Stock News Staff

NASDAQ:MEET

After-Hours Market Sells off The Meet Group Inc (NASDAQ:MEET)

Meet Group Inc (NASDAQ:MEET)

Shares of The Meet Group Inc (NASDAQ:MEET) are down over 12% in the after-hours market after the company released Q3 financial results that missed Wall St. expectations. The consensus EPS forecast was for$0.06 EPS, but the company came in at half that, $0.03 on total revenues of $32.2 million. Adjusted EBITDA was $8.9 million, up 30% year over year, or a 28% margin. Non-GAAP net income of $8.1 million, or $0.11 per diluted share, compared to $6.2 million or $0.10 per diluted share in the prior year quarter. Cash and cash equivalents totaled $24.6 million.

The Meet Group Inc (NASDAQ:MEET)

David Clark, Chief Financial Officer, stated, “Our mobile revenue growth of 47% year over year reflects increases in our mobile impressions through the acquisitions of Skout and Tagged. Adjusted EBITDA increased 30% to $8.9 million for the quarter, representing a 28% adjusted EBITDA margin. We generated $6.0 million in cash from operations, ending the quarter with $24.6 million cash and cash equivalents.”

The Meet Group Inc (NASDAQ:MEET) owns a portfolio of mobile apps designed to meet today’s communication challenges. Their Apps include MeetMe®, LOVOO®, Skout®, Tagged®, and Hi5®. They have users in over 100 countries. The Meet Group has over 4.5 million mobile daily active users. The company offers advertisers the opportunity to reach customers on a global scale and has mobile monetization strategies that include advertising, in-app purchases, and subscription products.

MEET Q4 and Full-Year Outlook

The company expects Q4 revenue in the range of $36.5 million to $38 million, and adjusted EBITDA in the range of $7.5 million to $9.5 million. For the full year, 2017, the company believes revenue will be in the range of $120.1 million to $121.6 million, and adjusted EBITDA will be in the range of $28.6 million to $30.6 million.

MEET Stock Performance

Two investment firms follow The Meet Group Inc (NASDAQ:MEET) and both rate their shares as a “Strong Buy”, with a consensus, one-year price target of $7.81. That is above the company’s 52-week high of $6.45. In May, investors began abandoning the stock when fears arose that its growth rate, while impressive, was not sustainable. Since then, it recently hit its 52-week low of $3.29.

MEET stock is down over 30% for the year and year-to-date. The loss of value is surprising given that sales have increased each year since 2013 when the company reported a figure of $40.4 million. Last year the figure was a robust $76.1 million. Earnings have a similar upward trajectory. In 2013 the company reported an EPS loss of (-$0.29) but by 2016 that had become a per share profit of $0.89.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $MEET and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

Otonomy Inc (NASDAQ:OTIC)

Lots of Good News out for Otonomy Inc (NASDAQ:OTIC)

Otonomy Inc (NASDAQ:OTIC)

Otonomy Inc (NASDAQ:OTIC) released their Q3 earnings after today’s market close and beat analyst expectations. Otonomy posted a net loss of (-$20.99) million, or (-$0.69) per share – versus the consensus forecast of a (-$0.76) EPS loss. Revenues for the quarter came in at $300,000.

Otonomy Inc (NASDAQ:OTIC)

San Diego, CA-based Otonomy Inc (NASDAQ:OTIC) is a biopharmaceutical company that develops and commercializes therapeutics for patients suffering from ear diseases and disorders. FDA-approved OTIPRIO® (ciprofloxacin otic suspension) is used during tympanostomy tube placement surgery in pediatric patients, an sNDA has been accepted for filing by the FDA for acute otitis externa (AOE) and a successful End-of-Phase 2 review has been completed with the FDA for acute otitis media with tympanostomy tubes (AOMT). OTIVIDEXTM is a steroid in development for the treatment of Ménière’s disease.

David A. Weber, Ph.D., president and CEO of Otonomy Inc (NASDAQ:OTIC) said “Today’s announcement of successful results for OTIVIDEX in the AVERTS-2 trial is an important milestone for the company and renews our excitement and commitment to continuing the registration program for OTIVIDEX in Ménière’s disease. We believe that the continuation of OTIVIDEX development for Ménière’s disease and the advancement of our other programs targeting important unmet medical needs including hearing loss and tinnitus provide an attractive path forward for Otonomy.”

