OPKO Health Gains With News Release

 

OPKO HEALTH INC(OPK:NYSE, US)

BuySell
9.25USDIncrease0.29(3.24%)Volume: 
Average
As of 31 Mar 2014 at 12:04 PM EDT.

 

QUOTE DETAILS
Open 9.03 P/E Ratio (TTM)
Last Bid/Size 9.25 / 11 EPS (TTM) -0.33
Last Ask/Size 9.26 / 22 Next Earnings 5 May 2014
Previous Close 8.96 Beta 1.06
Volume 1,102,332 Last Dividend
Average Volume 2,574,977 Dividend Yield 0.00%
Day High 9.26 Ex-Dividend Date
Day Low 8.92 Shares Outstanding 412.9M
52 Week High 12.95 # of Floating Shares 221.0759M
52 Week Low 6.14 Short Interest as % of Float 20.69%

OPKO Announces Launch of 4Kscore Test for Prostate Cancer

 

 

MIAMI–(BUSINESS WIRE)– OPKO Health, Inc. (NYSE:OPK) announced the availability of the 4KscoreTMTest through its CLIA-accredited OPKO Lab in Nashville, TN. The laboratory-developed test is designed to enhance the prostate biopsy decision making process that, in the United States, leads to approximately 1 million biopsies being performed annually, with 80% of the results indicating no cancer or a low-grade cancer. The 4KscoreTM Test will help to reduce unnecessary prostate biopsies by providing information on the risk (probability) of having high-grade prostate cancer.

The 4KscoreTM Test was developed by OPKO Lab, a division of OPKO Health, and tested in collaboration with 26 Urology centers across the United States from October 2013 to March 2014. Results showed that the 4Kscore TestTM was highly accurate for predicting the presence of high-grade cancer (Gleason score 7 or higher) prior to prostate biopsy. The full data from the blinded, prospective U.S. clinical validation study will be presented at the AUA Annual Meeting in Orlando, FL on May 18th at Plenary Session I.

“We are pleased to offer the 4Kscore TestTM at OPKO Lab to provide Urologists with new information to inform them of the risk of a patient’s having high-grade prostate cancer and help clarify the decision process surrounding prostate biopsy,” said David Okrongly, President of OPKO Diagnostics.

“We believe the 4Kscore TestTM will be an important benefit for Urologists and their patients and may lead to lower overall healthcare costs,” said Phillip Frost, M.D., OPKO’s Chairman and Chief Executive Officer.

About the 4Kscore™ Test

The 4Kscore™ Test measures the blood plasma levels of four different prostate-derived kallikrein proteins: Total PSA, Free PSA, Intact PSA and Human Kallikrein 2 (hK2). These biomarkers are combined with a patient’s age, Digital Rectal Exam (DRE) status (nodule / no nodule), and prior biopsy status (yes / no) using a proprietary algorithm to calculate the risk (probability) of finding a Gleason Score 7 or higher prostate cancer. The 4Kscore Test TM was developed by OPKO Lab, a division of OPKO Health, Inc., and will be performed at OPKO Lab’s CLIA-accredited facility in Nashville, Tennessee. The four kallikrein panel of biomarkers utilized in the test is based on over a decade of research conducted by scientists atMemorial Sloan Kettering Cancer Center and leading European institutions. The information provided by the 4Kscore TestTM can add new information to the shared decision making discussion between a Urologist and patient in determining the advisability of a prostate biopsy.

About Prostate Cancer

In 2014, over 233,000 new cases of prostate cancer will be identified and 29,480 men will die from the disease according to estimates released by the National Cancer Institute, making it the second most deadly cancer in U.S. men. Prostate cancer is usually first detected by elevations in serum PSA. However, PSA level is often elevated for reasons unrelated to prostate cancer. Although an elevated PSA level often leads to biopsy, about 80% of all prostate biopsies performed are either negative or indicate a low likelihood of high-grade cancer.

ABOUT OPKO HEALTH, INC.

