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  • 09 Nov 18
Most popular equity research this week | 5 - 9 Nov

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Companies: BNOCMHRE/SCEELCOARBBSIXHTONAPHMURITVAGYEMECLIGZOOGDRDPPOPMAVOCSHDNLOXBKOOVHAYDGMDNSFREDXVALGTLYW7LRREPHPPURPAVCTMCLVTABURDISH
  • 06 Nov 18
THE MONTHLY November 2018

In addition to Hardman’s monthly analysis of client stocks, the thorny issue of market disruption – a popular theme currently - is also addressed. In a wide-ranging article, Hardman’s utilities analyst, Nigel Hawkins, assesses the impact that market disruption has already made. In some sectors, notably telecoms and aviation, market disruption has been apparent for many years, as the rise of Vodafone, Ryanair and easyJet demonstrates. However, in some sectors, such as oil and housebuilding, structural changes have been modest – the dominance of the big players endures. For investors, there is real interest in those sectors where changes are underway. The UK groceries market, which may shortly become a duopoly, is a case in point. And, intriguingly, who knows if there is a company currently languishing in AIM, which will attain a £50bn market valuation within the next decade?

Companies: OPM AVO AGY APH ARBB AVCT DISH BNO BUR CMH CLIG CSH DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PHP RE/ REDX SCE SIXH TON VAL VTA W7L

  • 04 Oct 18
THE MONTHLY October 2018

We are in the midst of the Conference season for political parties and trade unions in Britain. We all have a lot on our minds, with generational constitutional issues to the fore, but these have come to the fore after many years of concerns building up about citizens’ ‘place in the world’.

Companies: OPM AGY ARBB AVCT DISH BNO BUR CMH CLIG DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PHP RE/ REDX SCE SIXH TRX TON VAL VTA W7L

  • 03 Sep 18
The Monthly September 2018

September’s Hardman Monthly features an article from guest contributor, Tim Ward. Tim is the Chief Executive of the Quoted Companies Alliance (QCA), an organisation that champions the interests of small to mid-size quoted companies.

Companies: OPM AVO AGY APH ARBB AVCT BNO CMH DNL EVG GDR INL KOOV MCL MUR NSF OXB PHP RE/ REDX SCLP SCE SIXH TRX TON VAL W7L

  • 03 Sep 18
FY’18 – focus on PTSD drug development

Bionomics (BNO) is an Australian biopharmaceutical company specialising in ion channel drug discovery for central nervous system (CNS) disorders such as anxiety and post-traumatic stress disorder (PTSD). BNO also offers contract and partnered discovery based on its proprietary technology platforms: MultiCore and ionX. The group sales model includes fees-for-service, licensing income, and royalties from successful partnered products. In fiscal 2018, its strategy has been to focus on the development of its lead candidate, BNC210, to completion of Phase II in PTSD – the RESTORE trial is due to read out next month, a potential value inflection point.

Companies: Bionomics
  • 24 Aug 18
Bionomics - PTSD programme on track for results in Q3

The fiscal year 2018, which ended in June, was a major transition for Bionomics as it realigned itself to focus on disorders of the central nervous system. This strategy hinges on the company’s lead asset BNC210, a negative allosteric modulator of the α7 nicotinic acetylcholine receptor, which has a potentially novel anxiolytic mechanism of action. The drug is in Phase IIb for post-traumatic stress disorder (PTSD) (with a readout expected in this quarter) and Phase IIa for agitation in the elderly.

Companies: Bionomics
  • 03 Aug 18
Most popular equity research this week | 30 Jul - 3 Aug

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Companies: BNOWJASEECMHRE/SCELGENCMSARBBSIXHTONAPHMURAGYCLIGINLGDRTRXSCLPCAMLCOSOPMAVODNLOXBGETBKOOVYGENABZANSFREDXEVGVALGTLYW7LPHPAVCTMCLBURXPP
  • 18 Jul 18
Bionomics - RESTORE trial completed, data this quarter

Bionomics announced on 9 July 2018 that it had completed treatment in its 193-patient Phase II clinical study of BNC210 for post-traumatic stress disorder (PTSD). The RESTORE clinical study completed the treatment phase on time and the company stated that it intends to provide topline data by the end of calendar Q318.

Companies: Bionomics
  • 29 Jun 18
Most popular equity research this week | 25-29 Jun

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Companies: BNOSEED4T4CMHRE/SCEARBBSIXHTONAPHMURAGYCLIGHMLHINLGDRTRXSCLPCOSOPMAVODNLOXBKOOVRDTIMOEQLSYGENABZANSFREDXEVGVALGTLYPHPNXRAVCTMCLBUR
  • 29 Jun 18
The Monthly

We have analysed every IPO on the London Stock Exchange (LSE) between January 2015 and February 2018. Our analysis proves that, as expected, liquidity does dry up after float. The scale varies between markets and sectors.