Phase 3 Endpoints Met

Otonomy Inc (NASDAQ:OTIC) also announced today that the AVERTS-2 Phase 3 clinical trial of OTIVIDEX in patients with Ménière’s disease achieved its primary efficacy endpoint. The OTIVIDEX group demonstrated a 6.2 day reduction in the mean reported number of DVD from baseline to Month 3 with a 2.5 day mean difference between OTIVIDEX and placebo in Month 3. Otonomy plans to review these results with the U.S. Food and Drug Administration (FDA) and discuss clinical requirements for registration of OTIVIDEX for patients with Ménière’s disease. The company expects to provide an update from discussions with the FDA during the first quarter of 2018.

OTIC Stock Performance

Otonomy Inc (NASDAQ:OTIC) sales were first reported in 2016. That figure was $700,000. Earnings for 2016 were, on a per share basis, reported as a loss of (-$3.69). For the year prior, 2015, the EPS loss was (-$2.58).

The current closing price of $2.80 represents a large discount to the stock’s cash/share value of $4.97 as well as its book/share value of $4.96.

Four investment firms follow Otonomy Inc (NASDAQ:OTIC). Two rate OTIC stock as a “Strong Buy”, while the other two rate the shares as a “Hold”.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $OTIC and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

pSivida Corp. (NASDAQ:PSDV)

pSivida Corp. (NASDAQ:PSDV) Gains as Earnings Meet Expectations

pSivida Corp. (NASDAQ:PSDV)

Shares of biotechnology company pSivida Corp. (NASDAQ:PSDV) gained 6% to end the trading day at $1.23 after the company reported a Q1 loss of (-$6) million or (-$0.15) per share on $385,000 in revenues. The results met Wall Street expectations, according to Zacks Investment Research.

pSivida Corp. (NASDAQ:PSDV)

The news release also revealed several operational events that could have an impact on PSDV prices in the future. The company met with the U.S. Food and Drug administration (FDA) on their plans to file a New Drug Application (NDA) for Durasert later this year or early next year. pSivida also entered into collaboration agreements with two global pharmaceutical companies to develop sustained-release glaucoma drugs. Lastly, the company changed the terms of a royalty payment agreement to be based on net sales.

pSivida Corp. (NASDAQ:PSDV), headquartered in Watertown, MA, develops sustained release drug products for treating eye diseases. pSivida has developed three of only four FDA-approved sustained-release treatments for back-of-the-eye diseases.

pSivida CEO Comments

Nancy Lurker, President & CEO of pSivida Corp. (NASDAQ:PSDV) commented “We continued to build our operating momentum during the fiscal first quarter. We signed two collaboration agreements with leading pharmaceutical companies that illustrate our ability to leverage our proven drug release technology to generate non-dilutive financing.   We have a number of milestones over the next few months, primarily the NDA filing for posterior segment uveitis, which we continue to expect to file in late December 2017 or early January 2018.  We await the data from the Phase 1 knee osteoarthritis (OA) trial and continue pre-clinical work on our shorter-duration Durasert.”

PSDV Stock Performance

In 2017, two investment firms initiated coverage on PSDV shares with a “Buy” rating. Their consensus, one-year price target is $6.50. However,

In August of 2017, PSDV stock hit its 52-week low of $1.03. Shares are around 50% off their 52-week high of $2.45 hit two months earlier, in June.

For the year, shares of pSivida Corp. (NASDAQ:PSDV) are down 44%.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $PSDV and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

Vical Incorporated (NASDAQ:VICL) Trading at a Discount?

Vical Incorporated (NASDAQ:VICL)

Vical Incorporated (NASDAQ:VICL) stock has rebounded off its 52-week low, established yesterday, but is giving up gains as the trading day progresses. Volume is over ten times the listed daily volume. Yesterday the biotechnology company closed at $1.66, a new 52-week low, then today the market gapped up and shares opened at $2.08 before hitting their inter-day high of $2.12. Since then, sellers have stepped in and VICL shares are trading under $1.90 as of this writing (12:25 PM EST).