OPKO is a multinational biopharmaceutical and diagnostics company that seeks to establish industry-leading positions in large, rapidly growing markets by leveraging its discovery, development and commercialization expertise and novel and proprietary technologies. For more information, visithttp://www.opko.com.

SAFE HARBOR STATEMENT

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The Finish Line

FINL : NASDAQ : US$27.05
BUY 
Target: US$32.00

COMPANY DESCRIPTION:
The Finish Line, Inc. offers performance and athletic
casual footwear, apparel and accessories for men,
through its United States specialty retail stores. In
addition to their retail locations, The Finish Line sells
merchandise through its website, finishline.com. The
company was founded in 1976 and is headquartered in
Indianapolis, Indiana.

All amounts in US$ unless otherwise noted.

Consumer & Retail — Footwear and Apparel
HITTING ITS STRIDE; REITERATE BUY, $32 TARGET
Investment recommendation
FINL posted a strong and clean Q4 beat of 87c vs. our 85c estimate.
Solid comps of 6.3% topped the consensus estimate of 5% despite
coming in shy of our 8% estimate, while impressive gross margin
expansion of 80bps (vs. our -60bps) drove a majority of the beat. As
expected, basketball (+mid-teens) was the key driver, while running
(+LSD) lagged due to the unfavorable weather resulting in footwear
comps +8.5%. Softlines comps were -6.7% as licensed NCAA apparel
was below plan, only partially offset by accessories and UA/North Face
apparel. Given well known challenges across retail, FINL managed its
business quite well, and we believe running is poised to re-accelerate
over the next few quarters. Looking to 2014, we continue to see multiple
top-line and margin drivers that include: improving running product
pipeline with multiple brands contributing (e.g., UA Speedform, NKE
Flyknit Free/Max, Adidas Springblade), continued basketball momentum
(Jordan and NKE), improving productivity out of M doors, and softening
occupancy expense. With these tailwinds, we view the company’s MSD
comp/HSD-LDD EPS growth guidance as conservative; reiterate BUY.
Investment highlights
 Current QTD comp trends are +LSD; however, it is important to note
that the Easter comparison is negatively impacting that number.
After this weekend, we would expect comps to rebound back to
+MSD. We expect the March/April combined comp to be +MSD.
Valuation
Our $32 target is a blend of 15x 2014E EPS/7x EBITDA/DCF

Blackberry HOLD

BBRY : NASDAQ : US$8.72
BB : TSX
HOLD 
Target: US$8.00

COMPANY DESCRIPTION:
BlackBerry Ltd. is a designer, manufacturer and marketer
of wireless solutions for the mobile communications
market. Through development and integration of
hardware, software and services, the company provides
solutions for access to information including email,
messaging, Internet and intranet-based applications.

All amounts in US$ unless otherwise noted.

 

Q4/F’14 RESULTS: STRONG COST CUTS LEAD TO
UPSIDE, BUT SERVICES REVENUE STILL DECLINING
Investment recommendation: Consistent with our global surveys indicating
very weak BB10 and legacy BB7 devices sales, BlackBerry reported soft
February quarter results with sales of 1.3M BlackBerry units and $976M in
revenue, below our 1.9M and $1.1B estimates. However, a better services
versus hardware revenue mix and significantly lower operating expenses
versus our estimates resulted in a non-GAAP loss of $(0.08), above our $(0.55)
estimate. While we remain impressed with BlackBerry’s execution on its cost
reduction initiatives, we believe the new management’s long-term plans are
still in early stages of execution with limited near-term sales visibility, and we
anticipate BlackBerry will continue to post operating losses through F2015. We
anticipate gradually improving trends following the BES12 launch in November
and believe BlackBerry could achieve break-even results exiting F2016. We
maintain our HOLD rating, but we increase our price target to $8.00 based on
our updated sum-of-parts analysis.
Investment highlights
 BlackBerry reported soft Q4/F2014 sales but better than expected overall
results as lower operating costs and a favorable revenue mix resulted in a
solid 9.3% sequential increase in Non-GAAP gross margin. Further, with
Q4/F2014 Non-GAAP operating expenses of $577M, declining 51% versus
Q1/F2014 levels, BlackBerry achieved its cost reduction target one quarter
ahead of schedule. However, BlackBerry’s net cash declined approximately
$790M Q/Q with negative cash flow from operations of $553M.
 Despite the strong execution on reducing the cost structure, we anticipate
BlackBerry will need to continue to reduce costs given the weak demand
for its devices and declining subscriber base and services revenue.
 While we believe new initiatives to monetize BlackBerry’s installed base
and assets such as BBM on other platforms, M2M, BES12, and enterprise
services are potentially compelling, we believe many are still immature
and too early to quantify versus the likely loss of traditional BlackBerry
services revenue over the next several quarters and even years.
 While we believe BlackBerry’s balance sheet and $2.7B in gross cash buy
time for CEO John Chen to implement his new strategies, we believe the
shares reflect a more stable company and maintain our HOLD rating.
Valuation: Our $8.00 price target is based on our updated sum-of-parts
valuation detailed later in this report

