Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

Evaxion Biotech A/S operates as a biotechnology company. The Company develops AI-immunology platform for decoding human immune system to discover and develop immunotherapies for cancer and infectious diseases treatment. Evaxion Biotech serves patients in Denmark.

<ul><li>EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.</li><li>The company has two streams of possible revenue: from the treatments themselves and from the licensing of AI technology.</li><li> The company released its full-year 2024 results and updated investors on the tremendous progress made.</li></ul>

EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed treatments.The company has two streams of possible revenue: from the treatments themselves and from the licensing of AI technology. The company released its full-year 2024 results and updated investors on the tremendous progress made.

EVAX:  Company Lays Out Ambitious 2025 Plan

Global Healthcare Analyst

Tina Banerjee

Thematic (Sector/Industry)

<ul>
<li>CHMP has recommended five medicines for approval at its March 2025 meeting, including two innovative drugs and three biosimilars.</li>
<li>The Committee Recommended not granting a marketing authorization for Eli Lilly’s Kisunla (donasemab), a medicine intended for the treatment of early Alzheimer’s disease.</li>
<li>The committee recommended extensions of indication for seven medicines that are already authorized in the EU, while recommended to refuse extending the marketing authorisation for Pemazyre for myeloid/lymphoid neoplasms.</li>
</ul>


CHMP has recommended five medicines for approval at its March 2025 meeting, including two innovative drugs and three biosimilars.
The Committee Recommended not granting a marketing authorization for Eli Lilly’s Kisunla (donasemab), a medicine intended for the treatment of early Alzheimer’s disease.
The committee recommended extensions of indication for seven medicines that are already authorized in the EU, while recommended to refuse extending the marketing authorisation for Pemazyre for myeloid/lymphoid neoplasms.


CHMP Meeting Update: Five New Medicines Recommended for Approval, Rejects Kisunla Application

Your Partner for Growth, Hybridan

Hybridan

Your Partner for Growth

Our passion is raising growth capital for exciting, fast growth companies that want to take their business to the next level. We raise capital for companies both listed and unlisted in the most efficient manner possible and pride ourselves as being one of the few consistently profitable broking firms in the City. This has been achieved through a highly disciplined approach when seeking to create both corporate and institutional relationships.

Sareum Holdings PLC is a clinical-stage small molecule company. The Company develops next-generation kinase inhibitors to treat auto immune diseases and cancer. Sareum Holdings serves customers in the United States.

<ul><li>The Interims to December 2024 reported cash of £4.1m, excluding the £1.1m raised in March 2025 at 12.5p.</li><li>There is a loss before tax reduced to £1.33m, compared to a loss of £2.5m (H123 to end Dec 2023) which included Phase 1a clinical trial costs.</li><li> There are significant operational highlights in the development pipeline with SDC-1801, SRA737 and SDC-1802 as Sareum advances the next generation of kinase inhibitors for autoimmune disease and cancer.</li></ul>

The Interims to December 2024 reported cash of £4.1m, excluding the £1.1m raised in March 2025 at 12.5p.There is a loss before tax reduced to £1.33m, compared to a loss of £2.5m (H123 to end Dec 2023) which included Phase 1a clinical trial costs. There are significant operational highlights in the development pipeline with SDC-1801, SRA737 and SDC-1802 as Sareum advances the next generation of kinase inhibitors for autoimmune disease and cancer.

Hybridan Research: Sareum Holdings plc: Upping the Pace

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Fortnox AB provides internet-based business software programs for office applications including accountancy, bookkeeping, payroll, and invoicing.

