Equity Research, Broker Reports, and media content on Diurnal Group

  • Access the latest forecasts, broker valuations, multiples, and video content from the city about Diurnal Group
  • See live updates from analysts, company announcements, and other news in a personalised/single dashboard
Login
  • 16 Jan 19

Chronocort – seeking regulatory advice

Diurnal (DNL) is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its two lead products target rare conditions where medical needs are currently unmet, with the aim of building a long-term ‘Adrenal Franchise’. Alkindi is being launched in key EU markets, and this was expected to be followed by Chronocort; however, headline data from its EU Phase III trial in CAH did not show superiority over standard-of-care, thereby failing to meet its primary endpoint. DNL is seeking ‘Scientific Advice’ from the EMA about how to proceed, which should be available in 2Q’19, with a view to filing for market authorisation in Europe.

Companies: Diurnal Group
  • 11 Jan 19

THE MONTHLY January 2019

The Hardman & Co Healthcare Index (HHI) has been running since 2009. Its main function is to highlight the attractions of life sciences investments over the long term. 2018 was a difficult year; however, the index still outperformed its comparative London indices, falling 10.0% to 393.2, compared with -13.0% and - 18.2% for the Allshare index and the AIM index, respectively. Furthermore, several (17) companies in our index increased their capital base – 15 of our 50 constituents raised new funds, two issued shares as part consideration for acquisitions, and two had share buybacks – all factors that influence the performance of the index. Even allowing for both capital increases and share buybacks, the 12.5% fall in the index still represented a modest outperformance compared with the decline in the Allshare index. With active industry consolidation, shareholder returns remain attractive.

Companies: OPM AVO AGY APH ARBB AVCT BUR CLIG DNL DPP GTLY GDR HAYD KOOV MCL MUR NSF OXB PCA PHP REDX SCE SIXH TRX TON VAL VTA

  • 10 Jan 19

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

Companies: SCH PAM CCS DNL GAN IND ELA BLV GFIN PTR

  • 09 Nov 18

Most popular equity research this week | 5 - 9 Nov

See what's trending this week...

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

  • 18 Oct 18

Unexpected Phase III trial outcome

Diurnal (DNL) is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its two lead products target rare conditions where medical needs are currently unmet, with the aim of building a long-term ‘Adrenal Franchise’. Alkindi is being launched in key EU markets, and this was expected to be followed by Chronocort. However, DNL has received the headline data from its European Phase III trial in CAH, which showed that Chronocort was not superior to standard-of-care, thereby failing to meet its primary end-point. Given the strong Phase II data, this outcome was unexpected. The full data set is now being analysed.

Companies: Diurnal Group
  • 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

  • 04 Oct 18

First commercial revenues

Diurnal (DNL) is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its two lead products target rare conditions where medical needs are currently unmet, with the aim of building a long-term ‘Adrenal Franchise’. Following approval from the European Commission, Alkindi is being launched in key EU markets through DNL’s own commercial infrastructure, starting with Germany and now launched in the UK. Additional territories will follow during 2018 and 2019. Meanwhile, the company is pushing forward with Alkindi and Chronocort clinical trials in the US. Cash at the end of the period was £17.3m.

Companies: Diurnal Group
  • 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 Aug 18

Most popular equity research this week | 30 Jul - 3 Aug

See what's trending this week...

Companies: BNOESGSEECMHRE/SCELGENCMSARBBSIXHTONAPHMURAGYCLIGINLGDRTRXSCLPCAMLCOSOPMAVODNLOXBKOOVYGENABZANSFREDXEVGVALGTLYW7LGETBPHPAVCTMCLBURXPP
  • 01 Aug 18

The Monthly

Hardman & Co’s analysts have direct experience of uncovering accounting frauds. In this article, Steve Clapham outlines why we might see a surge in them over the next few years. He is engaged by institutions to teach their fund managers and analysts how to identify risks brought about by such frauds. Hardman & Co is pleased to offer this service to private investors.

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

  • 29 Jun 18

Most popular equity research this week | 25-29 Jun

See what's trending this week...

Companies: BNOSEED4T4CMHRE/SCEARBBSIXHTONAPHMURAGYCLIGHMLHINLGDRTRXSCLPCOSOPMAVODNLOXBKOOVRDTIMOFFXYGENABZANSFREDXEVGVALGTLYPHPNXRAVCTMCLBUR
  • 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

See what's trending this week...

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

Research, Charts & Company Announcements

Research Tree provides access to ongoing research coverage, media content and regulatory news on Diurnal Group. We currently have 47 research reports from 3 professional analysts.

