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Thursday, September 12, 2019

Biotechnology

Is the Long-awaited Success of Cancer Vaccines Approaching?

Ahu Demir, Ph.D., Biotechnology Research Analyst & Cosme Ordonez, M.D., Ph.D, Senior Life Sciences Analyst, Noble Capital Markets, Inc.

Refer to end of report for Analyst Certification & Disclosures

  • Checkpoint inhibitors are blockbuster drugs in cancer. The discovery of immune suppression mechanisms in tumors and approval of checkpoint inhibitors in 2014 have been revolutionary in cancer therapeutics. There are currently six checkpoint (PD1/PD-L1) inhibitors approved in 15 indications including: melanoma, non-small cell lung cancer (NSCLC), head and neck cancer and others (mostly solid tumors). The worldwide (WW) sales of Keytruda (a PD1/PD-L1 inhibitor, the top selling blockbuster drug in cancer market) reached $7.2 billion in 2018.
  • Combination treatment is key. Despite the impressive responses seen in certain cancer types with immune checkpoint inhibitors, there are multiple cancers (cold tumors with low mutational burden) which are resistant to treatment with these drugs. Furthermore, 50% of patients develop resistance to treatment with PD1/PD-L1 agents. PD1/PD-L1 agents are expected to remain as the backbone of treatment, multiple combination approaches are designed to enhance clinical benefit in patients combined with chemotherapy, targeted therapy, secondary checkpoint inhibitors, oncolytic viruses, and vaccines.
  • Rationale behind the use of cancer vaccines. Cancer vaccines spur the immune system into recognizing tumor cells as foreign invaders, activating a killing response to destroy them. Key opinion leaders (KOLs) utterly believe that therapeutic vaccines represent the most logical add-on drugs to anti-PD-1/PD-L1 therapy. In recent years, there were lackluster performances from multiple high-profile studies with cancer vaccines. We believe lessons learned from these failed attempts, combined with a deeper understanding of immune surveillance mechanisms, will allow cancer vaccine research to turn the corner and begin to achieve some promising clinical results. In this report, we discuss the current trends and condense our views on this space.

Priming the Immune System

The understanding of T-cell biology and tumor escape mechanisms have built the foundation for immuno-oncology. Cancer cells utilize checkpoints to mask themselves as normal cells, deceiving the immune system and escaping immune attacks. Immune checkpoint inhibitors targeting checkpoint molecules, such as T-cell programmed cell death protein 1 (PD-1) and its ligand PD-L1, reverse this process by blocking this inhibitory signal, thus allowing activated T-cells to find and kill cancer cells.  Discovery and approval of checkpoint inhibitors have been revolutionary for cancer treatment in the last decade. The first two PD1/PD-L1 inhibitors were approved in 2014 (Keytruda’s approval in September was followed by Opdivo’s approval in December). There are currently six PD1/PD-L1 inhibitors approved in 15 indications including: melanoma, non-small cell lung cancer and (NSCLC), renal cell carcinoma (RCC), head and neck cancer, Hodgkin’s lymphoma, bladder cancer, merkel cell carcinoma, colorectal cancer,  gastric cancer, hepatocellular (liver) cancer (HCC), cervical cancer, diffuse large B-cell lymphoma (DLBCL), small cell lung cancer (SCLC), squamous cell carcinoma (SCC), breast cancer and esophageal cancer. Keytruda has become a blockbuster drug, dominating the cancer market as the top selling medicine in the space. Keytruda’s worldwide (WW) sales in 2018 reached $7.2 billion (+89% compared to WW sales in 2017). By 2024, Evaluate Pharma projects $38.9 billion of total sales of PD1/PD-L1 inhibitors, $18.0 billion (46% of total PD1/PD-L1 WW sales) sales from Keytruda alone (Exhibit 1).

Exhibit 1. Currently Approved Checkpoint Inhibitor Projected Sales

 

Source: Evaluate Pharma, Noble Research

Despite the impressive effectiveness of immune checkpoint inhibitors in certain cancers, there are many other cancer types, known as cold tumors (such as cervical cancer), which remain unresponsive to these drugs. Furthermore, 50% of patients who respond to therapy develop resistance to treatment with PD1/PD-L1 agents. Therefore, the scientific community continues its efforts to develop more effective treatment methodologies using combinational regimens. Experts agree that PD1/PD-L1 agents remain as the backbone of treatment. There are multiple combination approaches that are underway; including combination with chemotherapy, targeted therapy, secondary checkpoint inhibitors, oncolytic viruses, and vaccines. In this report, we highlight some interesting assets in cancer vaccine space.

Key opinion leaders (KOLs) consistently utter therapeutic vaccines representing the most logical add-on to anti-PD-1/PD-L1 therapy. In the last couple of years, there were lackluster performances from multiple high-profile studies (Celldex’s rindopepimut, Newlink Genetics’s algenpantucel-L, Aduro’s CRS-207/GVAX, Bavarian Nordic’s Prostvac and Advaxis’s Axalimogene filolisbac). Cancer vaccine space still lacks a convincing combination data set.

How Do Therapeutic Cancer Vaccines Work?

Cancer vaccines spur the immune system into recognizing tumor cells as invaders to be destroyed by the immune system. Tumor cells often express distinct antigens (molecules expressed on the cell surface that evoke immune system); known as tumor-associated antigens (TAAs), tumor-specific antigens (TSA), and neoantigens that are created by point mutations, insertions, deletions, or translocations that produce novel amino acid sequences present only in the tumor and not in normal cells. Recent efforts have been focused on the development of cancer vaccines based on neoantigens (e.g. Advaxis’s ADXS-NEO program, Genocea’s GEN-009 and GEN-011 programs).

Broadly, vaccines are classified as DNA/RNA, protein and cell-based vaccines.

1.     Genetic Vaccines (DNA/RNA vaccines) are introduced into the genetic material of host cells stimulating an immune response. To date, there are currently no genetic vaccines approved.

2.     Protein/peptide vaccines are composed of purified or recombinant antigen peptides from pathogens. Upon administration to cancer patients, an immune response is elicited against the pathogen to neutralize it, also training the host immune system to become ready to combat subsequent infections by the same micro-organism. Most vaccines approved for human use are protein vaccines. Preventive cancer vaccines, Gardasil and Cervarix, which are peptide-based, were approved by the Food and Drug Administration (FDA). However, there are no approved therapeutic cancer protein/peptide-based vaccines yet.

3.     Cell-based vaccines have been studied for over 20 years. They are one of the most extensively researched vaccine types. Various cell types can be used to develop cell-based vaccines. For example, antigen-presenting cells (APC) are taken from patients, altered to efficiently elicit an immune response, and finally introduced back into cancer patients. Multiple antigens can be targeted by the immune system and this can be further augmented by genetic alteration of vaccine cells to provide induced release of cytokines and co-stimulatory molecules. In 2010, Sipuleucel-T (Provenge), an autologous cellular (dendritic cell, a type of APC) immunological agent, was approved to treat metastatic castration-resistant prostate cancer (mCRPC). Provenge works through APCs to stimulate a T-cell immune response targeted against prostatic acid phosphatase (PAP), an antigen that is highly expressed in most prostate cancer cells. However, it failed to show a survival benefit and did not perform well commercially. Following multiple acquisitions (Dendreon filed for voluntary bankruptcy; Valeant acquired the WW rights to Provenge and certain other Dendreon assets for $400MM in 2015; Sanpower Group acquired Provenge from Valeant for $819.9M in January 2017), Provenge’s sales did not improve.

4.     Bacterial-based vaccines are developed by live-attenuated bacterial strains that are engineered to deliver recombinant heterologous antigens to stimulate the host immune system. These live vectors can stimulate cellular systemic immunity and also deliver DNA vaccines and immune system stimulatory molecules, such as cytokines. The Bacillus Calmette-Guerin (BCG) is an attenuated strain of Mycobacterium bovis, which has been broadly used as a vaccine for the treatment of human tuberculosis and also as an immunotherapeutic agent against bladder cancer.

5.     Viral-based vaccines are developed by attenuated or less virulent viruses that induce protective immunity. Similar to bacterial-based vaccines, they can also be genetically engineered to deliver and express antigens capable of inducing anti-tumor elicit immune responses. Imlygic is a genetically modified herpes simplex virus type 1. It is engineered to express granulocyte-macrophage colony-stimulating factor (GM-CFS, immune-boosting cytokine). Imlygic received FDA approval in 2015 for local treatment of unresectable cutaneous, subcutaneous, and nodal lesions in melanoma recurring after initial surgery. Imlygic’s exact mechanism of action remains unclear. It is thought that cancer cells rupture following viral replication, releasing tumor-derived antigens, together with virally encoded GM-CSF, which can stimulate an immune response against the tumor. Imlygic has not been commercially successful.

