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Unyvero UTI panel approaching final readouts
OpGen | 04/10/2022
OpGen has completed patient sample enrollment in its prospective multicenter trial for the Unyvero urinary tract infection (UTI) panel in the United States,…
Resilience based on strong fundamentals
Triple Point Social Housing REIT | 04/10/2022
In H122, index linked rent increases and acquisitions supported a continuation of consistent positive returns for Triple Point Social Housing REIT (SOHO).…
A ‘relative winner’
Greggs | 04/10/2022
Greggs’ impressive sales performance in Q322 enabled it to maintain its FY22 PBT guidance, despite the increasing pressures on consumer discretionary…
Executive interview
BioPharma Credit - executive interview | 04/10/2022
BioPharma Credit (BPCR) is a specialist life sciences debt investment trust, investing in debt instruments secured by approved products of life sciences…
$7.1m deal provides further upside potential
WANdisco | 04/10/2022
WANdisco has announced a $7.1m follow-on agreement with a large European automotive components supplier. This takes total disclosed bookings this year…
KINETIC study discontinued
Kinarus Therapeutics | 03/10/2022
Kinarus recently reported H122 financial results and reiterated its key objectives and guidance for lead candidate KIN001 in the three targeted indications,…
Ecutive interview
MotorK - executive interview | 03/10/2022
MotorK is a European SaaS provider operating in the automotive retail industry, selling mainly in the EU5 but with a global presence. Its cloud-based platform,…
A subdued H222 though M&A outlook positive
Numis Corporation | 03/10/2022
Tough market conditions have continued through Numis’s second half. This is likely to have left full year revenue down about a third compared with…
Update on COMET legal action
XP Power | 03/10/2022
On Friday 30 September, the judge in the COMET trades secret misappropriation case confirmed the jury award and imposed an injunction on XP Power in relation…
$3.38m raised through private placement
OpGen | 03/10/2022
OpGen has announced a $3.38m (gross) fund-raising through a private placement to an existing healthcare-focused institutional investor. This is in exchange…
Resilient and premium margins niche
Riverstone Credit Opportunities Income | 03/10/2022
Riverstone Credit Opportunities Income (RCOI) is a closed-end fund that invests in mid-market energy company credit mostly via direct loans. This is a…
Second contract win from the US DoD in 2022
SIGA Technologies | 03/10/2022
SIGA Technologies has announced a second procurement contract worth up to $10.7m from the US Department of Defense (DoD) for the procurement of oral TPOXX,…
Diversified model supports H122 growth
SigmaRoc | 03/10/2022
SigmaRoc’s (SRC) progressive M&A strategy and geographical diversification continues to pay off, with H122 revenue growth of 17%, on an adjusted…
Trading in line, no change to guidance
Renewi | 03/10/2022
The agreed offer for Biffa will leave Renewi as the sole waste/recycling company listed on the UK market. The rating on Renewi shares is undemanding (FY23…
Dual-track growth strategy
BlueBet Holdings | 30/09/2022
BlueBet’s (BBT’s) two-prong strategy is to build on its core online betting brand in Australia and develop the US market. Funded by positive…
CORIST part 2 top-line data
Scandion Oncology | 30/09/2022
Scandion Oncology has announced top-line data from part 2 of the Phase II CORIST trial, investigating the company’s sole clinical asset, SCO-101,…
CMD confirms strategic direction and targets
Kendrion | 30/09/2022
At its capital markets day (CMD) on 8 September, Kendrion reiterated its financial targets for 2025 (originally set in September 2020) and confirmed its…
Progress in both divisions
Light Science Technologies Holdings | 30/09/2022
Light Science Technologies Holdings (LSTH) has received an additional £0.5m in forward orders for contract electronics manufacturing (CEM) services…
Emerging from the eye of the storm?
