Manning Capital Management Research Report
Biotechnology
Novavax (NASDAQ: NVAX)
Recommendation: Neutral Nov 18, 2023
Current Price: $6
Target Price: $20
52 Week High: $20
52 Week Low: $5
- Novavax, Inc., a biotechnology company, focuses on the discovery, development, and commercialization of vaccines to prevent serious | infectious diseases and address health needs.
- NVAX’s protein-based Covid-19 vaccine is approved in EU, Australia, India, Great Britain, South Korea (SK), South Africa, New Zealand, Canada, Japan, and in the U.S. approval. Serum Institute of India (SII) produces the vaccine.
- NVAX just hired a new CEO John Jacobs who was CEO of Harmony Biosciences. He has a strong marketing background which NVAX needs to increase sales.
- We believe Novavax is going to be the leader in Covid-19 vaccine and NanoFlu(Flu vaccine). Currently Novavax has a market cap of 1 billion which grossly undervalued compared to Moderna 70 billion market cap and Pfizer/ BioNTech 43 billion market cap. Go use yahoo finance to research Novavax, Moderna and Pfizer/ BioNTech.
- We recommend to establish a small position and slowly add on dips. Dollar cost average. Never go all in on a stock at one time. You never know what can happen to a stock based on bad news release or a market downturn. Our 12-month target price is $30. Please verify everything you are reading in this report. Invest at your own risk. I will update this report at least monthly. God bless.
Manning Capital Management Research Report
Crypto\Retail
Beyond In. (NASDAQ: BYON)
Recommendation: Strong Buy Nov 18, 2023
Current Price: $16
Target Price: $30
52 Week High: $39
52 Week Low: $13
- Beyond Inc., Inc. operates as an online retailer in the United States. It also operates Blockchain assets through tZERO and Medici Ventures segments.
- Clearing house Intercontinental Exchange is making a strategic investment in tZERO, a broker-dealer in which Beyond Inc. holds majority stake. tZERO enables trading of digital securities, known as Security Token Offerings. It operates an SEC-regulated alternative trading system in the digital asset space.
- Beyond Inc. recently announced a $100M share repurchase (3% of outstanding shares at current values). The company has ~43M shares outstanding. ~5M shares are currently sold short. Over 75% of outstanding shares are held by institutions creating the potential for shorts being trapped and a massive squeeze without accounting for the extra potential fuel noted below.
- Beyond Inc. put in a transformative Quarter and we like the stock more than we did pre-print (despite the positive move). We think base case is $40 in 12 months with upside closer to $70 if you ascribe any value to Crypto\Blockchain assets. For Q3 the core e-commerce business beat on every metric (Revenue, GM %, EBITDA) which is very impressive given the supply chain / advertising market challenges.
- We recommend to establish a small position and slowly add on dips. Dollar cost average. Never go all in on a stock at one time. You never know what can happen to a stock based on bad news release or a market downturn. Our 12-month target price is $30 with upside of $50 if Blockchain assets are sold. Please verify everything you are reading in this report. I will update this report at least monthly. God bless.
