Edison Investment Research is terminating coverage on Vivesto (VIVE), Diurnal Group (DNL), Palace Capital (PCA), Primary Health Properties (PHP), Silver One Resources (SVE), Induction Healthcare (INHC) and Axiom European Financial Debt (AXI). 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 website.
Feature article: Macro issues dominate investor sentiment - Some basics for investors The big topics in the investment world at the moment seem to be macroeconomic. With that in mind, we thought it would be useful to revisit some of the basics of the terms being used in the current environment, and to remind investors of the things to look out for (indeed, many younger investors may not have come across some of these influences in their investing lifetime): • Recession does not affect ...
Diurnal has announced that it has agreed to an acquisition by Neurocrine Biosciences (US-based biopharmaceutical player) for a cash consideration of £48.3m or 27.5p per share. The proposed acquisition consideration is a c 144% premium to the closing price of 11.25p on 26 August. Although the acquisition is subject to shareholder approval by both companies, the transaction is likely to close by late October or early November. Neurocrine is also focused on the endocrine space (in addition to neuro...
Maitland Institutional Services Limited (MISL) Form 8.3 - Maitland Institutional Services Limited: Re Diurnal Group plc 30-Aug-2022 / 12:32 GMT/BST Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. FORM 8.3 PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”) 1. KEY INFORMATION (a) Full name of discloser: MI Chelverton UK Equity Growth Fund ...
Feature article: Utility regulation – Changes afoot - Patching up a tainted model While the gas supply crisis – and its price implications – have dominated the UK price regulated sectors in recent months, other issues have arisen that have seriously tainted the price regulation system itself. Indeed, it is fair to ask whether it is ‘’fit for purpose’’. Back in 1984, price regulation, via an unsophisticated RPI-x formula, was introduced to prevent the privatised British Telecom (BT) from abusin...
Diurnal announced a trading update for the 12-month period ending June 2022, reporting top-line results broadly in line with consensus estimates. While total revenue grew by 7.1% y-o-y (to £4.7m), core product sales improved 104% y-o-y to £4.62m (£2.27m in FY21). Licensing revenue was a modest £0.06m versus £2.1m in FY21 (comprising upfront and milestone payments from Citrine Medicine for China). Product sales momentum was supported by a 60.8% growth in Alkindi during the period as well as the f...
Diurnal has dosed the first patient in its pivotal Phase III CONnECT clinical trial assessing DNL-0200/Efmody in adults with congenital adrenal hyperplasia (CAH) for the US and Japanese markets, marking a key step in the asset’s clinical progression. The year-long trial is the first blinded study in CAH, according to management. Headline data are expected in 2024 and are material to Efmody’s prospects in United States. We also believe positive results from this study could potentially create an ...
In terms of environmental policy, the quest to cut carbon emissions dramatically and to achieve net zero remains high on the political agenda, although the war in Ukraine – and specifically the issue of gas supplies – may weaken these commitments. In any event, the environmental performance of China and the US – responsible, between them, for around one half of global emissions – will be key. In Asia, where ca.85% of energy consumption is currently being met by fossil fuels – there are ca.4.6b...
Feature article: Latest ONS survey: steady as she goes…and ignore retail investors at your peril The ONS (Office for National Statistics) has been charting the beneficial ownership of UK-quoted companies periodically since the early 1960s. The latest paper was published in March 2022, and considers the data for December 2020. At December 2020, “Rest of the World” investors owned 56.3% of the market, a further growth since the last survey, while UK institutions’ ownership edged up to 31.6%. Re...
Diurnal has announced the extension of its existing marketing and distribution agreement with EffRx Pharmaceuticals, to include Efmody (in addition to Alkindi) in Switzerland. The agreement is in line with Diurnal’s strategy to leverage Alkindi’s supply chain and distribution network for Efmody and we expect more such agreements in the near future. After filing a market authorisation application (MAA) to Swissmedic in H222, EffRx expects the product to be launched in 2024. Further, on 20 April D...
