This week – March 8 through March 14 – central banks from 5 countries or jurisdictions are scheduled to decide on monetary policy: Mauritius, Serbia, Ukraine, the euro area and Peru.
Following table includes the name of the country, the date of the next policy decision, the current policy rate, the result of the last policy decision, the change in the policy rate year to date, and the rate one year ago.
The table is updated when the latest decisions are announced and can always accessed by clicking on This Week.
How Moderna uses and benefits from digitization and artificial intelligence are described in a ROTH Capital Partners report.
In a March 5 research note, ROTH Capital Partners analyst Yasmeen Rahimi reported that a site visit to Moderna Inc.’s (MRNA:NASDAQ) manufacturing facility, Norwood, showed how the biotech streamlines processes and uses artificial intelligence (AI) to enhance work flow.
Rahimi highlighted that at Norwood, which opened in 2018, the Cambridge, Mass., company carries out the five key components of manufacturing messenger RNA (mRNA)-based drugs. Those elements are plasmid, messenger RNA, lipid nanoparticles, fill/finish and quality control.
She noted and provided supporting data to prove that by using an array of high technologies, Moderna improved efficiency, speed, scalability and cost over the past few years and continues to do so now.
For instance, the biotech decreased its cost per batch by 65% between 2017 and 2020 and increased speed by 40% since 2018. With its cytomegalovirus vaccine, the company scaled up from 5 grams to 75 grams to 150 grams.
Further, the biotech delivered an mRNA vaccine, mRNA-1273, against SARS-CoV-2 in only 42 days, which is “the perfect example that highlights Moderna’s streamlined discovery and manufacturing process at Norwood, allowing for quick production of a high-quality clinical batch,” noted Rahimi.
Next, the analyst listed the various digital and artificial intelligence tools Moderna uses and how it uses them, “to enhance decision-making and minimize human error from preclinical to clinical development and how this can be a key differentiator from other biotechs in mRNA medicine,” she described. The technologies include the following:
1) For the research phase, Moderna uses digital tools it developed for designing mRNA sequences and for choosing options for different nucleotides and codons. It also uses AI algorithms to help select the best mRNA based on back translation. These have helped the biotech increase production.
2) To maintain accurate inventory, Moderna employs digital systems for ordering, applying bar codes to and tracking various items, from raw materials to finished products.
3) In its manufacturing process, the company runs quality control test results through an AI-based system, which recognizes batch record exceptions in real time. Since being used, this process alone resulted in an 85% drop in manual batch recording errors and cut review time to three hours from three days.
4) Moderna uses more than 24 tools for data visualization and analysis, which ultimately decrease human error and allow for data comparison between batches.
5) The biotech uses AI to streamline its clinical work flow. Its AI-based clinical trial dashboard outlines the team’s responsibilities, summarizes operational milestones and provides key updates. “We are especially compelled by Moderna’s use of AI for forecasting trial enrollment, which can track patient enrollment, detect any issues with enrollment, monitor trial size and predict enrollment speed,” Rahimi noted. Digitization also assists in identifying the sites where enrollment is happening the fastest and, thereby, helps expedite trial enrollment.
Also, Rahimi described in detail Moderna’s manufacturing process and reviewed the substance of two white papers Moderna prepared in advance of its Manufacturing and Digital Day. One covered what can be achieved at Norwood. The other explained how Moderna’s use of digitalization in the research and early development phases increases speed and quality and, thus, decreases development costs.
ROTH has a Buy rating and a $33 per share price target on Moderna, the stock of which is currently trading at around $29.61 per share.
Disclosure: 1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. 6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.
Disclosures from ROTH Capital Partners, Moderna Inc., Company Note, March 5, 2020
Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
Within the last twelve months, ROTH has received compensation for investment banking services from Moderna, Inc.
ROTH makes a market in shares of Moderna, Inc. and as such, buys and sells from customers on a principal basis.
Within the last twelve months, ROTH has managed or co-managed a public offering for Moderna, Inc.
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.
Shares of Enzo Biochem traded higher after the company advised that they will launch coronavirus testing services starting next week.
Enzo Biochem Inc. (ENZ:NYSE) today announced that “its wholly owned subsidiary, Enzo Clinical Labs Inc., will begin accepting specimens for novel Coronavirus (COVID-19) testing next week.”
The firm noted that COVID-19 virus has infected more than 93,000 people globally including recent detections in the U.S. The company claimed that “it has many years of experience processing specimens for the detection of viral pathogens and that the test the firm employs is a molecular test that determines the presence of viral ribonucleic acid (RNA) in respiratory specimens collected from patients by healthcare providers.”
The company’s CEO Dr. Elazar Rabbani commented, “Clinical laboratories play a vital role in combating serious challenges to public health, including those posed by COVID-19. We are pleased to be able to rapidly respond to the urgent need for this test and we remain committed to working with our industry partners to address this challenge.”
