STOCKS TELEGRAPH

Category: Mid Day Movers

  • Trinity Biotech PLC (TRIB) Stock Surges Higher Following Announcement of Proliferation of Covid-19 Testing Space

    Trinity Biotech PLC (TRIB) Stock Surges Higher Following Announcement of Proliferation of Covid-19 Testing Space

    Trinity Biotech PLC (TRIB) stock prices were up 11.70% shortly after market trading commenced on July 16th, 2021, bringing the price per share up to USD$2.229 early on in the trading day.

    Rapid Antigen Test

    The company reported being at an advanced stage in the development of an antigen test for the coronavirus that has been devastating the globe. The company leverages its core lateral flow technology to develop the test, which can be utilized without any specialized equipment, providing a result in 12 minutes. Accessibility is further enhanced with its easy-to-use anterior nasal swab sample.

    Scope of Antigen Test

    With the onset of the global coronavirus having signaled an unfathomable long-term toll on economies across the world, the world’s ongoing efforts to mitigate and eventually nullify its effects persist. As public health efforts continue with full force, antigen tests have played a critical role in the overall diagnostic response. As the world hurtles towards universal immunization, the company expects antigen tests to be a part of the core response to the pandemic, in combination with Covid-19 vaccinations.

    Rapid Antibody Test

    June 2021 saw the company submit a EUA application to the FDA for the UniGold Covid-19 rapid antibody test, which detects IgG antibodies against the coronavirus. The antibody test demonstrated a 100% sensitivity and a specificity of 95% over the course of the validation studies. The test was measured against a comparator PCR method which facilitated the confirmation of prior infection.

    EUA Application

    July 2021 saw the FDA inform TRIB that its application for the Emergency Use Authorization of the serological test would not currently be prioritized, on account of the sheer volume of EUA requests currently being processed by the government agency. In order to facilitate the timely commercialization and proliferation of its treatment, the company is exploring additional prospective pathways that would see it gain regulatory approval, thus allowing sales of the test in the U.S. Hitherto, any such potential options have required too significant and additional investment for them to be viable.

    Future Outlook for TRIB

    With the world’s continued efforts towards the aim of making the coronavirus a thing of the past, TRIB is poised to capitalize on the access it has gained to a burgeoning market. The company is keen to leverage its resources in order to drive increased market penetration. Current and potential investors are hopeful for the stock price to recover and increase over the long term.

  • Sonoma Pharmaceuticals, Inc. (SNOA) Stock Drops Significantly Despite Promising Financial Reports for Fiscal Q4 2021

    Sonoma Pharmaceuticals, Inc. (SNOA) stock prices were down 18.88% some time after market trading commenced on July 15th, 2021, bringing the price per share down to USD$6.23 early on in the trading day.

    Partnership with EMC Pharma

    March 26th, 2021 saw the company report having entered into a new partnership with EMC Pharma in light of it having gained exclusive rights for the U.S commercialization of prescription dermatology and prescription eye care products. The pharmaceutical company was also granted non-exclusive rights to sell their wound care products into government channels. The initial term of the agreement is subject to minimum purchases and is set for five years, with the option to renew.

    Network of Partnerships

    September 2020 saw the company launch two new products, Nasocyn Nasal Care and Oracyn Oral Care in collaboration with its partner, Te Arai Biofarma Ltd. December 2020 saw the company partner up with Gabriel Science, LLC in order to penetrate the dental markets in the U.S with their HOCI product. January 2021 saw the company receive clearances in Thailand, after which the sales of Dermodacyn disinfectant commenced in Hong Kong and Thailand, through its partner, VetSynova Co. Ltd.

    Total Revenues

    Total Revenues for the quarter ended March 31st, 2021 came in at USD$2.2 million, down by USD$2.1 million as compared to the same time period of the prior year. The 50% reduction was largely driven by the USD$1.6 million decline in the U.S, which, in turn, was motivated by the decline of the company’s dermatology business. The dermatology business has since been partnered with EMC Pharma, LLC. Further compounding the year-over-year difference was USD$800,000 in revenue adjustments in relation to the overestimation of revenue in the prior-year quarter, having been determined using a look-back analysis.

    Invekra Contract

    As a result of the Invekra contract having concluded in October of 2020 resulted in a USD$0.7 million reduction in revenues generated from Latin America sales, further contributing to the yearly difference in total revenue. As per the contract, SNOA the company manufactured at low margins for Invekra. Since the conclusion of the contract, manufacturing has continued at reduced quantities but higher margins.

