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IPO Quiet Period Expiration: Easterly Government Properties
- The 25-day quiet period on DEA, a REIT that acquires and manages Class A commercial property, leased to the federal government, expires 3.3.2015.
- On 3.4.2015, DEA’s IPO underwriters, including Citigroup, Raymond James, RBC Capital, Piper Jaffray and others, will have a first chance to release reports and recommendations on DEA.
- We and others have found above market returns surrounding this expiration event.
- We suggest investors consider buying into DEA in the week preceding its expiration to take full advantage of potential gains.
IPO Quiet Period Expiration: Spark Therapeutics Inc.
- ONCE develops gene therapy that targets debilitating genetic diseases.
- The 25-day quiet period on ONCE will end 2.24.2015, allowing its IPO underwriters to publish reports and recommendations for the first time; this could lead to an uptick in price.
- Recent research shows above-market returns in the days surrounding a firm's quiet period expiration, particularly for firm with strong underwriters, like ONCE.
- We suggest investors strongly consider buying into ONCE, ahead of the event, for full gains.
Time For Second Helpings Of Shake Shack At Upcoming Quiet Period Expiration
- The 25-day quiet period on SHAK will come to an end 2.24.2015, allowing the firm's IPO underwriters to publish reports and recommendations for the first time on 2.25.2015.
- SHAK’s powerful underwriters, including J.P. Morgan, Morgan Stanley, Barclays, Goldman Sachs, and others, could influence SHAK’s stock price with a flood of good news at this point.
- We have observed above-market returns in the days surrounding IPO quiet period expirations, particularly when a company is backed by a strong syndicate.
- Investors who wish to get in on SHAK have a new opportunity to do so at the firm’s quiet period expiration.
IPO Quiet Period Expiration: InfraREIT
- The 25-day quiet period on HIFR will come to an end February 24, 2015, allowing the firm's IPO underwriters to publish reports and recommendations on February 25.
- HIFR's IPO underwriters include BofA Merrill Lynch, Citigroup, Morgan Stanley, UBS, Wells Fargo, and others.
- Research shows numerous powerful underwriters often correlating with share price increases around the time of a firm's IPO quiet period expiration.
- We see the upcoming expiration as a buying opportunity for savvy investors.
IPO Quiet Period Expiration: Entellus Medical Inc.
- The 25-day quiet period on ENTL will come to an end on February 23, 2015, allowing the firm's IPO underwriters to publish reports and recommendations of this medical technology firm on February 24.
- Research has shown that strong and numerous underwriters often correlate with share price increases around the time of a firm's IPO quiet period expiration.
- Given ENTL's solid early market performance and improving earnings statements, we are optimistic on the firm's long-term potential.
- We see the quiet period expiration as a short-term opportunity for savvy investors to buy into a growing firm.
Musical Chairs For Dimon's J.P. Morgan In Asia: Investors Thrown Off Balance
- JPM has asked two senior executives, tied to an investigation on the bank’s hiring practices in Asia, to leave the firm; this follows prior hiring scandals and management shuffling.
- JPM's results disappointed at home.
- Compared to rivals WFC and MS, JPM is not faring as well.
- We suggest investors steer clear of JPM in early 2015.
Tax-Minimizing Trades And Layoffs Rock Bank Of America
- According to internal documents, BAC has been spending billions of dollars in tax-minimizing trades.
- This is coupled with another major layoff of employees in its Charlotte headquarters.
- Results were relatively weak in mid-January, continually weighed down by legal payouts.
- We reiterate our caution on this mega bank in 2015 for cautious investors.
IPO Quiet Period Expiration: Box Incorporated
- The 25-day quiet period on BOX ends 2.17.15; at this point, BOX’s IPO underwriters will be able to publish analyses the firm for the first time on 2.18.
- BOX is a provider of a cloud-based, mobile optimized enterprise content collaboration platform.
- The event could lead to at least a temporary increase in the price of BOX shares; research shows above-market returns in the (-5, +2) days surrounding the Day (0) expiration.