The firm advised that it is also actively engaged in development efforts for the next generation COVID-19 testing option. The company indicated that its new and innovative testing process includes virus-inactivating specimen collection media to lessen transmission risks for healthcare workers and clinical laboratory testing staff. The firm stated that it is consulting with the U.S. Centers for Disease Control and Prevention (CDC) on implementing enhanced testing capabilities.
Enzo Biochem is based in Farmingdale, N.Y., and stated that it is a “pioneer in molecular diagnostics, leading the convergence of clinical laboratories, life sciences and intellectual property through the development of unique diagnostic platform technologies that provide numerous advantages over previous standards.” The firm reported that it has extensive enabling technologies and platforms and that its intellectual property portfolio includes 406 issued patents worldwide with more than 75 new pending patent applications.
Enzo Biochem started the day with a market capitalization of around $107.5 million with approximately 47.5 million shares outstanding. ENZ shares opened nearly 50% higher today at $3.35 (+$1.09, +48.23%) over yesterday’s closing price of $2.26. The stock has since traded higher today between $2.86 and $3.77 per share and is currently trading at $3.60 (+$1.38, +62.16%).
Disclosure: 1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. 6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.
The maiden Inferred resource estimate is discussed in this report.
Gold Terra Resource Corp. (YGT:TSX.V) [which until February 2020 was known as TerraX Minerals] announced last November an overall maiden Inferred resource of 735,000 gold ounces (oz Au).
Incremental Positive: The company announced an overall maiden Inferred resource of 735,000 oz Au at an average grade of 1.79 gpt Au. The global resource is a combination of open pit and underground resources from four different deposits (Crestaurum, Mispickel, Sam Otto and Barney), all located within a 3-kilometer (3 km) radius. The resource is based on 90,751 meters (90,751 m) of drilling (463 drill holes), with spacing varying between drill holes from 25100m apart. Recall, Gold Terra provides exposure to a district-scale land package with multiple high-grade targets and initial work focused mainly on exploration. The focus has now shifted to resource delineation which will be aimed at unlocking the multimillion ounce potential of the district.
Analysis
Optionality: The resource is separated into an open pit (OP) scenario and underground (UG) scenario based on the current limits of drilling. The OP Inferred resource is estimated at 523,000 ounces (523 Koz) at a grade of 1.4 gpt Au, and an UG inferred resource of 212 Koz at a grade of 5.7 gpt Au. The bulk of the OP resource (81%) is from the Sam Otto Pit at a grade of 1.23 gpt Au, whereas the UG resource (72%) is driven by Crestaurum at a grade of 6.56 gpt Au.
High GradeAt Surface: The Crestaurum deposit is proposed as a potential starter open pit estimating 38,000 oz Au at a grade of 9.41 gpt Au with an UG component. Mineralization has been identified over a 1-km strike length and significant potential remains to be tested at depth. The current resource only tests a fraction of strike length with no drilling at Crestaurum North; a new discovery on surface returning 2.0 m of 21.4 gpt Au. We believe additional drilling has the potential to increase the size of the open pit and show that the high grade extends at depth.
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Bulk Tonnage OP: Sam Otto comprises a bulk tonnage target that has limited drilling along a 1.5 km mineralized footprint outside of the resource area. A recent three-hole drill program successfully extended mineralization along strike and at depth (an additional ~50 m vertical depth), returning an interval of 25.5 m of 1.26 gpt Au, including 10 m of 1.76 gpt Au and 3 m of 2.01 gpt Au. We believe additional drilling will continue to show the district-scale potential along the 2.5 km Sam Otto Trend and clearly illustrate the bulk tonnage nature of this target.
The resource was estimated using US$1,300 gold price; US$2.20/tonne for mining cost; US$16.00/tonne for processing and G&A (general and administrative) costs; 90% metallurgical recovery; 5% dilution (external); 5% mining loss and 55⁰ pit slopes. These parameters are inline with current operating OP mines and other resource estimates.
Takeaway
In our view, a common theme emerges from the recent maiden resource and our discussion, which is the significant upside of the property. This maiden resource, albeit small, is the first step toward unlocking the multimillion ounce potential of the district. Historical drilling has been spread out across multiple targets not fully testing any one target properly, but demonstrating that mineralization is still open ended. We view this resource as a positive step in the right direction, which will allow YGT to expand on each of the deposits with a clear focus towards resource growth and development.
Upcoming Catalysts:
Resource Expansion Drilling at Sam Otto and CrestaurumQ1/20
Gary Sidhu, an analyst with Intrynsyc Capital Corp., has been involved in the mineral exploration industry for almost 20 years. Early in his career he gained extensive technical experience with “boots on the ground” knowledge of early to advanced stage projects including mapping, drilling, milling and mining experience. Until recently he worked as a sell side analyst focusing on early to advanced stage junior exploration companies.
Disclosure: National Instrument 31-103 requires registered firms to disclose information that a reasonable investor would expect to know, including any material conflicts with the firm or its representatives.
