In today’s briefing:
- Ball Corporation: A Story Of Growing Market Share in Strategic Geographies!
- Downgrading Discretionary to UW; 2000, 2007, 2022 SPX Top Similarities Suggest Test of YTD Highs
- Energy Cable: How solid is the Nat Gas bull case here?
- Crypto Crisp: Slowly But Surely
- BSEM: Growth Continue to Accelerate
- SNGX: Phase 3 Trial of HyBryte in CTCL to Initiate in 2H24
- SNGX: Phase 3 Trial of HyBryte in CTCL to Initiate in 2H24
- VIRI: Enrollment Complete in Phase 2a Long COVID Trial Results Expected in October 2024
- XFOR: First Commercial Sales of XOLREMDI
- LE: Snapping the Catalog; Lower Discount, Raise Fall Newness; Reiterate Buy, PT
Ball Corporation: A Story Of Growing Market Share in Strategic Geographies!
- Ball Corporation reported its second quarter 2024 earnings, depicting a strategic navigation through a mixed market landscape, facing both headwinds and tailwinds across its various regional operations.
- The company’s global beverage can shipments and aerosol shipments experienced growth rates of 2.8% and 5.6% respectively, indicating strong demand for sustainable aluminum packaging solutions—an area in which Ball continues to cement its leadership.
- This growth, however, came amidst varying regional dynamics, from exceeding expectations in North America and EMEA to confronting challenges in South America, particularly due to economic volatility in Argentina.
Downgrading Discretionary to UW; 2000, 2007, 2022 SPX Top Similarities Suggest Test of YTD Highs
- We downgraded our long-term outlook to neutral last week (8/6/24 Compass) after being bullish since early-November 2023. We still believe the SPX is going through a 1-to 4-month consolidation phase.
- It is possible the low for this consolidation has been established within our expected pullback zone of 5100-5191 that we discussed two weeks ago (7/30/24 Compass)
- In terms of upside, the SPX could test its YTD highs or make a marginal new high, or could also see it roll over at the 5400 or 5585 resistances.
Energy Cable: How solid is the Nat Gas bull case here?
- Take aways: Norwegian maintenance season and no flows from Russia is a spicy mix. Temperature is the main factor for worries about stock levels 2022 mayhem may be closer than you think. Refiners’ capacity utilization weak causing fear of crude gluts
- Fears in natural gas markets have returned as Ukrainian troops are giving Putin his own “Operation Citadel” moment.
- While many European countries have sought alternatives to Russian gas, nations like Austria and Slovakia still depend on it.
Crypto Crisp: Slowly But Surely
- As we noted in last week’s Crypto Crisp, we anticipated a gradual but steady recovery in the market to the levels seen before last weekend’s sharp decline.
- This prediction has proven accurate so far, with some recovery since last week, though we are still far from fully regaining those levels.
- We remain confident that it could take the rest of August to reach those levels again.
BSEM: Growth Continue to Accelerate
- BioStem Technologies is a leading innovator focused on harnessing the natural properties of perinatal tissue in the development, manufacture, and commercialization of allografts for regenerative therapies.
- The company released its 2Q2024 results that blew past estimates as demand for its innovative wound care products accelerates.
- The company also outlined plans to continue and advance the rapid growth seen in 2024.
SNGX: Phase 3 Trial of HyBryte in CTCL to Initiate in 2H24
- On August 9, 2024, Soligenix, Inc. (SNGX) announced financial results for the second quarter of 2024 and provided a business update.
- The company is on track to initiate the confirmatory Phase 3 trial of HyBryte (synthetic hypericin) in the treatment of patients with early stage cutaneous T cell lymphoma (CTCL) in the second half of 2024.
- In support of this, the company recently announced positive clinical results from a comparability study between HyBryte and Valchlor , which showed a three-fold higher response rate over a 12-week treatment period and a more favorable safety profile for HyBryte.
SNGX: Phase 3 Trial of HyBryte in CTCL to Initiate in 2H24
- On August 9, 2024, Soligenix, Inc. (SNGX) announced financial results for the second quarter of 2024 and provided a business update.
- The company is on track to initiate the confirmatory Phase 3 trial of HyBryte (synthetic hypericin) in the treatment of patients with early stage cutaneous T cell lymphoma (CTCL) in the second half of 2025.
- In support of this, the company recently announced positive clinical results from a comparability study between HyBryte and Valchlor , which showed a three-fold higher response rate over a 12-week treatment period and a more favorable safety profile for HyBryte.
VIRI: Enrollment Complete in Phase 2a Long COVID Trial Results Expected in October 2024
- On August 8, 2024, Virios Therapeutics, Inc. (VIRI) announced financial results for the second quarter of 2024 and provided a business update.
- The company recently announced that the Phase 2a clinical trial of IMC-2 (valacycovir+celecoxib) has completed enrollment and we anticipate topline results from the trial in October 2024.
- Ongoing blinded safety analysis of the Phase 2a study indicates that study drug has been well tolerated with no serious adverse events reported.
XFOR: First Commercial Sales of XOLREMDI
- On August 8, 2024, X4 Pharmaceuticals, Inc. (XFOR) announced financial results for the second quarter of 2024 and provided a business update.
- Following the commercial launch of XOLREMDI (mavorixafor) in April 2024 the company recorded the first commercial sales of the drug, which totaled approximately $0.6 million in the second quarter of 2024.
- We anticipate the full data set from the Phase 2 trial of mavorixafor in chronic neutropenia (CN) to be presented in November 2024.
LE: Snapping the Catalog; Lower Discount, Raise Fall Newness; Reiterate Buy, PT
- We are reiterating our Buy rating, $20 price target and projections for Lands’ End after reviewing the August catalog for 2023 and 2024.
- August is the start of the Fall selling season, and management has continued to raise the overall stakes for Lands’ End: 1) the overall discount rate on the catalog has been reduced from 40% to 30%; 2) the focus remains on new items and, especially outfits; 3) fashion denim in wide leg and flared styles are a new fashion key, as the Lands’ End customer begins to once again experiment with denim; 4) the product emphasis remains on new items, from further dress expansion and new cooling fabrics and 5) new outerwear, from rainwear to highlighting fashion pieces that are shown in the catalog but sold, for full price, online.
- As such, we believe management remains highly focused on raising overall pricing, increasing returns and continuing to leverage the Lands’ End business model; we reiterate our Buy rating and $20 price target for LE.
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