Exhibit 2. Cancer Vaccine Platforms include five classes of vaccines: Nucleic acids, Synthetic peptides, Recombinant Proteins, and Viral/Bacterial vectors. The diagram depicts the various immune system pathways involved.

Source: Maeng et al. F1000Research 2019

Combination with a chimeric antigen receptor (CAR) T-cell therapy is another potential application of cancer vaccine. Two CAR-T cell therapies; Novartis’ Kymriah and Gilead’s Yescarta, were approved for the treatment of blood cancers (pediatric acute lymphoblastic leukemia and non-Hodgkin’s lymphoma, respectively). CAR-T therapy has shown limited efficacy against solid tumors. The limitations in solid tumors include heterogeneity of antigens, tumor microenvironment (expression of immune-suppressing agents such as PD-1) and delivery (difficulty to access the tumor site). Therapeutic vaccination is one of the approaches with the potential to enhance CAR-T therapies in solid tumors. 

Our take: It is well established that the immune system is highly complex. The complexity and heterogenicity of cancer cell expression to suppress immunity represents a major challenge to develop effective cancer treatments. In addition, identifying a single uniform pathway to activate the immune system against a growing tumor continues to be a daunting task. Despite recent revolutionary discoveries of checkpoint inhibitors and CAR-T therapies, further development of effective combinational therapies is critical (Figure 3). Lessons learned from these failed attempts are now allowing cancer vaccine research to turn the corner and begin to achieve some promising clinical results. We believe some of the key lessons driving this progress are 1) the need for identification of multiple, immunogenic antigens; 2) the importance of highly potent vaccine vectors; and 3) a deeper understanding of tumor-mediated immunosuppression.

There are multiple new strategies to:

  • enable the selection and construction of more immunogenic TAAs and the identification of tumor-specific neoantigens
  • enhance vaccine technologies, including viral vector prime-boost approaches, better co-stimulatory components, multi-antigen vaccines, and stimulation of both CD8 and CD4 T cells response
  • discover more effective combinations with checkpoint modulators and other new drugs that reverse immunosuppression

While it is encouraging to hear many KOLs suggesting that vaccines represent the most rational agents to combine with immune checkpoint inhibitors (also for CAR-T cell therapy), we recognize the high risks associated with vaccine development. We believe the lessons learned from past failures and scientific advancement will help achieve more promising combinational strategies (with chemotherapy, checkpoint inhibitors, costimulatory agents, targeted agents, and CAR-Ts) incorporating vaccines in cancer treatment. 

 Figure 3. The multiple pathways to elicit effective anti-tumor immune responses. Each pathway offers opportunities for therapeutic intervention in order to increase vaccine ef?cacy

Source: Vermaelen et al. Frontiers in Immunology Review, 2019

VACCINE WATCH

Below, small cap public and private biopharmaceutical companies are highlighted with current programs in vaccine development for cancer therapeutics (alphabetical order).

Advaxis, Inc. (Nasdaq: ADXS, Not Covered by Noble), MC $6mm

Advaxis’s vaccine uses a Listeria monocytogenes (Lm) technology-based delivery system to introduce antigens and elicit the immune response against cancer. The company has multiple clinical programs including personalized (ADXS-NEO) and off-the-shelf (ADXS-HOT) neoantigen directed therapies. The key value-driving catalysts include; a) additional immunogenicity and clinical data readouts, b) commencement of Part B in combination with checkpoint inhibitor for ADXS-NEO and ADXS-HOT (in non-small cell lung cancer) programs in H2 2019, c) investigational new drug (IND) submission for ADXS-HOT in prostate and bladder cancer in H2 2019 and H1 2020, respectively.

Elicio Therapeutics (Private company)

Elicio uses an amphiphile platform to generate nanoparticle-based immunotherapies. Antigens carrying amphiphile particles are designed to concentrate on the target lymph node to act as immune cell activators, immunomodulators, and vaccines for multiple aggressive cancers. Elicio’s lead Amphiphile vaccine, ELI-002, targets KRAS-driven pancreatic and colorectal cancers. Preclinical studies in mouse models demonstrated T cell activation and tumor regression. In June 2019, preclinical data from Elico’s amphiphile particle vaccine enhancing CAR-T cell therapy in murine solid tumors was published in Science journal. Elicio plans to commence Phase 1 study of ELI-002 for the treatment of pancreatic and colorectal cancer patients in H1 2020. 

 Generex Biotechnology (OTC: GNBT, Not Covered by Noble), MC $150mm

NuGenerex Immuno-Oncology, a subsidiary of Generex, is developing novel immunotherapy and vaccine formulations based on Ii-Key hybrid peptides and li-suppression technology. NuGenerex’s pipeline targets multiple therapeutic areas including oncology, infectious diseases, and autoimmune disorders. The lead candidate, AE37 (a peptide vaccine containing HER2/Neu-derived epitope linked to li-Key peptide) is currently being assessed in combination with pembrolizumab for the treatment of triple-negative breast cancer in Phase a 2 clinical study. Data readouts are expected in 2020.

Genocea Biosciences Inc. (Nasdaq: GNCA, Not Covered by Noble), MC $89mm

Genocea, a biopharmaceutical company, discovers and develops novel cancer immunotherapies. The company uses ATLAS, a proprietary discovery platform to direct the patient's pre-existing CD4+ and CD8+ T-cell immune responses to tumors by identifying neoantigens and antigens. These antigens are incorporated in vaccines to activate T-cells against cancer cells. The company presented data from GEN-009 program, an adjuvanted neoantigen peptide vaccine, at the American Society of Clinical Oncology annual meeting in June 2019. Additional immunogenicity and efficacy data readouts from this lead program in combination with standard-of-care checkpoint inhibitors are anticipated in H2 2019-2020. The second asset GEN-011, neoantigen-specific T cell therapy, is expected to advance in the clinic in 2020.

Morphogenesis, Inc. (Private company)

 Morphogenesis, a biotechnology company, is developing personalized immunotherapies for the treatment of cancer. The Company’s lead asset, ImmuneFx Cancer Vaccine, is based on a single bacterial gene that is expressed on the surface of a patient’s tumor cells, educates the immune system to target the patient’s unique set of tumor antigens (neoantigens). In August 2018, the company launched the first human clinical phase I ImmuneFx study for the treatment of aggressive melanoma. The preliminary data is expected in 4Q 2019.

NexImmune Inc. (Private company) 

 NexImmune is a biotechnology company developing immunotherapies based on proprietary AIM technology. This nanotechnology platform uses the body’s own immune system to stimulate and orchestrate T cell response against disease, including AML/MDS and solid tumors. Central to the AIM technology is artificial Antigen Presenting Cells (aAPC) that present antigens to T-cells eliciting an anti-tumorigenic response from the patient’s own immune system. Its pipeline consists of NEXI-001, NEXI-002, and NEXI-003. All three programs require ex-vivo manipulation of antigen-presenting cells (APC) to express T cell-stimulating antigens. All three programs are slated to initiate Phase I clinical trial in 4Q 2019.

 Nouscom (Private company)

 Nouscom is developing immunotherapies from its proprietary platforms that utilize a library of uniquely engineered viral vectors for expression of long strings of tumor neoantigens (off-the-shelf and personalized). It's lead program, NOUS-209 is able to induce development and expansion of T cell population, including memory T cells. NOUS-209 encodes 209, a unique cancer neoantigens found in multiple tumor types. The company anticipates commencing a Phase 1 clinical trial of NOUS-209, a therapeutic vaccine for gastric, colorectal, and gastro-esophageal junction microsatellite instable (MSI) cancers (tumors characterized by a defective DNA mismatch repair system) in combination with pembrolizumab. The trial is expected to enroll up to 30 patients and to begin Q3 2019. The initial clinical data is expected in H1 2020.

 Sensei Biotherapeutics (Private company)

 Sensei is developing precision cancer therapeutics that target a novel and tumor-specific antigen called ASPH, or aspartate β-hydroxylase. ASPH is expressed in more than 20 cancer types, both solid and hematologic tumors. It also is associated with poor patient survival. Sensei’s lead candidate SNS-301 is a cancer vaccine that has completed a Phase 1 clinical study demonstrating a safe profile and dose-dependent ASPH-specific CD8+ T cells and B-cell responses. Based on these results, Sensei announced a clinical trial collaboration agreement with AstraZeneca for Phase 2 trials for SNS-301 in combination with durvalumab in multiple solid tumors in May 2019. The company plans to initiate Phase 2 studies for SNS-301 in various hematological malignancies and solid tumors in H2 2019.