This publication is intended only to convey information. It is not to be construed as an investment guide and may be construed as an offer or solicitation of an offer to buy securities mentioned in it. The author has taken all usual and reasonable precautions to determine that the information contained in this publication has been obtained from sources believed to be reliable and that the procedures used to summarize and analyze such information are based on approved practices and principles in the investment industry. However, the market forces underlying investment value are subject to sudden and dramatic changes and data availability varies from one moment to the next. Consequently, neither the author nor Intrynsyc Capital Corporation can make any warranty as to the accuracy or completeness of information, analysis or views contained in this publication or their usefulness or suitability in any particular circumstance. You should not undertake any investment solely on the basis of this publication, but should first consult your investment adviser, who can assess all relevant particulars of your proposed investment. The author and Intrynsyc Capital Corporation accept no liability of any kind whatsoever or any damages or losses incurred by you as a result of reliance upon or use of this publication.
Disclosure: 1) Intrynsyc Capital’s disclosures are above. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this interview, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Gold Terra Resource Corp., a company mentioned in this article.
Samsung is advancing the funds for the delivery and sale of approximately 3,000 ounces of gold contained in doré each month for a two-year period. The gold will be from Great Panther’s Tucano Gold Mine, located in Brazil. “Gold deliveries will be sold at a 0.65% discount to the benchmark price of gold at the time of delivery and will be used to offset repayments of the Advance, which are scheduled to occur between 11 to 24 months after the date of the Advance,” the company stated.
The advance carries interest calculated at an annual rate of three-month USD LIBOR plus 5%; it is secured by a “pledge of all equity interests in Great Panther’s Brazilian subsidiary that owns the Tucano Gold Mine.” Great Panther can also offer to Samsung concentrates from the Coricancha Mine in Peru under certain circumstances. On February 3, Great Panther received the $11.25 million payment, having fulfilled the conditions of the agreement.
Added to the US$10 million concentrate prepayment arrangement Great Panther previously announced with the IXM Group of Switzerland for 100% of the gold-silver concentrates produced at the Guanajuato Mine Complex in Mexico at market based commercial terms, this provides Great Panther with more than $21 million in new capital.
Analyst Mark Reichman with Noble Capital Markets wrote on January 7, “In our view, the terms of the prepayment agreements are appropriate and underscore the confidence that these two well-recognized industry leaders have in Great Panther Mining, its operations and management. Both IXM and Samsung are respected throughout the industry and Samsung has been a source of financing for other mining companies we have covered and proven themselves to be a valued partner.”
ROTH Capital Partners analyst Jake Sekelsky commented on the financial arrangement on February 6, noting, ” We view both forms of financing as non-dilutive access to capital and believe the agreements alleviated recent pressure on the stock due to working capital concerns.”
On January 13, Great Panther announced fourth quarter and 2019 production results, reporting production of about 147,000 consolidated gold equivalent ounces in 2019, a 182% increase that reflects the acquisition of Tucano in March 2019. Q4 production at Tucano reached 34,000 gold ounces, exceeding the high end of guidance. And at the Topia Mine, Great Panther produced 1.8 million ounces of silver equivalent in 2019, “benefitting from an increase in mill capacity, grade and an advancement of mine development.”
Noble Capital Markets, on January 15, upgraded Great Panther to Outperform “based on improving risk and reward profile.” Analyst Reichman wrote, “Based on an improving production and cost profile, we forecast 2020 EPS and EBITDA of $0.05 and $69.7 million, respectively,” adding, “We are upgrading our rating based on our belief that recent operational issues at the Tucano mine will not negatively affect the company’s long-term production profile. While Tucano’s production potential won’t be evident until the latter half of 2020, we think the depressed valuation offers investors an attractive entry point.”
Great Panther, on January 28, provided an update on its Mexico projects’ exploration results and plans for 2020. The company has two Mexico operations: the Topia Mine and the Guanajuato Mine Complex, which includes the Guanajuato Mine and the San Ignacio Mine. Jeffrey Mason, interim president and CEO, stated, “Our 2019 exploration program in Mexico was highly successful at both of our mining operations. This is already translating into growth in production and cash flow, with record silver equivalent production at the Topia Mine in 2019. In 2020, we plan to define new mineralized zones and test new targets at San Ignacio, and focus on developing new high-grade resources at Guanajuato with 63% more drilling meters, targeting increased production later this year. With comprehensive exploration plans of over $4 million in Mexico, our 2020 programs will build on momentum from our 2019 successes.”
Noble analyst Reichman, writing on January 29, stated that Great Panther’s Mexico exploration activity “carries momentum into 2020. . .While attention in 2019 largely focused on the company’s Tucano mine in Brazil, Great Panther executed a successful exploration program in Mexico that set the stage for 2020.”
Noble maintains an Outperform rating on Great Panther. Writes Reichman, “We are encouraged that the Guanajuato mine could return to service in 2020. The company’s 2019 and 2020 exploration program will benefit the company’s production profile and potentially improve the quality of reserves and resources while extending lives of the company’s mines in Mexico.”