Motley Fool Damns OPKO with Faint Praise

Opko Health (NYSE: OPK) – Friday March 28
Finally, we have hybrid diagnostic and pharmaceutical product developer Opko Health, which offers a great degree of promise thanks to a pipeline that spans a number of indications, but also looks as if its valuation may be way ahead of its potential.

On the bright side Opko has delivered a number of positives in recent months based on its pipeline. For instance rolapitant, an experimental therapy for the prevention of chemotherapy-induced nausea & vomiting, which it licensed to Tesaro (NASDAQ: TSRO) in 2010, met its primary endpoint in both of its phase 3 trials. As part of the deal when it was signed, Opko is eligible to receive up to $121 million in milestone payments as well as share in profits from commercialization in Japan. In addition, Opko has the option to market rolapitant in Latin America. Opko is also in the process of conducting a phase 3 trial of lead drug rayaldy for patients with stage 3 or 4 chronic kidney disease, secondary hyperparathyroidism, and vitamin D insufficiency, which has blockbuster potential.

So while there are good things happening with aspects of Opko’s development process, the underlying fundamentals right now are downright ugly. Despite its revenue doubling in 2013 to $96.5 million, the company’s current valuation of $3.9 billion implies a price-to-sales of about 40! Meanwhile, Opko burned through $58.2 million in cash as its loss more than tripled to $114.8 million for the full year from $31.3 million in the previous year.

Fundamentals aside, the real concern I have is that investors have already factored in stellar results from its late-stage rayaldy trial. I’m not implying that rayaldy hasn’t been demonstrated as safe or effective, because its phase 2 trial did meet its primary endpoint. However, until we know just how effective rayaldy is based on its top-line phase 3 results — due next quarter — it’s probably not wise to push Opko’s valuation near $4 billion. Call me a stickler, but I’d prefer to count my chickens after they’ve hatched.

Long story short, we have a company with a few high profile potential blockbusters, but a valuation that would imply success is a near given. That looks like a formula which implies more downside than upside potential, making it a good watchlist add for risk-taking short-sellers.

TINY New Investment

Much like our interest in Opko Health ( OPK) is a new ( to us ) company that invests in other companies . By not investing in pure research OPK hopes to be at the stage  – or closer to the stage of commercial development. In the case of TINY the company  seeks out investments in the field of nanotechnology .

The portfolio of more than two dozen stocks is ” harvested ” as the investments are taken over by larger firms. At this point Harris is trying to raise its own profile . Until that happens the company is undervalued, unknown and unappreciated . This is a long term position for Jack A. Bass Managed Accounts.

Harris & Harris Group, Inc. (TINY)

Nasdaq

3.57 Up 0.05(1.42%) Mar 28, 4:00PM EDT
Prev Close: 3.52
Open: 3.50
Bid: 2.86 x 3000
Ask: 4.27 x 1000
1y Target Est: 4.25
Beta: 1.59
Earnings Date: May 5 – May 9 (Est.)
Day’s Range: 3.50 – 3.61
52wk Range: 2.83 – 3.94
Volume: 75,918
Avg Vol (3m): 136,115
Market Cap: 111.37M
P/E (ttm): N/A
EPS (ttm): -0.25
Div & Yield: N/A (N/A)
Quotes delayed, except where indicated otherwise. Currency in USD.