Baillie Gifford US Growth Trust | 30/09/2022
Baillie Gifford US Growth Trust (USA) has seen its net asset value (NAV) significantly fall in 2022 as growth stocks have fallen out of favour with investors.…
Turning a corner
Witan Investment Trust | 30/09/2022
With inflation surging, interest rates rising, regional recessions looking imminent and the continued conflict in Ukraine, there is more uncertainty and…
Poised for a strong FY22
Ergomed | 30/09/2022
Ergomed released full H122 accounts following its July 2022 trading update, the key takeaway of which was the sustained strong momentum across both business…
Increasing asset base to attract higher yields
Helios Underwriting | 29/09/2022
Helios Underwriting’s financial assets grew 21% from FY21 and could reach £235m by year-end, benefiting from the 111% increase in Lloyd’s…
Experienced specialist lender performs well
S&U | 29/09/2022
With macroeconomic clouds gathering, it is not surprising that a small specialist non-bank lender such as S&U has been derated. However, the main business…
On track
EMIS Group | 29/09/2022
EMIS made steady progress in H122, completing two acquisitions within the EMIS Enterprise business and reporting organic growth in group revenue and adjusted…
Releasing the potential
Melrose Industries | 29/09/2022
Melrose’s demerger of the automotive businesses and the listing of separate entities (NewCo and Melrose with Aerospace) will provide greater transparency…
A reappraisal of the opportunities for AAIF
abrdn Asian Income Fund | 29/09/2022
While western economies have been struggling with soaring inflation, rising interest rates and slowing economic growth, the managers of abrdn Asian Income…
Wider payments reach drives underlying growth
Boku | 29/09/2022
Boku reported H122 revenue and adjusted EBITDA in line with its July trading update. During H122, payments made via local payment methods (LPMs) grew significantly…
Cash runway extended to Q124
Context Therapeutics | 28/09/2022
Management has announced that Context Therapeutics will focus its R&D efforts on onapristone extended release (ONA-XR) in the ELONA trial along with the…
Strong uplift in operating margin
Ebiquity | 28/09/2022
Ebiquity has delivered strong first half results, with 7% organic revenue growth boosted to a 16% gain including acquisitions. An increasing proportion…
Making GIS data useable for a variety of verticals
1Spatial | 28/09/2022
1Spatial (SPA) delivered another period of robust results in H123, with annualised recurring revenue (ARR) up 29% y-o-y, revenues growing 11% and EBITDA…
Access to Vietnam’s dynamic growth, at a discount
Vietnam Enterprise Investments | 28/09/2022
Vietnam Enterprise Investments (VEIL) is the largest and oldest Vietnamese equities closed-end fund listed on the London Stock Exchange. The fund is positioned…
Monkeypox concern drives international TPOXX win
SIGA Technologies | 27/09/2022
SIGA Technologies (SIGA) has announced receipt of $16m of international procurement orders in the European Union (EU) and the Asia-Pacific region (APAC)…
Order book supports return to growth
Cohort | 27/09/2022
Cohort’s trading update ahead of its AGM and capital markets day continues to indicate the FY23 trading performance is ahead of the prior year. A…
Continuing to deliver income-led returns
Regional REIT | 27/09/2022
With pandemic restrictions lifted and the return to work underway, Regional REIT’s (RGL) H122 results show good and continuing operational progress.…
Weak Technology outright sales
musicMagpie | 27/09/2022
musicMagpie’s (MMAG’s) trading update reporting weaker Technology outright revenue in recent months is consistent with statements from a number…
Positive collaboration with ALA-101
Arovella Therapeutics | 27/09/2022
Arovella has entered into a strategic collaboration with Imugene, investigating the company’s lead cell-therapy programme CAR19-iNKT (ALA-101) with…
Good H122 despite market headwinds
The MISSION Group | 27/09/2022
The MISSION Group’s first-half results are as presaged in July’s trading update, with 10% growth in both revenue and operating profit. Exposure…
Monkeypox likely here to stay
SIGA Technologies | 26/09/2022
With approximately 64k global cases, monkeypox has become a growing concern and is less transient than initially acknowledged. We expect SIGA Technologies,…
Materially extended Phase 1 opportunity
Lepidico | 26/09/2022
On Friday 23 September, Lepidico announced a series of impressive drill results from Helikon 4 (including 34.8m at 1.25% Li2O) that extend the zone of…