On February 6, Great Panther released exploration plans for the Tucano Gold Mine, budgeting US$6.6 million for both “near mine” and “regional” exploration. The near mine program will have 10,000 meters of reverse circulation drilling and 18,000 meters of diamond core drilling.
At the regional level, the company noted that it is “prioritizing concessions according to their proximity with respect to Tucano’s mill and geological potential,” and it plans to conduct 27,000 meters of regional exploration in 2020, including 18,000 meters of rotary air blast drilling and 9,000 meters of auger drilling.
Matthew O’Keefe, analyst with Cantor Fitzgerald, wrote in a February 6 report, “The 2020 drill program for Tucano should allow GPL to replace and expand its reserves and resources and start to unlock the significant upside we see on the property. We maintain our BUY rating and $1.00/C$1.30/share price target.”
ROTH Capital Partners analyst Jake Sekelsky, wrote in a February 6 report that Great Panther’s “strengthened balance sheet to drive exploration in 2020.” He noted that “the majority of exploration efforts are expected to be focused on the company’s Tucano gold mine in Brazil with ancillary programs at the Guanajuato Mine Complex (GMC) in Mexico. Given the company’s recent cash infusion following concentrate pre-payment agreements, we believe Great Panther is well funded to execute on its exploration plans for 2020. As such, we are reiterating a Buy rating and US$1.00 price target.”
Concerning the Tucano Mine, Sekelsky wrote, “We continue to view the updated resource estimate at Tucano as a primary catalyst for Great Panther during 1H20 as we expect to receive greater visibility with respect to the ongoing technical review of the UCS pit. In short, we believe Tucano hosts significant exploration potential and believe management is taking prudent steps to unlock additional value at the project.”
“Given the company’s increased cash balance, we believe the company possesses the necessary working capital to move forward with the technical review at Tucano and conduct exploration work across the project. Given this, we believe Great Panther remains undervalued at current levels,” Sekelsky concluded.
H.C. Wainwright & Co. analyst Heiko Ihle noted on February 7, “Great Panther management continues to prioritize the strengthening of its balance sheet while simultaneously protecting the firm’s profit margins.” The firm has a Buy recommendation and price target of US$1.75 for Great Panther.
“We applaud management’s diligent exploration and engineering work to maximize its return on investment, especially as Great Panther continues to work through various issues regarding its transformational Tucano acquisition. In short, given continued successes at Great Panther’s sites we expect production from all three mines to grow throughout FY20 and FY21,” Ihle concluded.
Disclosure: 1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Disclosures from Noble Capital Markets, Great Panther Mining Ltd.
Company Specific Disclosures The following disclosures relate to relationships between Noble and the company (the “Company”) covered by the Noble Research Division and referred to in this research report.
The Company has attended Noble investor conference(s) in the last 12 months.
Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) within the next 3 months.
Noble is not a market maker in the Company.
RESEARCH ANALYST CERTIFICATION Independence Of View All views expressed in this report accurately reflect my personal views about the subject securities or issuers.
Receipt of Compensation No part of my compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public appearance and/or research report.
Ownership and Material Conflicts of Interest Neither I nor anybody in my household has a financial interest in the securities of the subject company or any other company mentioned in this report.
Disclosures from ROTH Capital Partners, Great Panther Mining, Company Note, February 6, 2020
Regulation Analyst Certification (“Reg AC”): The research analyst primarily responsible for the content of this report certifies the following under Reg AC: I hereby certify that all views expressed in this report accurately reflect my personal views about the subject company or companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific recommendations or views expressed in this report.
ROTH makes a market in shares of Great Panther Mining and as such, buys and sells from customers on a principal basis.
Shares of Great Panther Mining may be subject to the Securities and Exchange Commission’s Penny Stock Rules, which may set forth sales practice requirements for certain low-priced securities.
ROTH Capital Partners, LLC expects to receive or intends to seek compensation for investment banking or other business relationships with the covered companies mentioned in this report in the next three months.
Disclosures from Cantor Fitzgerald, Great Panther Mining Ltd., Corporate Update, February 6, 2020
Potential conflicts of interest: The author of this report is compensated based in part on the overall revenues of Cantor, a portion of which are generated by investment banking activities. Cantor may have had, or seek to have, an investment banking relationship with companies mentioned in this report. Cantor and/or its officers, directors and employees may from time to time acquire, hold or sell securities mentioned herein as principal or agent. Although Cantor makes every effort possible to avoid conflicts of interest, readers should assume that a conflict might exist, and therefore not rely solely on this report when evaluating whether or not to buy or sell the securities of subject companies.
