Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on MaxCyte. We currently have 43 research reports from 3 professional analysts.
Hydrominer GmbH, An Austrian cryptocurrency miner, is considering an initial public offering (IPO) on the London Stock Exchange AIM during 2018 according to an article on Bloomberg. Block Energy—a NEX Listed UK based oil exploration and production company whose main country of operation is the Republic of Georgia, looks to join AIM end of February 2018. Offer TBC Cradle Arc—holding company of a group of companies focused on the exploration and development of precious and base metals projects in Africa. Offer raising £2.4m with market cap of £20.13m. Expected 24 Jan 2018 OnTheMarket—Intention to float on AIM to raise c.£50m which will be used to fund the growth of the OnTheMarket.com portal, already the third biggest UK residential property portal provider. Expected valuation £200m to £250m.
Companies: ACRL EAH SQZ SLN DKL ANGS MXCT TEK APC REDX
MaxCyte has filed its first IND with the FDA. This paves the way for a Phase I trial with MCY-M11 (anti-mesothelin CARMA) in peritoneal cancers to start in 2018. The company is also expanding its CARMA programme to target a range of solid and haematological tumours. Revenues in FY17 rose by c 14% to c $14.0m, and the number of cell therapy programmes using MaxCyte’s technology has risen by c 15 to over 50. Despite the good progress, we are reducing our valuation by £12m to £166m, or 327p/share as the level of sales growth in FY17 was weaker than we had forecast.
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MaxCyte made significant progress in making its flow electroporation technology the preferred transfection methodology for CRISPR therapies in H117. At the same time, MaxCyte has increased its sales and marketing effort, supported by the £20m capital raise in April. So, we forecast that MaxCyte’s sales growth will be 26.1% sales growth in FY17, compared to 13.6% in H117. During the rest of the year, attention to MaxCyte’s CARMA platform (proprietary CAR therapy) should also increase, as it aims to file its IND in the US in H217 and the imminent launch of the first CAR-T therapy. We maintain our valuation at £178m, or 351p/share.
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MaxCyte is maintaining its leading position in the field of flow electroporation, an enabling technique for many advanced cell therapies. There are now over 45 cell therapies in development that use MaxCyte's proprietary technologies, and data published so far this year continue to highlight the utility of MaxCyte's instruments. The company signed a commercial licensing deal in March, and many more could be signed in the coming years. For a number of reasons revenue growth slowed to 13.5% in H117, but we expect significantly stronger growth in H217. We maintain our valuation at £178m, or 351p per share.
Arena Events Group -provider of temporary physical structures, seating, ice rinks, furniture and interiors. Raising £60m. Mkt cap £63m. Expected on the Chef’s birthday. 25th July.| Altus Strategies—African focused natural resource Company. Offer TBC. Expected Mid July. | Harvey Nash Group— Provider of professional recruitment and offshore solutions moving to AIM from Main. No capital to be raised. Mkt Cap c. £57.8m. | AnimalCare—RTO of Ecuphar NV, a European animal health company. £30m raise. Ecuphar FY16 rev £68.4m, underlying EBITDA £8.9m. Due 13 July. | Angling Direct -Schedule 1 from the specialist fishing tackle retailer in the UK . Raising £9m of which £7.4m new money. Mkt cap c. £27.4m. Due 13 July | NEXUS Infrastructure—£35m vendor sale. Mkt cap £70.5m. Provider of essential infrastructure services to the UK housebuilding and commercial sectors. Expected 11 July. FYSep16 rev £135.7m. | Greencoat Renewables - Schedule 1. Targeting a portfolio of operating renewable electricity generation assets, initially investing in wind generation assets in Ireland. Offer TBC. Due Mid July. | QUIZ— Omni-channel fast fashion womenswear Company intention to float. Due July 2017. Offer TBA | I3 Energy –Schedule 1 Update. Independent oil and gas company with assets and operations in the UK. Offer TBC, Mid July admission. | Verditek— Sch 1 update. The Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission late June | Rockpool Acquisitions—Northern Ireland based Company seeking strong NI acquisition with an international outlook. Raising £1.5m at 10p. Due 5 July. | Hipgnosis Songs Fund investment company offering pure-play exposure to Songs and associated musical intellectual property rights. Prospectus yet to be published. | Impact Investment Trust—Exposure to a diversified portfolio of funds providing SMEs across developing economies with thegrowth capital they need to have a positive impact on the lives of the world's poorer populations. Raising up to $150m at $1.00 Residential Secure Income - social housing REIT raising up to £300m Admission due c.12 July. | Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. | NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. | Kuwait Energy— has not been able to complete its initial public offering as announced in its Intention To Float of 3 May 2017. However, in light of positive feedback from potential investors, the Company remains committed to obtaining a London listing and continues to explore its options. | Supermarket Income REIT– Up to £200m raise to acquire a diversified portfolio of supermarket real estate assets in the UK, providing long-term RPI-linked income. Due 21 July.