Sub 3x P/E and a 15% dividend yield
Smiths News | 26/09/2022
Smith News’ FY22 trading update highlighted slightly better trading than we expected as the market normalised and publishers raised cover prices.…
Executive interview
Regional REIT - executive interview | 26/09/2022
Regional REIT (RGL) is focused on investment in offices in regional centres across the UK, outside the M25. It is actively managed, with a strong focus…
Oncology asset sales continue
Basilea Pharmaceutica | 23/09/2022
Basilea Pharmaceutica continues its positive wave of Q322 activity with the successful asset purchase and sub-licence agreement of its tyrosine kinase/polo-like…
Tedopi remains focus in FY22
OSE Immunotherapeutics | 23/09/2022
The pathway to regulatory approval for OSE’s neoepitope cancer vaccine, Tedopi, continues to be a key point of focus for the company. Following the…
Offering value in tough times
Portobello | 23/09/2022
Portobello demonstrated strong revenue growth in H122 as it executed its retail-focused expansion strategy. Significantly, given the greater pressures…
Recent events support move into precision fermentation
Agronomics | 23/09/2022
Agronomics (ANIC) invests in cellular agriculture companies. In our last note, we discussed a shift in its focus more towards precision fermentation companies,…
Targeting FDA studies in FY23
Incannex Healthcare | 23/09/2022
FY22 marked a busy year for Incannex Healthcare, focused on the expansion of its cannabinoid therapeutic portfolio through the acquisition of APIRx Pharmaceuticals…
Big improvement in relative performance
Murray International Trust | 23/09/2022
Murray International Trust (MYI) employs a team-based approach, headed up by Bruce Stout working closely with Martin Connaghan and Samantha Fitzpatrick,…
Objective measures for better outcomes
Respiri | 22/09/2022
Respiri is an Australian medical device and software-as-a-service (SaaS) company, developing a novel remote patient monitoring approach to respiratory…
First patient treated under CIRIFOUR trial
Cantargia | 22/09/2022
Cantargia announced the first patient treatment under the extension arm of its Phase Ib clinical trial CIRIFOUR, evaluating lead asset CAN04 (IL1RAP-binding…
Internet of things provides the ‘killer app’
WANdisco | 22/09/2022
WANdisco’s (WAND’s) capital markets day (CMD) underlined the success of its transition to a cloud-centric commit-to-consume (CtC) model and…
Executive interview
Respiri - executive interview | 22/09/2022
Respiri is an ASX-listed company developing software as a service (SaaS) diagnostic solutions to support respiratory health management. The company’s…
Helping grow more with less
Light Science Technologies Holdings | 22/09/2022
Light Science Technologies Holdings (LSTH) has built on its established UK-based contract electronic manufacturing (CEM) business by launching highly innovative…
Revising NCX-470 timelines given Denali delay
Nicox | 22/09/2022
Nicox reported H122 results with operating cash burn rates mildly above our assumptions, while maintaining its guidance that its funds on hand should be…
Arnhem expansion completed but Hull delayed
Accsys Technologies | 22/09/2022
Accsys’s trading update included positive news on the commercial start of the fourth reactor in Arnhem and good progress with construction of the…
Key step towards a net-zero marine bunker fuel
Quadrise Fuels International | 21/09/2022
Quadrise has entered into joint development agreement (JDA) with lignin biofuel specialists Vertoro. Under the JDA, the two companies will seek to progress…
Record $25m contract with top 10 global telco
WANdisco | 21/09/2022
WANdisco’s (WAND’s) $25m commit-to-consume agreement with a top 10 global telco is the company’s largest ever by some margin. This contract…
Digital wallet contract with Amazon
Boku | 20/09/2022
Boku has signed a three-year contract with Amazon to process Amazon Prime Video subscriptions made via digital wallet and other local payment methods in…
Unyvero A30 RQ collaboration with FIND
OpGen | 20/09/2022
OpGen has announced an R&D collaboration with FIND (a global non-profit alliance for diagnostics) and the German KfW bank for its Unyvero A30 RQ platform…
PRIMAvera reaches full enrolment
Pixium Vision | 20/09/2022
Meeting its prior guidance, Pixium Vision announced that it has now reached its enrolment target of 38 patients for the PRIMAvera pivotal trial assessing…
Executive interview
Immix Biopharma - executive interview | 20/09/2022