Disclosures as of February 6, 2020 Cantor has provided investment banking services or received investment banking related compensation from Great Panther Mining Ltd. within the past 12 months. The analysts responsible for this research report do not have, either directly or indirectly, a long or short position in the shares or options of Great Panther Mining Ltd. The analyst responsible for this report has visited the material operations of Great Panther Mining Ltd (Tucano). No payment or reimbursement was received for related travel costs.
Analyst Certification The research analyst whose name appears on this report hereby certifies that the opinions and recommendations expressed herein accurately reflect his personal views about the securities, issuers or industries discussed herein.
Disclosures from H.C. Wainwright & Co., Great Panther Mining Ltd., Company Update, February 7, 2020
I, Heiko F. Ihle, CFA and Tyler Bisset, certify that 1) all of the views expressed in this report accurately reflect my personal views about any and all subject securities or issuers discussed; and 2) no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or views expressed in this research report; and 3) neither myself nor any members of my household is an officer, director or advisory board member of these companies.
None of the research analysts or the research analyst’s household has a financial interest in the securities of Great Panther Mining Limited (including, without limitation, any option, right, warrant, future, long or short position).
As of December 31, 2019, neither the Firm nor its affiliates beneficially own 1% or more of any class of common equity securities of Great Panther Mining Limited.
Neither the research analyst nor the Firm has any material conflict of interest in of which the research analyst knows or has reason to know at the time of publication of this research report.
The research analyst principally responsible for preparation of the report does not receive compensation that is based upon any specific investment banking services or transaction but is compensated based on factors including total revenue and profitability of the Firm, a substantial portion of which is derived from investment banking services.
The firm or its affiliates received compensation from Great Panther Mining Limited for non-investment banking services in the previous 12 months.
The Firm or its affiliates did receive compensation from Great Panther Mining Limited for investment banking services within twelve months before, and will seek compensation from the companies mentioned in this report for investment banking services within three months following publication of the research report.
H.C. Wainwright & Co., LLC managed or co-managed a public offering of securities for Great Panther Mining Limited during the past 12 months.
The Firm does not make a market in Great Panther Mining Limited as of the date of this research report.
H.C. Wainwright & Co., LLC and its affiliates, officers, directors, and employees, excluding its analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives (including options and warrants) thereof of covered companies referred to in this research report.
The reason for the upgrade to Outperform and the factors that make First Solar an attractive investment are delineated in a Raymond James report.
In a Feb. 24 research note, analyst Pavel Molchanov reported that Raymond James upgraded its rating on First Solar Inc. (FSLR:NYSE) to Outperform from Market Perform for the first time since 2010.
This is because cleantech is “red hot” and “the backdrop is the best all-around investor sentiment on cleantech in more than a decade,” added Molchanov. For instance, already this year the Eco Index rose 27% and last year it increased 58%.
Molchanov described First Solar as being far from the most exciting cleantech story but in the commoditized module market, it is among the industry leaders. “This is one of the few remaining value ideas, arguably deep value, in cleantech,” he commented, “and we think risk/reward is nicely tilted to the upside.” First Solar manufactures thin film photovoltaic modules.
Here is what Arizona-based First Solar has going for it, according to Molchanov. It is the only U.S.-based supplier in the global Top 10. Of those, it is the only one without direct exposure to China. It is large scale, cost competitive and highly bankable.
Also, First Solar has a “sterling,” cash abundant balance sheet. Though cash flow will likely still be negative this year, year-end net cash of $1.31.5 billion equals 25% of the energy company’s current market cap. Further, cash outlay is dropping from its peak of $740 million in 2018; guidance for 2020 is $450550 million. “The balance sheet certainly provides the financial flexibility to initiate buyback (or a dividend) for the first time ever,” Molchanov highlighted.
Raymond James has a target price of $65 per share on First Solar, the stock of which is currently trading at around $45.83 per share.
Disclosure: 1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.
Disclosures from Raymond James, First Solar Inc., February 24, 2020
ANALYST INFORMATION
Analysts Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination, including quality and performance of research product, the analyst’s success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.
The analyst Pavel Molchanov, primarily responsible for the preparation of this research report, attests to the following: (1) that the views and opinions rendered in this research report reflect his or her personal views about the subject companies or issuers and (2) that no part of the research analyst’s compensation was, is, or will be directly or indirectly related to the specific recommendations or views in this research report. In addition, said analyst(s) has not received compensation from any subject company in the last 12 months.
RAYMOND JAMES RELATIONSHIP DISCLOSURES Certain affiliates of the RJ Group expect to receive or intend to seek compensation for investment banking services from all companies under research coverage within the next three months.
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By TheTechnicalTraders – Since 2009 the stock market has had for major waves of investor fear (volatility) take place which was in 2010, 2011, 2015, and 2018. Each time the market corrected we saw a drop anywhere from 12% – 18% and both traders and investors became emotional and started selling assets in fear of lower prices. What we are experiencing right now is the same sort of setup once again.
These waves of panic selling are a signature pattern of a mini-crash and they have similar outcomes each time which I will share with you here so you know what to expect and how to trade this rare market condition.
