Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on E-THERAPEUTICS PLC. We currently have 11 research reports from 3 professional analysts.
|23Nov16 04:21||RNS||Grant of share options and Directors' dealings|
|06Oct16 10:12||RNS||Directors' Dealings and Issue of Equity|
|03Oct16 02:03||RNS||Further re: Directors' Shareholdings|
|21Sep16 04:06||RNS||Issue of Equity and Directors' shareholdings|
|20Sep16 07:00||RNS||Half year results|
|14Sep16 12:08||RNS||Management Update|
|09Sep16 09:30||RNS||Notice of Half Year Results|
Frequency of research reports
Research reports on
Focused on value creation
20 Sep 16
e-Therapeutics (ETX) is focused on driving value in its discovery platform. Costs will be reduced as the 17 product candidates in discovery as of July 2016 have been cut to a core five. Cash of £19.9m and future tax credits of c £6m, along with a reduction in cash burn, should fund ETX through to 2019. Legacy assets ETS6103 and ETS2101 will continue to be wound down with reduced costs; the company will look to out-license both. Validation of the platform is key to driving value and wider recognition; future deals, potentially in 2017, would enable this.
Life Science Sector review
11 Jul 16
And then worst of all, you never get approval when you say you will. There is nothing that causes investor whiplash more than a sudden announcement of an unsuccessful clinical trial. Whether you are the onedrug wonder on AIM or the multi-drug portfolio NASDAQ darling, the market never takes too kindly to unsavoury news from the FDA on clinical results. But should investors lambast these two scenarios similarly based on poor trial results? The variables are endless but in this example the clear answer is no. Investors who invest in one-drug companies edging ever closer to FDA decision day do not have much cause for complaint as they are rolling the dice. But what of the company with many drug candidates in the clinic? Surely the usual knee-jerk reaction of a mass selloff is not rational when a company has a singular failure amongst a well-developed and advanced portfolio?
Courting commercialisation partners
19 May 16
e-Therapeutics’ strategy has evolved, shifting from investment into its proprietary discovery platform to commercialisation of its 12 preclinical assets and the platform itself. Out-licensing and collaborations, potentially in the next 12-24 months, should validate the platform and fund future discovery work and identification of the next wave of lead candidates.
Light at the end of the funnel
18 Feb 16
e-Therapeutics’ (ETX) share price fell c 30% on news that the ETS6103 Phase IIb trial as a second-line therapy for major depressive disorder (MDD) failed to meet its primary efficacy endpoint. However, this does not necessarily equate to a negative read-across for the network pharmacology platform and remaining pipeline (ETS2101 in cancer). Significant investment in expansion of discovery capabilities and infrastructure has generated 10 active discovery projects, with potential for early-stage out-licensing deals or discovery collaborations in the near term. Deal execution would provide robust validation to this approach, and unlocking valuation upside.
Discovery platform coming to the fore
12 Oct 15
e-Therapeutics' lead assets, ETS2101 (cancer) and ETS6103 (major depressive disorders), are progressing through clinical trials as planned. ETS2101 has completed three Phase Ia trials and has started Phase Ib in HCC and pancreatic cancer. The Phase IIb data readout of ETS6103, expected in Q116, could trigger a licensing deal. Meanwhile, significant progress has been made in the preclinical discovery projects. Initial areas of focus are cancer immunotherapy and therapeutic resistance rescue with formal preclinical development anticipated to begin in H116. Success in these projects would validate the network pharmacology discovery platform and could present significant commercialisation opportunities.
