Iryna Drozd I covered Verve Therapeutics (NASDAQ: VERV ) in August 2021, when it was trading at its all-time highs. Now that it has dropped over 60%, it is time to check if this is a correction that creates an opportunity, or an exodus that should make one follow the fleet. Verve Therapeutics is a developer of gene therapies for cardiovascular diseases. It was co-founded by two well-known, highly regarded Indian origin scientists whose goal was to prevent heart attacks through once in a lifetime genetic treatments : …figure out what causes people to have premature heart attacks…a plan to discover what puts people at risk for heart attacks. Then … figure out which risk factors were actually important, before finding a way to intervene before health problems began. Verve’s goal was to find a drug whose beneficial effect on the heart: … could last, potentially, a lifetime. So far so good, and Verve did start out well with a big IPO, but it has gone down a lot from 2021. Lead asset VERVE-101 is designed to permanently turn off the PCSK9 gene in the liver, which disrupts blood PCSK9 protein production and thus reduces blood LDL-C levels. A […]

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On February 28, 2023, the U.S. Department of Commerce (“Commerce”) released details on the application process for projects to construct, expand or modernize commercial facilities for the production of leading-edge, current-generation, and mature-node semiconductors. This includes both front-end wafer fabrication and back-end packaging (see CHIPS Incentives Program – Commercial Fabrication Facilities ). Awards will take the form of direct funding, federal loans, and/or federal guarantees of third-party loans. Commerce will be releasing separate Notices of Funding Opportunity (NOFO) for semiconductor materials and equipment facilities in the late spring, and one for research and development facilities in the fall. Direct funding for all three NOFOs is available in an amount up to $38.22 billion and up to $75 billion in direct loan or guaranteed principal amounts. Below is a detailed discussion of eligible projects, amount and types of funding, the application process and timing, evaluation criteria and restrictions for awardees. Notably, however, Commerce has left many important questions unanswered. Neither the NOFO nor the fact sheets provide guidance on the manufacturing clawback or the technology clawback. With regard to the manufacturing clawback, the NOFO simply states the following: Under the CHIPS Act, a successful applicant must enter into an agreement […]

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By Mary Mayhew When the Florida legislature officially gavels in on March 7, it will have just under two months to pass a state budget. While the budget is the only must-pass item, lawmakers also will debate numerous other proposals governing everything from the environment and education to health care and transportation. This session is vitally important for Florida hospitals. After three years of the pandemic and resulting economic losses and workforce shortages, hospitals need relief and support. Fortunately, the state is in a position of economic strength. With robust economic growth, Florida ended 2022 with a budget surplus of $21.8 billion, the highest ever. Reserves exceed $15 billion. Investing in our state’s hospitals – the bedrock of the health care system – must be a priority. Florida residents deserve strong hospitals. Florida communities need them. And the state’s economy depends on them. Hospitals are a key factor in Florida’s economic success story. Florida hospitals had an annual economic output contribution of $177.8 billion in 2021, employing more than 322,000 Floridians with a total payroll of more than $28 billion. Each hospital job supports 1.73 additional jobs in the state, and every $1 spent by a hospital supports $1.25 […]

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Wiltser/E+ via Getty Images Lake Shore Bancorp (NASDAQ: LSBK ) is the bank holding company of the Lake Shore Savings Bank, a federally chartered bank from the Buffalo area. The bank has sustained a high market share in a concentrated market. It has grown deposits, improved profitability, and increased EPS above assets. Further, the company did very well during the GFC. It is mostly deposit financed, has a resilient loan book, and a successful mortgage origination operation. Unfortunately, the company has received a cease and desist order from the OCC related to failures in its fraud prevention and anti-money laundering systems. The company has effected several key management changes in the past few months and has recorded extra expenses related to this compliance. Although I do not believe the OCC orders imply a significant risk, compliance requires higher future expenses. If the bank’s interest costs also increase, profitability will suffer in the medium term. I do not consider LSBK an opportunity at these prices. Note: Unless otherwise stated, all information has been obtained from LSBK’s filings with the SEC . LSBK is used interchangeably for the bank and the bank holding company. Business description A local federally chartered bank […]

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Andrew Burton Last week, Alibaba Group Holding Limited (NYSE: BABA ) reported solid third quarter results and could beat revenue as well as earnings per share. But after a first positive reaction of the stock, we saw a sell-off once again and in the end, the stock is trading for roughly the same price as before. And although Alibaba is trading about 60% above its 52-week (and multi-year) low, I still think investors are extremely irrational about Alibaba and the stock is still trading clearly below its intrinsic value. Of course, we must accept the price action and should take advantage of this opportunity Mr. Market is offering. I am also aware that I claimed frequently in the last few quarters that Alibaba is undervalued and so far, only the last bullish call worked out while the previous two would still have ended in a loss when sold right now. Nevertheless, I remain long-term bullish about Alibaba and will once again explain why. In my opinion, the fundamental story has not changed, and the arguments are still the same. Third Quarter Results When looking at third quarter results we can start by pointing out that Alibaba could beat revenue […]