    Future Outlook for SNOA

    Armed with a network of partnerships secured over the past few quarters, SNOA is poised to capitalize on the chances afforded to it. The company is keen to continue its trajectory of success as it pushes for the consolidation and expansion of its market footprint around the globe. Current and potential investors are hopeful that management will be able to usher in sustained and significant increases in shareholder value.

  • Magyar Bancorp, Inc. (MGYR) Stock Continues Downward Trend Following Completion of Conversion of MHC

    Magyar Bancorp, Inc. (MGYR) stock prices were down 5.00% shortly after market trading commenced on July 15th 2021, bringing the price per share down to USD$10.96 early on in the trading day.

    Conversion of MHC

    July 14th 2021 saw the company announce the completion of the conversion of MHC from the mutual holding company to the stock holding company form of organization, with the company having completed its related stock offering. Upon the closing of the conversion, the company ceased to exist, effective from the conversion onwards. July 12th 2021 saw the company announce the results of its stock offering, with 7,098,070 shares of the company’s common stock outstanding as a result of the conversion, excluding the consideration of fractional shares.

    Net Income Reports

    Net income for the quarter ended March 31st 2021 was up 394% as compared to the prior-year quarter. Q2 of fiscal 2021 reported net income in the amount of USD$1.506 million, up from the USD$305,000 reported for the second quarter of the fiscal year 2020. Net income for the six-month period ended March 31st, 2021 was up to USD$2.843 million, as compared to the USD$858,000 reported for the same six-month period over the prior year.

    Contextualizing Income Improvements

    The benefits of the Paycheck Protection Program in conjunction with the company’s effective management of its balance sheet resulted in a 31 basis point year-over-year increase in net interest margin, despite historically low-interest rates. The 394% increase was driven, in part, by fees recognized by MGYR from its participation in the Paycheck Protection Program, as well as its role in the recently concluded Middlesex County Small Business Relief Grant.

    Maintaining Momentum

    In accordance with the company’s strong earnings growth, the company’s book value is up 7% as of the end of Q2 of fiscal 2021, as compared to the prior-year quarter. The company expects to see a continuation of its positive earnings momentum through the year as its income is augmented a second round of the PPP, in addition to additional non-interest income opportunities through the sales of guaranteed portions of SBA loans.

    Future Outlook for MGYR

    With the completion of the recent conversion of MHC, MGYR is poised to capitalize on the expanded scope of growth afforded to it as a result. The company is keen to leverage the resources at its disposal to facilitate significant and sustained increases in shareholder value with the effective leveraging of its resources.

  • Westwood Holdings Group, Inc. (WHG) Stock Surges Following USD$25 Per Share Bid by Americana Partners

    Westwood Holdings Group, Inc. (WHG) stock prices were up 19.79% some time after market trading commenced on July 14th 2021, bringing the price per share up to USD$23.43 early on in the trading day.

    Americana’s Bid

    July 14th, 2021 saw Americana Partners wealth manager make a USD$25 a share bid for WHG, representing a massive 28% premium to acquire the publicly traded financial advisory and mutual fund firm and turn it into a private company. The all-cash offer for the company by Americana will see the acuiqisiont of approximately USD$15 billion in assets under its management as of June 2021. With the company being valued at almost USD$165 million, WHG has not yet engaged with Americana.

    Americana’s Motivation

    While the company’s stock price rose by an impressive 37% since January, Americana believes that the company has produced negative returns over the past three and five-year periods. Americana also maintains that the company could benefit from being out of the spotlight of public markets, facilitating better financial performance and returns on shareholder investments.

    Building Towards the Merger

    Based out of Houston, Americana has plans to expand its scope across Texas. To facilitate this expansion, it is eyeing the company’s wealth and trust businesses, which it hopes to incorporate into its efforts. The bid came shortly after JCP Investment Management, the company’s biggest investor, began to pressure WHG management and leadership to consider alternatives for the company, including a sale, more publicly.

    Scope of Merger

    A regulatory filing from April 2021 saw the owner of JCP, which owns 10.37% of WHG, report his intentions to communicate with management and the board in regard to strategic options available to them. 2020 set records for the wealth sector, with more than 200 deals being reported to have been completed. Americana came into existence in 2019 when its principals spun off from Morgan Stanley. The company has roughly USD$4.5 billion in assets under its management.

    Future Outlook for WHG

    Armed with a potential merger that will see the company’s equity value skyrocket, WHG is poised to capitalize on the confidence inspired by Americana’s bid. Current and potential investors are hopeful that management will be able to leverage its resources and expertise in order to make an effective strategic decision for the company that will ensure long-term and organic returns to shareholder investments.

