samples from its Phase 3 GEO-MVA study through the CEPI Centralized Laboratory Network. CEPI is an internationally recognized laboratory network that uses standardized assays and laboratory methods. We see this as an important development that can provide reliable results for both regulatory approval and comparison with other therapeutics.
An Important Step For The GEO-MVA Trial. GeoVax reiterated its plan to begin its GEO-MVA immunobridging study in Mpox/smallpox in 4Q26. The trial is expected to enroll about 500 patients, with results expected in mid-2027. The EMA (European Medicines Agency) has given Scientific Advice stating that a single immune bridging study showing that an immune response elicited by the GEO-MVA vaccine is non-inferior to the approved vaccine would be sufficient to apply for approval from the European Union.
Noble Capital Markets Research Report Monday, September 14, 2026
Companies contained in today’s report:
Resolution Minerals Ltd (RML)/OUTPERFORM – Thoughts on the Golden Gate Drilling Program
Resolution Minerals Ltd (RML/$7.76 | Price Target: $30) Mark Reichman [email protected] | (561) 999-2272 Thoughts on the Golden Gate Drilling Program Rating: OUTPERFORM
Golden Gate 2026 drilling program. Resolution has completed its planned 2026 Golden Gate drilling program at the Horse Heaven Project in Idaho, completing 42 diamond core holes totaling 12,236 meters. The program, the largest exploration campaign undertaken at Horse Heaven, was designed to define the scale and extent of both gold and tungsten mineralization across Golden Gate North and the recently established Golden Gate South discovery. Core logging is complete, and final samples are being sent to the laboratory for analysis, leaving assay results from 39 of the 42 holes as the principal near-term catalyst.
Early results suggest a potentially large gold system. Results from the first three 2026 holes extended gold mineralization at least 2,000 meters south of Golden Gate North and established Golden Gate South as a new discovery. The strongest 2026 result reported to date was 305.7 meters grading 0.64 g/t gold from surface in Hole HH-GG26-003C, while the 2025 program returned higher-grade intervals including 189.2 meters at 1.30 g/t gold and 253 meters at 1.5 g/t gold. Along with a broad gold-in-soil anomaly between the two areas, the results provide increasing evidence that Golden Gate may represent a considerably larger mineralized system than initially recognized.
Noble Capital Markets Research Report Friday, September 11, 2026
Companies contained in today’s report:
1-800-Flowers.com (FLWS)/OUTPERFORM – Cost Reset Complete; Focus Shifts To Growth Alliance Entertainment Holding (AENT)/OUTPERFORM – Momentum Builds Into Fiscal 2027 SKYX Platforms (SKYX)/OUTPERFORM – Now Offering an A-to-Z Solution for the Smart Electronic Grid T3 Defense (DFNS)/OUTPERFORM – Another Award Tectonic Metals Inc. (TETOF)/OUTPERFORM – Chicken Mountain Drilling Expands Gold System Vince Holding Corp. (VNCE)/OUTPERFORM – Core Momentum Builds Ahead of OVO
1-800-Flowers.com (FLWS/$3.04 | Price Target: $5) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Cost Reset Complete; Focus Shifts To Growth Rating: OUTPERFORM
Q4 results reflect continued top-line pressure. Fiscal Q4 revenue declined 12.9% to $293.1 million, with Consumer Floral & Gifts down 13.4% and Gourmet Foods & Gift Baskets down 15.4%, partially offset by 1.9% growth at BloomNet. Adjusted EBITDA was a loss of $31.0 million compared with a loss of $24.2 million in the prior-year period, as revenue deleverage and cost pressures more than offset operating efficiencies.
Underlying trends provide signs of progress. Importantly, Consumer Floral & Gifts gross margin rose 220 basis points to 40.7%, while contribution margin remained relatively stable. Management also indicated that the flowers category is now generating positive sales on many days and weeks, providing early evidence that changes to merchandising, fulfillment, and the digital customer experience may be improving the underlying revenue trajectory.
Alliance Entertainment Holding (AENT/$5.51 | Price Target: $9) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Momentum Builds Into Fiscal 2027 Rating: OUTPERFORM
A strong finish to fiscal 2026. Fiscal Q4 revenue was $268.1 million, up 18% from the prior-year period, capping a solid year in which revenue increased 8% to $1.15 billion. Full-year adjusted EBITDA increased 14% to $41.5 million, while gross margin expanded 80 basis points to 13.3%, reflecting favorable product mix and improved operating performance.
Growth is broadening across the portfolio. Physical entertainment remained healthy, with fiscal 2026 vinyl revenue increasing 13%, CDs up 25%, and physical movies up 22%, supported by strong consumer demand and expanded studio relationships with Paramount and Amazon MGM. Higher-value businesses are also gaining traction, with collectibles revenue up 45% and distribution and fulfillment fees up 26%.
SKYX Platforms (SKYX/$1.32 | Price Target: $5) Joe Gomes [email protected] | 561-999-2262 Now Offering an A-to-Z Solution for the Smart Electronic Grid Rating: OUTPERFORM
Merger. Yesterday, SKYX Platforms announced an agreement to merge with Deako, Inc., a smart home AI platform and intelligent lighting company. The merger agreement between SKYX and Deako will enable SKYX to address from A-to-Z the smart electronic real estate of electrical outlet boxes in homes and buildings including wall outlets, wall switches, and ceiling outlet boxes for smart home and safety products, lighting, ceiling fans, smoke detectors, among others, all with advanced and smart home plug & play solutions.