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The Big Picture Crowdsource Innovation All the excitement and hype around the arrival of the metaverse has coincided with a global crisis of trust around such virtual spaces. Most firms view the metaverse as a new channel for their existing operations but the opportunities for value creation are growing rapidly. As the digital and physical worlds merge more than ever before, user trust in the technology and data behind the metaverse will be vital. The year 2022 marked the moment when the concept of the metaverse finally entered mainstream thinking. The arrival of this new technology – an immersive version of the internet that we will experience in avatar form – caused a huge amount of excitement and hype. It did not take long for the hype to collide head-on with a global crisis of trust around the space. This collision poses fundamental questions for businesses who view the metaverse as a major opportunity for value creation. At this early development stage of the metaverse, most businesses are viewing it as a new channel for their existing operations – a way of engaging audiences that are out of reach of current channels, namely Generation Z. As consumers and retailers […]

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JJFarq // Shutterstock Cities with the most opportunity for new retail storefronts People sitting outside a trendy hipster cafe. COVID-19 was supposed to change the way Americans shopped. Experts widely predicted that people’s new habits of purchasing most goods online or using in-store and curbside pickup would remain after the pandemic ended. But two years later, consumers have gone back to in-person shopping. To find which cities have the most opportunity for new retail locations, Swyft Filings used data from Lee & Associates’ 2022 Market Report to rank cities, creating an index that factors in retail space vacancy, cost, and new space being built. To get its index, this analysis looked at July 2022 to September 2022 data and ranked each of those three measures across 53 cities identified in the report, then averaged the rankings. Brick-and-mortar retail sales topped $382 billion in August 2022, according to Lee & Associates, almost 25% higher than before COVID-19. In-person Black Friday shopping in 2022 was also up 12% from 2021, according to Mastercard SpendingPulse. As consumers flock back to stores, retailers are opening more physical locations. U.S. retail space is at its lowest vacancy rate in 15 years, at 4.3%, according […]

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Baron Funds, an investment management company, released its “Baron Opportunity Fund” fourth quarter 2022 investor letter. A copy of the same can be downloaded here . In the fourth quarter, the fund declined 4.54% (Institutional Shares) compared to a 2.31% return for the Russell 3000 Growth Index and a 7.56% return for the S&P 500 Index. For the one-year period, the fund fell sharply trailing both indexes. In addition, please check the fund’s top five holdings to know its best picks in 2022. Baron Opportunity Fund highlighted stocks like Alphabet Inc. (NASDAQ: GOOG ) in the Q4 2022 investor letter. Headquartered in Mountain View, California, Alphabet Inc. (NASDAQ:GOOG) is a multinational technology company. On February 28, 2023, Alphabet Inc. (NASDAQ:GOOG) stock closed at $90.30 per share. One-month return of Alphabet Inc. (NASDAQ:GOOG) was -10.97%, and its shares lost 32.99% of their value over the last 52 weeks. Alphabet Inc. (NASDAQ:GOOG) has a market capitalization of $1.155 trillion. Baron Opportunity Fund made the following comment about Alphabet Inc. (NASDAQ:GOOG) in its Q4 2022 investor letter: "Alphabet Inc. (NASDAQ:GOOG) remains the second largest position in the portfolio, and we continue to be positive on its growth opportunities with search, YouTube, and […]

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American Eagle Outfitters, Inc. ( NYSE:AEO ), is not the largest company out there, but it saw a double-digit share price rise of over 10% in the past couple of months on the NYSE. With many analysts covering the mid-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price. However, what if the stock is still a bargain? Today I will analyse the most recent data on American Eagle Outfitters’s outlook and valuation to see if the opportunity still exists. See our latest analysis for American Eagle Outfitters Is American Eagle Outfitters Still Cheap? According to my valuation model, American Eagle Outfitters seems to be fairly priced at around 17% below my intrinsic value, which means if you buy American Eagle Outfitters today, you’d be paying a fair price for it. And if you believe the company’s true value is $17.38, then there’s not much of an upside to gain from mispricing. So, is there another chance to buy low in the future? Given that American Eagle Outfitters’s share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink […]

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Commentary | 4Q22 Voya Global Advantage and Premium Opportunity Fund Focus on high income and total return through global value stocks and call options Strategy overview The Fund combines an actively-managed quantitative equity investment strategy with a call writing option strategy, seeking to create a diversified portfolio with enhanced total return potential and strong downside capture over a full market cycle. Performance For the quarter, the Voya Global Advantage and Premium Opportunity Fund (the Fund) provided a total return of 9.29% on a net asset value (NAV) basis and a total return of 7.92% on a market price basis. For the same period, the Fund’s reference index, the MSCI World Value Index, returned 14.74%. Equity portfolio For the quarterly reporting period, the equity sleeve of the Fund underperformed its reference index. All three of the primary return drivers for the sleeve (proprietary core model, beta and dividend yield) contributed, with the proprietary core model contributing the most, followed by beta and dividend yield. The Fund’s active industry exposures (which are a byproduct of stock selection) detracted as well as active individual stock exposures. Within the proprietary core model, three out of five indicators contributed (management, sentiment and ESG) while […]

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