Companies: OPM AGY ARBB AVCT BNO CMH COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF PHP RE/ REDX SCLP SIXH TRX TON VAL W7L OXB

  • 08 Jun 18
Most popular equity research this week | 28 May - 8 Jun

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Companies: BNOCMHRE/SCEARBBSIXHPHTMTONVP/APHMURAGYSXXALTCLIGINLGDRTRXSCLPCOSKWSOPMAVODNLOXBRFXKOOVYGENABZANSFREDXEVGVALGTLYPHPAVCTMCLBURPLUSVLTY
  • 04 Jun 18
The Monthly

Hardman & Co recently welcomed Milan Radia to our roster of established, industry expert analysts. Milan has 25 years of equity market experience at major investment banks and in asset management, and has worked on many high-profile successful IPOs. In 2017, he was ranked the No.1 earnings estimator in the UK for his sector in the Thomson Starmine Awards. Milan has also been techMARK Analyst of the Year and achieved top three Institutional Investor sector rankings for his coverage of the software and telecoms sectors. In our lead article this month he gives an insight into his thinking on some key themes in the sector.

Companies: OPM ABZA AVO AGY APH ARBB AVCT BNO BUR CMH CLIG COS DNL EVG GTLY GDR INL KOOV MCL MUR NSF YGEN PHP RE/ REDX SCLP SCE SIXH TRX TON VAL OXB

  • 04 Jun 18
A big deal in oncology?

Bionomics (BNO) is an Australian biopharmaceutical company specialising in ion channel drug discovery for central nervous system (CNS) disorders such as anxiety and post-traumatic stress disorder (PTSD). BNO also offers contract and partnered drug discovery based on its proprietary technology platforms: MultiCore and ionX. The group sales model includes fees-for-service, licensing income and royalties from successful partnered products. Itsstrategic focus is on development of its lead candidate, BNC210, to completion of Phase II in PTSD. BNO is seeking to divest or out-license its off-strategy oncology programmes, which is the focus of this report.

Companies: Bionomics
  • 30 May 18
Third Phase II trial of BNC210 begins

BNO is an Australian biopharmaceutical company specialising in ion channel drug discovery for central nervous system (CNS) disorders such as anxiety and posttraumatic stress disorder (PTSD). BNO also offers contract and partnered drug discovery based on its proprietary technology platforms: MultiCore and ionX. The group sales model includes fees-for-service, licensing income, and royalties from successful partnered products. Its strategic focus is on development of its lead candidate, BNC210, to completion of Phase II in PTSD. It has also recently started a third clinical trial of this candidate, this time in a third CNS indication – agitation.

Companies: Bionomics
  • 29 May 18
Phase IIa in agitation of the elderly initiated

Bionomics announced on 23 May 2018 it has initiated a Phase IIa study of its α7 nicotinic receptor inhibitor for the treatment of agitation in the elderly in a hospital setting. Agitation is a common problem (13-24%) in patients with dementia, and we expect the trial to focus primarily on this population. It will enrol a target of 40 patients across Australia and is expected to provide top-line data in calendar Q119.

Companies: Bionomics

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Bionomics. We currently have 16 research reports from 2 professional analysts.

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(more news)
Date Source Announcement
03Sep18 09:55 EQS Hardman & Co Research: Bionomics Ltd (BNO) FY'18 - focus on PTSD drug development
04Jun18 06:30 EQS Hardman & Co Research: Bionomics (BNO): A big deal in oncology?
30May18 10:15 EQS Hardman & Co Research: Bionomics Ltd (BNO) Third Phase II trial of BNC210 begins
07Feb18 16:42 EQS Hardman & Co Research: Bionomics Ltd (BNO) initiation report: Channelling expertise in CNS drugs
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  • 07 Apr 20
Intense period of Business Development

OptiBiotix ("OPTI") recently announced a number of new commercial agreements for marketed functional food ingredients SlimBiome and LP-LDL. These new agreements take the number of commercial deals for both products to 57 and include a mixture of new distribution and manufacturing agreements, not only increasing the number of countries where products containing OPTI's ingredients are sold to over 70, but are also anticipated to improve profitability through the renegotiation of manufacture deals which provide OPTI with greater control over the value chain. OPTI's ability to continue to sign commercial agreements despite the ongoing disruption related to the COVID-19 crisis is impressive, in our opinion, and the company continues to build momentum in a year when we expect existing agreements to start generating substantial revenue streams. We maintain our OUTPERFORM recommendation, trimming our target price to GBp 93 (from GBp 97).