Synergistic. Management does expect cost synergies, but the larger piece of the pie, in our view, is the ability to provide an A-to-Z solution across the electronic real estate of homes, buildings, and hotels, where power, control, sensing, and AI intelligence will reside. SKYX products will be introduced into Deako’s 50-plus home builders market, while Deako’s products will be introduced into SKYX’s existing projects, such as European hotels and the $4 billion Miami Smart City. We view this as a win-win for SKYX.
T3 Defense (DFNS/$9.84 | Price Target: $30) Joe Gomes [email protected] | 561-999-2262 Another Award Rating: OUTPERFORM
Award. Yesterday, T3 subsidiary Rimon announced receipt of a purchase order valued at $1.3 million from a leading Israeli defense prime contractor. The new award is further validation of management’s game plan to focus on mission-critical hardware and systems used in defense and counter-drone programs. The Company’s portfolio spans launcher systems, tactical mobility, power generation, positioning and navigation, command-and-control, and training and simulation capabilities that support the deployment, operation, and sustainment of layered defense architectures.
Details. Rimon will supply engineered power-generation systems for a European production line supporting a critical air-defense system. The equipment will be built and configured to the prime contractor’s specifications and the requirements of serial defense production, with deliveries scheduled for the customer’s European production facility. Notably, this is a production-line award, not a one-off delivery, which should result in additional volume not only from this customer but potentially from other customers.
Tectonic Metals Inc. (TETOF/$1.61 | Price Target: $3.5) Mark Reichman [email protected] | (561) 999-2272 Chicken Mountain Drilling Expands Gold System Rating: OUTPERFORM
Initial 2026 drilling results. Tectonic Metals reported the first assays from its 2026 program at Chicken Mountain, with results from 15 holes totaling 2,276 meters, demonstrating extensions of mineralization both at depth and along the southern margin. The strongest diamond hole, CMD26-036, returned 1.40 g/t gold (Au) over 30.00 meters, including 4.58 g/t Au over 4.50 meters, followed by a 118.16-meter interval grading 0.51 g/t Au that continued to the end of the hole. The result extends Central Corridor 2 to more than 300 meters of vertical depth and supports the interpretation of Chicken Mountain as a large, bulk-tonnage reduced intrusion-related gold system potentially amenable to heap-leach processing.
The mineralized footprint continues to grow. Approximately 1.2 kilometers south of Hole CMD26-036, step-out holes CMR26-141 and CMR26-142 extended the southernmost tested mineralization by approximately 200 meters, increasing its interpreted length to roughly 600 meters. Hole CMR26-142 returned 0.56 g/t Au over 38.10 meters, including 3.06 g/t Au over 4.57 meters, while Hole CMR26-141 intersected 0.31 g/t Au over 25.91 meters and ended in mineralization. The results confirm lateral continuity and expand the mineralized volume that could contribute to a maiden resource.
Vince Holding Corp. (VNCE/$5.03 | Price Target: $11) Michael Kupinski [email protected] | (561) 994-5734 Jacob Mutchler [email protected] | Core Momentum Builds Ahead of OVO Rating: OUTPERFORM
Strong Q2 Results. The company reported Q2 revenue of $81.8 million and adj. EBITDA of $18.0 million, both of which were above our estimates of $80.8 million and $6.8 million, respectively. Solid Q2 results were driven by double-digit revenue growth across DTC and wholesale channels, improved operating leverage, and a $10.4 million tariff refund benefit. Notably, when excluding the refund, adj. EBITDA was approximately $7.6 million, still above our estimate.
DTC and Wholesale Gain Momentum. Direct-to-Consumer (DTC) revenue increased 13.7% to $32.4 million, while wholesale revenue grew 10.4% to $49.4 million. DTC benefited from strength across stores and e-commerce, while an expanding full-price customer base and favorable demand for women’s and men’s collections supported both channels.
Noble Capital Markets Research Report Thursday, September 10, 2026
Companies contained in today’s report:
Century Lithium Corp. (CYDVF)/OUTPERFORM – Angel Island Permitting Advances Ocugen (OCGN)/OUTPERFORM – Interim Analysis Report Recommends Continuing Stargardt Phase 2/3 Trial, But Causes Confusion Resolution Minerals Ltd (RML)/OUTPERFORM – Nasdaq Listing Expands U.S. Investor Access
Century Lithium Corp. (CYDVF/$0.19 | Price Target: $3.05) Mark Reichman [email protected] | (561) 999-2272 Angel Island Permitting Advances Rating: OUTPERFORM
A major milestone. Century Lithium reached a major permitting milestone at its 100%-owned Angel Island Lithium Project in Nevada with the submission of its Mine Plan of Operations and Nevada Reclamation Permit Application. The Plan of Operations formally defines the proposed project for federal environmental review and moves Angel Island into the National Environmental Policy Act (NEPA) process.
Angel Island lithium project. Angel Island will be a large, long-life surface mine designed to produce battery-grade lithium carbonate on site. Development would be phased from approximately 8,300 tons per day during the first four years to as much as 16,500 tons per day from years five through 40, supported by direct lithium extraction, closed-loop water recycling, and significant power and water infrastructure.
