Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

Equity Bottom-Up

<ul>
<li>ASRT reporting better than expected first quarter results were positively overshadowed by the increase in sales of ROLVEDON at Spectrum Pharmaceuticals (SPPI)</li>
<li>There had been concerns ROLVEDON sales would not grow fast enough to warrant the valuation ASRT was paying for SPPI. Those concerns were squashed</li>
<li>ASRT reported first quarter revenue of $42.5 million compared to our estimate of $37.8 million</li>
</ul>


ASRT reporting better than expected first quarter results were positively overshadowed by the increase in sales of ROLVEDON at Spectrum Pharmaceuticals (SPPI)
There had been concerns ROLVEDON sales would not grow fast enough to warrant the valuation ASRT was paying for SPPI. Those concerns were squashed
ASRT reported first quarter revenue of $42.5 million compared to our estimate of $37.8 million


<ul>
<li>ASRT is purchasing Spectrum Pharmaceuticals (SPPI) in an all-stock transaction that adds ROLVEDON to its product portfolio.</li>
<li>The initial reaction to the deal has been materially negative after ASRT added it would maintain a majority of SPPI's operating expenses.</li>
<li>ASRT's management has been looking for an asset that would help diversify the revenue stream away from Indocin. The purchase of SPPI achieves such a goal</li>
</ul>


ASRT is purchasing Spectrum Pharmaceuticals (SPPI) in an all-stock transaction that adds ROLVEDON to its product portfolio.
The initial reaction to the deal has been materially negative after ASRT added it would maintain a majority of SPPI's operating expenses.
ASRT's management has been looking for an asset that would help diversify the revenue stream away from Indocin. The purchase of SPPI achieves such a goal


Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hanmi-pharm-co-ltd" target="_blank" data-smartkarma-citation="entities:12476:1" rel="noopener">Hanmi Pharm (128940 KS)</a> posted revenue of KRW1.33T in 2022, the largest ever in the company’s history. Strong product competitiveness driven by high R&amp;D investment strengthened Hanmi’s dominant industry positioning.</li>
<li>In October 2022, Hanmi’s US partner Spectrum Pharmaceuticals launched Rolvedon in the U.S. market. During 4Q22, Rolvedon generated revenue of $10.1M. Rolvedon is expected to report $100M revenue this year.</li>
<li>By leveraging on its biopharmaceutical development and manufacturing capabilities, Hanmi plans to launch a large-scale CMO and CDMO, which can be the new growth engines of the company.</li>
</ul>



Hanmi Pharm (128940 KS) posted revenue of KRW1.33T in 2022, the largest ever in the company’s history. Strong product competitiveness driven by high R&amp;D investment strengthened Hanmi’s dominant industry positioning.
In October 2022, Hanmi’s US partner Spectrum Pharmaceuticals launched Rolvedon in the U.S. market. During 4Q22, Rolvedon generated revenue of $10.1M. Rolvedon is expected to report $100M revenue this year.
By leveraging on its biopharmaceutical development and manufacturing capabilities, Hanmi plans to launch a large-scale CMO and CDMO, which can be the new growth engines of the company.


Hanmi Pharm (128940 KS): Strong Base Business; Innovative Biologic Drug Commercialized in US

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Major averages in the US (S&amp;P 500, Dow, Russell 2000) and Europe (STOXX 600 &amp; 50) each had throwbacks to their prior breakout levels last week, with all making successful tests of support amid reports of a potential setback in trade negotiations. We continue to believe dips should be bought as the weight of the evidence continues to point to a new leg higher for the broad equity market. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Health Care, and Technology: Retailers, Jewelry, Pharmaceuticals, Mega-Cap, Pharmaceuticals, Small-Cap, and Wireless Components.

Major averages in the US (S&amp;P 500, Dow, Russell 2000) and Europe (STOXX 600 &amp; 50) each had throwbacks to their prior breakout levels last week, with all making successful tests of support amid reports of a potential setback in trade negotiations. We continue to believe dips should be bought as the weight of the evidence continues to point to a new leg higher for the broad equity market. In today’s report we highlight attractive Groups and stocks within Consumer Discretionary, Health Care, and Technology: Retailers, Jewelry, Pharmaceuticals, Mega-Cap, Pharmaceuticals, Small-Cap, and Wireless Components.

U. S. Equity Strategy: Small-Caps Closing the Gap

The last several months have been that of digestion and consolidation. While Sector and group leadership have taken a back seat to stock selection, rotations still seem to be the norm.  We have suggested that the current sector rotations are reminiscent of 1994. If conditions in the current market are indeed mimicking those of 1994, we would expect that sectors that are oversold are likely to bounce, and sectors that are overbought are likely to suffer pullbacks, which makes technical tools such as relative strength less viable.In our July Strategy we outline this thesis and highlight opportunities within the Technology, Health Care, Financial and Energy Sectors.

The last several months have been that of digestion and consolidation. While Sector and group leadership have taken a back seat to stock selection, rotations still seem to be the norm.  We have suggested that the current sector rotations are reminiscent of 1994. If conditions in the current market are indeed mimicking those of 1994, we would expect that sectors that are oversold are likely to bounce, and sectors that are overbought are likely to suffer pullbacks, which makes technical tools such as relative strength less viable.In our July Strategy we outline this thesis and highlight opportunities within the Technology, Health Care, Financial and Energy Sectors.

United States

Spectrum Pharmaceuticals Inc. is a biotechnology company with fully integrated commercial and drug development operations with a primary focus in oncology. The Company's strategy is comprised of acquiring, developing and commercializing a broad and diverse pipeline of late-stage clinical and commercial products.

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Spectrum Pharmaceuticals, Inc (SPPI US)

ASRT: Asserting a New Price Target, $10

Q1 results were better than expected and affirm our investment thesis of how ASRT could continue to generate free cash flow. SPPI, which ASRT is...

BWS Financial Inc

ASRT: Rolling with Spectrum

ROLVEDON achieving sales materially higher than the current street consensus is the catalyst. The structure of the deal and the commentary from the...

BWS Financial Inc

Hanmi Pharm (128940 KS): Strong Base Business; Innovative Biologic Drug Commercialized in US

Hanmi reported record high revenue in 2022, driven by strong performance of flagship drugs. The US launch of new biologic drug using Hanmi’s...

Tina Banerjee

U. S. Equity Strategy: Small-Caps Closing the Gap

Major averages in the US (S&P 500, Dow, Russell 2000) and Europe (STOXX 600 & 50) each had throwbacks to their prior breakout levels last...

Vermilion Research

U.S. Equity Strategy:

The last several months have been that of digestion and consolidation. While Sector and group leadership have taken a back seat to stock selection,...

Vermilion Research

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