08 Dec 16
Elderstreet stake acquired 02 GENERAL NEWS Globalworth premium In this issue Venture capital firm Draper Esprit has taken a 30.8% stake in venture capital trust manager Elderstreet. Both investment managers focus on the technology sector and they will be able to co-invest. Elderstreet has investments in a number of AIM-quoted companies through its VCTs. The purchase was funded by an issue of Draper Esprit shares worth just over £250,000. Simon Cook, the chief executive of Draper Esprit, is a former partner at Elderstreet so he knows the business and the people who run it, although he did leave more than 14 years ago. Cook has previously acquired portfolios from 3i and Cazenove, two other firms where he has worked. Draper Esprit has an option to acquire the remaining shares in Elderstreet, which has more than £25m under management. Adding Elderstreet to the group enables Draper Esprit to offer investors a range of EIS funds, VCTs and an ISA qualifying listed evergreen patient capital fund. The enlarged group has venture capital assets under management of more than £350m. At the end of September 2016, Draper Esprit had a net asset value of 352p a share, which is similar to the current share price. The June 2016 flotation price was 300p a share. Draper Esprit is quoted on Ireland’s Enterprise Securities Market as well as AIM.
N+1 Singer - Morning Song 05-12-2016
05 Dec 16
RTHM is acquiring a profitable Canadian listed mobile specialist for equivalent of US$42.5m consideration in shares (88.235m). This helps adds to two growth vectors RTHM is targeting; (i) adds unique exclusive audience (10m unique) and (ii) Exclusive demand Yahoo and Facebook. The business has 15 premium and owned and operated apps which provide users with rewards for activity. The business is expected to deliver c$9m of EBITDA in FY18 including $2m of cost synergies. This equates to just 4.7x EV/EBITDA. This marks what we see the first step in RTHM activity to scale the business and deliver on margin potential (see our initiation notes). Our initial estimates for EPS revisions are very significant - for FY18 are 2.3 cents (currently 0.6) and for FY19 4.3 (currently 2.5). There is a call at 830 for investors and we will revise post this.
Panmure Morning Note 02-12-16
02 Dec 16
We expect CareTech to report FY results to September on 8th December. A positive trading update in October indicated that performance for the year was in line with market expectations therefore we are focusing on the outlook. We expect a confident statement since the end of 2016 showed positive trends across fee rates, expansion in places and occupancy. We believe CareTech is well positioned for further expansion, and remains at an attractive valuation. We retain our BUY and 380p price target.
Small Cap Breakfast
07 Dec 16
Creo Medical group—Schedule 1 update.. £20m raise. Expected market cap £61.2m, admission expected 9 December. ECSC—Schedule 1 from provider of cyber security services. Raising £5m. Vendor sale £0.8m. Target date 14 Dec. Expected market cap £15m. RM Secured Direct Lending - The secured direct lending fund intends to float on the Main Market on 15 December raising up to £100m
N+1 Singer - Morning Song 06-12-2016
06 Dec 16
With FY16 volume and revenue already disclosed in the pre-close, the focus in today’s prelims is on PBT (£100.3m versus our £101m) and EPS (96.8p versus our 95.4p). No special dividend triggered this year (none forecast) and DPS is held at 46.8p (N1SE: 48.0p). On end markets, recent commentary is reiterated – the core business is growing, whilst consumer electronics will be subdued in the current year (competitive capacity from Solvay). On currency, there will be a material benefit in the current year (a little more than the £14m to £15m previously indicated), and a further tailwind next year if current rates are maintained (quantum TBC). There is also an investment of £10m today in a minority interest in Magma Global, Victrex’ oil and gas mega programme partner. Although the share price is now close to our TP of 1730p, we feel that there is enough in today’s announcement to retain a positive stance on medium term opportunities with strong cashflow and a special dividend potentially to look forward to in the current year.
Panmure Morning Note 08-12-2016
08 Dec 16
CareTech results were in line with expectations to PBT, but exceeded at the EPS level due to a lower tax rate. The strong performance puts the company in a good position for further expansion with a focus on organic growth. It has acquired 8 new facilities to be refurbished for Children’s Services which we expect to result in faster revenue growth in 2017 and improved profitability from 2018 onwards. We see CareTech as a significantly undervalued asset with an attractive dividend yield in an expanding sector. We maintain our BUY recommendation.