- With a strong team of underwriters, we see the event as a new chance to buy into BOX.
Avenue Financial Holdings Could Be A Nice Deposit For Investors
- Nashville-based AVNU went public on Tuesday morning.
- AVNU is a single bank holding company that operates Avenue Bank in the greater metropolitan Nashville area. The lead underwriter is Keefe, Bruyette & Woods.
- We like that this bank holding company is steadily making money, headed by a socially conscious management team.
- Although we have some concerns about AVNU's few underwriters and prospects for growth outside of the region, we suggest investors consider buying this bank.
Invitae Genomic Testing Heading Into IPO
- San-Fran-based genomic testing company NVTA is set to IPO on NYSE Thurs., 2.12.2015; lead underwriter is JP Morgan.
- The market for NVTA's tests is very strong and growing.
- Given a small deal size with a strong lead underwriter, we suggest investors take small position in this IPO.
Powering Up For Sol-Wind's Upcoming IPO
- SLWD, an NYC-based renewable power company, plans to raise ~$200 million in its upcoming IPO set to price Tuesday night, Feb. 10.
- The lead underwriters are Citigroup Global Markets and UBS Investment Bank; underwriters are Bonwick, Credit Suisse, Deutsche Bank, Macquarie, MFR Securities, The Williams Capital Group, and Wells Fargo.
- Although SLWD’s top and bottom lines show some declines, these are not huge; the company is still solidly in the green.
- It offers an enticing yield; we suggest investors consider buying in.
Inovalon Holdings IPO: A Healthy Buy
- Maryland-based INOV is a technology company, providing cloud-based analytics for the healthcare industry.
- INOV is set to IPO on Nasdaq Thurs., 2.12.2015; lead underwriters include Citigroup, Goldman Sachs, and Morgan Stanley.
- We like this IPO; INOV has a proven record of profitability and promising growth.
- Despite stiff competitors, we suggest investors consider buying in.
A Neutral Diagnosis For AutoGenomics' IPO
- California-based AutoGenomics expects to raise $56,062,500 in its upcoming IPO, set to price Tues. night, 2.10.
- AutoGenomics is a commercial stage diagnostics firm that provides automated microarray technology products for the molecular diagnostics sector.
- Underwriters: Canaccord Genuity, Cantor Fitzgerald & Co., and Stifel Nicolaus & Co.
- AGMX has filed for and withdrawn from an IPO twice in the past five years – first in 2011, then in 2013.
- At this point, we suggest investors consider holding off.
Easterly Government Properties IPO Could Be A Sturdy Buy
- Washington D.C.-based DEA is REIT that acquires and manages Class A commercial properties that are leased to U.S. Government agencies.
- DEA is set to IPO on NYSE Friday, 2.6.2015; lead underwriters are Citigroup Global Markets, Raymond James, and RBC Capital Markets.
- We are encouraged by the reliable, long-term revenue stream that US government properties could provide DEA, along with impressive, increasing income.
- We suggest investors consider buying into DEA.
Columbia Pipeline Partners IPO Could Make A Big Splash
- Indiana-based CPPL is set to IPO on NYSE Friday, 2.6.2015; underwriters include Barclays, BofA Merrill Lynch, Citigroup, Goldman Sachs, J.P. Morgan, and a host of others.
- CPPL engages in the natural gas transmission and storage business; it owns interstate pipelines from New York to the Gulf of Mexico.
- We look forward to this IPO; CPPL is posting huge revenues, and the natural gas exposure could help the company.
- We suggest investors consider buying in.
Revving Up For Advanced Accelerator Applications' Thursday IPO
- Based in France, AAAP develops, manufactures and markets molecular nuclear medicine, diagnostic and therapeutic products.
- AAAP is set to IPO on Nasdaq this Thursday, Feb. 5, 2015; lead underwriters are Citigroup and Jefferies.
- AAAP is posting strong revenues and small losses; we are encouraged by one of AAAP’s candidates being in a final Phase III trial.