Companies: MGR VLG NFC FBT ESL ORCP MANX MXCT CALL
MaxCyte completed an exceptional first year as a publicly-listed company with a £20m capital raise at a slight premium. The additional capital allows MaxCyte to fully execute its dual strategy of developing a pipeline of CARMA products, while also exploiting its leading position in the field of flow electroporation. The extra cash will allow MaxCyte to expand the number of CARMA programmes from two to five and fund a total of three clinical trials. Recently presented data at the AACR meeting confirms the potential of its CAR therapy. We increase our valuation by £40m to £178m, 351p per share.
Touchstone Exploration— Oil exploration and production company active in the Republic of Trinidad and Tobago. Interests of approximately 90,000 gross acres. Production c. 1,300 boepd. Raising £1.45m. Expected mkt cap £7.5m. Due 26 June. I3 Energy –Schedule 1. Independent oil and gas company with assets and operations in the UK. Offer TBC, 7 June admission. Verditek— Schedule 1 update. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Issue price 10p. Admission in Early June Tiso Blackstar Group—Schedule 1 update. Media, entertainment and marketing solutions group/ £160m mkt cap. Admission only. Expected late June. DP Eurasia—Intention to float from the exclusive master franchisee of the Domino's Pizza brand in Turkey, Russia, Azerbaijan and Georgia. £20m primary raise plus a partial vendor sale. Film Finances—Sky News reports that ‘movie financing company with credits including the Hollywood hits La La Land and Nocturnal Animals is plotting a blockbuster premiere on the London stock market that will value it at several hundred million pounds.’ Expected ‘during the summer’. AIB—Intention to float from AIB, Ireland's leading retail and commercial bank . The Minister for Finance intends to sell approximately 25% of the Ordinary Shares of AIB. Prospectus and announcement of the price range due in mid-June 2017. Curzon Energy—Report on Proactive Investors of intended LSE float this year with acquisition of coal bed methane assets in Oregon. Looking to raise £3m plus. NLB Group—financial and banking institution based in Slovenia, with a network of 356 branches. Seeking Ljubliana Stock Exchange listing with GDRs on the LSE. Expected mid June. Flying Brands (FBDU.L)—Prospectus approved by FCA. RTO of Stone Checker Software, supplier of technology solutions in the field of kidney stone analysis and prevention. Has raised £550k at 3p. Subject to GM on 15 Jun. Kuwait Energy— $150m raise plus vendor offer. Admission due June. 2p reserves 810.0 mmboe
Companies: MXCT PREM GUS PYC VP/ FREE CPS AMO MERC WDC
ADES International— Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa, seeking raise up to $170m plus vendor sale under a Standard Listing of the Main Market. Admission due May 2017. Global Ports Holding—Intention to float on Standard List of the Main Market. International cruise ports operator. Seeking $250m raise including $75m primary offer. Dorcaster—Schedule One Update. Admission now expected on AIM 3 May. RTO of Escape Hunt raising £14m at 135p. Verditek— Intention to float on AIM. On Admission, the Company's subsidiaries will be involved in advanced solar photovoltaic, filtration and absorption technologies specialising in providing environmental services. Raising £3.5m. Admission in May. ADES International Holding— Intends to join the Standard List of the Main Market in May raising up to $170m plus a vendor sale. Provider of offshore and onshore oil and gas drilling and production services in the Middle East and Africa. Admission expected in May. Tufton Oceanic Assets– Offer extended to 9 May on specialist funds segment of Main Market to enable investors to complete further due diligence.