Immix Biopharma is developing a new class of tissue-specific therapeutics (TSTx) targeting oncology and immune-dysregulated disease. In Q422, the company’s…
MOU with Total Eren is pivotal endorsement
Provaris Energy | 20/09/2022
The memorandum of understanding (MOU) signed with energy heavyweight Total Eren gives real credibility to Provaris Energy’s compressed green hydrogen…
Better profitability in FY22
Esker | 20/09/2022
Esker reported a robust H122 performance, with 19% revenue growth year-on-year, 41% operating profit growth and 19% growth in the annual recurring value…
Observational trials to support development
Medlab Clinical | 20/09/2022
Medlab Clinical has announced it has received ethics approval to conduct two new observational clinical trials in Australia for its lead developmental…
Fresh faces with a unique tissue-targeting therapy
Immix Biopharma | 19/09/2022
Immix Biopharma is a clinical-stage biopharmaceutical company focused on the development of its SMARxT tissue-specific platform producing Tissue-Specific…
Significant resources upgrade at Skarn
Pan American Silver | 16/09/2022
Pan American Silver (PAAS) has upgraded its total mineral resources estimate at the La Colorada Skarn project to 227Moz in contained Ag from 141Moz (albeit…
Profiting from energy transition
Mytilineos | 16/09/2022
Mytilineos is well placed to benefit from several energy transition-related themes. Mytilineos’s proactive management team has shown foresight in…
Encouraging safety data in PORTICO
Oryzon Genomics | 16/09/2022
Oryzon Genomics has announced promising preliminary blinded aggregate safety data from its ongoing Phase IIb PORTICO trial at the 10th European Conference…
Resilience confirmed as growth continues
Gresham House | 16/09/2022
Gresham House continues to develop its alternative asset management activities with a long-term view, but in the near term its exposure to real assets,…
Evenamide catalyst approaching
Newron Pharmaceuticals | 15/09/2022
Newron Pharmaceuticals is focused on the development of novel compounds for the treatment of various neurological conditions. Heading the R&D pipeline…
Staying the contrarian course
Henderson Opportunities Trust | 15/09/2022
Equity markets have been relatively weak and volatile so far in 2022 as a result of slowing economic growth, rising interest rates, soaring inflation and…
‘Hefty’ retail recovery
OPAP | 15/09/2022
OPAP’s Q222 results highlighted a continued strong recovery in revenue, profitability, helped by cost containment, and cash generation following…
Commercial orders underway
Loop Energy | 15/09/2022
Loop Energy’s patented PEM fuel cell technology has a leading combination of fuel efficiency, power density and durability, resulting in an attractive…
Playing with the big boys
Applied Graphene Materials | 15/09/2022
Applied Graphene Materials (AGM) has announced a supply agreement with one of the world’s largest car care brands, which will be using AGM’s…
A story of growth and investing for the future
SenSen Networks | 15/09/2022
SenSen Networks (SNS) reported accelerating growth in FY22, with operating results reflecting continued investments to support the company’s rapid,…
Flexible model well suited to market conditions
Cenkos Securities | 15/09/2022
Capital market activity slowed sharply in H122, affecting Cenkos’s results, but the group’s control over fixed costs and variable compensation…
Acquisition of Aporia for up to US$19m
CentralNic Group | 15/09/2022
As part of a broader vertical integration strategy, disintermediating its value chain to create a more efficient ecosystem, CentralNic has announced the…
Moderating costs to accelerate breakeven
Checkit | 15/09/2022
During H123 Checkit made further progress in its transition to a 100% subscription business, achieving 82% recurring revenue and a 48% y-o-y increase in…
First Prima implantation in Italy
Pixium Vision | 14/09/2022
Pixium Vision announced the successful first implantation of a patient in Italy as part of the PRIMAvera pivotal trial assessing the wireless Prima System…
Successful equity raise; Maricunga progress
Lithium Power International | 14/09/2022
Lithium Power International (LPI) has announced a successful equity placement, raising c A$25m in gross proceeds. This brings its proforma 30 June 2022…
Building momentum in 2022
Creo Medical | 14/09/2022
Creo Medical’s H122 results highlighted its progress in developing and commercialising its minimally invasive electrosurgical devices. Creo’s…