The DMC Recommends Continuing The GARDian Trial. Data Monitoring Committee (DMC) has completed its planned interim analysis of the Phase 2/3 GARDian trial of OCU410ST in Stargardt disease. The analysis included 26 patients out of the planned enrollment of about 50, evaluating 16 treated patients and 10 controls. The DMC recommended continuing the trial as planned, with an evaluation of the entire patient population at 8 months after treatment. We believe the disclosure has led to misinterpretation of the recommendation.
The Evaluation Included Just Half The Enrollment In An Orphan-Sized Trial. Stargardt is an Orphan disease with a Phase 2/3 trial based on a small enrollment of about 50 patients. While this helps enrollment, each patient’s data has a larger impact than in larger trials.
Nasdaq listing enhances Resolution’s U.S. market presence. Resolution Minerals’ American Depositary Shares, or ADSs, commenced trading on the Nasdaq Capital Market on September 9, 2026, under the ticker RML. Each ADS represents 200 ordinary Resolution shares, while the ASX remains the company’s primary listing. Resolution did not conduct a U.S. capital raise in connection with the Nasdaq listing.
The listing supports Resolution’s broader U.S. strategy. We expect the Nasdaq listing to increase the company’s visibility among U.S. retail and institutional investors and strengthen its ability to raise capital in the United States. The timing is favorable given heightened U.S. interest in securing domestic supplies of critical minerals, particularly tungsten and antimony.
Noble Capital Markets Research Report Wednesday, September 9, 2026
Companies contained in today’s report:
Aurania Resources (AUIAF)/OUTPERFORM – Drilling is Underway at the Thor’s Valley Gold Project in Iceland Power Metallic Mines Inc. (PNPNF)/OUTPERFORM – High-Grade Lion Maiden Resource with Significant Expansion Potential
Aurania Resources (AUIAF/$0.14 | Price Target: $0.3) Mark Reichman [email protected] | (561) 999-2272 Drilling is Underway at the Thor’s Valley Gold Project in Iceland Rating: OUTPERFORM
Drilling has commenced at Thor’s Valley. Aurania has commenced a six-hole, approximately 770-meter diamond drilling program at the Thor’s Valley gold project in Iceland. The program is expected to take about one month. Five holes will twin historical holes to validate previously reported high-grade intercepts using modern drilling and standards, while a sixth will test a new target associated with surface rock chip boulders grading up to 102 grams per tonne (g/t) gold.
Thor’s Valley has a history of high-grade gold. Historical mining between 1911 and 1924 identified a productive vein approximately one meter wide and at least one kilometer long, with grades ranging from 11 g/t to 315 g/t gold. More recent exploration has reinforced the project’s high-grade characteristics, with 32 holes drilled in 2005 and 2006 returning results of up to 415.4 g/t gold, and another 11 holes completed in 2020 returning grades of up to 113 g/t gold.
Power Metallic Mines Inc. (PNPNF/$0.94 | Price Target: $2.65) Mark Reichman [email protected] | (561) 999-2272 High-Grade Lion Maiden Resource with Significant Expansion Potential Rating: OUTPERFORM
Maiden resource establishes Lion as a high-grade polymetallic deposit. Power Metallic’s inaugural maiden resource estimate (MRE) defined approximately 4.75 million tonnes at roughly 3.9% copper equivalent (CuEq), containing approximately 406 million pounds of CuEq, with more than 85% of the resource classified as Indicated. Importantly, mineralization begins at the surface, with approximately 59% of the current tonnage contained within the conceptual open pit resource, and the underground Indicated resource grading 4.71% CuEq.
Strong metallurgy and favorable infrastructure. Locked-cycle testing achieved copper recoveries above 98% while producing concentrates grading more than 25% copper, alongside strong recoveries for palladium, platinum, gold, and silver. The Lion Zone’s near-surface mineralization and proximity to all-season roads and major Hydro-Québec power infrastructure could support a relatively efficient development scenario, potentially beginning with an open pit before transitioning underground. Power Metallic is now preparing for a preliminary economic assessment (PEA), expected to be released in December 2026, that may include integration of the Nisk resource.
Noble Capital Markets Research Report Friday, September 4, 2026
Companies contained in today’s report:
Eledon Pharmaceuticals (ELDN)/OUTPERFORM – Clinical Milestones For Tegoprubart Trials In 2H26 Reiterated Lands’ End (LE)/OUTPERFORM – Underlying Momentum Remains Intact
Eledon Pharmaceuticals (ELDN/$2.93 | Price Target: $10) Robert LeBoyer [email protected] | (212) 896-4625 Clinical Milestones For Tegoprubart Trials In 2H26 Reiterated Rating: OUTPERFORM
Eledon Reiterated Plans For Tegoprubart Trials In Kidney Transplantation and Diabetes. Eledon has confirmed plans to initiate its Phase 3 LEGACY trial, testing tegoprubart to prevent rejection after kidney transplants. The trial will have two arms, comparing an immuno- suppressive regimen with tegoprubart to a regimen with tacrolimus. Each arm has a target enrollment of about 300 patients at clinical sites worldwide. The primary endpoint will be a composite of BRAR, graft loss, and death. Secondary endpoints include measures of kidney function and side effects associated with tacrolimus.