 Targovax ASA (OB: TRVX, Not Covered by Noble), MC $330mm

Targovax, a clinical-stage immuno-oncology company develops immunotherapies (oncolytic viruses and vaccines) for cancer patients. The lead product ONCOS-102, a genetically modified oncolytic adenovirus, has been engineered to selectively infect and replicate in cancer cells. ONCOS-102 is in Phase 1/2 clinical studies for the treatment of mesothelioma, melanoma, peritoneal disease, and prostate cancer. In addition, the company is developing neoantigen cancer vaccine targeting tumors that express mutated forms of RAS. The TG vaccine program has previously shown a signal of efficacy in a 32- patient trial with TG01 in resected pancreatic cancer. A next-generation product candidate, TG02 is currently been evaluated as monotherapy and will also be assessed in combination with Keytruda.

Torque Therapeutics (Private company)

 Torque is a clinical-stage immuno-oncology company developing Deep-Primed™ T cell therapeutics to direct immune response within the tumor microenvironment. Torque’s lead product candidate TRQ-1501 (IL-15 Primed T cells) is in Phase 1/2 clinical trial for the treatment of solid tumors and hematologic malignancies. On June 2019, the FDA granted fast track designation for TRQ-1501. The company is currently assessing TRQ-1501 in a Phase I/2 clinical trial for the treatment of solid cancers and lymphoma as a single agent and in combination with Keytruda (pembrolizumab). Data is anticipated in 2020.

 UbiVac, Inc. (Private Company)

UbiVac, LLC, a biotechnology company focuses on the development of therapeutic vaccines to combat cancer and infectious diseases. Its product includes DPV-001 (DRibble), a DC-targeted complex vaccine/combination immunotherapy for the adjuvant treatment of non-small cell lung cancer (NSCLC). The company also provides immunotherapeutic products that include DRibble (DPV-002); nano particle, such as NP-001; and CMV vector, including sdCMV-001 and sdCMV-002.

Vaccibody (Private company)

Vaccibody is a clinical-stage biopharmaceutical company, focused on the discovery and development of novel immunotherapies. Vaccibody is developing individualized cancer neoantigen vaccines. Vaccibody’s candidate VB10. NEO is currently being assessed in Phase1/2 to treat metastatic melanoma, non-small cell lung carcinoma, renal cell carcinoma and urothelial or squamous cell carcinoma of head and neck. In addition, the company has a collaboration with Nektar Therapeutics, to test VB10.NEO in combination with bempegaldesleukin (NKTR-214) in squamous cell carcinoma of head and neck. The second asset (VB10.16) is a therapeutic DNA vaccine against HPV16 induced pre-malignancies and malignancies. VB10.16 is being evaluated in combination with checkpoint inhibitor atezolizumab (Tecentriq) in up to 50 patients with advanced or recurrent cervical cancer in collaboration with Roche. The first patient in this study is expected to be vaccinated in Q1 2020.

 Vaxart Inc. (Nasdaq: VXRT, Not Covered by Noble), Market Cap (MC) $11 million (mm)

Vaxart, Inc., a clinical-stage company, engages in the discovery and development of oral recombinant protein vaccines based on its proprietary oral vaccine platform. The company's pipeline assets that are in clinical trials include; monovalent and bivalent norovirus vaccines and monovalent, quadrivalent and universal H1 flu vaccines. The company recently reported full enrollment in the Phase 1b bivalent norovirus vaccine study. The topline results are expected by October 2019. In addition, the company is developing a therapeutic immune-oncology vaccine for cervical cancer by the human papillomavirus, which is at preclinical stage.

GENERAL DISCLAIMERS
All statements or opinions contained herein that include the words "we", "us", or "our" are solely the responsibility of Noble Capital Markets, Inc.("Noble") and do not necessarily reflect statements or opinions expressed by any person or party affiliated with the company mentioned in this report. Any opinions expressed herein are subject to change without notice. All information provided herein is based on public and non-public information believed to be accurate and reliable, but is not necessarily complete and cannot be guaranteed. No judgment is hereby expressed or should be implied as to the suitability of any security described herein for any specific investor or any specific investment portfolio. The decision to undertake any investment regarding the security mentioned herein should be made by each reader of this publication based on its own appraisal of the implications and risks of such decision.

This publication is intended for information purposes only and shall not constitute an offer to buy/sell or the solicitation of an offer to buy/sell any security mentioned in this report, nor shall there be any sale of the security herein in any state or domicile in which said offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or domicile. This publication and all information, comments, statements or opinions contained or expressed herein are applicable only as of the date of this publication and subject to change without prior notice. Past performance is not indicative of future results.

Noble accepts no liability for loss arising from the use of the material in this report, except that this exclusion of liability does not apply to the extent that such liability arises under specific statutes or regulations applicable to Noble. This report is not to be relied upon as a substitute for the exercising of independent judgement. Noble may have published, and may in the future publish, other research reports that are inconsistent with, and reach different conclusions from, the information provided in this report. Noble is under no obligation to bring to the attention of any recipient of this report, any past or future reports. Investors should only consider this report as single factor in making an investment decision.

IMPORTANT DISCLOSURES
This publication is confidential for the information of the addressee only and may not be reproduced in whole or in part, copies circulated, or discussed to another party, without the written consent of Noble Capital Markets, Inc. ("Noble"). Noble seeks to update its research as appropriate, but may be unable to do so based upon various regulatory constraints. Research reports are not published at regular intervals; publication times and dates are based upon the analyst's judgement. Noble professionals including traders, salespeople and investment bankers may provide written or oral market commentary, or discuss trading strategies to Noble clients and the Noble proprietary trading desk that reflect opinions that are contrary to the opinions expressed in this research report.

The majority of companies that Noble follows are emerging growth companies. Securities in these companies involve a higher degree of risk and more volatility than the securities of more established companies. The securities discussed in Noble research reports may not be suitable for some investors and as such, investors must take extra care and make their own determination of the appropriateness of an investment based upon risk tolerance, investment objectives and financial status.

Company Specific Disclosures
The following disclosures relate to relationships between Noble and the company (the "Company") covered by the Noble Research Division and referred to in this research report.

Noble is not a market maker in any of the companies mentioned in this report. Noble intends to seek compensation for investment banking services and non-investment banking services (securities and non-securities related) with any or all of the companies mentioned in this report within the next 3 months

ANALYST CREDENTIALS, PROFESSIONAL DESIGNATIONS, AND EXPERIENCE
Ahu Demir
Equity Research Analyst focusing on the Life Sciences sector. 5 years of industry experience. PhD in Chemistry from University of Florida.Post Doctoral training at Columbia University and New York University. Her scientific training focused on antiviral therapy, oncology and immuno-oncology.
FINRA licenses 7, 63, 86, 87.

Cosme Ordonez
Senior Equity Analyst focusing on Life Sciences. More than 16 years of experience in his field. Former President and co-founder of Ciclofilin Pharmaceuticals. Held various roles in Buy-side and Sell-Side specializing in drug development, medical device, specialty pharma and healthcare services areas. Medical Doctor with a Ph.D. in Experimental Medicine and Biochemistry from McGill University in Montreal, Canada. Completed post-doctoral training at the Karolinska Institute/Hospital in Stockholm, Sweden.
Holds FINRA licenses 7, 79, 86, 87.

WARNING
This report is intended to provide general securities advice, and does not purport to make any recommendation that any securities transaction is appropriate for any recipient particular investment objectives, financial situation or particular needs. Prior to making any investment decision, recipients should assess, or seek advice from their advisors, on whether any relevant part of this report is appropriate to their individual circumstances. If a recipient was referred to Noble Capital Markets, Inc. by an investment advisor, that advisor may receive a benefit in respect of transactions effected on the recipients behalf, details of which will be available on request in regard to a transaction that involves a personalized securities recommendation. Additional risks associated with the security mentioned in this report that might impede achievement of the target can be found in its initial report issued by Noble Capital Markets, Inc.. This report may not be reproduced, distributed or published for any purpose unless authorized by Noble Capital Markets, Inc..

RESEARCH ANALYST CERTIFICATION
Independence Of View

All views expressed in this report accurately reflect our personal views about the subject securities or issuers.
Receipt of Compensation
No part of our compensation was, is, or will be directly or indirectly related to any specific recommendations or views expressed in the public
appearance and/or research report.
Ownership and Material Conflicts of Interest
Neither analyst nor anybody in either analyst's household has a financial interest in the securities of the subject company or any other company mentioned in this report.