  • Datasea, Inc. (DTSS) Stock Skyrockets Following Announcement of 5G Agreements with Six Chinese Companies

    Datasea, Inc. (DTSS) stock prices soared by 46.4061% some time after market trading commenced on July 14th, 2021, bringing the price per share up to USD$4.2897 early on in the trading day.

    Purchase and Distribution Agreements

    July 14th, 2021 saw the company announce the signing of six purchase and distribution agreements by its wholly-owned subsidiary company, ShuhaiZhangxun Information Technology. The agreements will provide 5G Message-marketing Cloud Platform (5G MMCP) Version 3.0, while further enhancing product availability across China by adding new district partners. 5G MMCP is designed to unify customer and prospect marketing signals in a single view with functions such as precise SaaS value-added services, data monetization, and message marketing.

    Details of Agreements

    The companies that DTSS entered into the agreement with are spread out across Nei Mongol, Anhui, Chongqing, and Zhejiang. As per the agreement, DTSS and its partners will collaborate to capitalize on the exclusive authorization in designated districts in regard to the distribution of 5G MMCP Version 3.0, with access to commissions from sales. In return, the partnering companies will compensate DTSS for the provision of 5G messaging products and services. The total value of the deals comes out to roughly USD$136,940, of which DTSS has received USD$75,796.

    Building on Success

    The company’s research and development team continues its ongoing efforts to advance and consolidate its product offerings, with the constant development proving transformational, with the right execution. Concurrently, the company is continuing the rapid expansion of its distribution network across the country, with its most recent partnerships signaling the success of their strategy.

    Expanding Scope of DTSS

    The company has also reported seeing a surge in demand, as well as increasing inquiries from customers and business partners in regard to 5G MMCP. With the company pushing for the expansion of the scope of commercialization of 5G messaging to be introduced in the Chinese market, the company is keen to work closely with its customers and business partners in order to expand and consolidate its market footprint with a comprehensive marketing plan.

    Future Outlook for DTSS

    Armed with several new collaborative partners, DTSS is keen to leverage the resources at its disposal to continue proliferating the telecommunications market. Current and potential investors are confident that management will be able to allocate resources appropriately, so as to ensure significant and sustained increases in shareholder value.

  • Qualigen Therapeutics, Inc. (QLGN) Stock on the Rise Following IND Submission for Novel Covid-19 Treatment, QN-165

    Qualigen Therapeutics, Inc. (QLGN) stock prices were up 1.6854% as of the market opening on July 14th, 2021, with premarket trading having seen the stock rise sharply. As of writing, the price per share of QLGN stock was USD$1.81.

    IND Submission

    July 14th, 2021 saw the biotechnology company announce the submission of an Investigational New Drug Application to the U.S Food and Drug Administration with an initial target indication for the treatment of hospitalized Covid-19 patients with the company’s QN-165. The DNA aptamer is a broad-based antiviral drug candidate that has shown antiviral activity in various in vitro assays against a plethora of viruses.

    Milestone for QLGN

    The significant milestone is the first IND application submitted by the company for its most advanced therapeutics program. The IND application submission for Phase 1b/2a clinical trials for QN-165 represents another step in the company’s evolution from a globally patented and commercially successful diagnostics company to a clinical-stage therapeutics company with multiple programs.

    QN-165

    QN-165 is a unique drug candidate that presents an entirely novel approach to combating viruses, which the company thinks it will be able to work against all virus strains and variants. The treatment is a piece of synthetic DNA that does not target the coronavirus directly, as existing treatments do. Rather, it targets and binds to the nucleolin protein and has the capacity to enter cells that overexpress nucleolin. Nucleolin is exploited by viruses such as Covid-19 to gain access to a cell, manipulating it for its own viral replication purposes.

    Scope of QN-165

    By tying up nucleolin, QN-165 is anticipated to block the mechanism entirely, thus preventing the virus replication process. Because of this, even the mutation of the virus is not expected to result in a loss of efficacy of the treatment, on account of nucleolin being targeted instead of the virus itself. This is what the company believes will make the treatment effective against a plethora of viral mutations, including all strains and variants of the novel coronavirus.

    Future Outlook for QLGN

    With the world hurtling towards global immunizations, the onslaught of variants and strains that pop up across the globe are becoming an increasingly significant concern. Treatments such as QN-165 are set to address those concerns, thereby signaling the massive potential for commercialization and proliferation of the expansive market. Investors are hopeful that management will leverage its resources to deliver the treatment as quickly as possible, thus ensuring maximum increases in shareholder value.