IND For Islet Cell Transplantation In Diabetes Has Been Filed. The company has submitted an IND (Investigational New Drug) application to begin testing tegoprubart to prevent rejection of islet cell allograft transplants in type 1 diabetes (T1D). To date, 12 patients treated in the first trial have achieved cell engraftment and normalized blood glucose. Their recent HbA1c levels averaged 5.4%, comfortably below the standard 6.5% threshold for diabetes. The upcoming trial will be multicenter and intended to meet requirements for FDA approval.
Lands’ End (LE/$10.82 | Price Target: $20) Michael Kupinski [email protected] | (561) 994-5734 George Proost [email protected] | Underlying Momentum Remains Intact Rating: OUTPERFORM
Q2 Revenue Rebounds. Fiscal second-quarter revenue increased 2.7% to $302.0 million, modestly above our $300.0 million estimate, as U.S. eCommerce revenue increased 9.0% and Outfitters increased 4.4%. Importantly, regular consumer fulfillment has normalized following the Q1 WMS disruption.
Underlying eCommerce Trends Are Encouraging. U.S. eCommerce revenue increased to $182.4 million, well above our $172.3 million estimate, supported in part by shipments carried over from Q1. Given the improved performance, we modestly increased our fiscal 2026 U.S. eCommerce revenue estimate to $842.2 million from $840.4 million.
BOCA RATON, Fla.–(BUSINESS WIRE)–Oct. 19, 2026– The GEO Group, Inc. (NYSE: GEO) (“GEO” or the “Company”) announced today that it completed the redemption of all of the $650,000,000 in outstanding aggregate principal amount of its 8.625%Senior Secured Notes due 2029 (CUSIP Nos. 36162JAG1 and U32352AF0) (the “2029 Senior Secured Notes”) on October 15, 2026 (the “Redemption Date”).
The redemption price for the 2029 Senior Secured Notes was equal to $1,043.13 per $1,000.00 original principal amount, or approximately $678 million, plus any accrued and unpaid interest up to, but excluding, the Redemption Date. The Indenture governing the 2029 Senior Secured Notes has been discharged. Payment of the redemption price for the 2029 Senior Secured Notes was made through the Depository Trust Company.
On October 6, 2026, GEO previously announced the closing of an amendment to the Company’s Amended Credit Agreement to extend the maturity of its $550 million Revolving Credit Facility to July 14, 2031 and to increase the Company’s restricted payments capacity. As of October 19, 2026, GEO had no outstanding borrowings under its Revolving Credit Facility.
Following this amendment and the discharge of the Indenture governing the 2029 Senior Secured Notes, GEO is permitted to make unlimited restricted payments, including share repurchases, under the Amended Credit Agreement, to the extent the Company’s total leverage ratio (as defined therein) calculated on a pro forma basis after giving effect to such restricted payment would be equal to or less than 2.25 to 1.00 and no default exists thereunder. Additionally, under the Indenture governing the Company’s $625 million 10.25% Senior Unsecured Notes due 2031, GEO is permitted to make unlimited restricted payments, including share repurchases, to the extent the Company’s consolidated total leverage ratio (as defined therein) calculated on a pro forma basis after giving effect to such restricted payment would be equal to or less than 2.00 to 1.00 and no default exists thereunder. On October 5, 2026, GEO previously announced that its Board of Directors approved a $750 million increase to the Company’s share repurchase authorization program, which is effective through December 31, 2029, from $500 million to $1.25 billion.
Following the redemption of the 2029 Senior Secured Notes, GEO’s outstanding gross debt totaled $625 million as of October 19, 2026, excluding mortgage debt on the Company’s Headquarters building with current principal balance of approximately $36 million.
About The GEO Group
The GEO Group, Inc. (NYSE: GEO) is a leading diversified government service provider, specializing in design, financing, development, and support services for secure facilities, processing centers, and community reentry centers in the United States, Australia, South Africa, and the United Kingdom. GEO’s diversified services include enhanced in-custody rehabilitation and post-release support through the award-winning GEO Continuum of Care®, secure transportation, electronic monitoring, community-based programs, and correctional health and mental health care. GEO’s worldwide operations include the ownership and/or delivery of support services for 97 facilities totaling approximately 76,000 beds, including idle facilities and projects under development, with a workforce of up to approximately 20,000 employees.
Use of forward-looking statements
This news release may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward-looking statements are qualified in their entirety by reference to the cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission including its Form 10-K, 10-Q and 8-K reports. All forward-looking statements speak only as of the date of this news release and are based on current expectations and involve a number of assumptions, risks and uncertainties that could cause the actual results to differ materially from such forward-looking statements. Readers are strongly encouraged to read the full cautionary statements and risk factors contained in GEO’s filings with the U.S. Securities and Exchange Commission, including those referenced above. GEO disclaims any obligation to update or revise any forward-looking statements, except as required by law.
CAMBRIDGE, Mass., Oct. 19, 2026 /PRNewswire/ — NeuroSense Therapeutics Ltd. (NASDAQ: NRSN) (“NeuroSense” or the “Company”), a late-stage clinical biotechnology company developing treatments for neurodegenerative diseases, today announced that it has filed a patent application with the U.S. Patent and Trademark Office covering methods of treating traumatic brain injury (TBI) and related central nervous system injuries with the combination of ciprofloxacin and celecoxib, the active ingredients of PrimeC.