- The market for molecular nuclear medicine is estimated at over $4 billion; we suggest investors consider buying in.
We Suggest Investors Hold Off On Nexvet Biopharma IPO
- Dublin-based NVET, developer of biological drugs for animals (particularly dogs, cats, and horses) is set to price its IPO Wed. night, 2.3.2015.
- Lead Underwriters: BofA Merrill Lynch and Cowan & Co.; underwriters are JMP Securities and Piper Jaffray & Co.
- Given that NVET is still in clinical stages, its current losses are less alarming. NVET should not be expected to turn a profit at this stage.
- At this early point, we suggest investors hold off on NVET.
AltheaDx Inc. IPO Could Not Pass The Test
- San-Diego-based AltheaDx operates a molecular diagnostics firm that specializes in pharmacogenetics.
- AltheaDx, set to price its iPO Tues. night, 2.3. Lead underwriters are Citigroup Capital Markets and Jeffries, LLC.
- While IDGX is already at commercial stage, it has yet to turn a profit.
- At this point, we suggest investors hold off.
A Snapshot Of Infraredx's IPO: Consider Holding Off
- MA-based cardiovascular imaging company REDX is set to IPO Thurs., 1.29; lead underwriters include BMO Capital Markets, RBC and Cannacord.
- REDX focuses on identifying LCPs, which many cardiologists claim to be a major cause of heart attacks.
- Major competitors include Boston Scientific, St. Jude Medical, Volcano Corp., ACIST Medical, and Terumo.
- We suggest investors consider holding off on this IPO.
Race For A Cure: Tracon Pharmaceuticals IPO
- San-Diego-based TCON is set to price its IPO Thurs., 1.29; underwriters include Wells Fargo, Stifel Oppenheimer, and Needham.
- TCON is a clinical stage biotech company focused on endoglin biology (seeking to control the process of new blood vessel formation -- key to fibrosis, lung cancer, and other diseases).
- TCON has posted collaboration revenues but will not see clear profits until it commercializes additional products; the pipeline is strong.
- Following a record year for biotech IPOs, we suggest investors consider buying into this one.
InfraREIT IPO Could Be Electric
- Texas-based HIFR, owner of electric transmission and distribution (T&D) assets, expects to raise $483 million in its upcoming IPO.
- Underwriters include BofA Merrill Lynch, Citigroup, Morgan Stanley, RBC Capital, UBS Investment Bank and Wells Fargo Securities, among others.
- Net losses are somewhat concerning, along with a sensitive property market in Texas at the moment.
- However, we are keen on HIFR’s management and very strong underwriting team and suggest investors consider buying in.
With A Well Developed Pipeline, Ascendis Pharma Looks Promising At IPO
- ASND, a clinical stage biopharmaceutical firm that develops treatments for unmet medical needs, plans to raise ~$100 million in its upcoming IPO, set for 1.29.2015.
- Lead Underwriters: BofA Merrill Lynch and Leerink Partners, Inc.; Underwriter: Wells Fargo Securities.
- ASND has a well developed pipeline.
- While we are concerned about ASND’s growing losses—these are typical of a clinical stag biotech firm and should not be taken as sole indication of future success or failure.
- We suggest investors consider buying in.
Entellus Medical IPO: No Headaches Here
- ENTL, a provider of minimally invasive treatments for sinusitis, plans to raise $85.5 million in its IPO, set for 1.29.
- Underwriters include BofA Merrill Lynch, Piper Jaffray & Co., Canaccord Genuity, and William Blair & Co.
- Revenues are increasing slightly, while net losses narrow -- promising signs for this developing biotech firm.
- We suggest investors consider buying into ENTL at the IPO.
IPO For Spark Therapeutics Inc. Could Be A Cure-All
- ONCE expects to raise $107.5 million in its upcoming IPO, set for Thurs., 1.29. Lead Underwriters: Credit Suisse Securities and J.P. Morgan.
- ONCE develops gene therapy products for individuals who suffer from debilitating genetic disorders; the pipeline is well developed.