Companies: Optibiotix Health
  • 06 Apr 20
SP Angel Healthcare Conditions

Novacyt* (NCYT.L): COVID-19 test update | Futura Medical (FUT.L): Confirmation of FDA minutes

Companies: Novacyt Futura Medical

  • 08 Apr 20
SP Angel Healthcare Conditions

Novacyt* (NCYT.L): COVID-19 test included in WHO procurement list and collaboration with AstraZeneca, GSK and University of Cambridge | Avacta (AVCT.L): Collaboration with Cytiva to develop a COVID-19 test

Companies: Novacyt Avacta Group

  • 08 Apr 20
COVID-19 rapid POC test for population screening

Avacta announced that it has entered into a collaboration with Cytiva, formerly known as GE Healthcare Life Sciences, to develop and manufacture an Affimer-based point-of-care (POC) rapid test to diagnose COVID-19 infection, with the intention of screening large populations and addressing the current hurdles and bottlenecks that exist for scaling such tests globally. Drawing on the global scale of Cytiva, which will ultimately be needed to bring such a test rapidly to the market, this collaboration highlights Avacta’s diagnostics capabilities as well as the potential to unlock significant near-term value. We are making no changes to forecasts or target price, preferring instead to monitor progress in the rapidly changing competitive landscape. Suffice to say, the market opportunity for a cost-effective high volume test is significant (>$1bn). The upside, if successful is substantial, as illustrated by the c£150m value created by Novacyt’s COVID test.

Companies: Avacta Group
  • 03 Apr 20
Company update: New Covid-19 project but flags likely trial delays

ReNeuron has provided an update in light of the Covid-19 pandemic. Current day-to-day disruption has been minimised. However, ReNeuron did flag likely delays to its two ongoing clinical studies for Stroke Disability and Retinitis Pigmentosa (RP) and when top-line data will be made available. We believe this delay risk is more pertinent in the Stroke programme, given the RP trial is not enrolling patients at this point awaiting the approval of clinical trial protocol adjustments (including approval to enrol an additional 9 patients). We previously expected additional Phase I/IIa data for RP in H2 2020 and interim results of the Phase IIb Stroke trial in mid-2021, and the company will provide further guidance on the timing of interim data from the studies in due course. The Fosun Pharma collaboration remains on track with initial focus on the Stroke programme, for which clinical trial applications have been filed to open clinical sites in China. This may help offset any possible disruption to the Stroke programme patient enrolment at US and UK clinical sites. Lastly, in an intriguing development, ReNeuron has initiated a research project exploring the use of its exosomes as a delivery vehicle for viral vaccines to increase the potency of Covid-19 vaccines in development. The project is understood to be at an early stage but could accelerate quickly in the current regulatory climate, and possibly lead to commercial partnering opportunities and upside not reflected in our forecasts.

Companies: Reneuron Group
  • 01 Apr 20
THE MONTHLY April 2020


Companies: AVO AGY ARBB ARIX BUR CMH CLIG DNL GDR HAYD PCA PIN PHP RE/ RECI RMDL STX SHED VTA

  • 02 Apr 20
Subscription raising £2m

Avacta announced that it is raising £2m by way of a subscription for 11.1m ordinary shares at 18p (follows £9m raise in October 2019 at 15p per share), subject to a general meeting. Given the current economic uncertainty and disruption caused by the coronavirus outbreak, we think this is prudent as it extends the cash runway further into 2021. Not only does this create a cash buffer for any unseen disruption, but it also provides additional time to advance its immunotherapy pipeline with partners (fully funded by the partners), as well as delivering further commercial progress for both therapeutics and diagnostics. Avacta confirmed that it will file a CTA application as soon as possible, seeking the UK regulator’s permission to commence a Phase I safety study for its lead drug candidate (AVA6000 – pro-doxorubicin). This is on track to start in late 2020, having made good progress in manufacturing drug product. We retain a target price of 76p.

Companies: Avacta Group
  • 06 Apr 20
An additional £3.75m raised by way of Placing

Further to the announcement on 2 April, indicating that the company was raising £2m through a subscription of shares at 18p, and in response to substantial institutional interest, Avacta has conditionally raised further gross proceeds of £3.75m at 18p per ordinary share. These funds will be put towards the key objectives outlined in October 2019, primarily to complete the Phase I clinical trial of AVA6000 (pro-doxorubicin) as well as strengthening the balance sheet in light of the uncertainty that the coronavirus pandemic brings. We expect cash at 31 December 2020 to be c.£8.7m, which provides a runway into late 2021/early 2022 at the current monthly cashburn. Despite the dilution afforded by the additional shares, we retain a target price of 76p, which implies an enterprise value of c.£150m, and is supported by the notion that the company is fully funded to complete the Phase I trial of its lead asset, AVA6000 (pro-doxorubicin).