NOBLE RATINGS DEFINITIONS
% OF SECURITIES COVERED
% IB CLIENTS
 Outperform: potential return is >15% above the current price
86%
25%
Market Perform: potential return is -15% to 15% of the current price
14%
2%
Underperform: potential return is >15% below the current price
0%
0%


NOTE: On August 20, 2018, Noble Capital Markets, Inc. changed the terminology of its ratings (as shown above) from "Buy" to "Outperform", from "Hold" to "Market Perform" and from "Sell" to "Underperform." The percentage relationships, as compared to current price (definitions), have remained the same.

Additional information is available upon request. The recipient of this report who wishes further information regarding the subject company or the disclosure information mentioned herein, should contact Noble Capital Markets, Inc. by mail or phone.

Noble Capital Markets, Inc.
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Noble Life Science Partners is a division of Noble Capital Markets, Inc..
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Noble Capital Markets, Inc. is an MSRB (Municipal Securities Rulemaking Board) registered broker/dealer.
Member - SIPC (Securities Investor Protection Corporation)

Report ID: 11088



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  Research Initiation - Akazoo (SONG) - Getting The Company For A Song, 10/16/2019
  Research - Scorpio Bulkers (SALT) - Dry Bulk Market Firmer, But Fine-Tuning 2H2019 Estimates, 10/16/2019
  Research - DLH Holdings Corp. (DLHC) - Announces Preliminary Results for FY19, 10/16/2019
  Research - Coeur Mining (CDE) - Laying the Groundwork for Improved Performance in 2020, 10/14/2019
  Show Me the Money: Should College Athletes Play for Pay?, 10/14/2019
  Going to the Movies? A Theater or Stream?, 10/11/2019
  Are Planned Power Outages Worth the Cost? , 10/11/2019
  Research - Endeavour Silver (EXK) - Still In Turnaround Mode; Visible Path for Improvement, 10/10/2019
  Industry Report - Media - Is The Sell-Off Over?, 10/10/2019
  Developing a Research Driven Approach: an Investment Bank’s Perspective Webinar, 10/10/2019
  Investing in Microcap Biotech Stocks, Risks and Rewards, 10/09/2019
  How Long Will U.S. Petrochemical Producers Maintain Their Global Advantage?, 10/09/2019
  NetworkNewsBreaks – Genprex, Inc. (NASDAQ: GNPX) Announces Plans to Present at Inaugural MicroCap Rodeo Investor Conference, 10/09/2019
  Ducommun Incorporated Acquires Nobles Worldwide, 10/09/2019
  Industry Report - Energy - Summer's End Brings No Relief For Energy Stocks, 10/08/2019
  Who Is to Blame for the Weak Manufacturing Number and the Market Crash? , 10/08/2019
  Industry Report - Metals & Mining Third Quarter Review and Outlook, 10/07/2019
  Research - Eagle Bulk Shipping (EGLE) - Scrubber Program Change Impacts Estimates, But Outlook Remains Solid, 10/07/2019
  Research - QuoteMedia, Inc. (QMCI) - Could A Bear Market Help This Company?, 10/04/2019
  What’s Going on with the IPO Market?, 10/04/2019
  IPO Podcast - Vanessa Van Edwards, 10/04/2019
  Research - Great Panther Mining Limited (GPL) - Raising Estimates Based on Improving Outlook, 10/03/2019
  Research - Orion Group Holdings (ORN) - Two Marine Awards Help 2020 Outlook, 10/03/2019
  Research - Great Lakes Dredge & Dock (GLDD) - Total 3Q2019 Awards of $319 million Above Expectations., 10/03/2019
  Research - Great Lakes Dredge & Dock (GLDD) - Two New Jobs - 3Q2019 Awards Likely Above $265 million, 10/02/2019
  Research - electroCore (ECOR) - What Do Recent Developments Mean For electroCore?, 10/02/2019
  Research - Kratos Defense & Security - Risk-Reward Turns Favorable. Upgrading Rating, 10/02/2019
  Research - Euroseas (ESEA) - One Good Contract But Rest of the Fleet Not Following...Yet., 10/01/2019
  Research - Sierra Metals (SMTS) - Looking Ahead to 2020, 10/01/2019
  Research - Trovagene (TROV) - Number of Patients with a Complete Response Increases in AML Study, 10/01/2019
  Positive Data from Trovagene Phase 1b_2 Study of Onvansertib Featured in Oral Presentation at European Society for Medical Oncology (ESMO) Conference, 09/30/2019
  IPO Podcast Series: Vanessa Van Edwards, 09/30/2019
  Research - Great Lakes Dredge & Dock (GLDD) - Backlog Rebound, 09/27/2019
  Research - Kelly Services (KELYA) - What's Next?, 09/27/2019
  Research - TherapeuticsMD (TXMD) - On Track for Annovera Soft Launch, 09/27/2019
  NetworkNewsAudio – Genprex Inc. (NASDAQ: GNPX) Building Encouraging New Breast Cancer Treatment Options, 09/27/2019
  Research - Energy Fuels (UUUU) - Relief on the Horizon?, 09/26/2019
  Research - EuroDry (EDRY) - Moving Estimates Higher, 09/26/2019
  Research - Comtech (CMTL) - Raising PT, 09/25/2019
  Smallcap Rally: Russel 2000 Trumps S&P 500 in September , 09/25/2019
  Will New 2020 Climate Change Policies Affect the Market? , 09/25/2019
  Noble Capital Markets Launches Small and Microcap Equity Research Contest, 09/25/2019
  Research - Scorpio Bulkers (SALT) - Will Dry Bulk Market Remain Firm?, 09/24/2019
  Cut to the Chase: The Reality of Rate Cuts, 09/24/2019
  Boeing 737 MAX: What’s Taking So Long?, 09/24/2019
  Research - Endeavor Silver (EXK) - Rating Upgrade, 09/23/2019
  Research - Aurania Resources (ARU.V) - Closed Private Placement, 09/23/2019
  Research - Kratos (KTOS) - Momentum in Unmanned Systems, 09/23/2019
  Silver Still has a Place on the Winners’ Podium, 09/23/2019
  Noble Capital Markets Supports Bahamas Relief Fund Through its NobleCon Investor Conference, 09/23/2019
  Can Smallcap Funds Help Cap Index Overlap in Your Portfolio? , 09/20/2019
  Is the US Accelerating toward Becoming the World’s Energy Capital? , 09/20/2019
  Research - Orion (ORN) Construction Awards Bolster Outlook, 09/19/2019
  Attack on Saudi Refinery: What Does it Mean for You, the Investor?, 09/19/2019
  Investing in Cannabis: Should You Go Green? , 09/19/2019
  Mortgage Rates Jump, 09/19/2019
  Voice of Blockchain to Offer Insights for all Members of the Blockchain Ecosystem, 09/19/2019
  Offshore Wind Power Blows into the Energy Market, 09/18/2019
  Directed Energy Weapons: Star Wars Redux?, 09/18/2019
  Scotiabank supports young Canadians with a $500,000 donation to the Terry Fox PROFYLE program, 09/18/2019
  How Will the Authorization of AB5 Impact Gig Economies?, 09/17/2019
  Will the Market Surpass All-Time Highs? , 09/17/2019
  Industry Report - Minerals - Insights from the Precious Metals Summit, 09/16/2019
  Onconova Therapeutics Announces Presentation on Rigosertib at the RAS-Targeted Drug Discovery Summit, 09/16/2019
  ProMIS Neurosciences Executive Chairman Eugene Williams to Speak on Panel at Fall Investor Summit, 09/16/2019
  NNW News - OnDeck Survey: Economy is Top Concern for Small Businesses Ahead of 2020 Election, 09/13/2019
  Will the Oil Slowdown Provoke a Renewable Energy Takeover?, 09/13/2019
  NetworkNewsAudio – Genprex Inc. (NASDAQ: GNPX) Developing Revolutionary Gene Therapies to Fight Cancer, 09/13/2019
  Chek-in with Mike Kupinski and the CFO of E.W. Scripps, Lisa Knutson., 09/13/2019
  Research - Great Lakes Dredge & Dock (GLDD), 09/12/2019
  Taking the FDA shortcut, 09/12/2019
  Industry Report - Biotechnology - Key Catalysts for Oncology Companies, 09/12/2019