It takes a lot to convince the masses to reach this level of fear. Each of these mini-market crashes there has been some catalysts to further induce fear/selling. This time its Covid-19 that is tipping the scales.
Only two assets have acted as a safe haven which is bonds, and gold. Once again everyone has been piling into these over the past week, and even more so on Friday with Bonds surging 6.5% at one point during the session.
What does it mean when everyone is buying bonds and gold like this?
Where should you put your money to work going forward? If you are thinking of buying bonds or gold you may want to think again.
Take a look at the charts for gold and bonds below when fear and the volatility index (VIX) have reached the level we experienced last week.
Weekly Chart of Gold, and the VIX Performance
The chart below is straight forward. The bottom yellow section is the level of fear (VIX), while the top candlestick chart is the price of gold.
This chart shows what happens to the price of gold when everyone becomes fearful. Gold tends to rally as fear rises and the VIX spikes. But once the VIX has spiked the price of gold will trade sideways for many weeks and eventually have a deeper correction.
While gold could see more fear-based buying in the next week or two I feel most of the upside potential has always been realized and your money will be stuck in an underperforming asset when it could be deployed elsewhere in the market.
Weekly Chart of Bonds (TLT), and the VIX Performance
The below chart of bonds is a little different in how it reacts to extreme broad-based fear. Bonds tend to trade sideways or higher for a few several weeks and this is because bonds are really the core safe-haven play amount investors and financial advisors.
When extreme fear hits the market and spooks the masses it can take weeks for all those buy and hold investors recognize the market weakness and take action selling their stocks and moving their money into bonds. This buying pressure on bonds is a slow trickle-in effect as advisors have clients call them and demand they put their money into a low-risk investment like bonds.
Bonds do have another interesting twist for last week’s particular price action. Only three times since 2008 have I seen bonds move 20% in value within a short period of time which is what they reached last week. Within 1-3 weeks from a 20%+ gain, the price of bonds has corrected on average 11.5%.
Concluding Thoughts:
In short, my 23 years of technical analysis experience in reading charts, and statistical analysis is telling me we should be looking at different asset classes to trade over the next couple of months.
On Friday at the opening bell subscribers and I closed our TLT bond trade for a 20.07% gain. During that time the stock market crashed 14.5% which we avoided because of our technical analysis which closed our long SP500 position before the big drop.
As a technical analysis and trader since 1997, I have been through a few bull/bear market cycles. I believe I have a good pulse on the market and timing key turning points for short-term swing traders.
Visit my ETF Wealth Building Newsletter and if you like what I offer, and ride my coattails as I navigate these financial markets and build wealth while others lose nearly everything they own during the next financial crisis.
The recent price breakdown in the US stock market (near the end of February 2020) prompted a very big spike in the VIX – could we see another HUGE spike with a deeper price selloff in the near future?
Our researchers believe this first downside price rotation in the US stock market may be just the first downside move in what may become a “waterfall” price event where price declines in a series of downside price waves reaching an ultimate support level. The way the VIX works is to attempt to normalize implied volatility based on available options call and put data over a 30-day span. The process of normalizing this data attempt to eradicate outlier data from the equation. Thus, a VIX level of 40 has likely resulted in completed data that attempts to eliminate outlier data points that may have resulted in a much higher VIX value.
After this recent rally in the VIX level, the current normalization process will likely take the current range of the VIX (options data) into consideration for future VIX levels. Thus, in order for the VIX to reach levels above 40 again, a much bigger downside price move would have to take place – possibly pushing the SPY to levels near $260 or lower. A move like this would have to happen in an aggressive type of price decline in order for the VIX to rally back above 40. Is this something we should expect in the near future?
Options Traders Be Aware: In our next post, we will touch one why trading options in this type of market condition is a major NO-NO.
Be sure to opt-in to our free market trend signals newsletter before closing this page so you don’t miss our next special report!
Our researchers believe the likelihood of a price decline like this is greater than 60% at this time. We believe a Waterfall type of price event is unfolding where the price will attempt to source out true support levels as global central banks position ahead of any economic fallout for Q1 and Q2 of 2020. It is because of these expectations that we believe global traders and investors will suddenly pull capital away from risk, into CASH and safe-havens while the unknowns of the global economic situation play out. This dramatic shift from just 30 days ago may push the VIX to levels above 50 or 60 if we experience another aggressive selloff.
Liquidity becomes a major problem as Algos begin to pull capital out of the markets – like the FLASH CRASH of years ago. This type of activity is already happening as many of our Algos and those of some of our friends have already started identifying severe risk factors in the markets as ATR and VIX have skyrocketed. This lack of liquidity in the global markets could prompt an extended FLASH CRASH type of price event over the next 30 to 60+ days – possibly multiple FLASH events.
Daily VIX Chart
This Daily VIX chart highlights the scale of the second Waterfall price event that recently took place. The first Waterfall price move took place in early February and was very minor – yet our researchers caught it.