  • Pulse Biosciences, Inc. (PLSE) Stock Dips Following Announcement of USD$50 Million Private Placement

    Pulse Biosciences, Inc. (PLSE) Stock Dips Following Announcement of USD$50 Million Private Placement

    Pulse Biosciences, Inc. (PLSE) stock prices were down by 11.58% some time after market trading commenced on July 2nd 2021, bringing the price per share down to USD$18.41 early on in the trading day.

    Stock Purchase Agreement

    July 1st 2021 saw the company announce that it had entered into a stock purchase agreement with Robert Duggan, the Chairman of PLSE’s Board of Directors. The agreement will see Mr. Duggan purchase 3,048,780 shares of the company’s common stock, with each stock being priced at USD$16.40 per share, which is the last reported sale price of the shares as of the market closing on June 30th 2021.

    Details of the Agreement

    Any debt owed to Mr. Duggan by the company as per the loan agreement from March 11th 2021 will be paid through the cancellation and extinguishment of the debt. Rather, Mr. Duggan will be compensated with common stock shares in a private placement that will write-offUSD$41 million in principal balance and USD$0.6 million in accrued and unpaid interest. As per the private placement, Mr. Duggan will invest new capital in the amount of USD$8.4 million into the company.

    CellFX Milestone

    The company announced on June 30th 2021 that the first patient in Canada had been successfully treated with PLSE’s proprietary CellFX procedure. Marking the first commercial use of the ceillular-focused CellFX System in Canada, the treatment is proven to clear common benign lesions, such as sebaceous hyperplasia, seborrheic keratosis, and cutaneous non-genital warts. CellFX further expands the company’s Controlled Launch program that is currently ongoing in both Europe and the United States.

    Continued Development

    PLSE continues to build its global foundation of key opinion leader adoption of the unique NPS technology. To this end, it is continuing its strategic rollout with thought-leading skin specialists from across Canada aiming to expand the clinical and commercial potential of the CellFX System for multiple aesthetic and therapeutic applications.

    Future Outlook for PLSE

    Armed with the influx of capital generated from their private placement, PLSE is poised to capitalize on the proliferation of its CellFX system. Investors are hopeful that the company will be able to consolidate and expand its market footprint to usher in significant and sustained increases in shareholder value.

  • Aligos Therapeutics, Inc. (ALGS) Stock Plummets Following Pricing of Public Offering of Common Shares

    Aligos Therapeutics, Inc. (ALGS) stock prices were down by a hefty 17.19% shortly after market trading commenced on July 1st, 2021, bringing the price per share down to USD$16.88 early on in the trading day.

    Public Offering

    June 30th, 2021 saw the company announce the pricing of its previously announced underwritten public offering, wherein ALGS will put up 4.4 million shares of its common stock for sale. As per the announcement, the public offering price will be USD$19.00 per share of common stock. Underwriters have also been granted a 30-day option to purchase up to an additional 660,000 shares of common stock in the case of over allotments.

    Details of the Offering

    The public offering is expected to generate gross proceeds in the amount of roughly USD$83.6 million before the deduction of any expenses related to the offering. This total also does not include capital generated from the exercising of the underwriters’ option to purchase addition shares. The offering is expected to close on July 6th, 2021, pending the satisfaction of customary closing conditions.

    Net Loss Reports

    Net loss for the quarter ended March 21st, 2021 was reported at USD$27.7 million, representing a net loss of USD$0.74 per basic and diluted common share. This is up from the USD$20 million reported for the same quarter of the prior year, representing a net loss of USD$7.56 per basic and diluted common share. The company reported cash, cash equivalents, and marketable securities in the amount of USD$213.4 million for the quarter, as compared to the USD$243.5 million reported as of December 31st2020.

    R&D Expenses

    Research and development costs were up to USD$22.9 million for the quarter ended March 31st, 2021, an increase from the USD$17.3 million reported for the prior-year quarter. This difference was largely driven by expenses related to the company’s ongoing development of ALG-010133 and ALG-000184 clinical trial activities. Further contributing to the year-over-year difference were increases in salaries and employee-related expenses and preclinical programs. The company reported USD$1.7 million in total R&D stock-based compensation expense for the 2021 quarter, as compared to the USD$0.2 million reported in the prior-year quarter.

    Future Outlook for ALGS

    Armed with a solid liquidity position that is to be further consolidated with the closing of its public offering, ALGS is poised to capitalize on the expanded opportunities in front of it. Investors are hopeful that management will continue to leverage the resource at their disposal to facilitate significant and sustained increases in shareholder value.