The application covers the treatment of a broad range of brain injuries, from concussion and mild TBI to moderate and severe TBI, including blast-related injury, as well as their long-term consequences, such as chronic traumatic encephalopathy (CTE). If granted, the patent is expected to provide protection through 2047, subject to any extensions.
Traumatic brain injury (TBI) represents a major global healthcare challenge, affecting millions of people each year. TBI can result from falls, motor vehicle accidents, sports-related injuries and military-related trauma, including blast exposure. Its consequences can extend well beyond the initial event, potentially causing persistent cognitive, physical and behavioral impairment, with substantial burdens on patients, caregivers and healthcare systems. Despite this significant unmet medical need, there are currently no approved disease-modifying therapies specifically targeting the secondary neurological injury associated with TBI.
Following the initial trauma, TBI can trigger complex biological processes, including neuroinflammation, oxidative stress and progressive neuronal damage. Certain mechanisms overlap with pathways implicated in neurodegenerative disorders.
The patent filing also supports NeuroSense’s longer-term strategy of pursuing additional applications for PrimeC beyond its existing development programs. The Company views TBI as an opportunity to broaden PrimeC’s commercial potential and build additional long-term value around its lead asset. While ALS remains NeuroSense’s primary development priority, the Company is evaluating future TBI-focused research and development initiatives, through strategic collaborations, research grants and other non-dilutive funding opportunities.
“While ALS remains our primary focus, we believe PrimeC may have potential across a broader range of neurological conditions that share common underlying disease mechanisms,” said Alon Ben-Noon, Chief Executive Officer of NeuroSense. “TBI is a particularly compelling area given the large affected population, the long-term consequences of brain injury and the lack of approved disease-modifying treatments. This filing strengthens our intellectual property position and creates a foundation for future research, partnerships and non-dilutive funding opportunities, while maintaining our focus on advancing our core ALS program. We look forward to sharing further updates as our clinical and strategic initiatives advance.”
About NeuroSense
NeuroSense Therapeutics is a late-clinical stage biotechnology company developing novel treatments for severe neurodegenerative diseases, including amyotrophic lateral sclerosis (ALS) and Alzheimer’s disease. The Company’s lead product candidate, PrimeC, is a novel oral therapy designed to target multiple key biological pathways underlying disease progression, including neuroinflammation, oxidative stress and dysregulated iron metabolism.
NeuroSense has recently completed analysis of long-term follow-up data from its Phase 2b PARADIGM study in ALS, with results published in JAMA Neurology showing slower functional decline in participants who received PrimeC from study start than in those who initially received placebo. The Company also reported changes across multiple biomarkers associated with ALS, including microRNAs, consistent with PrimeC’s multi-target mechanism of action.
NeuroSense has received clearance from the U.S. Food and Drug Administration (FDA) to initiate its pivotal Phase 3 clinical trial (PARAGON) in ALS, to be conducted primarily in the United States. The Company is working with FDA on an optimized design for the study.
For additional information, we invite you to visit our website and follow us on LinkedIn, YouTube and X. Information that may be important to investors may be routinely posted on our website and these social media channels.
About PrimeC
PrimeC, NeuroSense’s lead drug candidate, is a novel extended-release oral formulation composed of a unique fixed-dose combination of two FDA-approved drugs: ciprofloxacin and celecoxib. PrimeC is designed to target several key mechanisms that contribute to neuron degeneration, inflammation, iron accumulation and impaired ribonucleic acid (“RNA”) regulation, with the potential to inhibit disease progression.
About ALS
Amyotrophic lateral sclerosis (“ALS”) is an incurable neurodegenerative disease that causes progressive paralysis and, typically, death within 3 years of symptoms onset. Every year, more than 5,000 people are diagnosed with ALS in the U.S. alone, with an annual disease burden of $1 billion. The number of people living with ALS is expected to grow by 24% by 2040 in the U.S. and EU.
Forward-Looking Statements
This press release contains “forward-looking statements” that are subject to substantial risks and uncertainties. All statements, other than statements of historical fact, contained in this press release are forward-looking statements. Forward-looking statements contained in this press release may be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “could,” “estimate,” “expect,” “intend,” “seek,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “target,” “aim,” “should,” “will,” “would,” or the negative of these words or other similar expressions, although not all forward-looking statements contain these words. Forward-looking statements are based on NeuroSense Therapeutics’ current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict and include statements regarding the Company’s development program, including for ALS and TBI, the potential issuance, scope and duration of patent protection arising from the Company’s patent application, including expected protection through 2047, subject to any extensions, the potential of PrimeC to treat TBI and related central nervous system injuries, the potential expansion of PrimeC beyond ALS and its potential commercial benefits and long-term value. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. The future events and trends may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. These risks include the risk that the patent application will not result in an issued patent or that any patent granted will not provide the Company with the anticipated scope or duration of protection or will be challenged, invalidated or unenforceable; the risk that PrimeC will not demonstrate safety or efficacy in TBI or related conditions; the potential for delay in the timing of the Phase 3 clinical trial (PARAGON) in ALS; the risk that the Company will not be able to obtain financing on acceptable terms, or at all; the risk that the Company will not regain and maintain compliance with the Nasdaq listing requirements; the risk that non-dilutive grant funding for the PARAGON trial will not be awarded or will be delayed; uncertainty regarding outcomes and the timing of current and future clinical trials; the risk that PrimeC will not advance towards later-stage development; timing for reporting data, including from the study of PrimeC in Alzheimer’s disease; that the study will not be successful; and other risks and uncertainties set forth in NeuroSense’s filings with the Securities and Exchange Commission (SEC). You should not rely on these statements as representing our views in the future. More information about the risks and uncertainties affecting NeuroSense is contained under the heading “Risk Factors” in the Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 31, 2026 and NeuroSense’s subsequent filings with the SEC. Forward-looking statements contained in this announcement are made as of this date, and NeuroSense undertakes no duty to update such information except as required under applicable law.