Diurnal’s H122 results were hindered by COVID-19 pandemic restrictions muting the benefits from the H2 CY21 Efmody launches in Germany, UK and Austria. Further, the recent Scottish Medicines Consortium (SMC) decision to not recommend Efmody for automatic reimbursement in NHS Scotland poses as a headwind and has caused management to lower revenue guidance. Despite management’s focus on expanding into incremental markets, it now expects that for Efmody to become a profitable franchise, the product...
Feature article: Streamers vs. broadcasters - Broadcasters fight back Streaming is the most disruptive force in video media. Globally, streamed video services continue to grow, led by the US majors, apparently at the expense of non-streamed and advertising-dependent broadcasters. Recent trading announcements by leading streamers and leading UK broadcasters point in two directions: streaming growth in the North American market is slowing, according to figures from Netflix and Disney, while UK p...
Hardman & Co Research Hardman & Co Research | Diurnal (DNL) Life Sciences Investor Forum 07-Oct-2021 / 11:15 GMT/BST Hardman & Co Life Sciences Investor Forum company research: Diurnal Group (DNL) On 23 September we were delighted to host our second Life Sciences Investor Forum. At the live event, CEO, Martin Whitaker, answered questions on the business growth and M&A plans for Diurnal's portfolio as well the commercial rights to Chronocort(R) in the US and the expected changes when the drug is de-risked. We would like to share with you the research note and slide pack, along...
Diurnal is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its drugs target conditions where medical need is currently unmet, with the aim of becoming a global endocrine leader. Alkindi®, soon to be accompanied by Efmody®, continues to be rolled out throughout Europe. Diurnal is about to start three important clinical trials, which, if successful, will extend the commercial opportunity and deliver on its strategic goal. Its current cash resource i...
Efmody (also called Chronocort), an oral long-acting formulation of hydrocortisone, has been approved in the EU and UK to treat congenital adrenal hyperplasia (CAH) in individuals aged 12 years and older. The company has started the commercial launch of the product with a rollout in Germany, Austria and the UK at the beginning of September. CAH is an orphan disease caused by deficiency of adrenal enzymes, most commonly 21-hydroxylase. The total addressable EU market is worth $268m based on the p...
Efmody (also called Chronocort), an oral long-acting formulation of hydrocortisone, has been approved in the EU and UK to treat congenital adrenal hyperplasia (CAH) in individuals aged 12 years and older. The company has started the commercial launch of the product with a rollout in Germany, Austria and the UK at the beginning of September. CAH is an orphan disease caused by deficiency of adrenal enzymes, most commonly 21-hydroxylase. The total addressable EU market is worth $268m based on the p...
Hardman & Co Research Hardman & Co Research: Diurnal Group (DNL): All set for three pivotal trials 16-Sep-2021 / 10:15 GMT/BST Hardman & Co Research: All set for three pivotal trials Diurnal is a commercial-stage specialty pharmaceutical company focused on diseases of the endocrine system. Its drugs target conditions where medical need is currently unmet, with the aim of becoming a global endocrine leader. Alkindi(R), soon to be accompanied by Efmody(R), continues to be rolled out throughout Europe. The results presentation highlighted three important clinical trials that are due t...
Hardman & Co Research Hardman & Co Video Event | Diurnal Group plc - Investor Forum 12-Aug-2021 / 07:20 GMT/BST Hardman & Co Video Event | Diurnal Group plc Investor Forum We are delighted to announce that Diurnal Group plc will be presenting at our next Investor Forum on Thursday 23 September at 5:00pm. The Investor Forum connects investors with companies looking for capital. Each company will present for 10-15 minutes, followed by an opportunity for Q&A. The Forum is being hosted by Hardman & Co and investors can register to attend via this link: Diurnal Group plc is a Eur...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Feature article: Good jobs come to those who IPO - The importance of going public We are entering a new economic era where the whole purpose of capitalism and the raison d’être of business are being debated. A lot of the recent focus has been on ESG and the part companies should play in achieving ESG aims, such as a net-zero-carbon economy. In other words, some “stakeholders” believe businesses should not exist simply to generate profits, but expect them to contribute to broader goals. One soci...
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