Vical Incorporated (NASDAQ:VICL)

The rebound came after the company announced the pricing of its upcoming underwritten offering of 14,285,714 shares of common stock, or common stock equivalents, at $1.75 per share. The gross proceeds are expected to be approximately $25 million, before deducting expenses payable by Vical. The offering is expected to close on or about November 10, 2017. Vical has granted the underwriter a 30-day option to purchase up to an additional 2,142,857 shares of common stock in connection with the public offering.

San Diego, CA-based Vical Incorporated (NASDAQ:VICL) develops products using its proprietary DNA delivery technologies for the prevention and treatment of serious or life-threatening diseases. It is developing various DNA-based vaccines and other therapeutics, such as VCL-HB01 therapeutic vaccine for herpes simplex virus-2 – currently in a Phase II clinical trial to prevent and protect against lesion recurrence. Vical has collaborations with Astellas to develop and commercialize therapies for the control and prevention of CMV infection in immunocompromised patients. The company has also collaborated with Merial for use of the Vical’s DNA delivery technology to design a therapeutic vaccine that helps extend the survival time of dogs with oral melanoma.

VICL Stock Performance

The lone investment firm that follows Vical Incorporated (NASDAQ:VICL), rates VICL stock as a “Strong Buy”. It has given VICL stock a one-year price target of $7.10.

EPS losses have been contracting since 2013 when the company posted a figure of (-$3.60). In 2016, that EPS loss was just (-$0.90). Those losses came on the back of erratic annual sales numbers. In 2012, Vical reported sales of $17.5 million, followed by, in 2013, $7.7 million, then $15.2 million, $21 million, then, for 2016, $14.5 million.

Interestingly, VICL stock is currently trading under its posted cash/share figure of $2.54 and its book/share value of $3.29.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $VICL and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.

Enphase Energy Inc (NASDAQ:ENPH) Bests Price Target!

Enphase Energy Inc (NASDAQ:ENPH)

Enphase Energy Inc (NASDAQ:ENPH) stock is up 18%, to the $1.70 handle,  in mid-morning trading action after the solar technology company beat street forecasts. Enphase reported a Q3 (-$6.9) million loss on revenues of $77 million.  of $6.9 million in its third quarter. Adjusted for non-recurring costs and stock option expense, the per share loss came to (-$0.01). The Zacks Investment Research consensus of analysts was for a per share loss of (-$0.05). The company reported an ending cash balance of $28.9 million.

Enphase Energy Inc (NASDAQ:ENPH)

Badri Kothandaraman, president and CEO of Enphase Energy Inc (NASDAQ:ENPH) stated “We completed the transition to our sixth-generation IQ Microinverter System for our North American customers during the third quarter, and we expect to introduce our seventh-generation IQ product worldwide in the first quarter of 2018. These transitions, along with our continued focus on operational excellence, will help drive further gross margin improvement.”

Enphase Business Outlook

For the current quarter ending in December, Enphase Energy Inc (NASDAQ:ENPH) said it expects revenue in the range of $72 million to $80 million. Q4 GAAP and non-GAAP gross margin are expected to be within a range of 21.5% to 24.5%. Non-GAAP gross margin excludes approximately $300,000 of stock-based compensation expense. Enphase’s GAAP operating expense for the fourth quarter should be between $19.5 million and $21.5 million with non-GAAP operating expense to be within a range of $16 million to $18 million, excluding an estimated $1.4 million of stock-based compensation expense and approximately $2.1 million of additional restructuring expense.

ENPH Stock Performance

Six firms follow Enphase Energy Inc (NASDAQ:ENPH). Three rate ENPH stock as a “Hold”. Two rate the shares as a “Strong Buy”, and one rates ENPH as an “Underperform”.

Sales rose from 2012 when the company reported $216.7 million, to 2015 when the company reported a figure of $357.2 million. However, for 2016, the company posted its first drop in aggregate sales and posted $322.6 million.

Earnings have come with difficulty over the years. In 2012 the company posted a per share loss of (-$1.24) per share. The next two years saw smaller year-on-year losses, then the losses began expanding and in 2016 came in at (-$1.34) per share.