SOURCE NeuroSense
For further information: For further information: Email: [email protected] | Tel: +972-(0)9-799-6183
The $20-per-share acquisition represents a 130% premium as Merck expands its rare disease pipeline and strengthens its position in RNA-based medicines.
German pharmaceutical and technology company Merck KGaA has agreed to acquire Silence Therapeutics (NASDAQ: SLN) in an approximately $1.3 billion all-cash transaction, highlighting growing interest in gene-silencing therapies and rare disease treatments. The deal, announced Monday, October 19, offers Silence shareholders $20 per American Depositary Share (ADS), representing a substantial 130% premium to the company’s closing price of $8.68 on Friday.
The acquisition values Silence Therapeutics at approximately $1.3 billion in equity and $1.1 billion in enterprise value. The purchase price also represents an 82% premium to the company’s 30-day volume-weighted average share price, underscoring the strategic value Merck places on its emerging drug pipeline.
At the center of the transaction is divesiran, an experimental RNA-based treatment targeting polycythemia vera, a rare form of blood cancer characterized by the excessive production of red blood cells. The condition can increase the risk of blood clots, strokes, and other serious cardiovascular complications, often requiring patients to undergo regular blood removal procedures to control their red blood cell levels.
Divesiran uses small interfering RNA (siRNA) technology to selectively silence a gene involved in regulating iron metabolism. By limiting iron availability for red blood cell production, the therapy aims to reduce the need for frequent blood removal treatments while improving disease management.
Recent Phase 2 clinical trial results have strengthened the drug’s potential. In the SANRECO study, divesiran achieved an 88% response rate compared with 19% for patients receiving placebo. Patients receiving the experimental therapy also required significantly fewer blood removal procedures, providing encouraging evidence ahead of planned Phase 3 development.
One potential advantage of divesiran is its dosing schedule. The treatment is designed to be administered through an injection once every three months, potentially offering patients a more convenient alternative to therapies requiring more frequent administration.
For Merck, the acquisition represents another step in its strategy to expand into specialized treatments addressing significant unmet medical needs. The company previously acquired SpringWorks Therapeutics in 2025, strengthening its presence in rare diseases and oncology. Adding Silence Therapeutics provides access to a promising late-stage drug candidate and a broader platform for developing RNA-based medicines.
The transaction also highlights the growing importance of gene-silencing technology within the biotechnology industry. Unlike traditional medicines that target proteins after they are produced, siRNA therapies work by reducing the production of specific disease-related proteins, potentially offering more targeted treatment approaches.
For biotechnology investors, the 130% acquisition premium demonstrates how promising clinical data can significantly increase the strategic value of smaller drug developers. Large pharmaceutical companies continue seeking innovative assets to replenish their pipelines, diversify revenue streams, and establish positions in emerging treatment categories.
However, divesiran remains investigational and must successfully complete additional clinical testing before potentially receiving regulatory approval. Its commercial prospects will depend on demonstrating sustained effectiveness, safety, and competitive advantages over existing treatments.
The transaction has received unanimous approval from Silence Therapeutics’ board and is expected to close during the first quarter of 2027, subject to shareholder, regulatory, and court approvals.
The acquisition reinforces a broader trend in biotechnology: pharmaceutical companies are increasingly willing to pay substantial premiums for innovative therapies supported by promising clinical results. As RNA-based medicine continues advancing, smaller biotechnology companies developing differentiated treatments could attract further acquisition interest from larger industry players.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Ketchan deposit expands significantly. Kodiak Copper recently reported encouraging results from seven drill holes totaling 1,583 meters at its 100%-owned MPD copper-gold project in British Columbia. Step-out drilling extended the known mineralized envelope at Ketchan by at least 450 meters southeast of its existing 1.4-kilometer resource footprint, increasing the known extent of the mineralized system and supporting potential resource growth.
Near-surface copper-gold mineralization. Hole AG-26-034 intersected 122.5 meters grading 0.41% copper equivalent (CuEq), beginning just 5.5 meters below the surface. Hole AG-26-021 returned 202.5 meters grading 0.20% CuEq, while infill hole AG-26-015 intersected 207.3 meters grading 0.31% CuEq. The results demonstrate mineralization both beyond and within the existing resource boundaries.
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.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Significant progress toward development. First Phosphate continues to advance its North American LFP battery materials strategy, supported by its inclusion in a G7-backed critical minerals initiative, international financing interest, accelerated permitting coordination in Quebec, and expanded mineral resources. These developments strengthen the company’s strategic position as Bégin-Lamarche advances toward feasibility.
