Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on VALIRX PLC. We currently have 40 research reports from 4 professional analysts.
|15Mar17 09:33||RNS||Director/PDMR Shareholding|
|02Mar17 07:00||RNS||Director/PDMR Shareholding|
|01Mar17 13:37||RNS||Placing to raise £1.16m and Proposed Subscription|
|11Jan17 07:00||RNS||CLINICAL TRIAL UPDATE - Positive VAL201 Results|
|30Dec16 07:00||RNS||Yorkville CLN Conversion|
|08Dec16 07:00||RNS||European Patent Granted for Lead Compound VAL201|
|02Dec16 16:15||RNS||Convertible Loan Facility|
Frequency of research reports
Research reports on
Low Risk Development Model with Two Candidates in Phase II Trials
10 Mar 17
ValiRx investors get an awful lot for their money! The Group operates a lowrisk, high return model that is shareholder friendly in the respect that it seeks to partner or out-licence drug candidates, with a view to crystallising value, before reaching the costlier phases of the development. It routinely provides shareholders with tangible progress between modest funding rounds, the latest of which now finances its two lead candidates with respect to additional patient/centre recruitment, trial dosing and product manufacturing out to September. Comparisons with both peer groups with similar clinical portfolios, or early stage partnership deals with big pharma seeking entrance into such therapeutic areas, suggests a significant valuation gap has opened. Indeed, ValiRx shares presently recognise none of the value created over the past 18 months, nor the depth of its therapeutic pipeline. While it is understandable that the market remains concerned regarding the Group’s ongoing funding needs, it should also recognise that a potentially near-term Big Pharma development collaboration for either VAL201 or VAL401 would likely be at a multiple of the Group’s current capitalisation.
09 Mar 17
Did we learn anything new from Philip Hammond yesterday? Not really! All issues and revised projections (growth targets out to 2019, budget deficit, 5-year reduced borrowing, etc.) had been so well leaked beforehand, that the FTSE-100 remained with the 35-point trading range set up prior to his speech. Markets took the various swinging measures, including a reduction in the tax-free dividend allowance mostly in its stride, although Sterling momentarily wavered on news that the OBR sees UK inflation peaking at 2.4% in 2017, which probably puts paid to any expectation that Governor Carney will seek to raise the BoE's base rate during 2017. Overall, the Chancellor's message painted a relatively confident picture, despite warning his foot is remaining firmly on the austerity 'pedal', given that he seeks to balance the books in the next parliament, which starts in 2020, and wants to keep his warchest full in case the economy has an onset of nerves following the triggering of Article 50 by the end of this month. Bored with that, market eyes have now fallen back on the imminent European and US central bank meetings. Ultraloose monetary policy has, of course, underpinned years of stock market gains, and given that President Trump has also managed to remove the word 'deflation' from the lips of policy makers globally while also enhancing earnings expectations, its resilience is likely to last rather longer than might be expected during a more regular phase of tightening. Yesterday's ADP National Employment Report reinforced this view, adding confidence ahead of Friday's monthly non-farm payrolls report, which is the last major piece of economic data the Fed will consider ahead of its FOMC meeting on 14th and 15th March. No rate move is expected from the ECB at 12:45hrs today, although its following speech is expected to offer signals regarding its giant bond-purchase program, possibly pointing to evidence the Eurozone economy is picking up, although most consider Mario Draghi is unlikely to announce major changes to the stimulus program ahead of key upcoming French and Dutch elections. US equities ended mixed, putting in just fractional movements, as energy stocks weighed on the Dow following oil prices tumbling over 5% in the wake of strong US inventory data, leaving just the NASDAQ to register a minute gain. Traders remained unimpressed with the President picking up on another of his major campaign pledges yesterday, as he pushed his White House team to map out a plan for US$1 trillion in infrastructure spending, designed to pressure the 52 States to streamline local permitting, favour renovation of existing roads and highways over new construction and prioritize projects that can quickly undertake the works. Asian shares were knocked during this morning's trading by news that Chinese Consumer Inflation had slowed to its lowest in two years, while weakness in commodity prices also weakened the ASX, leaving just the Nikkei to put in a modest rise as it pivoted on US$ strength. UK macro data due today is limited, with the RICs Housing Price Balance reported first thing as unchanged February on January at +24, while the US provides its Import and Export Price Index releases. UK corporates due to detail earnings or trading updates include Aviva (AV..L), WM Morrison (MRW.L), Old Mutual (OML.L), Domino's Pizza (DOM.L), Countrywide (CWD.L) and DS Smith (SMDS.L). Market eyes will also be on Theresa May who today is attending a EU Summit in Brussels while David Davis fields Brexit questions in the Commons. Somewhat anticlimactic following yesterday's Budget, London is seen locking in recent gains, particularly amongst oil plays, with the FTSE-100 seen down 25 points in early trading.
