reports
- Sean Conroy
Shield Therapeutics - Termination of coverage
Edison Investment Research is terminating coverage on ABC Arbitrage (ABCA), paragon (PGN), Foresight Solar Fund (FSFL), Kendrion (KENDR), Lithium Power International (LPI), Triple Point Energy Transition (TENT), 4iG (4IG), e-therapeutics (ETX), Pharnext (ALPHA) and Shield Therapeutics (STX). Please note you should no longer rely on any previous research or estimates for this company. All forecasts should now be considered redundant. Previously published reports can still be accessed via our web...
Hybridan Small Cap Feast - 21 Feb 24
21st February 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obj...
- Brian Moretta
- Mark Thomas
- Martin Hall
The Hardman & Co Monthly: February 2024
Feature article: 2023 was an annus horribilis for Quoted UK Infrastructure and Renewable Energy - Consolidation is the new mantra. The focus of Hardman & Co Research is on the nine quoted Infrastructure Investment Companies (IICs) and on the 22 Renewable Energy Infrastructure Funds (REIFs): the stocks analysed are all members of the Association of Investment Companies (AIC). We are updating our publication of January 2023, assessing both the lacklustre share price performances during 2023 and t...
- Martin Hall
Hardman & Co Healthcare Index: 2023 – Capital demands dent performance
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. For the second year running, apart from global economic influences affecting world markets, performance in 2023 was dented by the capital-intensive nature of the sector. The HHI fell 3.7%, to 483.8, underperforming the main London markets – FTSE 100 (+3.8%) and FTSE All-Share (3.8%) but outperforming the FTSE AIM All-Share Index (...
AGL ANGLE PLC
DEMG DELTEX MEDICAL GROUP PLC
TSTL TRISTEL PLC
TRX TISSUE REGENIX GROUP
EKF EKF DIAGNOSTICS HOLDINGS
ETX E-THERAPEUTICS
AVCT AVACTA GROUP
PHP PRIMARY HEALTH PROPERTIES PLC
AGY ALLERGY THERAPEUTICS PLC
APH ALLIANCE PHARMA PLC
AVO ADVANCED ONCOTHERAPY
OXB OXFORD BIOMEDICA PLC
ALNOV NOVACYT SAS
VLG VENTURE LIFE GROUP
SN/ IMMUPHARMA
IMM PROTEOME SCIENCES PLC
PRM GENUS PLC
GNS SURGICAL INNOVATIONS GROUP PLC
SUN ADVANCED MEDICAL SOLUTIONS GROUP PLC
AMS OXFORD METRICS
OMG ECO ANIMAL HEALTH GROUP
EAH SDI GROUP
SDI HVIVO
HVO INDIVIOR PLC
INDV VALIRX
VAL SHIELD THERAPEUTICS
STX SYNAIRGEN PLC
SNG IP GROUP
IPO SCANCELL HOLDINGS
SCLP SYNCONA
SYNC ERGOMED
ERGO SPIRE HEALTHCARE GROUP PLC
SPI REDX PHARMA
REDX ASSURA PLC
AGR GENEDRIVE
GDR SPIRE INC
SR CONVATEC GROUP PLC
CTEC DESTINY PHARMA
DEST RENEURON GROUP
RENE IXICO
IXI 10X GENOMICS INC CLASS A
TXG INDIVA LTD
NDVA IMMUNOCORE HOLDINGS ADS
IMCR 2SEVENTY BIO INC
TSVT OXFORD NANOPORE TECHNOLOGIES PLC
ONT SILENCE THERAPEUTICS PLC
SLN SAREUM HOLDINGS PLC
SAR BENEVOLENTAI
BAI 123FAHRSCHULE SE
123F 1895 BANCORP OF WISCONSIN INC
BCOW TISSUE REGENIX GROUP PLC
PLP.H 3D SIGNATURES INC
Z29 029 GROUP SE
- Mark Thomas
- Martin Hall
The Hardman & Co Monthly: January 2024
The main function of the HHI is to monitor the performance, and to highlight the attractiveness, of life sciences investments over the long term, and to try to identify those stocks that have disruptive technologies that consistently allow them to outperform both the index and the markets. Many of the 52 constituents of the index are high-risk, still being in the development stage, with micro-capitalisations and a long way from profitability. Despite this, some companies can still make extremely...
- Sean Conroy
Shield Therapeutics - New CFO to support US traction
Shield Therapeutics has appointed Santosh Shanbhag as chief financial officer (CFO) and member of the executive leadership team. Mr. Shanbhag was previously the CFO of Nasdaq-listed Akili, which he helped grow and take public. Before Akili, he held senior finance positions at Vertex Pharmaceuticals, where he worked on business and corporate development and helped secure reimbursement for novel drugs in key international markets. We expect Shield to leverage Mr. Shanbhag’s US healthcare experienc...
