Thursday, July 07, 2022

Voyager Digital (VYGVF)
Declaration of CEO Stephen Ehrlich

Voyager Digital Ltd.’s (TSX: VOYG) (OTCQX: VYGVF) (FRA: UCD2) US subsidiary, Voyager Digital, LLC, is a fast-growing cryptocurrency platform in the United States founded in 2018 to bring choice, transparency, and cost-efficiency to the marketplace. Voyager offers a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provides crypto payment solutions for both consumers and merchants around the globe. To learn more about the company, please visit https://www.investvoyager.com.

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

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

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

First Day. We spent yesterday going through Voyager Digital’s Chapter 11 petitions and first day motions. The filings provide an overview of recent events behind the Chapter 11 filing, the current state of the Company, and the Company’s efforts to reorganize, both prior to the Chapter 11 filing and its plans for a standalone restructuring.

The Cliff Note. According to the Declaration of Voyager CEO Stephen Ehrlich, Voyager faced a short-term “run on the bank” due to the downturn in the cryptocurrency industry generally and the default of the 3AC loan. Ultimately, Voyager filed for chapter 11 relief to protect customers and preserve the value of the business….

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. 

Tuesday, May 31, 2022

Axcella Therapeutics (AXLA)
Long COVID Enrollment Completed; OHE Trial Suspended

Axcella is a clinical-stage biotechnology company pioneering a new approach to treat complex diseases using compositions of endogenous metabolic modulators (EMMs). The company’s product candidates are comprised of EMMs and derivatives that are engineered in distinct combinations and ratios to restore cellular homeostasis in multiple key biological pathways and improve cellular energetic efficiency. Axcella’s pipeline includes lead therapeutic candidates in Phase 2 development for the treatment of Long COVID and non-alcoholic steatohepatitis (NASH), and the reduction in risk of overt hepatic encephalopathy (OHE) recurrence. The company’s unique model allows for the evaluation of its EMM compositions through non-IND clinical studies or IND clinical trials. For more information, please visit www.axcellatx.com.

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

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

Axcella announced that its Phase 2a trial testing AXA-1125 in Long Covid has reached full enrollment. This placebo-controlled trial that enrolled 40 patients with data expected in late 3Q22.  It also announced that the Phase 2 trial for AXA1125 in NASH (non-alcoholic steateohepatitis) is continuing with data announcement expected in early 3Q222, and that the Phase 2 trial in Overt Hepatic Encephalopathy (OHE) has been terminated.

Phase 2a Trial In Long COVID Data Expected In Early 3Q22.  This placebo-controlled trial enrolled 40 patients with  Long COVID symptoms.  Long COVID is estimated to affect about 20% to 30% of the patients who were infected, recovered or were asymptomatic, then develop post-infectious symptoms of fatigue, muscle aches, and clouded thinking (“brain fog”).  AXA1125 has shown improvement in metabolic function that improve energetics and reduce symptoms….

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. 

Tuesday, May 31, 2022

Townsquare Media (TSQ)
Growth Appears To Be Accelerating

Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Non-deal road show highlights: This week Townsquare Media hosted a meeting for investors in St. Louis. Bill Wilson, CEO, accompanied by Stuart Rosenstein, CFO, and Claire Yenicay, EVP, highlighted the unique value proposition that the company brings to its local markets, in which its broadcasting business provides a launchpad for Townsquare’s digital media and digital marketing solutions businesses. Management expects to grow Digital revenue at 11.5% CAGR from 2021-2024. 

Small market sweet spot. Management noted that the company’s focus on markets outside the top 50 allows it to bring sophisticated digital marketing solutions to markets where it was very unsophisticated. Notably, since these markets are too small for larger operators, Townsquare has limited competition for its services….

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. 

Tuesday, May 31, 2022

Comstock Mining Inc. (LODE)
Tapping into Major Growth Opportunities

Comstock (NYSE: LODE) innovates technologies that contribute to global decarbonization and circularity by efficiently converting under-utilized natural resources into renewable fuels and electrification products that contribute to balancing global uses and emissions of carbon. The Company intends to achieve exponential growth and extraordinary financial, natural, and social gains by building, owning, and operating a fleet of advanced carbon neutral extraction and refining facilities, by selling an array of complimentary process solutions and related services, and by licensing selected technologies to qualified strategic partners. To learn more, please visit www.comstock.inc.

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

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

Annual General Meeting. Comstock hosted a well-attended annual general meeting on May 26 in Reno, Nevada. Management showcased its renewable energy businesses, including small-scale models of planned biorefinery and lithium-ion battery recycling facilities. Its renewable fuels division is advancing technologies to commercialize the conversion of woody biomass into advanced cellulosic fuels. Its lithium-ion battery (LIB) recycling business, LiNiCo, is commercializing a process to crush and separate lithium-ion batteries, extract lithium, nickel, cobalt, and graphite, and use the recovered metals to produce 99% pure cathode active precursor products.

Shareholder voting. Shareholders elected seven nominees to the Board, ratified the appointment of Comstock’s accounting firm, approved an advisory resolution for executive compensation, approved a change to the articles of incorporation, and approved the company’s 2022 equity incentive plan. With respect to the articles of incorporation, shareholders approved changing the corporate name to Comstock Inc. from Comstock Mining Inc. to better reflect the expanded scope of its business activities….

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. 

Will the Oil Slowdown Provoke a Renewable Energy Takeover? 

The Organization of the Petroleum Exporting Countries cut its demand forecast for the second consecutive month on Wednesday. The OPEC reduced the expected use for the remainder of the year to 1.02 million barrels per day, which is down 80,000 b/d from the August estimate. This decrease is attributed to the weaker-than-expected economic data in the first half of the year.