  • Check-Cap Ltd. (CHEK) Stock Plummets Following News of Registered Direct Offering

    Check-Cap Ltd. (CHEK) Stock Plummets Following News of Registered Direct Offering

    Check-Cap Ltd. (CHEK) stock prices were down by 19.5364% some time after market trading commenced on June 30th, 2021, bringing the price per share down to USD$1.2150 early on in the trading day.

    Registered Direct Offering

    The company announced on June 30th, 2021 that it had entered into various definitive agreements with institutional and accredited investors. As per the agreement, the company would put up 25,925,926 ordinary shares of the company for sale, along with warrants to purchase up to the same number of ordinary shares. The registered direct offering is seeing each ordinary share being sold in conjunction with one short-term warrant to purchase one ordinary share at a combined offering price price of USD$1.35 per ordinary share and accompanying warrant.

    Share Warrants

    The short-term warrants will have an expiry date of two and a half years following the date of issuance and will be exercisable immediately with an exercise price of USD$1.50 per ordinary share. The closing of the registered direct offering is expected to close on July 2nd, 2021, pending the satisfaction of customary closing conditions.

    Capital Generation

    CHEK forecasts generating roughly USD$35 million in gross proceeds from the offering, before the deduction of expenses related to the offering. This number does not include proceeds received from the exercising of warrants, the full exercising of which will generate additional gross proceeds of roughly USD$38.9 million before the deduction of offering-related expenses. The capital generated from the offering is planned on being allocated towards advancing the ongoing clinical development of C-Scan, including the company’s upcoming U.S pivotal study.

    Manufacturing Hickups

    Technical issues with a single source supplier resulted in delays in manufacturing, but the company continues to develop and expand its entire production process in order to meet its target manufacturing capacity. Consequently, the company forecasts delays in its clinical trials, at the forefront of which is the U.S. pivotal trial which has an updated commencement date in the first quarter of 2022. The company is continuing to scale its manufacturing up to support the upcoming clinical trials once production returns to normal.

    Future Outlook for CHEK

    Armed with an influx of capital generated from its registered direct offering, CHEK is poised to initiate clinical trials that the company hopes to see through to commercialization. Investors are keen for the company to resume normal manufacturing and allocate resources efficiently, so as to ensure maximum possible growth and increases in shareholder value.

  • VBI Vaccines Inc. (VBIV) Stock Dips Despite Promising Data from Covid-19 Vaccine Trial

    VBI Vaccines Inc. (VBIV) Stock Dips Despite Promising Data from Covid-19 Vaccine Trial

    VBI Vaccines Inc. (VBIV) stock prices were down by 8.5586% some time after market trading commenced on June 29th 2021, bringing the price up to USD$3.6668 earlier on in the trading day.

    Positive Trial Data

    The company announced on June 29th the positive Phase 1 data from its Phase 1/2 of its Covid-19 vaccine candidate, VBI-2902a. The trial saw the administering of the enveloped virus-like particle (eVLP) in healthy adults between the ages of 18 and 54. The 5µg dose expressed an optimized Covid-19 spike antigen, having been adjuvanted with aluminum phosphate.

    Trial Results

    It was generally well-tolerated and exhibited potent immune responses from subjects that were significantly higher than those seen in human convalescent sera. The potency of the eVLP particulate delivery platform against Covid-19 was demonstrated with the findings establishing a robust human proof-of-concept at a low dose and without the use of a next-generation adjuvant.

    Developing eVLPs

    The highly encouraging data furthers the development of the treatment that is being pushed towards commercialization with the support of the Canadian government, CEPI, and the National Research Council of Canada. The next phase of the ongoing adaptive Phase 1/2 study involved the assessment of VBI-2905a, with the commencement of this part of the trial anticipated for the third quarter of 2021.The company is also allocating resources towards developing multivalent eVLP candidates, which are designed to increase the scope of protection against Covid-19. A clinical study of one of these candidates is expected to commence in the first half of 2022.

    Details of the Trial

    The ongoing adaptive Phase 1/2 clinical study is randomized and placebo-controlled, with observers also being blind. Phase 1 assessed a 5µg dose of VBI-2902a, adjuvanted with aluminum phosphate. Treatment regimens included both one and two doses, with the second being administered 28 days after the initial jab. The Phase 1 part of the study saw a total of 61 healthy adults between the ages of 18 and 54, with no history of having been vaccinated against Covid-19.

    Future Outlook for VBIV

    With the world hurtling towards universal immunizations, VBIV is poised to continue its trajectory of success. The company is keen to usher in further growth as it continues to push for increased market penetration. Current and potential investors are hopeful that management will continue to leverage the resources at their disposal to facilitate significant and sustained increases in shareholder value