<ul>
<li>EQT and First Kraft’s SEK 90 per share bid values Fortnox at SEK 54.9 billion, offering a 38% premium and reflecting confidence in Fortnox’s high-growth, high-margin SaaS model.</li>
<li>Fortnox’s Board, supported by a fairness opinion, unanimously recommends the offer. Olof Hallrup’s 18.9% stake is committed, making competing bids highly unlikely.</li>
<li>The current gross spread is 4.36%, offering an estimated annualized return of 20.1% to arbitrage investors, assuming a purchase at SEK 86.24 and settlement by late June.</li>
</ul>


EQT and First Kraft’s SEK 90 per share bid values Fortnox at SEK 54.9 billion, offering a 38% premium and reflecting confidence in Fortnox’s high-growth, high-margin SaaS model.
Fortnox’s Board, supported by a fairness opinion, unanimously recommends the offer. Olof Hallrup’s 18.9% stake is committed, making competing bids highly unlikely.
The current gross spread is 4.36%, offering an estimated annualized return of 20.1% to arbitrage investors, assuming a purchase at SEK 86.24 and settlement by late June.


Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul><li>Euro area inflation slightly undershot consensus expectations in March, consistent with the correlation of surprises and energy prices. Yet it was 7bps above our forecast.</li><li>Services prices drove core inflation down to 2.4%, creating some dovish space. However, the headline outcome reversed last month’s upside to match February forecasts.</li><li>Resilience in the real economy still justifies more cautious easing close to neutral, so we expect graduated cuts to skip April for June, but the risk of an extra cut has risen.</li></ul><p></p>

Euro area inflation slightly undershot consensus expectations in March, consistent with the correlation of surprises and energy prices. Yet it was 7bps above our forecast.Services prices drove core inflation down to 2.4%, creating some dovish space. However, the headline outcome reversed last month’s upside to match February forecasts.Resilience in the real economy still justifies more cautious easing close to neutral, so we expect graduated cuts to skip April for June, but the risk of an extra cut has risen.

Europe
Insights on Europe (EU)

EVAX: Company Lays Out Ambitious 2025 Plan

EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed...

Zacks Small Cap Research

CHMP Meeting Update: Five New Medicines Recommended for Approval, Rejects Kisunla Application

CHMP recommends approval for five medicines, but rejects marketing authorization for Eli Lilly's Kisunla for early Alzheimer's disease. It also...

Tina Banerjee

Hybridan Research: Sareum Holdings plc: Upping the Pace

The Interims to December 2024 reported cash of £4.1m, excluding the £1.1m raised in March 2025 at 12.5p. There is a loss before tax reduced to...

Hybridan

Cloud Control: EQT Logs In to Fortnox

EQT and First Kraft offer SEK 90 per share for Fortnox, reflecting confidence in high-growth SaaS model. Board recommends offer, making competing...

Jesus Rodriguez Aguilar

EA Disinflates March’s Excess

Euro area inflation slightly undershot consensus expectations in March, consistent with the correlation of surprises and energy prices. Yet it was...

Phil Rush

EVAX: Company Lays Out Ambitious 2025 Plan

EVAX is a clinical stage company that has proprietary AI models designed to more efficiently and more accurately target much-needed...

Zacks Small Cap Research

CHMP Meeting Update: Five New Medicines Recommended for Approval, Rejects Kisunla Application

​CHMP recommends approval for five medicines, but rejects marketing authorization for Eli Lilly's Kisunla for early Alzheimer's disease. It also...

Tina Banerjee

Hybridan Research: Sareum Holdings plc: Upping the Pace

The Interims to December 2024 reported cash of £4.1m, excluding the £1.1m raised in March 2025 at 12.5p. There is a loss before tax reduced to...

Hybridan

Cloud Control: EQT Logs In to Fortnox

​EQT and First Kraft offer SEK 90 per share for Fortnox, reflecting confidence in high-growth SaaS model. Board recommends offer, making competing...

Jesus Rodriguez Aguilar

EA Disinflates March’s Excess

Euro area inflation slightly undershot consensus expectations in March, consistent with the correlation of surprises and energy prices. Yet it was...

Phil Rush

CHMP recommends approval for five medicines, but rejects marketing authorization for Eli Lilly's Kisunla for early Alzheimer's disease. It also...

EQT and First Kraft offer SEK 90 per share for Fortnox, reflecting confidence in high-growth SaaS model. Board recommends offer, making competing...