Open
N/A
Volume
N/A
Range Today
N/A
52 Week
21.5/214p
Market Cap
£21.6m
Enterprise Value
£103.5m
Pension Liability
£0m
# Shares
61.7m
Latest PE (hist)
Div Yield

Latest News/RNS

(more news)
Date Source Announcement
17Jan19 07:00 RNS Director Dealings
16Jan19 07:15 EQS Hardman & Co Research: Diurnal Group (DNL): Chronocort - seeking regulatory advice
10Jan19 12:18 RNS Statement regarding Price Movement
10Jan19 07:00 RNS Grant of second US patent for Chronocort
24Dec18 07:00 RNS Director Dealings and Issue of Equity
12Dec18 16:02 RNS Director Dealings
11Dec18 07:00 RNS Regulatory package for Scientific Advice in Europe
Get free RNS email alerts

  • Frequency of research reports

     

  • Research reports on

    Diurnal Group

  • Providers covering

    Diurnal Group

  • 14 Jan 19

Opportunity knocks

We are introducing our Best Ideas for 2019 and also review the performance of last year’s picks. We suggest ten solidly financed stocks with good business dynamics that ought to be considered for core portfolio holdings and six UK domestically focused stocks that our analysts believe should perform strongly in the event that uncertainties unwind. We also introduce a new style of research from N+1 Singer which presents a Company’s dynamics and metrics in a clear and concise manner and concentrates on the pivotal issues affecting that Company and an investment decision.

Companies: BCA CLIN CLG CBP DNLM EAH FDL FCRM FUTR GTLY INS GLE NICL SDL SPR TRI

  • 17 Jan 19

Small Cap Feast

Circassia Pharma (CIR.L) - specialty pharmaceutical company focused on respiratory disease transferring from the Main Market. No funds being raised. Due 4 Feb. Greenfields Petroleum (TSX-V:GNF) production focused company with operated assets in Azerbaijan seeking AIM dual listing including $60m private placement. Mkt cap $12.6m CAD. Expected late January 2019.

Companies: ORCP IOF FOX TEG XLM TAP FST SNG ARE SRB

  • 15 Jan 19

Share & share alike

It may only be a fortnight into the new year but many of the factors that unnerved the market last month have continued to impact sentiment. The outcome of trade talks between the US and China, concerns about global economic growth and some poor trading statements, especially in the retail sector, have all featured. Above all, Brexit and the progress of the Withdrawal Bill have dominated with the latest “high noon” due later. Despite this, we have seen a good rally in the junior markets year to date. In Share News & Views we comment on Bloomsbury, DeepMatter*, James Fisher and Helios*.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN W7L

  • 14 Jan 19

Cenkos: Kromek Group Plc - 86% visibility over 2019E

Visibility over 2019E has improved sharply to 86%, underpinned by recent contract wins. The transfer of manufacturing facilities to larger premises is complete and double shift work is completing volume deliveries on schedule, leaving the outlook for this fiscal period unchanged. We surmise that the move to a larger site is portent of larger volumes of work. The company remains on track for +27% revenue growth this year. Buy

Companies: Kromek Group
  • 14 Jan 19

Could save 100ks of lives & £’bns globally

Amid all the BREXIT hullabaloo, it is easy to forget that the government only last week committed another £20.5bn to the NHS – aiming to save a further 500,000 lives by 2029. Central to the plan is increasing the availability of next generation imaging equipment in hospitals (eg X-ray, BDM, SPECT, CT & MRI) in order to accelerate the diagnosis & treatment of serious illnesses (eg cancer, heart disease, dementia & osteoporosis).

Companies: Kromek Group
  • 15 Jan 19

Share & share alike

It may only be a fortnight into the new year but many of the factors that unnerved the market last month have continued to impact sentiment. The outcome of trade talks between the US and China, concerns about global economic growth and some poor trading statements, especially in the retail sector, have all featured. Above all, Brexit and the progress of the Withdrawal Bill have dominated with the latest “high noon” due later. Despite this, we have seen a good rally in the junior markets year to date. In Share News & Views we comment on Bloomsbury, DeepMatter*, James Fisher and Helios*.

Companies: AOR APC BONH BMS CTG CRPR DMTR ESC EUSP FDM FA/ LSAI NKTN PCF SNX TCN W7L

  • 16 Jan 19

Trading update – strong rebound

The six-month trading update to 31 December 2018 demonstrates stronger-than-expected growth, with revenues rising 10.6% to £46.7m (c.11% at constant exchange rates (CER)). This led to a c.60% increase in cashflows before financing (+c.£5.9m) with cash balances at 31 December of £31.6m that included £10.2m from July’s placing. The stock trades at a c.65% discount to its peer group in terms of EV/Sales as the market anxiously awaits the Phase III PQ Birch data, due in Q1 2019. We leave our forecasts unchanged for FY 2019 at this point and reiterate our 47p target price.

Companies: Allergy Therapeutics
  • 18 Dec 18

Interims – strong H1, characterised by record cashflows

Interim results to 31 October provide a solid foundation for FY 2019, with revenues rising 23% (12% attributed to acquisitions) and adjusted pre-tax profit up 32% to £1.5m, benefiting from the leverage afforded by higher-margin Atik and Sentek growth. The results were characterised by strong free cashflow, rising 117% to £1.15m (+£0.6m) more than funding the EPS-accretive (7%) Fistreem acquisition during the period. With management having indicated that it hopes to acquire at least one other company before the financial year-end, the potential for upgrades is likely. We reiterate our target price of 44p, which implies a CY 2019 EV/EBITDA of 10x, adjusted P/E of 17.9x and FCF yield of 5.4%, mindful also of the prospect of further acquisitions and stronger than currently forecast trading.