  Industry Report - Biotechnology - Success of Cancer Vaccines Approaching?, 09/12/2019
  Are Nanocap Stocks a Beneficial Addition to Your Portfolio?, 09/11/2019
  Hurricanes Do More Damage than What’s on the Surface , 09/11/2019
  Independent Researchers Find Genprex's TUSC2 Prevents Tumor Growth in Triple-Negative Breast Cancer, 09/11/2019
  Research - Eagle Bulk Shipping (EGLE) - Signaling a Recovery, 09/10/2019
  How Can Innovations in Transportation and Logistics Provide Value to Investors?, 09/10/2019
  Cyclical Economic Shifts: Industrial Companies Could Feel the Effects, 09/10/2019
  Will the Longest Economic Expansion in History Continue? , 09/09/2019
  Can Investing in Natural Resources Provide Future Value?, 09/06/2019
  Will Renewable Energy be the Downfall of Fossil Fuels? , 09/06/2019
  Are the Trade Troubles Coming to an End?, 09/05/2019
  Prescription Drug Pricing: How Would Limited Government Intervention Change the Landscape? , 09/05/2019
  Dyadic to Present at Janney Healthcare Conference, 09/04/2019
  Everything from A-to-Z: There are Consumer Cyclical Stocks for Everyone , 09/04/2019
  Utility Stocks May Offer Low-Risk Investment Potential, 09/04/2019
  Research - QuoteMedia (QMCI) - A Look Ahead, 09/03/2019
  Genprex Provides Forward Looking Guidance and Updates on Corporate Activities, Publishes New Corporate Deck, 09/03/2019
  ProMIS Neurosciences to Present at HC Wainwright Investment Conference, 09/03/2019
  Treasure hunt? Let’s Talk Silver, 09/03/2019
  Research - Aurania Resources (ARU:CA) - Updating Estimates, 08/30/2019
  Will the Slowing in Quarter 3 Affect Microcap Stocks? , 08/30/2019
  Worth the Risk? An Overview of Investing in Small & Microcap Stocks. , 08/30/2019
  How can Blockchain Help Accelerate the Agriculture Industry?, 08/30/2019
  Are Shipping Stocks Shipwrecked by the U.S. and China Disputes?, 08/29/2019
  How Will Rising Trade Tensions Impact the Aerospace Industry? , 08/29/2019
  IPO Podcast - Rob Lowe, 08/29/2019
  Research - One Stop Systems (OSS) - ATM Completed, 08/28/2019
  Research - E.W. Scripps (SSP) - Differentiated From Its Peers, 08/28/2019
  Research - Trovagene (TROV) - Progressing Prostate Cancer Data in Small Number of Patients, 08/27/2019
  Pharma Mergers and Acquisitions: Who’s Really Winning Here?, 08/27/2019
  Will the Uncertain Economy Boost Mining Stocks? , 08/27/2019
  NNW News - Entrepreneurs Tips To Take Gig Work To The Next Level, 08/27/2019
  NNW News - Genprex Inc. (GNPX) Making Headway in Clinical Program Expansion, Company Growth, 08/27/2019
  Trovagene Presents Positive Clinical Data from Ongoing Phase 2 Study of Onvansertib in Metastatic Castration-Resistant Prostate Cancer (mCRPC), 08/26/2019
  What If Yields Turn Negative?, 08/26/2019
  Research - Aurania Resources (ARU.V) - A Growing Number of Targets, 08/23/2019
  Research - 1-800-Flowers.com (FLWS) - Why this quarter stands out., 08/23/2019
  Will Iran Continue to Grow Their Nuclear Program? , 08/22/2019
  Aurania Refines Its Newly Discovered Apai Gold-Silver Target in Southeastern Ecuador, 08/22/2019
  Reserach - Great Lakes Dredge & Dock (GLDD) - Backlog Rebound Expected, 08/21/2019
  The inverted yield curve: what does this really indicate? , 08/21/2019
  Can Germany Survive the Trade War?, 08/21/2019
  Research - Tribune Publishing (TPCO) - Content to Drive Value, 08/20/2019
  Microsoft Acquires PromoteIQ in an attempt to compete with Amazon, 08/20/2019
  Research - Euroseas (ESEA) -Quarterly Results Stabilizing, 08/19/2019
  Can Blockchain Revolutionize the Banking Industry?, 08/19/2019
  Growing Industry: What Should We Look For?, 08/19/2019
  Research - EuroDry (EDRY) - Improving Environment, 08/16/2019
  Research - Sierra Metals (SMTS) - Positioned for Improvement, 08/16/2019
  Research - Onconova Therapeutics (ONTX) - Inflection Points Ahead, 08/15/2019
  Too Busy to Shop? The Rise of Meal Kit Delivery Services, 08/15/2019
  Will owning an Electric Vehicle finally be convenient? , 08/15/2019
  Can consumers positively impact the current economic outlook?, 08/15/2019
  Research - Dyadic International (DYAI) - Data and Additional Partnerships to Expand Further Value, 08/14/2019
  Research - electroCore (ECOR) - Soothing Investors' Migraine a Bit?, 08/14/2019
  Research - Pangaea Logistics (PANL) - Lower 2Q2019 Shipping Days, But Rebound Ahead, 08/14/2019
  Research - ProMIS Neurosciences (PMN:CA) - Strengthening Drug Portfolio by Adding Novel Alzheimer's Antibodies, 08/14/2019
  Research - QuoteMedia, Inc. (QMCI) - Second Quarter Results Indicate Favorable Momentum, 08/14/2019
  Research - Harte Hanks (HHS) - Substantial Progress Made, 08/13/2019
  Research - Pyxis (PXS) - On Track for Rebound, 08/13/2019
  Research - E.W. Scripps (SSP) - A Surprising Reaction , 08/13/2019
  Research - Salem Media (SALM) - Hitting Fast Forward, 08/13/2019
  Can Hong Kong Retain Its Autonomy?, 08/13/2019
  FEATURE: Research | NobleCon | Podcast, 08/12/2019
  Research - Trovagene (TROV) - Inflection Points Later this Year, 08/12/2019
  Research - Endeavor Silver (EXK) - Setting the Stage for Growth, 08/12/2019
  China currency devaluation: Who is this helping?, 08/12/2019
  Research - Genco Shipping (GNK) - A Tough Quarter But Rebound Ahead, 08/09/2019
  Research - Avino Silver & Gold (ASM) - Entering the Second Half with Strong Liquidity and Leverage to Higher Commodity Price, 08/09/2019
  Research - Coeur Mining (CDE) - Momentum Building in the Second Half?, 08/09/2019
  Research - One Stop Systems (OSS) - A Solid 2Q Rebound Sets Up the Second Half of 2019, 08/09/2019
  Research - Cumulus Media (CMLS) - Favorable Cash Flow Picture Provides Confidence In Debt Reduction Target, 08/09/2019
  Research - Harte-Hanks (HHS) - With Progress Comes Increased Confidence In Its Turnaround, 08/09/2019
  Research - The McClatchy Company (MNI) - Significant Progress Toward Maintaining Cash Flow, 08/09/2019
  Research - ACCO Brands (ACCO) - New $100 Million Share Repurchase Authorization Continues Capital Return Theme, 08/08/2019
  Research - IEC Electronics (IEC) - Will they really be able to convert this backlog efficiently?, 08/08/2019
  Research - Orion Group Holdings (ORN) - A Construction Award Bolsters Robust Outlook, 08/08/2019
  Research - Kelly Services (KELYA) - Will the Second Half of 2019 Be Better than the First Half?, 08/08/2019
  Research - TherapeuticsMD (TXMD) - Promising Quarter Signaling to a Positive 2H 2019, 08/08/2019
  Research - Tribune Publishing (TPCO) - Another Beat And Raise; Will Investors Take Notice?, 08/08/2019
  Markets see a slight calm: how long will this last?, 08/08/2019
  Research - Gray Television (GTN) - Advertising Appears Resilient, 08/08/2019
  IPO Podcast - Patrick Drake, 08/08/2019
  Research - DLH Corporation (DLHC) - 3Q Post Call Analysis, 08/07/2019
  Research - Seanergy Maritime (SHIP) - Solid Quarter and Strong Start to 2H2019, 08/07/2019
  Industry Report - Biotechnology Overview, 08/07/2019
  Research - Vectrus (VEC) - Today's Investments Will Pay Off Tomorrow, 08/07/2019
  Research - Entravision Communications (EVC) - Will It Make Headway Fixing Digital?, 08/07/2019
  Research - Townsquare Media (TSQ) - Hitting a Nice Stride, 08/07/2019