Companies: MXCT CLIN COS ODX HZM OPTI IMTK TRIN BLTG REDS
MaxCyte has reinforced its position as the leader in flow electroporation over the last year. The number of cell therapy licenses has risen by about 10 to over 40 and revenues increased by 32%. A new collaboration was formed to develop CARMA therapies in haematological cancers with Washington University in St Louis. There were also publications detailing the utility of its electroporation systems for CRISPR therapies, which was followed up by MaxCyte's first commercial license deal in the field. This performance is set to continue as it invests in R&D and marketing. We raise our valuation by 8p to 316p/share.
MaxCyte has signed a commercial license deal with CRISPR Therapeutics and Casebia (a joint venture with Bayer) for its flow electroporation to be used to develop CRISPR-based therapeutics for haemoglobin-related diseases. The nonexclusive deal includes an upfront, milestones, and sales-based payments; and we estimate has an NPV of c $10m. There are some 40 cell therapies that use MaxCyte's proprietary technologies in development (10 of which are licensed for use in the clinic); suggesting further similar deals could be expected over the coming years. We have increased our valuation from 253p to 308p a share.
MaxCyte's trading update and recent news flow show how its electroporation technology is a key enabler for many cell therapies. There are over 35 cell therapies in development that use MaxCyte's devices, and recent papers show its potential use in CRISPR cell therapies. MaxCyte's own therapeutic programme, CARMA, should enter the clinic in H117, and a new collaboration expands its CAR platform into haematological cancers. Scientific progress has been matched on the financial front, with sales growing by over 30% in FY16, for a second consecutive year. We raise our valuation per share by 64p to 253p.
Lower numbers of new issues has raised standard of companies coming to AIM
2016 got off to a rocky start. Not long into January, after just a few trading days, global equity markets lost more than US$4tn of value due to investor sentiment towards China’s economic slowdown and depreciating currency. This was immediately followed by a slump in the oil price. By the third week of January, Brent Crude hit its year low at $27.10 a barrel causing an immediate sell off in the energy sector. Once the Q1 dust had settled, attention turned to the UK’s vote on whether to remain a member of the EU. The Brexit vote result proved to be a genuine shock for markets, with many investors having believed that the UK would stay within the European Union. Attention soon turned to the equally ill-tempered US Presidential elections and all the political and economic unknowns that Trump’s victory has spawned. As a result, AIM, has seen a roller-coaster of a year in 2016.
Companies: PRSM FRAN MXCT CER PAM TMO SECG MORE GOT
Research Tree provides access to ongoing research coverage, media content and regulatory news on MaxCyte. We currently have 43 research reports from 3 professional analysts.
|30Apr18 07:00||RNS||Notice of AGM and Annual Report|
|04Apr18 07:00||RNS||Final Results for Year Ended 31 December 2017|
|15Mar18 07:00||RNS||Notice of Full Year Results|
|28Feb18 17:00||RNS||Director/PDMR Shareholding|
|15Feb18 07:00||RNS||Grant of Options|
|13Feb18 07:00||RNS||Dr Richard Douglas Joins MaxCyte Board|
|01Feb18 16:06||RNS||Block listing Interim Review|
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 OXB NIPT PHP RE/ REDX SCLP SCE SIXH TRX TON VAL
AorTech has raised a gross total of £2.6m to fund two new projects. As a licensing and royalty business of its patented Elast-Eon technology, AorTech has been marginally EBITDA positive. We believe there is substantial potential share price upside as, in our view, each of the new projects could create £50m of shareholder value. Textiles (patches and grafts) should have initial sales within two years while heart valves will potentially progress to a licensing stage in a similar timeframe. We initiate coverage with a 400p TP and Buy rating.