Weekly VIX Chart
This Weekly VIX chart highlights what we believe to be a likely scenario where VIX normalizes to levels below 25 over the next 2~3 weeks before another downside Waterfall event takes place as Q1 earnings data is about to hit the markets (near the end of March or early April). It makes perfect sense to us that revisions and announcements will begin to hit the news wires relating to missed earnings and profit expectations near the end of March 2020. If the Coronavirus is still working its way through Europe, the Middle East, and North America, we could be set up for a shocking April 2020 as Q1 earnings are announced. This is what we believe will send the VIX skyrocketing to levels above 45~50 potentially.
A 25 to 35 day period of relative calm (2~3+ weeks) before earnings data starts to funnel into the news cycle. Come early April, if companies have not yet already adjusted guidance, we could be in for a series of surprises that shock the US stock market and send the VIX skyrocketing.
Smart Cash Index Show Global Equity Trend
Our Smart Cash Index has recently broken below historical support channels and may begin to move into a new downward price channel soon. This would be the first time in over 8+ years that this lower price channel has been seriously threatened in this manner. A new downward price channel setup could indicate some extended downside price moves are in our future. These types of downside price moves could indicate a broader global move away from risk as trader attempt to move capital into the safety of CASH and other investments.
Concluding Thoughts:
As we’ve been warning for many months, 2020 is sure to be a very exciting year for skilled traders. Don’t miss any of these incredible opportunities for broad sector swings and bigger moves in the US and Global stock markets. These are the types of price swings that can make fortunes for skilled traders who are ahead of the bigger moves.
In fact, on Friday while traders and investors were down 15% with equities subscribers and I locked in 20.07% profit on our TLT trade and we avoided the equities collapse all together using my proven technical analysis strategies.
As a technical analysis and trader since 1997, I have been through a few bull/bear market cycles. I believe I have a good pulse on the market and timing key turning points for both short-term swing trading and long-term investment capital. The opportunities are massive/life-changing if handled properly.
I urge you visit my ETF Wealth Building Newsletter and if you like what I offer, join me with the 1-year subscription to lock in the lowest rate possible and ride my coattails as I navigate these financial market and build wealth while others lose nearly everything they own during the next financial crisis. Join Now and Get a Free 1oz Silver Bar!
By TheTechnicalTraders – Over the past few weeks and months, our research team has continued to sing the praises of precious metals – particularly Gold and Silver. After last week’s dramatic selloff in precious metals (attributed mostly to margin call sales), both Gold and Silver rallied almost 3% on Tuesday, March 3 – the day the US Fed issued an emergency 0.50% rate cut.
We believe this move by the US Fed solidified a fear in the global markets that the central banks are preparing for a much broader economic contraction and attempting to front-run weakness by moving price rates lower. This will help to ease capital restrictions, liquidity across global markets and spur some global borrowing at a time when the Coronavirus may continue to weigh on global economies. Still, for skilled metals traders, this is likely the rocket fuel we need to see Gold rally above $1800 very quickly and for Silver to rally above $21 quickly as well.
This Weekly Gold chart highlights the early recovery that took place on Tuesday, March 3, 2020. Gold actually closed at $1641.6 for the day – up 2.93%. This move nearly recovered the entire bearish previous Weekly bar – suggesting that traders were not going to be forced away from the metals markets by any shakeout.
Our ADL predictive modeling system on this Gold Monthly chart suggests Gold will rally above $1700 within 2~3 weeks, then briefly pause before rallying to levels just below $1800. From there, it appears Gold will rally very quickly to near the $1902, a pullback to levels near $1820, then settle into a range near $1875 or higher.
Considering Gold was trading at $1560 just a few days ago, this represents a +21% rally from recent lows.
This ADL Monthly Silver chart also highlights the advance in prices in Silver and how the next 3~5+ weeks will likely support a moderate upside price advance to levels near $18.35 before a more aggressive upside move begins where $19, the $20, then $21 will be reached over a very short period of time (roughly 30 days). Remember, the Gold to Silver ratio was sitting near 94 at the end of February. If this ratio reverts back to levels near 75, Silver would likely rally 45% or more from current levels.
Don’t miss these incredible moves in precious metals. The markets are actually gifting these recent low price levels to skilled traders. We issued a research post just last week that suggested any move below $1600 in Gold was an excellent opportunity for skilled traders to load up. Silver prices just above $16 was another gift for skilled traders.
We don’t believe these current levels will be available for much longer. Our modeling systems are suggesting precious metals is just beginning a much bigger upside price move. Now is the time to get in while you can before the +20% to +40% rally begins.
As a technical analysis and trader since 1997, I have been through a few bull/bear market cycles. I believe I have a good pulse on the market and timing key turning points for both short-term swing trading and long-term investment capital. The opportunities are massive/life-changing if handled properly.