Companies: Scientific Digital Imaging
  • 16 Jan 19

Cenkos: Creo Medical Group Plc - Significant treatment milestone

Creo Medical has announced the successful treatment of its first patients in the US. Following training over the weekend, two US surgeons each performed a procedure using Creo's Speedboat device, one in the upper and one in the lower gastrointestinal tract. This is clearly a significant milestone for Creo Medical given the size and growth potential of the US market. The US treatments follow previous announcements of procedures performed in Europe, South Africa and the UK. We maintain our Buy recommendation.

Companies: Creo Medical Group
  • 15 Jan 19

Picking up the pace

MaxCyte saw strong progress on all fronts in H218. There was a marked acceleration in revenues and in new cell therapy licenses, and the first patient was treated with MaxCyte’s wholly-owned CARMA therapy. Sales growth in FY18 was c19% compared to 14% in FY17 following an increase in revenues of c25% in H218. The number of licensed cell therapy programmes has risen by c15 to >70 over the last six months; and commercial licensing agreements were signed with two companies. On top of this, MaxCyte advanced its first CARMA therapy into the clinic; promising results from this trial could lead to the CARMA platform becoming the main value driver for MaxCyte. We have increased our valuation by 11p/share to 358p/share.

Companies: MaxCyte
  • 23 Oct 18

Quarterly Research Outlook

The June IPO of Knights Group Holdings, a Top-100 regional law firm, marked the fifth entrant to the burgeoning UK-listed legal sector. Following recent expansion of our coverage across all five listed legal firms, complemented by coverage of three broader support services peers with exposure to the sector, we revisit and build upon our views on this rapidly evolving sector.

Companies: ARS GTLY GENL KEYS KGH MNO RBGP TWD 7DIG ABBY AMS AMER ANX ARS ATYM AVON BLVN PIER CGS CAML CALL CSRT TIDE DTG DEMG ELM EMR FPM FPO FST GTLY GENL GRI GEEC HDY HMI HAYD HEAD HILS HTG HUR IBPO IOG INDI JHD JOG KEYS KGH LAM MACF MNO MKLW NAH OXIG PCA PARK CAKE PDG RBW RMM REDD RSW RNO RKH RBGP ROR SUS SCPA SHG SOLG TWD TRAK TRI VNET VTC ZTF

  • 10 Dec 18

Strong cash generation drives dividend increase

H1 growth was solid, although the recovery in LatAm was offset by delays to European orders due to distributor restructuring and challenging market conditions in the US (expected to reverse through H2). Meanwhile strong cash generation and a special dividend of 3.5p/share, in addition to a 20% underlying YoY dividend increase, provide strong investment appeal. We continue to view ECO Animal Health as a core holding in the Animal Health sector, with a solid balance sheet, a positive outlook for Aivlosin® and an attractive medium-term opportunity in swine vaccines.

Companies: Eco Animal Health Group
  • 19 Dec 18

The beginning of an end

After averting the spin-off for years, GSK has finally made up its mind about letting go of the consumer health business. It has announced a JV of its consumer health business with Pfizer’s, which had repeatedly failed in securing a buyer for its consumer health business for quarters. The deal, expected to close in H2 19, is part of the bigger plan to offload eventually the business completely. Within three years of closing the transaction, GSK will look at a separate listing of the JV in the UK, leaving with it just the pharma and the vaccines businesses. GSK will hold 68% stake in the JV, with combined sales of £9.8bn ($12.7bn). The transaction will be accretive to GSK’s non-adjusted earnings in the second full year after the closing. The transaction will involve cash costs of £0.9bn (to be funded by divestment worth £1bn) plus non-cash charges of £0.3bn and aims at cost synergies of £0.5bn by 2022 (with a target of adjusted operating margin in the ‘mid-to-high 20s’ by 2022). To pacify the investors, it has confirmed a dividend of 80p per share in 2019 as well.

Companies: GlaxoSmithKline
  • 04 Jan 19

Exosome collaboration deal

The collaboration agreement with a US biopharma company is exciting, and in line with ReNeuron’s decision (first announced at the H1 stage) to re-position its exosome technology platform for potential use as a delivery vehicle for biologics and/or nucleotides for gene therapy. We are looking forward to further development updates with interest.

Companies: Reneuron Group
  • 11 Aug 16

AIM Breakfast

AKERS BIOSCIENCES INC (AKER US) | ASA RESOURCE GROUP PLC (ASA LN) | BLUR GROUP PLC (BLUR LN) | GRIFFIN MINING (GFM LN) | LIDCO GROUP (LID LN) | NORICUM GOLD LIMITED (NMG LN) | PREMIER TECHNICAL SERVICES GRP LTD (PTSG LN) | PROACTIS HLDGS (PHD LN) | VALIRX PLC (VAL LN)

Companies: VAL ASA GFM MAIS NMG PTSG LID PHD AKR