Companies: Avacta Group
  • 07 Apr 20
SP Angel Healthcare Conditions

ReNeuron Group (RENE.L): Research agreement with major pharma | EKF Diagnostics Holdings plc (EKF.L): Trading update

Companies: Reneuron Group EKF Diagnostics Holding

  • 30 Mar 20
Interims – pre-COVID growth

Bioventix delivered a strong set of interims, with revenues up 21%. Given the 9% decline in operating expenses, this resulted in a 31% increase in adjusted EBITDA, with adjusted pre-tax profit also rising 31% to £4.4m (52% of full-year forecasts) and adjusted EPS up 29% to 69.4p. An interim dividend of 36p was declared (+20%) with net cash at period end of £5.5m. Growth was driven by both Vitamin D antibody sales/royalties (+c.25%), its portfolio of other antibodies (+c.12%) and a more meaningful contribution from troponin. Given the inevitable disruption that COVID-19 will have to some testing volumes (although tests such as NTproBNP are likely to benefit from high risk COVID patients), we leave forecasts unchanged, confident that the strong H1 and weaker sterling in H2 should offset any potential H2 trading shortfall. We leave our forecasts unchanged and reiterate our 3750p target price. At this level, the stock would trade on a 30x FY 2020 P/E with a free cashflow yield of 3.1x

Companies: Bioventix
  • 01 Apr 20
LIBERUM: Futura Medical* - Approval timelines and cash runway remain on-track

Futura has released its 2019 preliminary results this morning, updating the market after a very busy 12 months with its all important FM57 study delivering exciting and commercially relevant data in December. On this front management is hosting a webcast presentation that will be available on the company website later this morning to provide more colour on the study.

Companies: Futura Medical
  • 30 Mar 20
SP Angel Healthcare Conditions

Novacyt S.A* (NCYT.L): COVID-19 test update | Redx Pharma (REDX.L): Short term loan agreement

Companies: Novacyt Redx Pharma

  • 06 Feb 20
Running the Slide Rule over SDI

SDI was selected in finnCap’s Slide Rule QVGM+ top 30 stocks in Q1 2020, reflecting the projected strong sales and EPS growth over the next two financial years of 30% and 31% respectively, buoyed by recent acquisitions but more importantly the rising ROCE. The prospect of sustainable organic growth is considered likely for this buy-and-build model given ongoing investment to support portfolio companies’ ambitions. These quality metrics are also seen in Judges Scientific (a larger buy-and build investment story), which despite three-year 9% EPS CAGR, trades on a FY 2020 P/E of c.25x and FCF yield of 4.2%. Given the successful acquisition and integration of 11 businesses over the past six years, and mindful of opportunities that still exist for SDI, we are raising our target price to 105p, which brings the valuation into line with Judges. This implies FY 2021 EV/EBIT and P/E multiples of 19.6x and 24.5x, respectively.

Companies: Scientific Digital Imaging
  • 24 Mar 20
Robust model proving its mettle

With the moratorium on publishing audited preliminary results in place, EKF has instead provided a comprehensive trading update with headline FY19 financials and an update on the outlook, including regarding the potential impact of Covid-19. In short, no impact has been seen to date and, whilst ordering patterns may experience some short term disruption, the testing of vulnerable groups such as Diabetes and Anaemia patients is more important than ever. Added to that, EKF has recently entered into a contract manufacturing agreement to produce sample collection tubes for Covid-19 testing in the US, with initial orders of $1m expected to grow significantly in the coming weeks. At the very least, this should compensate for any short term hiatus in ordering patterns in the core business. Net cash of £14.3m gives a substantial financial buffer and news the board still intends to pay a maiden dividend of 1p (>5% yield) is a strong signal of confidence. In short, we remain extremely confident in EKF’s business model and prospects.

Companies: EKF Diagnostics Holding
  • 07 Apr 20
2nd exosome research collaboration

ReNeuron has agreed a collaboration agreement with an undisclosed major pharmaceutical company. This is ReNeuron’s 2nd exosome research collaboration and supports management’s position to collaborate and then outlicense its proprietary exosome technology as a novel delivery vector. As a reminder, ReNeuron’s exosomes are derived from its CTX neural stem cell line and have the ability to cross the blood brain barrier and to be manufactured at scale. ReNeuron will be reimbursed for manufacturing and loading of the exosomes with its partner’s gene silencing sequences. This project remains at an early stage but is the first step to more lucrative out-licensing agreements. We highlight that exosome platform licensing agreements are not currently in our forecasts and valuation, and represent upside if can be achieved. We are looking forward to further development updates.

Companies: Reneuron Group