- ONCE boasts a strong team of underwriters and venture partners. We are particularly keen on its collaboration with Pfizer.
- We suggest investors consider buying in.
Flex Pharma IPO Feels Cramp-Free
- Boston-based FLKS, a biotech firm developing treatments for leg cramp and spasm relief is scheduled to IPO on NASDAQ on 1.29.
- FLKS could begin to generate profits more quickly than other biotech firms, given its treatments could be deemed dietary supplements--bypassing traditional FDA processes.
- We are very optimistic on FLKS’ management team and the large and growing demand for the company’s products--although competition looks stiff.
- We suggest investors consider buying into this IPO.
IPO For Presbia Looking A Bit Blurry
- Dublin-based LENS expects to raise $62.2 million in its upcoming IPO. Sole underwriter is Jefferies LLC.
- LENS is an ophthalmic device company that developed and now markets a proprietary treatment for presbyopia.
- Growing revenues are increasing; however, at the same time growing losses continue to be concerning.
- Some insurance companies will not cover LENS' products.
- We suggest investors hold off on LENS for now.
Zozano Pharma IPO: Hold Off
- Fremont, California-based ZSAN plans to raise ~$41 million in its IPO, set to price Monday night, 1.26, after being postponed since July, 2014.
- ZSAN is a clinical stage biopharmaceutical company that has developed a proprietary transdermal drug delivery method. Underwriters are Ladenburg Thalmann & Co., Roth Capital Partners.
- Losses have increased in the past year as ZSAN continues to work prior to any commercial success; products are in early clinical trials.
- We suggest investors hold off on this IPO.
LGI Homes Begins To Crumble - Time To Bail
- Tanking petroleum prices are starting to hit Texas' housing market hard.
- The real estate and building company LGIH has over 53% of its portfolio in Texas; LGIH stock has started to quickly slide , perhaps suggesting investors are worried about oil.
- LGIH faces stronger, more diversified competitors.
- We suggest selling LGIH before earnings on March 12.
Investors Should Take A (Big) Bite Of Shake Shack's IPO
- SHAK IPO is one of the most anticipated restaurant IPOs in recent memory - at a time when fast-casual restaurant IPOs are heating up.
- Revenues are increasing steadily and margins should improve as the company's newer locations pick up steam.
- With extremely loyal customers, individual SHAK locations perform in a way that puts many competitors to shame.
- We believe SHAK has established the conditions for a strong IPO and long-term success.
IPO Lockup Expiration: iDreamSky Technology Ltd.
- 2.3.2015 concludes the 180-day lockup period on DSKY; at this point, DSKY’s major pre-IPO shareholders will have a first chance to sell their shares.
- DSKY's strong start yet volatile performance post-IPO could lead several DSKY insiders to cash out at the firm’s IPO lockup expiration—while others could be looking to reap initial profits.
- We’ve researched this pattern extensively and found the greatest price decreases in the tech sector.
- We see a tantalizing short opportunity ahead for investors who want to play DSKY's game.
IPO Lockup Expiration: Mobileye
- On January 28, MBLY's 180-day lockup period expires and insiders will have a first chance to sell their shares (previously restricted).
- These insiders hold a combined ~120+ million shares; as just ~35 million were initially offered, the event could lead to a supply shock and price decrease.
- Our research and academic studies show significant abnormal negative returns around the time of an IPO lockup expiration event.
- Given MBLY’s early successes, insiders could be ready to take profits.
- We see the event as a short opportunity.
IPO Lockup Expiration: T2 Biosystems, Inc.
- 2.3.2015 concludes the 180-day lockup period on TTOO; at this point, TTOO’s major pre-IPO shareholders will have a first chance to sell their shares.
- The event could increase the supply of TTOO’s shares available for public sale to the point of depressing its price; significant research supports this theory.
- We have found abnormal negative returns around firms’ IPO lockup expirations to be as great as (-5.8%) in the period of days (-11, 9) days surrounding the event day (0).
- Investors might consider the event as an opportunity to short TTOO.