Hybridan Small Cap Feast - 09 Jan 24
9th January 2024 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objec...
- Sean Conroy
Shield Therapeutics - Delivering what the doctor ordered
Shield Therapeutics’ US commercialisation efforts continue to gather steam, with prescription volumes gearing up in Q323 (27,750 prescriptions, a 76% sequential growth over Q2 and higher than the combined H123 figure of 26,284) and net selling price making a strong recovery after dipping in H123 (+24% to $148/prescription). US revenues grew to $4.1m, higher than the combined H1 figure of $3.7m. First-time prescribers grew 27% q-o-q and new prescriptions were up by 87%. More encouragingly, the cl...
Shield Therapeutics: 1 director
A director at Shield Therapeutics bought 2,000,000 shares at 6.1p and the significance rating of the trade was 62/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
- Martin Hall
Hardman & Co Research: Shield Therapeutics (STX): Accelerating effecti...
Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID). Since its US launch in July 2021, Shield has been increasing physician awareness of the differentiating characteristics of Accrufer® as an oral ID drug, with the aim of ramping up prescription (Rx) growth and sales traction. Positive Rx momentum in 2022 started to accelerate at the end of 1Q’23 and has continued into 3Q’23, following...
Hardman & Co Research on Shield Therapeutics (STX): Accelerating effec...
Hardman & Co Research Hardman & Co Research on Shield Therapeutics (STX): Accelerating effectiveness of enlarged sales team 15-Nov-2023 / 07:30 GMT/BST The issuer is solely responsible for the content of this announcement. Hardman & Co Research on Shield Therapeutics (STX): Accelerating effectiveness of enlarged sales team Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID). Since its US launch in July 2021, Shield has been increasing physician awareness of the di...
- Brian Moretta
- Mark Thomas
- Martin Hall
- Mike Foster
- Paul Mylchreest
The Hardman & Co Monthly: November 2023
This month's feature article is entitled 'Gold and a Chinese Credit Event'. A Western phenomenon? If you own, or are considering owning, gold or gold equities, it’s likely that you’re concerned about protecting your wealth, or the performance of your fund, in the expectation of some kind of financial instability. Maybe your confidence in policymakers is ebbing, or you’ve researched debt bubbles in history and concluded that physical gold and silver have been the safest places to be invested whe...
Hybridan Small Cap Feast - 12 Oct 23
12th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
- John Savin PhD
- Robin Davison
Shield Therapeutics: Accrufer progressing nicely, new finance put in p...
Shield Therapeutics' Q2 results and commentary suggest the US commercialisation of Accrufer (ferric maltol), which is conducted in collaboration with Viatris, continues to go well. However, the company has trimmed back its prescription volume guidance by c15-20% and highlighted that a high level of
- Sean Conroy
Shield Therapeutics - Ramped up and heading into a stronger H223
Shield Therapeutics’ H123 results were largely as expected. Despite the minor operational adjustments with the commercialisation ramp-up, our long-term expectations remain unchanged. H123 revenue of $4.3m grew 65.8% y o y and was largely driven by US Accrufer sales. Total prescriptions grew 59% (vs H222) to 26,200 and are anticipated to accelerate in H223 with the completed build out of its sales platform. For the medium term, we anticipate additional launches in the EU and regulatory approvals ...
Hybridan Small Cap Feast - 28 Sep 23
28th September 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment ob...
- Keith Hiscock
- Mark Thomas
- Martin Hall
- Mike Foster
The Hardman & Co Monthly: September 2023
Feature article: Equity Income – UK or Global? Should investors widen their horizons? Introduction: ► The UK Equity Income sector (UKEI) is the fourth-largest investment company (IC) sector in the Association of Investment Companies’ (AIC) universe, with £12.5bn of assets (as at August 2023), and is the traditional home for investors looking for income in the equity market. ► The UKEI not only provides investors with a better dividend yield than the ge...