Strengthening project economics and financing prospects. With the updated mineral resource estimate, indicated mineral resources increased by 378%, providing greater geological confidence for feasibility-level mine planning. Canadian government contributions and potential export credit support from Swiss and Danish agencies could reduce future funding requirements. Management is targeting completion of the Bégin-Lamarche feasibility study in the first quarter of calendar 2027.
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.
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.
Reaches $80 million class action settlement. Conduent agreed to settle consolidated class action litigation related to its previously disclosed January 2025 cybersecurity incident. The incident involved unauthorized access to the company’s networks beginning in October 2024 and exposed personal information belonging to approximately 62 million individuals. The agreement remains subject to court approval.
Addresses significant litigation exposure. The settlement seeks to resolve litigation stemming from the cybersecurity incident, including claims involving Conduent and affected clients. Upon final approval, the agreement would release Conduent, its affected clients, and their affected customers from covered claims arising from the incident. We believe the agreement provides greater visibility into a significant legal uncertainty that has weighed on the company’s broader turnaround efforts.
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.
Joe Gomes, CFA, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A Tuck-in. Last week, Kratos acquired Jetset Airmotive from its founders. Jetset’s MRO operations on PT6A turbine engines complement Kratos’ existing MRO operations conducted through its Oklahoma-based CTS subsidiary. Based on previous such transactions, we believe the acquisition was structured as 50% KTOS shares and 50% cash, which would imply roughly $50 million in total. With an estimated $40-$50 million in revenue and typical 13-14% EBITDA margins, Jetset was purchased for approximately 1x revenue and 9x EBITDA. The acquisition should add about $5+ million to annual EBITDA.
New Contracts. Kratos has been awarded more than $100 million over multiple contracts to develop prototype mission applications and cyber capabilities, providing space intelligence data in support of joint operations across the space and cyberspace domains. The contracts will leverage Kratos’ software products, analytics, and expertise in RF, signal processing, cybersecurity, and software development, establishing a proven technology base that can be adapted and integrated to meet emerging space and cyber mission requirements.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Palantir Technologies (NASDAQ: PLTR) shares fell approximately 7% during the October 16 trading session, wiping out roughly $34 billion in market value as investors reassessed artificial intelligence valuations and the outlook for high-growth software companies. The decline came amid a broader technology selloff that erased more than $260 billion in market capitalization across the software industry.
The sharp drop followed a strong rally that pushed Palantir stock close to $213 earlier in the week. Despite the company’s rapid revenue growth and strong demand for its AI-powered platforms, investors are increasingly questioning whether elevated valuations can be sustained amid economic uncertainty, rising competition, and concerns about the long-term profitability of artificial intelligence investments.
Why Did Palantir Stock Drop?
Palantir’s decline reflects a combination of profit-taking, elevated valuation concerns, and broader weakness in technology stocks.
After breaking above its previous record, the stock quickly reversed direction, raising concerns about a potential “bull trap,” a market pattern in which shares break above a resistance level before falling back.
Investors have been closely watching the $188.15 price level, which would represent a correction of more than 10% from Palantir’s recent record closing price.
Valuation remains a central concern. Despite reporting a 93% year-over-year increase in second-quarter revenue, Palantir has traded at approximately 55 times projected annual revenue, a substantial premium that leaves little room for disappointing financial results.
A $260 Billion Software Selloff Hits Technology Stocks
Palantir’s decline was part of a much broader retreat across the software sector.
Of 45 major software companies tracked in one industry basket, 43 traded lower during Friday’s session, with 15 declining by at least 5%.
Microsoft (NASDAQ: MSFT) lost approximately $83 billion in market capitalization, while ServiceNow (NYSE: NOW) reversed an earlier gain and declined more than 5%. Salesforce (NYSE: CRM) also fell, and Twilio (NYSE: TWLO) experienced a double-digit percentage drop.
The iShares Expanded Tech-Software Sector ETF (IGV) declined nearly 5%, underscoring the widespread selling pressure across the industry.
Cybersecurity stocks also faced significant losses. The First Trust Nasdaq Cybersecurity ETF (CIBR) declined approximately 10% for the week, while Palo Alto Networks (NASDAQ: PANW) and CrowdStrike (NASDAQ: CRWD) each fell roughly 18%.
Are AI Stock Valuations Becoming Too Expensive?
The selloff highlights growing concerns about how investors value companies benefiting from the artificial intelligence boom.
Although AI adoption has created substantial growth opportunities, some investors are questioning whether current stock prices adequately reflect the costs, competitive pressures, and uncertainty associated with developing and commercializing AI technologies.
Palantir’s reported 93% second-quarter revenue growth demonstrates strong demand for its software platforms. However, its premium valuation means investors may expect continued exceptional performance.
At the same time, emerging AI technologies could disrupt traditional software business models, potentially increasing competition and placing pressure on profit margins.
These concerns are affecting companies across the software industry, not just businesses directly associated with artificial intelligence.
How Inflation and Interest Rates Affect AI Stocks
Macroeconomic uncertainty is also contributing to volatility in technology shares.
Persistent inflation and questions surrounding Federal Reserve interest rate policy have made investors more cautious about high-growth companies trading at elevated valuations.
Higher interest rates can reduce the present value investors assign to future earnings, placing additional pressure on stocks whose valuations depend heavily on long-term growth expectations.
