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Latest research
| Date | Reports available | Download |
|---|---|---|
| Jul 25 2008 |
Travelzest On track Robust interims further endorse Travelzest’s innovative travel market strategy of niche product and online distribution, allied with a low-risk, asset-light model. Its prospects remain good owing to the resilience of its customers (mainly empty nesters), its breadth of product and likely gains from dynamic packaging, while the threat from rising fuel and euro costs – the industry bugbear – appears limited. The newly-acquired Canadian luxury cruise retailer should enhance earnings (our forecasts do not reflect this). Research type: Flash note - Full year results |
Log in to download 1 page note available |
| Jul 25 2008 |
Immunodiagnostic Systems Holdings 3x3 traction IDS made two key acquisitions in 2007, extending its range of bone disorder tests and giving it an automated diagnostic test platform, the ‘3x3’. Sales in the manual market are currently serving low-volume regional labs; this is a high-margin niche. The automated market needs to drive growth from 2010, but competition will be tough. The key is a wide test menu range for the 3x3. Research type: Company Comment - Full year results |
Log in to download 5 page note available |
| Jul 25 2008 |
Summit Corporation BioMarin DMD deal Summit has signed a $143m worldwide licensing agreement with US biotech company BioMarin for SMT C1100, its novel treatment for Duchenne muscular dystrophy (DMD). This is the company’s first licensing deal and management believes it validates its business model of generating significant value from early-stage deals. Summit is also stepping up internal activities on carbohydrate drug discovery following a recent restructuring of its R&D pipeline. Candidates from this research and existing clinical programmes provide Summit with further licensing opportunities. Research type: Review - Licensing agreement |
Log in to download 8 page note available |
| Jul 24 2008 |
Neuropharm Fragile X trial data Results of two early-stage open-label Phase II studies of Neuropharm’s programmes for Fragile X syndrome were released earlier this week, ahead of its presentation at the International Fragile X Conference starting today. Results of both studies were positive and highlight Neuropharm’s broader R&D base, although the investment case still relies on NPL-2008 for autism. Neuropharm has confirmed recruitment for the SOFIA trial is on track and should complete the clinical phase by the year end. Completion of filing of the rolling NDA is due in Q209. Research type: Update - Trial update |
Log in to download 5 page note available |
| Jul 24 2008 |
SkyePharma At what price? Since our note in April spelled out the convertible bond problem that SkyePharma equity holders face, the stock has lost around 75% of its value. As we had speculated, refinancing/renegotiating the bond has proved extremely difficult, and the date on which holders of a £69.6m tranche of bonds could demand repayment in full is now only 10 months away. However, at the current price, many of these issues are priced in, and an opportunity might now exist for the sophisticated investor. Research type: Company Comment - Research update |
Log in to download 10 page note available |
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Peter Knowles
Director, Fyshe Horton Finney