STOCKS TELEGRAPH

Author: Shariq Khan

  • Aurinia Pharmaceuticals Inc. (AUPH) is down in the Pre-market; here is why?

    Aurinia Pharmaceuticals Inc. (AUPH) is down in the Pre-market; here is why?

    Aurinia Pharmaceuticals Inc. (AUPH) declined in the pre-market after announcing its fourth quarter and fiscal 2021 results. AUPH values at $13.10, losing more than 20% compared to yesterday’s closing price. The stock closed at $15.98 at the end of the last trading session. The stock volume traded in the last trading session was around 3.01 million shares. The current market cap of the company is around $2.11 billion.

    AUPH: Q4 and Fiscal 2021 Key Financials

    • Aurinia Pharmaceuticals Inc.’s revenue in Q4 2021 was $23.4 million. It is a decrease of more than half compared to the revenue of $50 million in Q4 2020.
    • Fiscal 2021 revenue was $45.6 million, which is slightly less than the revenue of $50 million in fiscal 2020. Otsuka’s $50.0 million advance payment mostly accounted for the company’s total revenue for the quarter and year ending December 31, 2020.
    • The company’s net loss in Q4 2021 was around $33.3 million, compared to the net loss of $8.1 million in Q4 2020.
    • AUPH’s net loss in fiscal 2021 was around $181 million, compared to the net loss of $102.7 million in fiscal 2020.
    • The Q4 2021 loss per share was $0.0.25, less than $0.6 of Q4 2020.
    • For fiscal 2021, the loss per share was $1.40, compared to $0.87 in fiscal 2020.

    AUPH CEO’s Remarks

    According to Aurinia’s President and CEO, Peter Greenleaf, the company’s revenue doubled in the fourth quarter of 2021 because of increased LUPKYNIS patient start forms, conversion rates, and payor coverage. Our success in raising awareness, acceptance, and access to LUPKYNIS has been quite positive despite the unexpected COVID challenges that differ by geographic location.

    AUPH 2022 Guidelines

    According to its guidance, the Company expects a net revenue range of $115 to $135 million from LUPKYNIS sales for the fiscal year 2022. This range is based on assumptions about the influence of COVID-19 on the existing business, and it implies an increase in net revenue from sales of LUPKYNIS of more than 150-200% compared to fiscal 2021.

    Conclusion

    The success of AURORA 2 gave the company momentum to enter 2022. The company focused on the sale of the LUPKYNIS and aimed to gain maximum revenue from the product. 2022 could be an incredible year to roll out a new product.

  • Esports Entertainment Group, Inc. (GMBL) declined in the after-hours; here is why?

    Esports Entertainment Group, Inc. (GMBL) declined in the after-hours; here is why?

    Esports Entertainment Group, Inc. (GMBL) declined in the aftermarket after announcing its price for the previously announced underwritten public offering. GMBL values at $0.94, losing more than 18% compared to Friday’s closing price. The stock closed at $1.16 at the end of the last trading session. The stock volume traded in the last trading session was around 1.06 million shares. The current market cap of the company is around $29.78 million.

    GMBL underwritten public offering

    On February 27, 2022, Esports Entertainment Group, Inc. (GMBL) priced its previously announced underwritten public offering of 15,000,000 shares of common stock.

    GMBL has decided on an effective offering price of $1.00 for each share of common stock and each common warrant. The useful life of the common stock and warrants will be five years from the date of issue and will be exercised for $1.00 per share of common stock. Investors will buy both the common shares and warrants simultaneously, but they will be issued separately and will be instantly transferable.

    GMBL further announcement

    A 45-day option to acquire an additional 2,250,000 common shares and will have a choice to further buy warrants up to an extra 2,250,000 common shares that GMBL has granted. For the offering, Maxim Group LLC and Joseph Gunnar & Co., LLC are serving as book-running managers, respectively.

    GMBL intends to fund working capital

    Before excluding underwriting discounts and commissions and projected offering costs, they expect that the total income of the offering will be about $15.0 million in total. They anticipate that this offering will close in the first week of March. GMBL intends to utilize the total proceeds from this offering as working capital and to repay a part of its existing senior convertible note.

    Conclusion

    As soon as the company announced its underwritten public offering price, its stock plunged after-hours. Investors are not responding positively to the pricing offer.

  • Aerie Pharmaceuticals, Inc. (AERI) stock gained in the current market; here is why?

