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Rising markets and improved performance
12 Apr 17
City of London has announced a trading statement for 2017Q3. Funds under management have grown to $4.4bn. Rising equity markets have been the main reason behind this rise, with the MSCI Emerging Markets Index up 11% over the quarter. On the debit side there were net redemptions of $140m, reducing the net rise in City of London’s FUM to 8%. There was also a return to positive performance in the funds with 90% of exposure outperforming the relevant benchmarks, a welcome improvement after a tough period in the preceding six months.
Another important box ticked
12 Apr 17
Avacta is the proprietary owner of Affimer technology for the development of biotherapeutics, diagnostic tests and research reagents. Affimers represent a radical alternative to established antibody technology which dominates the drug industry despite its limitations. During 2016, Avacta made considerable progress towards its strategic goal to have a first-in-man Affimer therapeutic by the end of 2019. In two years, management has hit several key milestones, moving Affimers from being an ‘interesting concept’ to one of ‘real opportunity’ and de-risking the technology as the next platform of biopharmaceutical drugs.
UK Housebuilding Sector: Q1 2017
10 Apr 17
Baron King of Lothbury, also known as Mervyn King former Governor of the Bank of England, is married to Barbara, a Finnish lady. She was his girlfriend in 1970 but distance and steam-driven telecoms conspired to keep them apart. Barbara went on to marry someone else and divorce - before being reunited with King in the late 1990s. They married in 2007 and King, who had never had children, was presented with two step-children and four grandchildren; and, in a Sunday Times interview, he quoted the Finnish apothegm “Grandchildren are the dessert of life”.
Progressive development across portfolio
05 Apr 17
AGY is a long-established specialist in the prevention, diagnosis and treatment of allergies. Pollinex Quattro continues to gain market share despite being available in EU only on a ‘Named Patient’ basis. Trials to obtain full approval as a biological have progressed well in EU with the first patient recruited in the pivotal birch pollen allergy vaccine Phase III trial. US trials are back on-track with a new safety trial underway. A Phase I study of Acarovac MPL, a ‘dust mite allergy’ vaccine, has been approved in Spain for 32 patients. Finally, Polyvac Peanut has completed preclinical testing and has potential to significantly disrupt the peanut allergy market.
CARB-X – new strategic collaboration
03 Apr 17
Although Redx has only been operationalsince late-2010, it has already discovered several valuable drug candidates, the first of which is about to begin clinical trials. Although management is focusing resources on the clinical-stage projects, it will also be seeking partners to advance its other assets, thereby maximising shareholder value. Redx has announced the first such collaboration with CARB-X to progress its new class of antibiotics against hard to treat Gram-negative bacteria. Following a competitive process, Redx has been awarded a grant of $1m over 18 months, with the potential to receive further development milestones.
03 Apr 17
After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen. The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.
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