DIVI DIVERSE INCOME TRUST
ARBB ARBUTHNOT BANKING GROUP
AVO ADVANCED ONCOTHERAPY
LWDB LAW DEBENTURE CORP. PLC
RECI REAL ESTATE CREDIT INVESTMENTS
CTY CITY OF LONDON INVESTMENT TRUST PLC
EDIN EDINBURGH INVESTMENT TRUST PLC
DIG DUNEDIN INCOME GROWTH INVESTMENT TRUST PLC
JCH JPMORGAN CLAVERHOUSE IT
BCI BMO CAPITAL & INCOME INVESTMENT TRUST
TIGT TROY INCOME & GROWTH TRUST
PIN PANTHEON INTERNATIONAL
SDV CHELVERTON UK DIVIDEND TRUST
SCF SCHRODER INCOME GROWTH FUND PLC
SHRS SHIRES INCOME PLC
TMPL TEMPLE BAR INVESTMENT TRUST PLC
BRIG BLACKROCK INCOME AND GROWTH INVESTMENT TRUST
IVPU INVESCO PERPETUAL SELECT TRUST
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
HAT H&T GROUP
APAX APAX GLOBAL ALPHA
ICGT ICG ENTERPRISE TRUST
BHI BMO UK HIGH INCOME TRUST (A)
LWI LOWLAND INVESTMENT COMPANY P L C
- Brian Moretta
- Mark Thomas
- Martin Hall
- Nigel Hawkins
The Hardman & Co Monthly: August 2023
Feature article: UK interest rates and “risk-free” gilts at their peak? Infrastructure stocks struggle Executive summary Infrastructure/Renewable Energy Funds ► The share price performances of the nine Infrastructure Investment Companies (IICs) and of the 22 Renewable Energy Infrastructure Funds (REIFs) have been dire over the past year. Undoubtedly, the sharp rise in interest rates has presented the sector with serious challenges, especially since the yield on “risk-free” 10-year gilts has r...
AVO ADVANCED ONCOTHERAPY
CLIG CITY OF LONDON INVESTMENT GROUP
GCP GCP INFRASTRUCTURE INVESTMENTS LTD GBP
RECI REAL ESTATE CREDIT INVESTMENTS
PIN PANTHEON INTERNATIONAL
VTAS VOLTA FINANCE (GBP)
STX SHIELD THERAPEUTICS
HAT H&T GROUP
UKW GREENCOAT UK WIND PLC
TRIG RENEWABLES INFRASTRUCTURE GROUP LIMITED GBP RED.SHS
APAX APAX GLOBAL ALPHA
3IN 3I INFRASTRUCTURE PLC
ICGT ICG ENTERPRISE TRUST
NESF NEXTENERGY SOLAR FUND
BSIF BLUEFIELD SOLAR INCOME FUND
JLEN JLEN ENVIRONMENTAL ASSETS GROUP
BBGI BBGI GLOBAL INFRASTRUCTURE
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
GSF GORE STREET ENERGY STORAGE FUND
HICL HICL INFRASTRUCTURE PLC
AERS AQUILA EUROPEAN RENEWABLES INCOME FUND
GRP GREENCOAT RENEWABLES
GRID GRESHAM HOUSE ENERGY STORAGE FUND
SEQI SEQUOIA ECONOMIC INFRASTRUCTURE INCOME FUND
USFP US SOLAR FUND
ONEM 1LIFE HEALTHCARE
RNEP ECOFIN US RENEWABLES INFRASTRUCTURE TRUST
CORD CORDIANT DIGITAL INFRASTRUCTURE
DORE DOWNING RENEWABLES & INFRA TST PLC
HGEN HYDROGENONE CAPITAL GROWTH PLC
TEEC TRIPLE POINT ENRGY EFF INFRS CO PLC
HEIT HARMONY ENERGY INCOME TRUST PLC
PINT PANTHEON INFRASTRUCTURE PLC
ROOF ATRATO ONSITE ENERGY PLC
DGI9 DIGITAL 9 INFRASTRUCTURE PLC
TLEI THOMASLLOYD ENERGY IMPACT TRUST PLC
GSEO VICTORY HILL VH GLOBAL SUSTAINABLE ENERGY OPPORTUNITIES PLC
ORITL OCTOPUS RENEWABLES
SEIT SEEIT
FSFLL FORESIGHT SOLAR
L5M ATRATO ONSITE ENERGY
INPP INPP
DGI9L DIGITAL 9 INFRASTRUCTURE
- Daniel Appiah
- John Savin PhD
- Robin Davison
Shield Therapeutics : First signs of hoped-for Accrufer Rx inflection
Shield Therapeutics' recent Q2 trading update showed some early signs of the hoped for upward inflection in the US Accrufer (ferrric maltol) trajectory, as the joint marketing operation with Viatris became operational over the period. Key performance indicators reported included US prescription vol
- Martin Hall
Shield Therapeutics (STX): Accrufer Rx momentum gathering
Shield is a commercial-stage pharma company delivering specialty products that address patients’ unmet medical needs, with an initial focus on iron deficiency (ID). Since its US launch in July 2021, Shield has been increasing physician awareness of the differentiating characteristics of Accrufer® as an oral ID drug, with the aim of ramping up prescription (Rx) growth and sales traction. Positive Rx momentum in 2022 started to accelerate at the end of 1Q’23 and has continued into 2Q’23, following...
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