    Aerie Pharmaceuticals, Inc. (AERI) stock gained in the current market; here is why?

    Aerie Pharmaceuticals (AERI) gained in the current market after announcing its fourth quarter and fiscal 2021 results. AERI values at $7.55, losing more than 27.97% compared to yesterday’s closing price. The stock closed at $5.9 at the end of the last trading session. The stock volume traded in the last trading session was around 799.65K shares. The current market cap of the company is around $346.66 million.

    AERI: Q4 and Fiscal 2021 Key Financials

    • Aerie Pharmaceuticals, Inc.’s revenue in Q4 2021 was $114.7 million. More than compared to the revenue of $24.27 million in Q4 2020.
    • Fiscal year revenue was $194.1 million, more than compared to the revenue of $83.1 million in fiscal 2020.
    • The company’s net income in Q4 2021 was around $45.5 million. Slightly less than the net income of $46.1 million in Q4 2020.
    • AERI’s net loss in fiscal 2021 was around $74.8 million, improving its loss, compared to the net loss of $183.1 million in fiscal 2020.
    • The Q4 2021 diluted earnings per share were $0.96. There was a loss per share of $1.00 in Q4 2020.
    • For fiscal 2021, the diluted loss per share was $1.61, compared to the loss per share of $3.99 in fiscal 2020.

    AERI CEO’ Remarks

    CEO Raj Kannan said that he is excited to join Aerie at such an exciting moment in our development trend and announced that Aerie had a good year in 2021. We announced favorable Phase 2b findings on AR-15512 for dry eye, positive Phase 3 results on Rhopressa for glaucoma in Japan, finalized a second partnership deal with Santen. The company also maintained a healthy financial position. These accomplishments position Aerie for 2022 and onwards.

    AERI 2022 Outlook

    Aerie Pharmaceuticals, Inc. (AERI) anticipates $130 million to $140 million in 2022, representing a 16% t to 25% increase over the fiscal year 2021.

    Even though AR-15512’s three Phase 3 trials have begun, Aerie Pharmaceuticals, Inc. (AERI) estimates a 15% decrease in total net cash consumed by 2022 compared to 2021, despite rising R&D and operational expenditures.

    Conclusion

    The company is growing at a fast pace and increasing its clientele. AERI is focused on the company’s growth and is not caring about profitability. In such strategies, profitability is the second phase after expansion and increasing market share.

  • Dell Technologies Inc. (DELL) declined in the current market; here is why?

    Dell Technologies Inc. (DELL) declined in the current market; here is why?

    Dell Technologies Inc. (DELL) declined in the current market after announcing its fourth quarter and fiscal 2021 results. DELL values at $51, losing more than 8% compared to yesterday’s closing price. The stock closed at $55.84 at the end of the last trading session. The stock volume traded in the last trading session was around 3.63 million shares. The current market cap of the company is around $43.37 billion.

    DELL: Q4 and Fiscal 2022 Key Financials

    • Dell Technologies Inc.’s revenue in Q4 2022 was $27.9 billion. It is a gain of more than 16% compared to the revenue of $24.2 billion in Q4 2021.
    • Fiscal year 2022 revenue was $101.19 billion, and it is an increase of more than 17% compared to the revenue of $86.6 billion in fiscal 2021.
    • The company’s net loss in Q4 2022 was around $29 million. The change is -(104%) compared to the net income of $695 million in Q4 2021.
    • DELL’s net income in fiscal 2022 was around $4.9 billion, more than 120%, compared to the net income of $2.245 billion in fiscal 2021.
    • The Q4 2022 diluted loss per share was $0.04, less than $0.90 of Q4 2021.
    • For fiscal 2022, earnings per share were $6.26, more than 114%, compared to the EPS of $2.93 in fiscal 2021.

    DELL Dividend Update

    The board of directors has authorized the implementation of a dividend policy. According to the company’s projections, it will pay quarterly cash dividends on its common stock at an initial dividend rate of $1.32 per share each year for fiscal 2023. The amount is around $1 billion. The board of directors has declared its first quarterly dividend of $0.33 per share, which will be paid on April 29 to shareholders who had their accounts with records as of April 20.

    Conclusion

    The company’s net income declined in the fourth quarter of 2022, but its income gained by more than 120%. The supply chain disruption caused by Omicron has effect the business in the fourth quarter.