Harris & Harris Group, Inc. (TINY)

For an overview here is a potion of their letter to Shareholders

2013 Annual Letter to Shareholders

Fellow Shareholders:

In our 2012 Annual Letter to Shareholders, we ended with the following statement. “The
current market is one in which to be investing, not harvesting. We believe our actions in
2012 position us to realize greater value when the time to harvest is upon us.” We
believe the market of 2012 has evolved into a market, currently, in which we may have
the potential to harvest returns.

In 2013, investments from our portfolio returned $30.4 million in cash to Harris & Harris
Group. In July 2013, our portfolio company Xradia, Inc., was purchased by Carl Zeiss.
We will receive up to $15.2 million in proceeds from the sale, including amounts held in
escrow. To date, we have received $14 million of this $15.2 million. Our investment cost
in Xradia was $4 million. In 2013, we also sold certain assets of SynGlyco, Inc.,
(previously Ancora Pharmaceuticals) to CordenPharma. We retained the vaccine-related
assets. In January 2014, Kovio, Inc., was acquired by Thin Film Electronics ASA, but we
received no proceeds from this sale.

On February 14, 2014, we announced the signing of definitive documents for the sale of
Molecular Imprints Inc’s. semiconductor business to Canon. The merger currently is
expected to be completed by the end of April 2014, after normal shareholder and
government approvals. We expect to receive $7.0 million in proceeds from the sale,
including amounts to be held in escrow. We could receive an additional $1.7 million
upon the achievement of certain milestone payments. Our investment cost in Molecular
Imprints was $4.6 million. Interestingly, because of a strategic investment we were able
to make in April and June 2011, primarily owing to our evergreen status, we will be the
only financial investor to realize a return on our investment at the initial closing.
Additionally, we will hold ownership in a financed new company established to utilize
Molecular Imprints’ technology for applications in the biomedical and consumer
electronics fields without needing to make an additional new investment. This gives us
another opportunity to generate a return on our original investment in Molecular Imprints
on top of the return generated from the acquisition by Canon

 

 

Some Good News For Shipping Sector Despite BDI

27 March 2014

Seanergy Maritime +27% on Q4 earnings, leads shipping names higher • 11:40 AM

  • Seanergy Maritime (SHIP +27.1%) shares are surging after the dry bulk shipper reported Q4 net earnings of $7.5M vs. a $117M loss in the prior-year quarter.
  • SHIP says 2013 saw a significant reversal in dry bulk market conditions, as increased China imports of iron ore and the expected slowdown in vessel deliveries over the next years led to higher freight rates in Q4, and sees continued strength in 2014; time charter equivalent rose 7% in the full year to $8,006 from $7,465 in 2012.
  • Other shipping names are mostly higher: GNK +9.2%EGLE +3.2%SBLK +2%BALT +1.1%SB +0.9%NM+0.2%DSX +0.2%FREE -0.6

Baltic Dry Index (BDI)    -84   1412 
Rates

BCI

(Cape index)

BPI

(Panamax index)

BSI

(Supramax index)
INDEX

2579

-182

1018

-44

1139

-41

SPOT 4 TCE AVG (USD)

19853

-2043

8210

-351

11914

-426

YESTERDAY (USD)

21896

8561

12340

YEAR AGO (USD)

4678

9412 9866

DRYSHIPS INC(DRYS:NASDAQ, US)

BuySell
3.17USDDecrease0.055(-1.71%)Volume: 
Above Average
As of 27 Mar 2014 at 1:53 PM EDT.