Despite the losses, performance in the market has been robust over the past year (+25.9%) and year-to-date (+44.6%). The price action today has exceed the analysts’ consensus, one-year price target of $1.58.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $ENPH and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

Historic Up Move for Forterra Inc (NASDAQ:FRTA)

Forterra Inc (NASDAQ:FRTA)

Shares of Forterra Inc (NASDAQ:FRTA) are up over 35% and having one of their best days in the company’s history as it beat EBITDA expectations. FRTA stock is trading north of $6.00 after the company released their Q3 earnings report. This huge up move comes less than 60 days after the company established a 52-week low of $3.02 in early September.

Forterra Inc (NASDAQ:FRTA)

Forterra Q3 Results

Forterra Inc (NASDAQ:FRTA), based in Irving, TX, reported a net loss for the quarter of (-$11.5) million, or (-$0.18) per share. According to analysts surveyed by Zacks Investment Research, the consensus Q3 2017 EPS figure was $0.06. During the same period last year, Forterra reported net income of $8.4 million, or $0.19 per share. The loss was attributed to the sale, for $31.6 million. Of the company’s pressure pipe business. The release also noted the negative effects of the two hurricanes that impacted operations. As of September 30, 2017, Forterra had cash of $41.1 million and outstanding debt on its senior term loan of $1.2 billion.

Two bright spots helped launch the shares higher this morning. The first was the net sales figure that increased to $444.3 million, compared to $441.1 million in the prior year quarter. Another factor was the company’s adjusted EBITDA figure. It surprised the street by coming in at $60.9 million.

Forterra Inc (NASDAQ:FRTA) CEO Jeff Bradley commented, “Our results this quarter demonstrate our ability to successfully execute on multiple objectives on a sequential quarter basis, including higher selling prices, lower costs, and improved earnings. Additionally, in spite of the impact of two major hurricanes, Adjusted EBITDA was above the mid-point of our guidance range.  My expectation for continued improvement in our earnings is supported by ongoing initiatives, a solid backlog and favorable market conditions.”

FRTA Stock Performance

Forterra Inc (NASDAQ:FRTA) shareholders have had a bad year. Year-to-date the stock is down over 75%. However the stock is well of its 52-week low of $3.02 that was seen in early September. The recent price gain will erase any monthly or quarterly losses and fill the gap created in mid-August when FRTA stock cratered from $8 and gapped down to open close to the $6 handle.

Eight firms follow Forterra Inc (NASDAQ:FRTA). Five rate FRTA stock as a “Hold”. While three rate the shares as a “Strong Buy”.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $FRTA and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.

Ophthotech Corp (NASDAQ:OPHT)

Ophthotech Corp (NASDAQ:OPHT) Earnings Surprise!

Ophthotech Corp (NASDAQ:OPHT)

This morning, Ophthotech Corp (NASDAQ:OPHT) shares jumped up off their 52-week lows to gap up and open higher on the company’s earnings release. Early volume has been heavy – over 30 times the daily pro-rated average. The price action follows the company earnings announcement that saw Q3 net income of $189.1 million, or $5.25 per share, on $206.7 million in revenues. Ophthotech Corp (NASDAQ:OPHT) is a biopharmaceutical company, headquartered in New York city, specializing in the development of novel therapeutics for age-related and orphan diseases of the eye.

Glenn P. Sblendorio, Chief Executive Officer and President of Ophthotech commented on the earnings announcement – “We have progressed in all of our clinical programs by initiating new trials and modifying a current clinical trial. We remain on track to have four trials ongoing by the end of the year.”

Ophthotech Corp (NASDAQ:OPHT)

Ophthotech Business Update

Ophthotech modified its on-going Zimura (avacincaptad pegol) clinical trial for the treatment of geographic atrophy (GA) secondary to dry age related macular degeneration (AMD). This on-going clinical trial is designed to assess the safety and efficacy of Zimura monotherapy in patients with GA. The company has modified the design of the trial to accelerate the anticipated timeline for obtaining top-line data. This was accomplished by restriucting the number of enrollees to 200.

During the third quarter, Ophthotech Corp (NASDAQ:OPHT) initiated a new dose-ranging, open-label Phase 2a clinical trial of Zimura in combination with Lucentis® in patients with wet AMD who have not been previously treated with any anti-VEGF agents. Approximately 60 patients will be enrolled and treated for 6 months. Based on the anticipated enrollment rate, Ophthotech expects initial top-line data to be available by the end of 2018.