  • Ocugen, Inc. (OCGN) stock gained in the Pre-market; here is why?

    Ocugen, Inc. (OCGN) stock gained in the Pre-market; here is why?

    Ocugen, Inc. (OCGN) gained in the pre-market after announcing the fourth quarter and fiscal 2021 results. OCGN values at $3.17 gained more than 3.92% compared to yesterday’s closing price. The stock closed at $3.06 at the end of the last trading session. The stock volume traded in the last trading session was around 13.32 million shares. The current market cap of the company is around $623.45 million.

    OCGN: Q4 and Fiscal 2021 Key Financials

    • In the fourth quarter of 2021, R&D spending was $7.1 million. Around $1.6 million was spent on R&D in Q4 2020. In the fiscal year 2021, R&D expenses were $35.1.1 million. Around $6.4 million was spent on R&D in fiscal 2020.
    • General and administrative expenses in Q4 2021 were around $7.5 million. In the same quarter of 2020, it was around $2.2 million. General and administrative expense in fiscal 2021 was around $22.2 million. In fiscal 2020 it was around $8 million.
    • When compared to Q4 2020, Q4 2021’s loss per share was $0.07, while the loss per share in Q4 2020 was only $0.02. With a $7.0 million in-process research and development expenditure linked to lowering the carrying value of an asset previously classified as held for sale, OCGN announced a $0.30 net loss per share for the year ended December 31, 2021.

    OCGN Major Business Achievements

    FDA approved Phase 2/3 clinical trial to support a BLA filing in the United States after the FDA withdrew its clinical hold on the IND application for COVAXIN (BBV152).

    Additional neutralization data against Omicron were provided as part of FDA engagement to advance the pediatric EUA for COVAXIN, with more than 36 million vaccinated teens on record.

    The company filed detailed answers to Health Canada’s NOD on COVAXIN.

    For the treatment of hereditary retinal illnesses caused by NR2E3 and RHO disease genotypes, they started OCU400 Phase 1/2 clinical study.

    Conclusion

    Ocugen, Inc. (OCGN) is a pre-revenue company and has recently developed a covid-19 vaccine. The company is also working on researching the treatment of other diseases. The company is looking forward to the approval from NOD Canada for the approval of COVAXIN.

  • IronNet, Inc. (IRNT) stock gained in the Pre-market; here is why?

    IronNet, Inc. (IRNT) stock gained in the Pre-market; here is why?

    IronNet, Inc. (IRNT) gained in the pre-market after increasing the demand for cybersecurity services post-Russia attack on Ukraine. IRNT values at $5.40 gained more than 4% compared to yesterday’s closing price. The stock closed at $5.20 at the end of the last trading session. The stock volume traded in the last trading session was around 3.82 million shares. The current market cap of the company is around $461.34 million.

    IRNT is gaining due to the surge in cybersecurity demand

    The stock of IRNT is gaining due to the ongoing unstable political situation. Russia invaded Ukraine yesterday and started a war on Ukraine. The unstable political situation has caused the stock market to decline, but some of the stocks are gaining, for instance, Agricultural, Crude oil, and Cybersecurity stocks. 

    IRNT is a cyber security company, and its stock is surging in the market due to the ongoing uncertain situation. The demand for cybersecurity has increased more than before. Ukraine has claimed that hackers have attacked its two government websites. On the other hand, Russia denied the attacks, but the US has linked the attack to Russia seeing the pattern of attack. The US attributed that one cyber-related attack was from Russian hackers, and the other attack was almost similar to the ones before. 

    Being a cybersecurity company, the demand for its services could surge in a moment of uncertainty. Due to this, cybersecurity stocks are surging at the moment.

    IRNT: Q3 2022 Key Financials  

    • IRNT’s Q3 2022 revenue was $6.9 million, compared to $7.0 million in the same period of the previous year.
    • IRNT’s gross margin in the third quarter of 2022 was 65.7%, compared to 70.5% in the same quarter the previous year, with the one-time cost of sales accounting charges accounting for 2.4% of the yo-y fall in the period.
    • In the third quarter of 2022, IRNT GAAP reported a net loss of $193.1 million, compared to a net loss of $12.5 million in the same prior year.

    IRNT 2022 Outlook

    IronNet expects to generate around $26 million in revenue and approximately $30 million in Annual Recurring Revenue (ARR) by the end of the fiscal year 2022.