For companies such as Palantir, the combination of high investor expectations and changing economic conditions can amplify share-price movements even when underlying business performance remains strong.
What Should Investors Watch Next for Palantir Stock?
Palantir’s recent decline highlights the distinction between strong operational performance and the valuation investors are willing to pay for future growth.
Several factors could influence sentiment toward Palantir and the broader AI software sector, including continued revenue growth, profitability, customer demand, competitive developments, and changes in interest rate expectations.
The $260 billion software selloff does not necessarily signal the end of the artificial intelligence investment cycle. Instead, it suggests investors are becoming more selective as the industry matures.
For Palantir and other AI-focused software companies, sustaining investor confidence may increasingly depend on demonstrating that strong demand can translate into consistent revenue growth, durable profitability, and long-term shareholder value.
CHARLOTTE, N.C., Oct. 16, 2026 (GLOBE NEWSWIRE) — NN, Inc. (“NN” or the “Company”) (NASDAQ: NNBR), an entrepreneurial growth company that engineers and manufactures high-precision components and assemblies, today announced the launch of a new Cable Assembly and Wire Harness product line and business. This new business startup represents NN’s fourth unique new product line introduced by the Company during 2026.
This new Cable Assembly and Wire Harness product line adds to NN’s growth program that targets Data Center, Defense, Electric Grid, Medical and High-Value Vehicle systems end markets. The product line includes engineered wiring, cable assembly, bus-bar assemblies, and box-build solutions. Production will be centered in Cd. Juarez, Chihuahua Mexico.
This new product line leverages NN’s vertical integration in precision machining, precision stamping and complex engineered components. It also leverages the existing management team’s historical experience in building and leading successful cable assembly and wire harness operations. This will enable NN to offer customers a higher level of value with cohesive electrical and electromechanical solutions.
The new Cable Assembly and Wire Harness Solutions business will feature advanced automated wire cutting, stripping, crimping, and termination equipment, complemented by digital work instructions, virtual assembly boards, and carousel-based assembly systems. Dedicated engineering and rapid prototyping capabilities will help accelerate project timelines, supporting customers from concept development and electrical architecture through detailed design, validation, and production readiness. Flexible production cells for low- and high-voltage applications, along with box-build capabilities, will enable NN to serve customers across a range of production volumes. Combined with NN’s rapid prototyping and flexible manufacturing processes, these capabilities will help shorten project turnaround times, accelerate product development, and enable customers to move efficiently from prototype to full-scale production.
NN’s first new product line introduced in 2026 was for the Data Center liquid cooling connector market. The second new product line was for the Medical market and aimed at producing components for automated surgery equipment, and the third new product line focuses on the Defense market to produce titanium firearm and weapon assemblies.
Tim Erro, NN’s Chief Commercial Officer will be the General Manager of the new business. Moe Farhat will be the Chief Technology Officer, Raul Gutierrez will be the Sales Manager, and Luis Gomez will be the Juarez Plant Manager.
Harold Bevis, President and Chief Executive Officer of NN commented, “NN is committed to strong growth in our targeted end markets, and the launch of this new product line is another addition. We have the right team to lead this new product line and business. We are bringing together precision components, interconnect expertise, and higher-level assembly capabilities and providing customers a powerful and simplified solution set from a single manufacturing partner. This is an exciting additional growth step and we look forward to discussing our results in this new product area.”
About NN, Inc.
NN, Inc. (NASDAQ: NNBR) is an entrepreneurial manufacturing company specializing in manufacturing micron-tolerance precision metal componentry for high-growth end markets, especially Data Center, Electric Grid, Medical, Defense, and High-Value Vehicle systems. Founded in 1980, NN serves over 700 customers on 4 continents through its 2,700 person workforce operating out of 28 global plants. This footprint enables rapid innovation and globally scaled solutions. For more information, visit nninc.com.
Forward Looking Statements
This press release may contain forward-looking statements regarding our business, operations, and financial performance. Such statements are based on current expectations and assumptions that are subject to a number of risks and uncertainties. Actual results could differ materially. Please refer to our most recently filed Form 10-K and our Form 10-Q for the period following that Form 10-K, including the risk factors described therein. We undertake no obligation to update any forward-looking statement, except as required by law. Given these risks and uncertainties, investors are cautioned not to place undue reliance on such forward-looking statements.
Mark Reichman, Managing Director, Equity Research Analyst, Natural Resources, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
High-grade results strengthen exploration outlook. Tectonic Metals reported encouraging results from 19 drill holes at its Flat Gold Project in Alaska. At the Alpha Bowl target, drilling intersected 2.41 grams per tonne (g/t) gold over 59.44 meters, including 11.82 g/t over 10.67 meters and 39.96 g/t over 3.05 meters, within a broader interval of 1.86 g/t over 80.77 meters beginning at the surface. The results strengthen the potential for a large, near-surface gold system containing higher-grade zones.
Alpha Bowl emerges as a priority target. Alpha Bowl extends approximately 820 meters along strike and 600 meters in width, with mineralization encountered beyond 300 meters of vertical depth. Recent and historical drilling demonstrate gold mineralization across multiple locations, with higher-grade intersections suggesting opportunities to enhance future resource quality. Drilling is evaluating mineralization continuity and expansion potential, with several holes awaiting assays.
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.