Companies: Aortech International
Legalisation of online sports betting in the US will provide opportunities for AIM online gaming companies. The Supreme Court of the United States has decided to overturn the Federal prohibition of sports betting. The state of New Jersey argued that congress had exceeded its authority and the judges agreed. The US sports betting market, both onsite and online, could be worth $6bn by 2023, but individual states will have to enact legislation to enable online sports betting to commence in their territory.
Companies: AOR TYR SML STR MWE RNWH
TxCell has announced that Lonza, the biopharmaceutical and cell manufacturing global specialist, will produce its CAR Tregs. TxCell uses a robust manufacturing design to give low inter-patient variability with potentially consistent therapeutic results. The time needed to transfer and validate the process in Lonza will push the IND filing to H119, formerly by Q418 but with security of supply. TxCell has drawn €5.4m of convertible loans ytd and is seeking longer-term funding or a partnering deal. The indicative valuation remains at €87.9m.
Interims are in line. Revenues +6.1% reported, PBT+7.7% but adj EPS was only up 3.2% and Net Debt is still high at £97.1m. There is no new news on Mylan contract for generic Advair and we do not expect to hear anything until mid-2018. A couple of small contracts have drifted away. We make only minor changes to our estimates and don’t see any catalysts in the short term. The shares now trading on 17.7x P/E to Apr-18, 12.4x EV/EBITDA - not obviously cheap without growth picking up but maybe there is enough promise on the Mylan contract to keep people interested for now. We move to Hold from Buy.
Companies: Consort Medical
Epigenomics has announced H116 results, which highlight the launch of Epi proColon in the US jointly with Polymedco, the largest distributor of colorectal cancer (CRC) screening tests. Epi proColon has been included in the guidelines of the US Preventive Services Task Force (USPSTF), which underscores the potential of the test as a valid screening method for CRC and recognises the need for additional screening options. The test is also now commercially available through LabCorp’s website. The company expects available cash to last into 2017.
In light of the Brexit vote, we reflect upon the implications for the NHS and the wider healthcare industry. We take a pragmatic approach to how the referendum result will affect staffing, recruitment, clinical trials, drug pricing and small company grant funding in the coming months and years.
Companies: AKR AOR BVXP BYOT COG DPH EKF LID ODX NIPT PRM SDI SNG TSTL VEC
A strong set of interims this morning, with revenues +14% and a move back into sustainable profits confirmed. Ahead of the acquisition of Elemental in August, net cash increased to £1.2m. We make no changes to our forecasts at this stage after upgrading materially for the Elemental deal, which we continue to view as transformational for the group. We see plenty of mileage in the story and reiterate our Buy recommendation.
Companies: Surgical Innovations Group
The Quoted Companies Alliance has set out its proposals for taxation ahead of next month’s Budget. The smaller company pressure group believes that the UK needs to build a post-EU tax regime that supports and incentivises smaller companies. One of the key aspects of the proposals is a levelling of the playing field between debt and equity. At the moment, a company can claim tax relief for costs incurred in raising debt but not the costs of a share issue. The QCA believes that the government should encourage long-term equity finance.
Companies: ITX CLIN OPM STEL PEN KAPE
A look back at our 2017 ideas In aggregate our analyst picks outperformed the FTSE All Share last year by 9% and the cumulative performance of our portfolio over 6 years would have given a total return of 300% (almost double the return on the FTSE All Share). In addition, many of our top-down themes played out very well such as our focus on secular growth in Tech, Life Sciences, Healthcare and Financials, an increase in M&A, our cautious stance on the Consumer and especially our bet on continued strength in the Industrials last year and solid growth in the global economy. What does 2018 have in store? We continue to play ongoing secular growth themes in Tech, Life Sciences, Healthcare and Financials. In addition, we tap into domestic areas of cyclical strength such as regional construction and house building, plus self-help initiatives and potential market share gains. We maintain a favourable view of Industrials given the global economic backdrop but think this could moderate during the year. Other changes of nuance include the potential for a better H2 in the Consumer sectors, which remain under pressure for now, and a better outlook in Media from a mini-quadrennial year in 2018.