  Bull or bear dollar in the near future?, 08/07/2019
  Research - Gray Television (GTN) - A Solid Quarter, 08/07/2019
  Research - ACCO Brands (ACCO) - What Will New Acquisition Mean?, 08/06/2019
  Research - DLH Holdings Corp (DLHC) - What Do 3Q19 Results Tell Us About the Combined Company?, 08/06/2019
  Research - Information Services (III) - Will Back Half of Year Be Better Than First Half?, 08/06/2019
  Research - Energy Fuels (UUUU) - Looking Ahead to Working Group Recommendations Expected in October, 08/06/2019
  Research - 1-800-Flowers.com (FLWS) - The Latest Acquisition Is The Berries, 08/06/2019
  Research - Gannett Company (GCI) - Did Gannett Get The Most It Could?, 08/06/2019
  Research - Genie Energy (GNE) - Earnings Miss Causes Decline in Stock, 08/06/2019
  Research - Ducommun (DCO) - Can Momentum in Commercial Aerospace Outlast 737 MAX Headwinds?, 08/06/2019
  Is Solar Energy the Way of the Future?, 08/05/2019
  What’s the deal with CBD?, 08/05/2019
  How far will plant-based foods go?, 08/02/2019
  What Are the Dangers of the Capital One Data Breach? , 08/02/2019
  Research - Aurania Resources (ARU.V) - Drilling Activity Expected to Accelerate in the Second Half, 08/01/2019
  Research - Prize Mining Corporation (PRZ.V) - Taking Steps to Better Position the Company in the Eyes of Investors, 08/01/2019
  Research - ACCO Brands (ACCO) - A Deeper Dive Into Record 2Q19 Results, 08/01/2019
  Research - Albany International Corp. (AIN) - Woah... Why were aerospace margins so strong this quarter?, 08/01/2019
  Research - Great Lakes Dredge & Dock (GLDD) - Fourth Strong Quarter In A Row. Backlog Rebound Ahead., 08/01/2019
  Research - Orion Group Holdings (ORN) - Rebound Appears Underway Sooner Than Expected, 08/01/2019
  Research - Kratos Defense & Security (KTOS) - Will the Outperformance Continue?, 08/01/2019
  Research - ACCO Brands (ACCO) - Record 2Q Results; What's In-store for the Rest of the Year?, 07/31/2019
  CAR-T Cancer Treatment: Part 3, When Breakthroughs Converge, 07/31/2019
  U.S. second quarter labor costs increases by the smallest amount in 1 ½ years, 07/31/2019
  IPO Podcast - Kathy Ireland, 07/31/2019
  Research - Eagle Bulk Shipping (EGLE) - A Tough Quarter But Set Up for 2H2018 Rebound, 07/30/2019
  Moderate Increase in U.S. Prices and Consumer Spending, 07/30/2019
  Tensions Rise on First Federal Reserve Rate Cut in a Decade, 07/30/2019
  Research - Orion Group Holdings (ORN) - Transition Quarter to Strong Second Half Rebound, 07/29/2019
  Research - Eurodry (EDRY) - Positive Impact from Preferred Changes and Recent Dry Bulk Market Rebound., 07/29/2019
  Research - Great Panther Mining Limited (GPL) - Turning the Corner, 07/29/2019
  Is The IRS Cracking Down On Cryptocurrency? , 07/29/2019
  Research - Kelly Services (KELYA) - Initiating Coverage; A Leading Staffing Company Poised for Additional Growth, 07/29/2019
  Research - Eagle Bulk Shipping (EGLE) - Convert Debt Funds Another Acquisition, Pressures Stock Price, 07/26/2019
  Research - Onconova Therapeutics - Initiation of Coverage, 07/25/2019
  eSports- The Next Big Thing?, 07/25/2019
  Can Micro-Mobility Solve Last-mile Transportation Issues?, 07/24/2019
  Regulatory Overstep? How will MiFID II impact financial markets?, 07/24/2019
  IPO Podcast - Christie Hefner, 07/24/2019
  IPO Podcast Series: Rob Lowe, 07/24/2019
  IPO Podcast Series-1, 07/24/2019
  IPO Podcast Series, 07/24/2019
  Research - ProMIS Neurosciences (PMN:CA) - Amid Skepticism, Light Will Emerge in Alzheimer's Area, 07/23/2019
  Research - Scorpio Bulkers (SALT) - Worst Has Passed and Rebound Underway, 07/23/2019
  Is the transportation sector signaling the next recession?, 07/23/2019
  Research - Seanergy Maritime (SHIP) - Cape Market Moving Sharply Higher, SHIP Should Move Up Too, 07/22/2019
  Cryptocurrency Controversy? Facebook Reveals Libra. , 07/22/2019
  Research - Avino Silver & Gold (ASM) - What is the Expected Impact of Phasing Out San Gonzalo?, 07/19/2019
  IPO Podcast Series: King Bach, 07/19/2019
  Research - Orion Group Holdings (ORN) - Another Project Award Boosts Record Backlog and Reinforces Positive Outlook, 07/18/2019
  Industry Report - Media - Is It Too Early To Bet On Political Advertising?, 07/18/2019
  Deepfakes: Has Artificial Intelligence Gone Too Far?, 07/18/2019
  Media Quarterly Review Q2 2019, 07/18/2019
  Research - Sierra Metals (SMTS) - Will the Momentum Continue?, 07/17/2019
  What’s Up Next for Blockchain?, 07/16/2019
  Metals And Mining Quarterly Review Q2 2019, 07/16/2019
  Energy Quarterly Review Q2 2019, 07/16/2019
  Research - Aurania Resources (ARU.V) - Employing Big Data in the Rainforests of Ecuador, 07/15/2019
  Research - Coeur Mining (CDE) - Will Recent Strength in Gold Prices Benefit Second Half Performance?, 07/15/2019
  Research - Energy Fuels (UUUU) - Section 232 Petition Prompts Working Group for More Study, 07/15/2019
  The Controversial Question: Would You Answer It?, 07/15/2019
  Can These Tech Unicorn Companies Prove Their Worth?, 07/12/2019
  Research - Endeavour Silver (EXK) - A Work In Progress, 07/11/2019
  Research - Great Panther Mining Limited (GPL) - When Will the Valuation Reflect an Improving Growth Outlook?, 07/11/2019
  Research - QuoteMedia Inc. - Initiation Report, 07/11/2019
  News - Are Driverless Vehicles Being Over-Hyped?, 07/10/2019
  Research - DLH Holdings (DLHC) - An Early Look at the Combined DLH and Social & Scientific Systems, 07/10/2019
  Research - Trovagene (TROV) - What does Colorectal Cancer Trial Add?, 07/10/2019
  News - Mission (Im)possible: (Un)druggable RAS?, 07/09/2019
  Research - Vectrus (VEC) - What does Advantor Systems add to Vectrus?, 07/09/2019
  Research - One Stop Systems (OSS) - What Impact Will the $60 Million OEM Agreement Have?, 07/09/2019
  Research - Dyadic (DYAI) - VTT to Continue Validation of C1 Platform in Bioproduction., 07/08/2019
  Fed Rate Cut: Who Does it Affect?, 07/08/2019
  Exploring a New Frontier: 5G Networking, 07/05/2019
  IPO Podcast Series: Kathy Ireland, 07/04/2019
  Research - Entravision Communications (EVC) - Sheds Light on the Matter, 07/03/2019
  Industry Report - Minerals - Are Mining Stocks Poised for a Better Second Half?, 07/03/2019
  Research - Vectrus (VEC) - Named to Another Contract; Massaging Estimate, 07/02/2019
  Industry Report - Energy - The storage numbers tell it all, 07/02/2019
  Big Tech Headed For A Big Breakup? FAANG, 07/02/2019
  Research - Seanergy Maritime (SHIP) - Class C Warrants Expanding Share Count, 07/01/2019
  Peace At Last? U.S.-China Announce Trade Truce, 07/01/2019
  Research - Prize Mining (PRZ) - Charting a Course for Kena Gold Property, 06/28/2019
  IPO Podcast Series: Christie Hefner, 06/27/2019
  News - Wind Energy: Is it efficient enough?, 06/25/2019
  Research - Great Lakes Dredge (GLDD) - More Awards Announced; 2H3019 Backlog Expected, 06/25/2019
  Research - Euroseas (ESEA) - Acquisition and Financing Activity Are Positives, 06/24/2019
  News - CFA, CFP, CPA, CAIA, ChFC, CIPM, OMG when will it end?, 06/21/2019
  FEATURE: NobleCon 16 | Tanker Attack | Research | Podcast, 06/20/2019
  Research - Great Lakes Dredge (GLDD) - Awards Boost Confidence, 06/20/2019