Hardman & Co Monthly: March 2017
01 Mar 17
Most major pharmaceutical companies have reported results for 2016 during the last few weeks, providing the opportunity to update our industry statistics. For an industry that requires a long investment cycle, decisions made many years ago have consequences on current financial performance. Being able to look at performance over 20 years highlights how strategic decisions have panned out.
01 Mar 17
Short on the detail. In fact, it was mostly a rendition of the what we have all heard before. President Trump’s inaugural address to the joint-session of Congress left many more questions than answers. While reasonably expansive regarding replacement of Obamacare, his unifying statements again broadly covered a ‘renewal of the American spirit’, economic nationalism, jump-starting momentum and that America had at last started to ‘drain the swamp’; a repeat of his ambitions to reduce high US corporation taxes in order to allow businesses to ‘compete anywhere’, while offering ‘massive’ relief for the middle classes, however, sounded something like a broken record. Having already heard White House officials suggest the President will call for the biggest increase in military spending since the height of the Iraq and Afghanistan wars, adding US$54bn to the Pentagon’s budget, a further ‘throw away’ ambition of invest US$1tr into his country’s tired infrastructure came across as just another unfunded promise. Equity markets appeared to anticipate just such an outcome before their close, with all three principal US indices falling modestly into the red as the Dow Jones snapped its 12-day streak of record closings, with retailers leading the decline following disappointing results and outlook statement from Target. Although trader’s patience now appears to be wearing rather thin, the initial impact on asset prices was limited during the Asian session as they instead hiked bets on a March interest-rate rise following hawkish speeches which put such a move ‘on the table’ coming from the Fed’s Bullard and FOMC’s Williams yesterday. This was enough to spike the US$:Yen, which was immediately reflected in a rising Nikkei that also celebrated news that Business Spending rose more than expected in Q4’2016. Other Asian markets followed this lead, with the Shanghai Composite confident having seen February Official Manufacturing PMI rise, while the commodity-heavy ASX also reversed earlier losses as the US$ spiked. Feeling in a rather anti-climactic mood, today’s macro releases are not expected to provide any great shakes, with the UK due to provide Nationwide House Prices, January Consumer Credit and February Markit Manufacturing PMI, with the US is scheduled this afternoon to detail January Personal Consumption Expenditures index data followed by Markit and ISM manufacturing PMI for February, the Beige Book and vehicle sales. Two further FOMC Member speeches due late in the US session, this time from Kaplan and Brainard, may add further to the markets increased conviction that a hike next month is on the cards. UK corporates due to detail earnings or trading updates include BBA Aviation (BBA.L), CRH (CRH.L), Carillion (CLLN.L), Costain Group (COST.L), James Fisher & Sons (FSJ.L), ITV (ITV.L) and Man Group (EMG.L). London equities will likely focus on the raised expectation of a Fed hike rather than last night’s disappointing lack of details, with the FTSE-100 seen rising between 10 and 15 points in early trade. Investors will also be seeking more detail from BP this morning after news of it setting a new break-even target for the Group at US$35 for a barrel of oil.