I urge you visit my ETF Wealth Building Newsletter and if you like what I offer, join me with the 1-year subscription to lock in the lowest rate possible and ride my coattails as I navigate these financial market and build wealth while others lose nearly everything they own during the next financial crisis. Join Now and Get a Free 1oz Silver Bar!
Ocular Therapeutix shares set a new 52-week high price after the company reported preliminary FY/19 revenue results along with positive interim data from its Phase 1 clinical study of OTX-TKI for treatment of wet age-related macular degeneration.
Ocular Therapeutix Inc. (OCUL:NASDAQ) yesterday announced “preliminary unaudited net product revenue for the Q4/19 and interim results from its Phase 1 clinical trial for OTX-TKI, a long-acting tyrosine kinase inhibitor intravitreal implant being evaluated for the treatment of wet age-related macular degeneration and other retinal diseases.”
The company reported that in Q4/19 total net product revenue was $2.3 million, which represents a 172% sequential increase over Q3/19. The firm highlighted that net product revenue of DEXTENZA® in Q4/19 was $1.6 million, compared to $0.3 million in Q3/19. Total Q4/19 net product revenue includes $0.7 million in net product revenue from the company’s ReSure® Sealant. The company stated that it plans to release audited FY/19 results later this month.
The company indicated that DEXTENZA net revenue in Q4/19 was driven by continued increase in the number of new accounts prescribing DEXTENZA and re-order rates by existing accounts and that the firm continues to see increased interest from larger accounts since the beginning of 2020.
The firm advised that it expects that Q1/20 net revenues from DEXTENZA sales will be in the range of $2.4-2.6 million and anticipates net revenues from ReSure Sealant of approximately $0.6 million in the same period. Thus, total net product revenue for Q1/20 is expected to be in the range of $3.0-3.2 million.
The company’s President and CEO Antony Mattessich commented, “We are pleased with our progress and with the results we are seeing in the early stages of the DEXTENZA launch…Increases in new accounts, re-order rates, and average order size are all metrics we are seeing that reinforce our belief that DEXTENZA’s differentiated product profile is resonating with surgeons as a novel treatment for ocular inflammation and pain following ophthalmic surgery. In addition, with encouraging interim results in OTX-TKI for the treatment of wet age-related macular degeneration and in OTX-TIC for the treatment of glaucoma that were announced today and a few weeks ago respectively, we are beginning to see the potential of our early-stage product pipeline.”
The firm also provided an interim update Phase 1 trial data on OTX-TKI. The Phase 1 dose escalation clinical trial has enrolled 12 patients split into 2 cohorts and is being conducted in Australia to evaluate the safety and efficacy of OTX-TKI for the treatment of wet age-related macular degeneration.
The firm’s Chief Medical Officer Dr. Michael Goldstein added, “For patients with wet age-related macular degeneration and retinal diseases, there is a need for both products with new mechanisms of action and for products that are able to provide longer-acting therapy than current anti-VEGF products on the market today…Initial data from this Phase 1 study with a tyrosine kinase inhibitor indicate that OTX-TKI has the potential to decrease intraretinal and subretinal fluid in patients with wet-age-related macular degeneration…The safety and biological activity seen in this trial is consistent with our pre-clinical animal studies and the data support both ongoing testing as a monotherapy and in combination with other anti-VEGF injections where OTX-TKI could extend the efficacy of those products thereby requiring less frequent dosing.”
The company explained that “OTX-TKI (tyrosine kinase inhibitor implant) is a preformed, bioresorbable hydrogel that contains TKI particles in an injectable fiber that can be delivered through a small-gauge, sterile injection needle to the back of the eye.”
Ocular Therapeutix is based in Bedford, Mass., and describes itself as “a biopharmaceutical company focused on the formulation, development, and commercialization of innovative therapies for diseases and conditions of the eye using its proprietary bioresorbable hydrogel-based formulation technology.”
The company noted that “its first commercial drug product, DEXTENZA, is FDA-approved for the treatment of ocular inflammation and pain following ophthalmic surgery and that it is conducting a Phase 3 clinical trial evaluating DEXTENZA for the treatment of ocular itching associated with allergic conjunctivitis.” In addition, the company is testing its OTX-TP (intracanalicular travoprost insert) in a Phase 3 clinical trial for reducing intraocular pressure in patients with primary open-angle glaucoma and ocular hypertension.
Ocular Therapeutix began the day with a market capitalization of around $262.5 million with approximately 48.08 million shares outstanding and a short interest of about 11.80%. OCUL shares opened higher today at $5.65 (+$0.19, +3.48%) over yesterday’s $5.46 closing price and reached a new 52-week high price this morning of $7.33. The stock has traded today between $5.44 and $7.33 per share and is currently trading at $7.01 (+$1.55, +28.39%).
Disclosure: 1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None. 2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. 3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security. 4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports. 5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. 6) This article does not constitute medical advice. Officers, employees and contributors to Streetwise Reports are not licensed medical professionals. Readers should always contact their healthcare professionals for medical advice.