  News - A Chimera for the Treatment of Cancer (Part 2), 06/20/2019
  Research - Endeavour Silver (EXK) - Signs of an Improving Outlook?, 06/19/2019
  Research - TherapeuticsMD (TXMD) - What Investors are Missing, 06/19/2019
  Research - Upgrading the Shares - High Risk but High Upside Potential, 06/17/2019
  News - What will the Persian Gulf attack mean for oil prices?, 06/17/2019
  Research - Aurania Resources - Lessons from Crunchy Hill, 06/14/2019
  Noble Capital Markets’ sixteenth annual investor conference, 06/14/2019
  Research - Cumulus Media (CMLS) - Debt Recovery Should Help Stock, 06/13/2019
  Research - DLH Holdings Corp. (DLHC) - Potential Transformative Factors, 06/13/2019
  Research - KeyW Holding (KEYW) - Jacobs Tender Offer Completed, 06/13/2019
  Research - Townsquare Media (TSQ) - Why is the stock below its peers?, 06/11/2019
  Research - electroCore (ECOR) - ECOR Braves Choppy Waters, 06/11/2019
  Research - Comtech (CMTL) - Can the Current Upswing be Maintained?, 06/07/2019
  News - A Chimera Becomes a Novel Cancer Treatment (Part 1), 06/06/2019
  Research - Comtech (CMTL) - Q3 Delivers Record Backlog, 06/06/2019
  Research - electroCore (ECOR) - Departing Founder and Chief Science and Strategy Officer, 06/05/2019
  Research - Kratos (KTOS) - Price Appreciation Pushes to Market Perform, 06/05/2019
  News - Tariffs Make a Run for the Border, 06/04/2019
  Research - Aurania Resources (ARU.V) - Copper Exploration Yields Encouraging Results, 05/31/2019
  Research - electroCore (ECOR) - Plans to Remove Headwinds, 05/31/2019
  News - The Great Debate: Active or Passive Management?, 05/30/2019
  Research - Euroseas (ESEA) - Price Target Revision, 05/30/2019
  News - Will electric cars stall the demand for oil?, 05/28/2019
  Research - EuroDry (EDRY) - Increasing EBITDA Estimate, 05/28/2019
  Research - Pyxis Tankers (PXS) - Still Looking for a Recovery, 05/24/2019
  Research - Trovagene (TROV) - Agreement with Nektar Therapeutics, 05/24/2019
  Research - McClatchy (MNI) - Raising Our Rating, 05/23/2019
  News - Videogames: The Next Professional Sport, 05/22/2019
  Research - Pangea Logistics (PANL) - New Dividend, 05/21/2019
  Research - Great Panther Silver (GPL) - Reports first quarter loss, 05/17/2019
  Research - Pangaea Logistics (PANL) - Another Solid Quarter; Consistent Business Model, 05/17/2019
  Research - One Stop Systems (OSS) - Files $100 Million Shelf Registration, 05/17/2019
  Research - Entravision (EVC) - Investor Call Highlights, 05/17/2019
  Research - electroCore (ECOR) - Stock price doesn't reflect the value of gammaCore, 05/17/2019
  Research - electroCore (ECOR) - First quarter 2019 results are below expectations, 05/16/2019
  Research - Entravision (EVC) - First quarter 2019 update, 05/16/2019
  Research - Sierra Metals (SMTS) - Reports first quarter loss, 05/15/2019
  Research - ProMIS Neurosciences (PMN:CA) - First quarter 2019 progression, 05/15/2019
  Research - Genco Shipping (GNK) - Adjusting estimates; weak market environment, 05/14/2019
  Research - E.W. Scripps (SSP) - Lowering price target, 05/14/2019
  Research - Avino Silver & Gold (ASM) - First quarter results, updating estimates, 05/13/2019
  News - Will Green Dreams Turn Into Coal’s Nightmare?, 05/13/2019
  Research - Information Services (III) - First quarter 2019 results, 05/13/2019
  Research - Ducommun (DCO) - Rating changed to Market Perform, 05/13/2019
  Research - Energy Fuels (UUUU) - Weaker than expected first quarter results, 05/13/2019
  Research - Seanergy (SHIP) - Rating updated to Market Perform, 05/13/2019
  Research - Salem Media (SALM) - First quarter comes in as expected, 05/13/2019
  Research - Trovagene (TROV) - First quarter 2019 update, 05/10/2019
  Research - Tegna (TGNA) - Raising price target, 05/10/2019
  Research - Dyadic (DYAI) - More deals appear likely., 05/10/2019
  Research - Cumulus Media (CMLS) - First quarter over delivers, 05/10/2019
  Research - One Stop Systems (OSS) - First quarter revenue miss, 05/10/2019
  Research - Gray Television (GTN) - Exceeds Q1 Expectations, 05/09/2019
  Research - Eagle Bulk Shipping (EGLE) - Another solid quarter of outperformance, 05/09/2019
  Research - DLH (DLHC) - Tweaking estimates slightly, 05/09/2019
  Research - IEC Electronics (IEC) - Delivering Consistent Organic Growth, 05/09/2019
  Research - Harte-Hanks (HHS) - First quarter 2019 update, 05/09/2019
  Research - Tribune Publishing (TPCO) - First quarter better than expected, 05/09/2019
  Research - Kratos Defense (KTOS) - 1Q19 Above Expectations, 05/09/2019
  Research - Townsquare Media (TSQ) - Digital business flourishes, 05/08/2019
  Research - Vectrus (VEC) - First quarter 2019 update, 05/08/2019
  Research - electroCore (ECOR) - Initiation of Coverage, 05/08/2019
  News - Cell Cycle Regulators as Cancer Therapeutics, 05/08/2019
  Research - Dyadic (DYAI) - Another licensing agreement, 05/08/2019
  Research - Entravision (EVC) - Update on full year 2018 results, 05/08/2019
  Research - KeyW (KEYW) - First quarter 2019 results, 05/08/2019
  Research - DLH Holdings (DLHC) - Second quarter 2019 Review, 05/08/2019
  Research - TherapeuticsMD (TXMD) - First quarter 2019 earnings update, 05/07/2019
  Research - Ducommun (DCO) - First quarter 2019 review, 05/07/2019
  Research - Endeavour Silver (EXK) - Rating lowered to Market Perform, 05/07/2019
  Research - Genie Energy (GNE) - Increasing estimates; strong results, 05/07/2019
  Research - Coeur Mining (CDE) - Review of first quarter 2019, 05/03/2019
  Research - ACCO Brands (ACCO) - Raising price target, 05/03/2019
  News - Game of Thrones: Energy Battles, 05/03/2019
  Research - Aurania Resources (ARU.V) - Drilling results analysis, 05/03/2019
  Research - Albany International (AIN) - First quarter 2019 review, 05/02/2019
  Research - Great Lakes Dredge & Dock (GLDD) - Strong third quarter, 05/01/2019
  Research - 1-800-Flowers.com (FLWS) - Fiscal 3Q19 Update, 05/01/2019
  Research - Comtech (CMTL) - Analysis of new contract and acquisition, 04/30/2019
  Research - Scorpio Bulkers (SALT) - First Quarter 2019 Review, 04/30/2019
  Research - Dyadic (DYAI) - Expanding partnership portfolio, 04/30/2019
  Research - TherapeuticsMD (TXMD) - Assumption of Coverage, 04/29/2019
  Research - Coeur Mining (CDE) - Updating estimates, 04/26/2019
  Research - Genprex (GNPX) - Initiation of Coverage, 04/26/2019
  News - Tax Cuts and Jobs Act: Are we better off?, 04/26/2019
  News - Blockchain for Business: Worth the Hype?, 04/25/2019
  Research - KeyW (KEYW) - Announces Definitive Merger Agreement, 04/23/2019
  Research - Aurania Resources (ARU:CA) - Appoints new CFO, 04/23/2019
  News - Uranium Imports: Trade War Goes Nuclear, 04/22/2019
  News - Does A 70% Top Marginal Tax Rate Make Sense?, 04/18/2019
  News - Boeing 737 MAX: Is it safe to fly? , 04/17/2019
  Research - Avino Silver & Gold (ASM) - Mine exploration provides optimism, 04/17/2019
  Research - Sierra Metals (SMTS) - Full year projection estimates, 04/17/2019
  Research - Vectrus (VEC) - Award is a big win, 04/17/2019
  IPO Podcast Series: Drug Disruption, 04/16/2019
  Research - Cumulus Media (CMLS) - , 04/16/2019
  Research - Coeur Mining (CDE) - First quarter production results, 04/15/2019