    Conclusion

    The company had announced its financial statement for the third quarter last week. The results were not that extraordinary, but the current demand in cybersecurity has resulted in its stock surging. 

  • Carvana Co. (CVNA) stock declined in the after-hours; here is why?

    Carvana Co. (CVNA) stock declined in the after-hours; here is why?

    Carvana Co. (CVNA) declined in the after-market after announcing to acquire ADESA for $2.2 billion in cash. CVNA values at $120, losing more than 4% compared to yesterday’s closing price. The stock closed at $126.05 at the end of the last trading session. The stock volume traded in the last trading session was around 3.6 million shares. The current market cap of the company is around $21.78 billion.

    CVNA acquired ADESA

    Carvana Co. (CVNA) has agreed to buy ADESA’s US physical auction business for $2.2 billion in cash. ADESA US has 56 facilities and roughly 4,500 corporate and operational employees. In 2021, ADESA’s US company processed over a million transactions on these 4,000-acre properties with 6.5 million square feet of structures.

    The combined company would provide considerable infrastructure and team to extend and improve Carvana’s customer offering with a broader variety of automobiles and quicker delivery times.

    The two companies, Carvana and ADESA US, significantly relate and complement each other. ADESA US’s reconditioning plants can add about 2M units per year to Carvana’s yearly output. With ADESA US and current Carvana inspection and reconditioning centers within 100 miles of most Americans, buyers will have exposure to more automobiles.

    Carvana has secured committed debt financing of up to $3.275 billion from JPMorgan Chase Bank NA and Citigroup Inc. They will also get $1 billion through debt financing for further improvements across the 56 sites. Carvana’s financial advisors are Citi and J.P Morgan. Its legal advisors are Kirkland & Ellis LLP.

    CVNA CEO’ Remarks

    Founder and CEO Ernie Garcia said that the company is happy that ADESA USA has joined Carvana. A nationwide infrastructure network and a wealthy business will help Carvana become the largest and most successful vehicle reseller. We will be able to give our retail customers more selection, value, and delivery times, while simultaneously raising the bar for our wholesale clients.

    Conclusion

    The company had announced 125% in the 3rd quarter of 2021. The company has yet to announce its fourth quarter and fiscal 2021 results. The acquisition in cash shows the company has a strong balance sheet and is moving forward to grow the company.

  • South Jersey Industries, Inc. (SJI) stock gained in the current market; here is why?

    South Jersey Industries, Inc. (SJI) stock gained in the current market; here is why?

    South Jersey Industries, Inc. (SJI) gained in the current market after announcing that Infrastructure Investments Fund acquired the company. SJI values at $32.96, gaining more than 40% compared to yesterday’s closing price. The stock closed at $23.46 at the end of the last trading session. The stock volume traded in the last trading session was around 1.2 million shares. The current market cap of the company is around $2.64 billion.

    Infrastructure Investments Fund acquires SJI

    Infrastructure Investments Fund has reached a definitive agreement to acquire South Jersey Industries, Inc. (SJI) for $36.00 per share in cash, representing an enterprise value of approximately $8.1 billion. The agreement was announced by South Jersey Industries, Inc. and Infrastructure Investments Fund.

    While continuing to support its 1,100-strong staff and local communities, SJI’s vision of building better today and tomorrow aligns with IIF’s long-term investment strategy in utility and infrastructure assets. Along with exceptional customer service, a great team and culture, SJI is committed to enhancing the quality of life for all individuals who live and work in its communities. Both SJI and IIF will continue to grow the company.

    SJI: Key Financials 2021

    The revenue in fiscal 2021 was $1.99 billion. The last year’s revenue was around $1.5 million. The 2021 net income was around $88 million. The net income was $150 million in fiscal 2020. This year the net income is down due to increased operating expenses. The EPS in 2021 is $0.80 or $1.62 in the last year.

    SJI President and CEO Mike Renna Remarks

    The SJI Board decided that now is the right moment to join forces with IIF as the US and New Jersey energy markets shift to low carbon and clean energy. Together, we will be well-positioned to implement SJI’s sustainable energy and decarbonization programs to support our State and regional environmental objectives. As a private corporation, we will have more resources to upgrade our vital infrastructure, provide excellent customer service at affordable prices, and improve our companies’ safety, dependability, and sustainability.

    Conclusion

    The company released two press releases on the same day. One was about the financial results of fiscal 2021, and the important news was about its acquisition. The stock is escalating despite the ongoing downfall in the stock market. The high valuation of the company is the reason behind it.