12 Jan 17
"Those hoping the President-elect's first news conference would convey a more considered and expansive approach to his forthcoming period in office were left disappointed. The media, on the other hand, had a field day with his dismissal of claims that Russia holds compromising intelligence on him, clashes with reporters, comparing intelligence agencies to Nazis and admitting Mexico may not pay for the wall after all, while opening his new administration up to charges of nepotism and conflict of interest. The absence of any new detail regarding his planned fiscal stimulus knocked the US$ back, while his repeated determination to reform the bidding process to ensure drugs are bought on a more economical basis, possibly including new import tariffs while offering no guarantees on Obamacare, saw health-care stocks become the day's principal casualty. The Dow Jones swung 140 points high to low during the session, dipping into negative territory while Trump was speaking, before all three principal US indices closed with modest gains. This morning's Asian trading ended largely in the negative, with the Nikkei hurting the most due to the Yen's re-strengthening, while Chinese equities were weaker in the absence of any relaxation Trump's apparently hard line on trade with the US. With T-bills climbing somewhat on Wednesday following a successful US$20bn 10-year note auction, attention will likely revert to the Fed Chair, Janet Yellen, and any view she might details regarding building inflationary pressures, in a speech she is due to make this afternoon. Today the UK will see release of the Halifax House Price Index Regional Breakdown, while the EU is due to publish November Industrial Production figures and the US details Initial Jobless Claims. With the results season now underway, the UK will also see a number of corporates publishing earnings or trading updates, including Associated British Foods (ABF.L), AO World (AO..L), ASOS (ASC.L), Barrett Developments (BDEV.L), Debenhams (DEB.L), Dunelm (DNLM.L), JD Sports (JD..L), M&S (MKS.L), Moss Bross (MOSB.L), Mothercare (MTC.L) and Tesco (TSCO.L). Without significant lead from the overnight markets, London is expected to open just modestly weaker with the FTSE-100 seen down some 10 points in opening trade this morning, having hit a fresh all-time high yesterday and setting a record for the longest uninterrupted 12-day rise in its history. Traders will also be listening for additional detail regarding Shire's (SHP.L) reported US$350m settlement in this US against allegations it used kickbacks to promote a skin substitute product." - Barry Gibb, Research Analyst
N+1 Singer - Morning Song 21-03-2017
21 Mar 17
accesso Technology (ACSO LN) Full year results in line, but key trading months still ahead | Augean (AUG LN) Double digit growth in ’16, good start to ‘17 | Earthport (EPO LN) Interims show continued top line strength | Goals Soccer Centres (GOAL LN) Good momentum under new team. It’s now all about delivery | IQE (IQE LN) FY’16 results prompt further upgrades | Microsaic Systems (MSYS LN) Challenges in 2016, strategy remains in place | mporium Group (MPM LN) Funds raised to help execute strategy | RhythmOne (RTHM LN) Dawn of the independents | ScS Group (SCS LN) Strong progress on key growth initiatives albeit comps now toughen | Sinclair Pharma (SPH LN) FY results: EBITDA ahead, Instalift™ gaining pace | Vectura Group (VEC LN) FY (9-month) results
N+1 Singer - EKF Diagnostics - Final results & potential buy back
20 Mar 17
FY16 prelims are slightly ahead of our latest expectations, those having been increased materially over the course of H2’16 as the strength of the recovery in trading became apparent. In order to maximise shareholder value, the directors are currently examining a potential break up of the group. This would also involve a delisting from AIM. A buy back offer at 21.5p would therefore be made to those investors that wish to exit now rather than holding their shares for the two years plus it would likely take to achieve a potentially higher realisation value for the businesses.
Good results, but further restructuring complex for investors
20 Mar 17
EKF Diagnostics FY 2016 results are slightly ahead of expectations, with both higher revenue and better EBITDA. Management has also announced plans to split the company into two separate companies, Point of Care and Laboratory Diagnostics, with the prospect of a delisting to manage the process. The primary metric for valuation of the two businesses is different consequently we believe that the separation is likely to generate significant value. However, in anticipation of the volatility likely given the restructuring announced this morning, despite the strength of the results, we reduce our recommendation to HOLD and maintain our 21p target price.
N+1 Singer - Morning Song 22-03-2017
22 Mar 17
Carador Income Fund (CIFU LN) Premium rating restored, high levels of refinancing activity | Cello Group (CLL LN) Outlook getting brighter – watch Pulsar | Eckoh (ECK LN) Largest ever US secure payments win | eg solutions (EGS LN) Full year results in line | Futura Medical (FUM LN) Licensing deal for CSD500 in Portugal | Verona Pharma (VRP LN) Global agreement with QuintilesIMS to support development of RPL554 | Xaar (XAR LN) 2016 results slightly ahead, reduced visibility in 2017