Before the end of 2017, an open-label Phase 2a clinical trial will begin that evaluates Zimura, in combination with Eylea®, for the treatment of idiopathic polypoidal choroidal vasculopathy (IPCV) in treatment experienced patients. Approximately 20 patients will be enrolled and treated for a duration of 9 months. Initial top-line data is expected to be available during the second half of 2019.

OPHT Stock Performance

Today’s earnings announcement is very welcome news from shareholders that had seen a year in which OPHT stock had lost over 90% of its value. The value of the shares has dropped on a year-to-date, quarterly, and monthly basis.

Most recently, OPHT stock was touching its 52-week low of $2.24. That price is a 90+% drop from its 52-week high of $40.34.

Five investment firms follow Ophthotech Corp (NASDAQ:OPHT). All five rate OPHT stock a “Hold” with a one-year consensus price target of $5.00.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $OPHT and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Steve Clark is a 23-year Wall St professional with stints in M&A, risk management, and algorithm trading. Steve keeps his head in the game by looking for, and writing about, small companies that often get overlooked by the big investment firms.

Jaguar Health Inc. (NASDAQ:JAGX)

Jaguar Health Inc. (NASDAQ:JAGX) Program Receives Regulatory Approval

Jaguar Health Inc. (NASDAQ:JAGX)

Jaguar Health Inc. (NASDAQ:JAGX) traded lower after announcing the approval of its education program, ‘Diarrhea in Foals’ for veterinarians and Veterinary Technicians. Shares of the company fell 6.2% in Tuesday’s trading session to end the day at $0.161 a share.

Jaguar Health Inc. (NASDAQ:JAGX)

Diarrhea in Foals AAVSB Approval

The approval by The American Association of Veterinary State Boards (AAVSB) allows the company to offer 1.50 CE credits to each participating veterinarian or veterinary technician.

“Participation in CE programs helps veterinarians and veterinary technicians remain apprised of current and cutting-edge veterinary care. Helping veterinary professionals expand their clinical knowledge and learn about new technology helps them take better care of their patients,” said equine medical consultant Dr. Siobhan McAuliffe, MVB, DACVIM.

Tuesday’s sell-off capped yet another poor run as the stock continues to register lower lows in the market. The stock has lost more than 70% in market value since the start of the year. Jaguar Health is currently trading in a downtrend and close to its 52-week low of $0.18 a share.

Mytesi Commercialization

Jaguar Health Inc. (NASDAQ:JAGX) is a natural-products pharmaceuticals company focused on developing and commercializing novel gastrointestinal products for human and animal use. The company’s wholly-owned subsidiary develops and commercializes these products for the global marketplace. Mytesi is the company’s lead, FDA-approved product for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS.

Jaguar Health Inc. (NASDAQ:JAGX) subsidiary has launched a ‘Keep your pants on’ campaign as it seeks to raise awareness and engage with people living with HIV and Aids. The campaign seeks to provide an easy way of discussing embarrassing topics such as HIV related diarrhea.

Separately Jaguar Health carried out an underwritten public offering of 21.3 million shares of voting common stock in September. The company expects gross proceeds of $4.25 million after pricing the offering at $0.20 a share.

Jaguar Health Inc. (NASDAQ:JAGX) plans to use net proceeds from the offering for commercialization of its lead product Mytesi and for general corporate purposes as well as working capital.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $JAGX and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) Trims Losses

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Shares of Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) gained 21.36% after the international shipping company reported third quarter financial results that beat Wall Street Expectations. Improvement in the Capesize market allowed the company to post a 119% increase in revenues.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP)

Improving Fundamentals

The better than expected financial results appear to have strengthened investor confidence in the stock after being under pressure in recent years. The stock has gained more than 40% in the past month as investors react to improving fundamentals in the shipping industry. The rally has helped support the stock’s listing credentials, after being hit with a non-compliance notice in May, by the NASDAQ Capital Market.

The shipping industry, which has been on the decline in recent years, is slowly picking up. Baltic Capesize Index has averaged about 1,839 points year to date, a 112% increase from last year’s average levels.