  • Farmmi, Inc. (FAMI) stock declined in the current market; here is why?

    Farmmi, Inc. (FAMI) stock declined in the current market; here is why?

    Farmmi, Inc. (FAMI) stock declined in the current market after Russia invaded Ukraine. Farmmi is an agriculture product supplier based in China. FAMI values at $0.15, losing more than 5.41% compared to yesterday’s closing price. The stock closed at $0.17 at the end of the last trading session. The stock volume traded in the last trading session was around 27.84 million shares. The current market cap of the company is around $92.81 million.

    FAMI Increasing Orders

    The company previously announced a few significant clientele gains. They said they got some new long-term clients who will order dried mushroom products in bulk. 

    On February 22, 2022, the company announced that its subsidiary Zhejiang Farmmi Biotechnology’s well-known dried Shiitake mushrooms had received a fresh order from a customer in Dubai.

    On February 16, 2022, FAMI announced that it got an order from its repeating customer. The order they got was for dried Shiitake mushrooms, and the order will be exported to Jordan. 

    On February 09, 2022, its subsidiary got an order for dried Shiitake mushrooms from a new customer based in Israel.

    FAMI: Global Mushroom Industry

    The worldwide mushroom market is predicted to increase at a CAGR of 9.5 per cent from 2021 to 2028, with a market value of $46.1 billion in 2020. Over the next several years, a growing number of vegans will seek a protein-rich diet, which is likely to drive the industry. The research source is Grand View Research.

    FAMI CEO’s Remarks

    Ms. Yefang Zhang. The company’s CEO said that their sales staff sees increasing order volume from returning and new consumers in everyday client interactions. Customer activity is robust, despite supply chain issues and shutdowns that hampered market development during COVID-19. They have done a terrific job assisting clients at this challenging time, strengthening our long-term ties.

    Conclusion

    The stock of the company is declining despite any significant business news. The company is an agricultural products company, and the ongoing conflict between Russia and Ukraine has caused the stock to decline. The ongoing situation can cause supply chain disruption, due to which its stock is down as of now. 

  • Evolve Transition Infrastructure LP (SNMP) gained in the Pre-market; here is why?

    Evolve Transition Infrastructure LP (SNMP) gained in the Pre-market; here is why?

    Evolve Transition Infrastructure LP (SNMP) gained in the pre-market after announcing two new additions to executive positions. SNMP values at $0.52, gaining more than 26% compared to yesterday’s closing price. The stock closed at $0.41 at the end of the last trading session. The stock volume traded in the last trading session was around 848.41K shares. The current market cap of the company is around $47.41 million.

    SNMP updates about Joint Venture Leno Mobility

    In a partnership between Nuvve Holding Corp. (NVVE), Stonepeak Partners, and Evolve Transition Infrastructure LP  (SNMP), Levo Mobility LLC delivers Fleet-as-a-Service solutions to help companies quickly make the conversion to electric cars.

    Two new senior executives have been added to the Levo Mobility LLC (Levo) leadership team. One is Maggie Clancy, the company’s Chief Commercial Officer, and the other Walter Watson, the company’s Chief Operating Officer. The addition of these two executives will allow the company to serve its customers better and provide a more efficient transition from traditional fleets to a fleet of electric vehicles (EVs).

    Chief Commercial Officer: Maggie Clancy

    As the joint venture’s customer acquisition manager, Maggie will oversee all elements of the company’s customer acquisition operations, including building connections with school districts and other influential decision-makers in the field of fleet electrification. As an executive for 23 years, Maggie focused on marketing, branding, and strategic planning. She is a former National Express executive overseeing their commercial EV plan. She has a wealth of experience working with school bus fleets throughout the country.

    Chief Operating Officer: Walter Watson

    Walter will be in charge of all operations for Levo. He will ensure that customers have a seamless and efficient experience while accelerating fleet electrification and supporting decarbonization objectives. A Fortune 200 and an FTSE 250 firm have employed Walter for the last 15 years in top roles in finance, maintenance, operations, commercial, and procurement. He was Vice President of Procurement at National Express. There, he was responsible for all North American spending and planning.

    Conclusion

    The company’s revenue increased 58% in the third quarter of fiscal 2021. The company will soon announce its fiscal 2021 results and outlook for fiscal 2022.