Companies: AMO AVG CBP CVSG DNLM EKF FENR IOM SAA GLE RLM SFR PGIT RLM SFR SOG VRP
Scientific Digital Imaging reported strong interim results to 31 October 2017, with a 34% increase in revenues and adjusted EPS of 1.22p (+74%). Results included a first-time contribution from Astles and ATC, which contributed £1.1m (67%) to revenue growth. Legacy businesses also grew, by a commendable 11%. Despite this, we leave forecasts unchanged given that H1 included a one-off licence payment (£0.15m) that boosted underlying profits, without which EPS growth was 50%. These results, however, clearly demonstrate the improved free cashflows, driven by high-margin profitable businesses (c.20% EBITDA margin). Our target price and forecasts are unchanged, although both look exposed to upgrades based on the prospect of sustained strong underlying trading and additional EPS-enhancing acquisitions that the company is currently reviewing.
Companies: Scientific Digital Imaging
2018 is the year of the Great Exhibition of the North. This summer, Newcastle and Gateshead will play host to a government-sponsored, 80-day marathon of events. Billed as the largest event in England this year, the Great Exhibition will showcase the best of the North East’s art, culture, design and innovation and we expect it to highlight the region’s ongoing success in high-end engineering, technology and life sciences. It may also reflect on the success of the North East’s plcs, the most striking example of which is Sage’s transition from 1980’s start-up to £9bn FTSE100 stalwart. We remain on the look out for the next Sage and expect the region to continue to produce attractive IPO candidates following Ramsdens’ success last year. Overall 2017 was a positive year for the region’s listed companies, one highlight of which was the takeover of Quantum Pharma, an N+1 Singer client, by Clinigen for £150m. We are confident that 2018 will be another successful year. Our top regional picks this year are Hargreaves Services, Zytronic and Applied Graphene Materials.
Companies: AGM BWY GRI GRG HSP IDH KMK NTG RFX UTW VNET ZYT
SDI is acquiring Quantum Scientific Imaging (QSI), a manufacturer and supplier of high-performance cameras that have applications in the astronomy and life sciences fields. Considered a bolt-on acquisition, it will be incorporated into SDI’s Atik Cameras business. SDI is paying £246k ($350k) for the assets, trademarks and patents of QSI, representing prospective EV/Sales of 0.7x. The acquisition is being funded by SDI’s recently enlarged banking facility. We expect the acquisition to be 2% accretive to adjusted EPS in FY 2019. We are raising our target price by 6% to 34p, which places SDI on a CY 2018 P/E of 15.3x and EV/EBITDA of 9.7x.
Companies: Scientific Digital Imaging
Vernalis has provided a trading and operational update to its guidance for Tuzistra XR prescriptions for financial year-end 2018. Despite dynamic management of commercial initiatives, Tuzistra XR prescription growth is not accelerating fast enough to meet Vernalis’s guidance of 105-115k prescriptions (given at the FY17 results). Following a disappointing uptake in the current cough cold season (~65% of the season is complete), Vernalis is downgrading guidance on prescription numbers and, in light of slow progress in the US cough and flu business, is seeking alternative strategies for the US business and the group. As such, we place our financial forecasts and valuation under review until we receive clarity on strategic next steps and the potential impact on cash burn, given a cash balance of £44m (unaudited at 31 January 2018).
A relatively minor 2.3% EPS downgrade has prompted a 13% share price fall in Clinigen’s share price. Issues in the small CTS division and FX headwinds have been partially offset (though not sufficiently) by strength in Commercial Medicines, where much of the value lies, in our opinion. Importantly, our FY19/20 estimates are largely unchanged. We continue to see latent potential in the Quantum Pharma pipeline in particular and investors should be reassured by positive commentary around its integration and performance since acquisition. For these reasons we stay positive and believe the recent weakness will be temporary and is a good buying opportunity. We reiterate our Buy recommendation with a TP of 1157p (from 1225p).
Companies: Clinigen Group