Increase in shipping rates and orders has allowed the likes of Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) to generate significant revenues after years of declines. Annual growth in the seaborne transportation of Capesize commodities is estimated at 6% for this year and next year.

“During the third quarter of 2017, the Capesize market continued its improving course that commenced at the beginning of the year. Our fleet benefited significantly from the stronger Capesize rates,” said CEO Stamatis Tsantanis.

Q3 Financial Results

For the three months ended September 30, 2017, Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) generated net revenues of $18.9 million compared to $8.6 million reported in Q3 2016. Net revenues for the first nine months of the year increased 112% to $50.5 million.

Net income came in at $6.5 million compared to a net loss of (-$5.9) million reported last year. Net loss for the first nine, months of the year stood at (-$3.1) million compared to a net loss of (-$17.7) million reported last year.

Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) completed a refinancing of one of its Capesize vessels in the quarter consequently generating an $11.4 million gain and equity accretion. The transaction resulted in a 38% increase in the Company’s total equity value.

During the quarter, the company also added a tranche of up to $16.5 million to the senior secured loan facility with Amsterdam Trade Bank entered in May. Seanergy Maritime Holdings Corp. (NASDAQ:SHIP) also issued a convertible promissory note worth $13.75 million to repay a loan agreement with Jelco.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $SHIP and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Marc has a degree in economics and a MSc. in Finance. Over his 20-year career, Marc has worked for global investment firms in Europe and the United States as an analyst, fund manager, and consultant.

Genocea Biosciences Inc. (NASDAQ:GNCA)

Investor Confidence in Genocea Biosciences Inc. (NASDAQ:GNCA) Drops

Genocea Biosciences Inc. (NASDAQ:GNCA)

Investor confidence in Genocea Biosciences Inc. (NASDAQ:GNCA) has taken a hit in the wake of disappointing third quarter financial results. Shares of the company fell 12.6% in Tuesday’s trading session as law firms alleged possible securities violations following the earnings report.

Genocea Biosciences Inc. (NASDAQ:GNCA)

Class Action Investigation

A wider than expected net loss for the quarter appears to have spooked investors, accelerating a sell-off that began in May. The stock has shed more than 70% of its total market value since the start of the year as it continues to trade in a strong downtrend.

The stock’s sentiments have also taken a hit from law firms that allege the company provided materially false and misleading statements regarding business operation and compliance policies. According to Pomerantz LLP, the biopharmaceutical company failed to disclose its funds were insufficient to support Phase 3 trials of GEN-03.

Genocea Biosciences Inc. (NASDAQ:GNCA) is also accused of overstating the potential of its lead candidate drug GEN-003. In September, the company was forced to halt spending and development activities of the drug as it explored strategic alternatives. The news caused the stock to drop 76.5% to close at $1.25 a share.

Q3 Financial Results

In addition to the class action lawsuit, a Q3 net loss of (-$16.9) million compared to a net loss of (-$12.8) million reported last year has not gone well with investors. Research and development expenses in the quarter increased $1.3 million to $1.2 million. The company attributes the increase to higher external manufacturing related expenses and increase in compensation to support Phase development of GEN-003.

During the third quarter, Genocea Biosciences Inc. (NASDAQ:GNCA) implemented a corporate restructuring that resulted in a strategic shift to immuno-oncology. The changes resulted in a charge of $1.1 million to be paid in the fourth quarter. The company exited the quarter with cash and cash equivalent of $22 million compared to $35.2 million at the end of the second quarter. The existing finances are sufficient to support operating expenses and capital expenditure into the middle of 2018.

Separately, Genocea Biosciences Inc. (NASDAQ:GNCA) is to highlight the power of its proprietary antigen identification system ATLAS at the upcoming Society for Immunotherapy of Cancer (SITC) 32nd Annual Meeting.

“These data demonstrate the versatility of ATLAS and support our use of the technology in the development of next-generation neoantigen cancer vaccines,” said Jessica Baker Flechtner, Ph.D., chief scientific officer at Genocea.

I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.

Don’t miss out! Stay informed on $GNCA and receive breaking news on other hot stocks by signing up for our free newsletter!

About the author: Monica has an undergraduate degree in Accounting and an MBA she earned – with Honors. She has six years of experience in the financial markets and has been an analyst for the past two years.