 

QUOTE DETAILS

Open 3.25 P/E Ratio (TTM)
Last Bid/Size 3.16 / 533 EPS (TTM) -0.58
Last Ask/Size 3.17 / 352 Next Earnings
Previous Close 3.22 Beta 2.67
Volume 8,701,280 Last Dividend
Average Volume 9,474,303 Dividend Yield 0.00%
Day High 3.32 Ex-Dividend Date
Day Low 3.10 Shares Outstanding 432.7M
52 Week High 5.00 # of Floating Shares 396.9353M
52 Week Low 1.65 Short Interest as % of Float 2.59%
chart

DIANA SHIPPING INC(DSX:NYSE, US)

BuySell
11.88USDIncrease0.13(1.11%)Volume: 
Average
As of 27 Mar 2014 at 1:54 PM EDT.

 

QUOTE DETAILS
Open 11.71 P/E Ratio (TTM)
Last Bid/Size 11.87 / 2 EPS (TTM) -0.27
Last Ask/Size 11.88 / 7 Next Earnings 19 May 2014
Previous Close 11.75 Beta 1.62
Volume 397,917 Last Dividend
Average Volume 577,176 Dividend Yield 0.00%
Day High 11.91 Ex-Dividend Date
Day Low 11.56 Shares Outstanding 82.8M
52 Week High 13.93 # of Floating Shares 68.14085M
52 Week Low 9.00 Short Interest as % of Float 2.88%
chart

SAFE BULKERS INC(SB:NYSE, US)

BuySell
9.05USDIncrease0.12(1.34%)Volume: 
Below Average
As of 27 Mar 2014 at 1:55 PM EDT.

 

QUOTE DETAILS

Open 8.89 P/E Ratio (TTM) 8.5x
Last Bid/Size 9.03 / 1 EPS (TTM) 1.05
Last Ask/Size 9.05 / 1 Next Earnings 12 May 2014
Previous Close 8.93 Beta 1.80
Volume 119,606 Quarterly Dividend 0.0600
Average Volume 557,620 Dividend Yield 2.65%
Day High 9.19 Ex-Dividend Date 6 Mar 2014
Day Low 8.80 Shares Outstanding 83.4M
52 Week High 11.48 # of Floating Shares 35.96139M
52 Week Low 4.59 Short Interest as % of Float 1.03%

Insmed Update

INSM : NASDAQ : US$15.91

BUY 
Target: US$30.00

COMPANY DESCRIPTION:
Insmed is focused on developing novel, targeted inhaled
therapies for the treatment of serious orphan lung diseases. Its
lead product candidate is Arikace, a liposomal formulation of FDA
approved antibiotic, amikacin.

All amounts in US$ unless otherwise noted.

 

Life Sciences — Biotechnology
DATA ANALYSIS ARBITRAGE:
TOTALITY OF NTM DATA SUPPORTS
ACTIVITY, SAFETY AND APPROVAL
Investment recommendation
Reiterate BUY, $30 PT on Arikace’s potential in nontuberculous
mycobacteria (NTM).

INSM’s lead drug Arikace is an inhaled liposomal form of FDA-approved amikacin. We view the Ph2 US NTM data as
clearly positive, and culture conversion/safety data as supportive of expedited approval. Our $30 target is based on a pNPV analysis.
Investment highlights
 We see a clear, and likely abbreviated path to approval strongly
supported by culture conversion and QoL data. We think six-month
extension culture conversion, conversion over time, and QoL data to
be presented May 20th at ATS (San Diego) will support a subpart H
filing, a positive AdComm and conditional approval, given what we
see as strong clinically meaningful data in an unmet need.
 Primary endpoint statistics confounded by small numbers, unrelated
death. The sensitivity of the primary endpoint Wilcox rank sum
analysis is underscored by the change in p-value from p=0.148 to
p=0.02 when a repeated measures analysis is conducted excluding
the unrelated patient death. We think FDA’s previous strong focus
on cures/QoL (supported by our talks with KOLs) hasn’t changed.
 QDIP/GAIN gives FDA the flexibility to focus on the drug’s activity:
we think breakthrough status is highly likely. While some investors
are focused on safety, we think the lack of renal and ototoxicity and
note FDA has approved antibiotics for unmet needs with much more
problematic safety profiles (e.g. Sirturo’s black box warning