Great valuation potential
BB Biotech | 13/09/2022
According to BB Biotech’s (BION) investment team, the biotech industry has never looked in such a good position. Following a sell-off in the last…
Phase IIb recruitment complete
IRLAB Therapeutics | 13/09/2022
IRLAB Therapeutics announced that it has completed patient recruitment for its ongoing Phase IIb study investigating mesdopetam in the treatment of patients…
Track record yet to be fully rewarded
NB Private Equity Partners | 13/09/2022
NB Private Equity Partners’ (NBPE) latest NAV (as at end-July 2022) reflects an update on most private valuations from end-March to end-June 2022,…
An opportunity for the short and long term
The Diverse Income Trust | 13/09/2022
Multi-cap Diverse Income Trust (DIVI) continues to be among the top-ranked UK high-dividend-yield trusts, despite some setbacks in short-term performance…
Further positivity for UV1
Ultimovacs | 13/09/2022
Ultimovacs has announced encouraging new data from its completed Phase I study (NCT02275416). The trial investigated UV1 in combination with the immune…
Strengthening customer engagement
Nanoco Group | 13/09/2022
Nanoco has announced that a sequence of purchase orders from several existing customers for development work and validation materials means that FY23 revenues…
Trading robust with lowest P/E since GFC
Severfield | 13/09/2022
Severfield, the leading structural steel work fabricator in the UK, is benefiting from robust demand from a range of sectors, which is reflected in the…
Sotyktu approval positive read-across for SDC-1801
Sareum Holdings | 13/09/2022
On 9 September 2022 the US FDA approved Bristol Myers Squibb’s first-in-class tyrosine kinase 2 (TYK2) inhibitor Sotyktu (deucravacitinib) for the…
Gearing up for the automotive digital revolution
MotorK | 13/09/2022
MotorK is a European software-as-a-service (SaaS) provider of sales and marketing software that helps automotive retailers to bridge the gap between their…
First patient enrolled in PREMIER extension study
Pharnext | 12/09/2022
Pharnext has announced enrolment of the first patient in the PREMIER open-label extension study (PREMIER-OLE) in the United States. All patients who complete…
Executive interview
Media and Games Invest - executive interview | 12/09/2022
In this interview filmed at the group’s recent capital markets day, Media and Games Invest CEO Remco Westermann describes the transition of the group’s…
Business as usual for boring but critical tech
HgCapital Trust | 12/09/2022
HgCapital Trust (HGT) consistently executes its successful active ownership strategy, undeterred by the turbulent macroeconomic conditions. It has invested…
Low risk option on PGMs, stellar dividend payer
Sylvania Platinum | 12/09/2022
Its FY22 results were much in line with our revised forecasts. A 23% drop in the PGM basket price, because of global recessionary concerns and production…
Operational progress and positive returns
Target Healthcare REIT | 12/09/2022
Target Healthcare REIT’s Q422 report showed a continuation of consistently positive accounting returns since IPO. Subsequent asset management will…
International investor in impactful innovation
IP Group | 12/09/2022
IP Group is well-financed and trading at a discount of c 50% to its H122 NAV/share (137p), which we believe represents a compelling opportunity for long-term…
Approaching key inflection points
Sequana Medical | 12/09/2022
Sequana Medical reported H122 financials with expenditure mildly above our forecasts and confirmed previous guidance for its cash runway to last into Q323,…
Uncertainty creates opportunity
CVC Income & Growth | 12/09/2022
CVC Income & Growth’s (CVC IG; formerly Credit Partners European Opportunities) share price and NAV have been affected by the turbulent markets.…
Executive interview
Atlantis Japan Growth Fund - executive interview | 09/09/2022
Atlantis Japan Growth Fund (AJG) invests in a diversified portfolio of Japanese equities. Its bias towards high-quality, innovative growth and small-cap…
Strategic review for sustainable growth
EML Payments | 09/09/2022
After a tough year dealing with the recovery from COVID and the European regulatory issue, EML Payments reported FY22 revenue growth of 21% (17% organic),…
Strategic streamlining – sale of oncology assets
Basilea Pharmaceutica | 09/09/2022
Management continues to execute its strategic plan and has announced the sale of its novel poly (ADP-ribose) glycohydrolase (PARG) inhibitor discovery…