Q2 cleared the way into strong H2

Q2 was a bridge into exciting H2'24 and 2025. An expected guidance upgrade held back the stock. Accelerating growth, bulky pipeline and massive news flow: BUY.

A double-upgrade in a low-event report

Q2 looks to be another good quarter

Good Q2 with 14% revenue growth and $1.87 core EPS. Sets up a guidance uptick ahead of H2 acceleration. BUY on quality growth and strengthening pipeline.

Hardman & Co Insight: Survival of the UK life sciences sector

For two years running, the Hardman & Co Healthcare index has declined, underperforming both the FTSE 100 and the FTSE All-Share indices. This is quite unusual for healthcare stocks. Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises. However, the small- and mid-cap life sciences sector has alway

Bold new targets

CMD succeeded in showing USD 80bn 2030 revenues as achievable. Conservative margin profile +2026 is the right signal to send. Long-term growth case supported by CMD, BUY.

Oncology accelerating in Q1

Q1: 19% CER sales growth, Oncology business accelerating to +26%. Very strong Q1 points to even more joy through 2024. We raise core EPS by 2-6% and TP to SEK 1,830 (1,740) — BUY

Broadbased strenght in Q1

Solid Q1 coming up, but R&D day is key

We expect little drama at Q1 (25 Apr) with solid 10% CER growth. Forget Q1, it's all about the 21 May R&D day and new targets. TP up to SEK 1740 (1626), as we hike '24 EPS 7%: BUY.

Committed to its goals

Q4 core EPS miss + long-term questions send the share down share 6%. LT case untouched and very attractive, valuation still undemanding. AstraZeneca will host an Investor Day on 21 May 2024.

Q4'23 report

Expect an in-line end of '23

Q4e core EPS at USD 1.51/share (cons. 1.50/share). '24e view: low double-digit growth in total revenue & core EPS (CER). Reiterate BUY; TP SEK 1,665 (1,697).

Acquires vaccine company Icosavax

Warpaint London+ (W7L, House Stock at 512p) - Margin sparkle adds to strong sales growth - Upgrades!

BrainStorm Cell Therapeutics (BCLI) Update Note 03102024

BrainStorm Cell Therapeutics Inc. (Nasdaq: BCLI) develops NurOwn® stem cell therapy for NDDs – BCLI’s first target is ALS (MND/Lou Gehrig’s). We have stress tested our valuation vs. current global and market events as well as and BCLI’s reverse stock split (R/S) 30 Sept 2024 (to maintain Nasdaq listing). Whilst there are pros and cons – our risk adjusted WACC has increased and NPV reduced, our conservative base case expected dilution assumptions have improved with R/S and Nasdaq compliance and o

IRLAB Therapeutics - IRL757 starts strong in Phase I

IRLAB Therapeutics has announced an encouraging update for the ongoing Phase I trial for IRL757, which is being developed as a potential treatment for apathy. The single ascending dose (SAD) portion of the study has been successfully completed, with the initial data showing good absorption and exposure in the body, as well as a desirable safety and tolerability profile. The next step will be the multiple ascending dose (MAD) portion of the study, which management notes should be completed by end

Hardman & Co Monthly: October 2024

Feature article: Labour’s first Budget - Investors in their sights? Summary ► Budgets are always important for investors. ► The imminent Budget, at the end of October, will be doubly so, because it is the first from the new Labour government, and it has already signalled the need to fill an alleged £22bn black hole, while ruling out changes to more than half the tax base. That implies a lot of the pain will be felt by investors. ► This paper considers the impact of increases in rates for th

Morning Note – 30 September 2024

Hybridan Small Cap Feast - 4 October 2024

Dish of the day Admissions: None Delistings: None What’s baking in the oven? ITF announced:*** Potential** Initial Public Offerings: 30th September 2024: Applied Nutrition, the sports nutrition, health and wellness brand announced that it is considering an £500m IPO onto the LSE Main Market. Across the four ranges, the Group sells approximately 100 different products, with flavour and format combinations across those products resulting in over 500 stock keeping units. July 2024 YE numbers report

Morning Note – 6 August 2024

Hybridan Small Cap Feast - 17 April 24

17th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acquire the entire issued share capital of 3radi

Shield Therapeutics - H1 2024 – US ACCRUFeR growth and gross cash focus

STX reported encouraging H1 2024 interim results, with a confirmation of the ACCRUFer revenues given at the Q2 TU on 25 July, and an encouraging update on the cash position, reiterating that the period-end gross cash was $8.1m. This is prior to the $5.7m milestone monetisation payment that the company is expected to receive from AOP in H2 2024. In the release, the company notes that based upon the latest forecasts the Group’s monthly cash flow starts to turn positive in H2 2025, and that the cur

Kromek - Selected for UK Government Framework

Kromek has announced it has been selected as a supplier under the UK Government’s Radiological Nuclear Detection Framework. The company applied for three of the four Framework categories and was successfully approved and awarded a framework contract. The three categories cover the supply of handheld, wearable and large volume static radiation detectors, which, as per the announcement, have a combined maximum procurement value of £84m over the four-year framework term. The company will update the

Ondine Biomedical - Proprietary platform testing standard of care

Ondine Biomedical is focused on becoming a leader in tackling antimicrobial resistance (AMR) at the source, by leveraging its capabilities and proprietary platform technologies. The company specialises in the field of photodisinfection, a unique approach to preventing the spread of infections that uses light to destroy pathogens. Its lead product Steriwave was first approved by Health Canada, and Ondine has since partnered with HCA Healthcare, a leading US hospital group, to run US clinical tria

Zeus Industrials Round-Up - 13 September 2024

The UK industrial sector continues to show promising signs of recovery, with manufacturing PMI reaching a 26-month high of 52.5 in August as all survey indicators but one expanded. Economic data has also been encouraging, with UK pay growth cooling to a two-year low and inflation rising only slightly in July – supporting the case for further interest rate cuts this year by the BoE.

Morning Note – 25 July 2024

Venture Life Group - Increased investment supporting growth

Venture Life has reported results for the 6-months to June 2024. Revenues in the period were flat YoY, with growth from VLG Brands offset by lower Customer Brand revenues. VLG Brand growth was supported by marketing investment, driving growth, particularly in the UK. Customer Brand revenue growth was impacted by a strong comparator period in which customer stocking had taken place. Gross margin increased, though was held back by strong sales growth through Amazon, which generates lower percentag

Creo Medical Group - Interim results

Creo Medical has reported results for the 6-months to June 2024. The company generated revenues of £15.2m in the period versus £15.7m in H1/23, the decline relating to the timing of Kamaptive milestone payments which were £0.1m in H1/24 versus £0.5m in H1/23 and lower Consumables revenues due to the H1-revenue weighting in FY23. Notably, Core Creo technology revenues increased 78% to £1.6m. The underlying EBITDA loss for the period was £10.5m and the company closed the period with cash of £9.8m.