  Research - Endeavour Silver (EXK) - Waiting for a turnaround, 04/15/2019
  Research - Dyadic (DYAI) - Nasdaq Up-Listing Approved, 04/15/2019
  Research - Scorpio Bulkers (SALT) - Liquidity boost; adjusting estimates, 04/12/2019
  Research - Great Panther Silver (GPL) - Production numbers slightly lower than expected, 04/11/2019
  Research - Aurania Resources (ARU:CA) - Another promising copper target, 04/10/2019
  News - Could renewables supply 50% of all generation? How about 80%?, 04/05/2019
  Research - One Stop Systems (OSS) - Initiation of Research Coverage, 04/04/2019
  News - Stock Buybacks: Good, evil, or maybe something in between?, 04/03/2019
  Research - Prize Mining (PRZ:CA) - Behind the recent deal, 04/03/2019
  Research - Aurania Resources (ARU:CA) - Updates on copper production, 04/03/2019
  News - Macular Edema: The search for the cure continues, 04/02/2019
  Research - Trovagene (TROV) - Update on data readout, 04/02/2019
  Research - Trovagene (TROV) - Updated prostate cancer data, 04/02/2019
  Research - Sierra Metals (SMTS) - 2018 full year recap, 04/01/2019
  Research - Albany International (AIN) - Appoints new CFO, 04/01/2019
  Research - Pyxis Tankers (PXS) - 2018 financial update, 03/29/2019
  Research - Dyadic (DYAI) - 2018 full year update, 03/28/2019
  Podcast Launch: The Science of Investing in Biotechs, 03/28/2019
  A Video Introduction to Enochian Biosciences, 03/28/2019
  Official Trailer: NEW Podcast Series- Icons of Business, Leaders of Emerging Companies, 03/26/2019
  Research - Information Services (III) - Favorable risk/reward moving forward, 03/25/2019
  Research - Torchlight Energy - Strong updates on project estimates, 03/25/2019
  Research - 1-800-Flowers.com (FLWS) - Investor Day Highlights, 03/25/2019
  Research - Prize Mining (PRZ:CA) - Initiation of Research Coverage, 03/25/2019
  News - The Case for Dr. Copper: New Sources of Demand are Positive for Copper, 03/25/2019
  Research - Cumulus Media (CMLS) -- Raising Price Target, 03/22/2019
  Research - Pangaea Logistics (PANL) - Business Model/Strategy Shine, 03/22/2019
  Research - Seanergy (SHIP) - What do the results show?, 03/21/2019
  Research - E.W. Scripps - Analysis of recent acquisitions, 03/21/2019
  Research - ProMIS Neurosciences (PMN:CA) - Potential opportunity in Alzheimer's , 03/21/2019
  Research - Genie Energy (GNE) - Initiation Report, 03/20/2019
  Research - E.W. Scripps (SSP) - Acquiring stations, building portfolio, 03/20/2019
  Research - Tegna (TGNA) - Acquisition highlights, 03/20/2019
  Research - Information Services (III) - 2019 growth possibilities, 03/18/2019
  Research - Tribune Publishing (TPCO) - Behind the numbers , 03/18/2019
  Research - Harte-Hanks (HHS) - The focus towards growth, 03/15/2019
  Research - Information Services (III) - Q4 review; the full story, 03/15/2019
  News - Artificial Intelligence: Can an algorithm do what you do?, 03/14/2019
  Research - Townsquare Media (TSQ) - Quarter over delivers, 03/14/2019
  Research - Tribune Publishing (TPCO) - Looking forward into 2019, 03/14/2019
  Research - KeyW (KEYW) - What will drive 2019 performance?, 03/13/2019
  Research - Townsquare Media (TSQ) - Revenues surprise, 03/13/2019
  Research - Salem Media (SALM) - Looking past the first quarter 2019, 03/13/2019
  Research - Energy Fuels (UUUU) - Updating estimates, 03/13/2019
  News - CRISPR-Cas9: Editing away sickness, 03/13/2019
  Research - Gannett (GCI) - Favorable risk/reward, 03/12/2019
  Research - Comtech Telecommunications (CMTL) - Deeper dive in 2Q19 results, 03/12/2019
  Research - Euroseas (ESEA) - Lowering Price Target, 03/12/2019
  Research - Aurania Resources (ARU:CA) - New drilling has commenced, Funding secured, 03/11/2019
  Research - Great Lakes Dredge (GLDD) - Investor Meeting Highlights, 03/11/2019
  News - Green New Deal: Environment Savior or Economy Destroyer?, 03/08/2019
  Research - McClatchy (MNI) - Outlook for 2019, 03/08/2019
  Research - Trovagene (TROV) - 2018 full year update, 03/08/2019
  News - Do We Need to Prepare for War in Space?, 03/07/2019
  Research - Eagle Shipping (EGLE) - Long-term outlook positive, 03/07/2019
  Research - Comtech (CMTL) - Exceeds 2Q quarterly expectations, 03/07/2019
  Research - Kratos Defense (KTOS) - Drone prospect takes flight, 03/07/2019
  News - DNA Data Storage: The Future of Informatics, 03/06/2019
  Research - Genco Shipping (GNK) - 4Q18 Results Surprise , 03/06/2019
  Research - E.W. Scripps (SSP) - Raising Price Target, 03/05/2019
  NobleConXV Panel - Marketing Early-Stage Natural Resource Companies to Investors, 03/05/2019
  Research - Tegna (TGNA) - Looking towards subscriber growth in 2019, 03/04/2019
  Research - Great Panther Silver (GPL) - Expectations in line, 03/04/2019
  Research - Kratos Defense (KTOS) - Acquisition announced, 03/01/2019
  Research - Gray Television (GTN) - 2018 full year results, 03/01/2019
  Research - Avino Silver (ASM) - Increasing 2019 estimates, 03/01/2019
  Research - Ducommun (DCO) - 2018, the inflection year, 03/01/2019
  News - Merger Mania Hits the Mining Space, 03/01/2019
  News - Electric Cars: Time to plug in?, 02/28/2019
  News - Could the US Have More Oil than the Saudis?!, 02/27/2019
  News - Cannabiz: Growing Like a Weed, 02/26/2019
  Research - Cumulus Media (CMLS) - Earnings preview, 02/26/2019
  News - Legalizing Sports Gambling: Place Your Bets, 02/25/2019
  News - Alzheimer’s, Cannibals, and the Scientist Who Saw the Connection, 02/22/2019
  Research - Cumulus Media (CMLS) - Raising price target, 02/14/2019
  News - High-yield bonds: Trash or Treasure?, 02/13/2019
  News - Trump vs Obama: Who did the first two years better?, 02/12/2019
  A MUST WATCH - panel of key opinion leaders - a cure for diabetes, 02/11/2019
  The business of cannabis - WATCH an industry panel break it all down, 02/11/2019
  WORTH READING - Electric Cars, OPEC Today, FED Impact, 02/11/2019
  Channelchek in Forbes - referenced as a gatekeeper for emerging growth companies, 02/11/2019
  NobleConXV Keynote Address, 02/05/2019
  NobleConXV Webcasts, 02/04/2019
  News - The Great Wall of America, 01/24/2019
  News - Is OPEC still king of oil?, 01/24/2019
  News - End of an Era: Sears Struggles to Survive, 01/23/2019
  News - Buybacks: Who benefits?, 01/21/2019
  News - Robinhood: Could it steal customers from the banks?, 12/31/2018
  News - Holiday Havoc: Why December turned into a tough time for investors, 12/27/2018
  News - The Fed raised its rates, now what?, 12/19/2018
  News - Polo-like kinases inhibitors are novel drug targets of cancer therapeutics, 12/14/2018
  News - Can manufacturing keep up with demand for biologic drugs?, 12/04/2018
  News - HIV - Could there be a cure?, 12/01/2018
  News - Gold - Trending Up?, 11/27/2018
  Welcome to Channelchek video, 11/20/2018
  News - Cancer - Harnessing the power of immune system, 11/15/2018
  News - Cancer - Gene therapy, what the future holds, 11/15/2018
  News - Alzheimer’s - The race to a better treatment, 11/15/2018
  News - Trump – Is he right to withdraw from INF?, 11/15/2018
  News - Cancer – Is combination therapy the answer?, 11/15/2018
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