Stock Update: August 14, 2023 – Earnings and Corporate Updates

Welcome back to our daily stock blog post! Today, we have some exciting news to share about the recent financial results and corporate updates from several companies in our portfolio. In this post, we will be discussing the second quarter 2023 reports and announcements from Reading International, The Metals Company, Inter&Co, Atossa Therapeutics, and Vaccinex. Let’s dive right in and see how these companies have been performing!

Cinema Business Continues to Rebound: Reading International Announces Strong Q2 Performance

Reading International, Inc. (NASDAQ: RDI), an internationally diversified cinema and real estate company, has reported its second-quarter results for the period ending June 30, 2023. The company achieved its best quarterly total revenue and operating income since the onset of the COVID-19 pandemic, marking a significant rebound in the cinema business.

The global total revenue for the second quarter reached $65 million, with a global operating income of $1.8 million. The cinema business performed exceptionally well, generating an operating income of $4.5 million, the highest since the fourth quarter of 2019. This success can be attributed to a stronger slate of movies, notably the outstanding success of The Super Mario Bros. Movie, which has become the second highest-grossing animated picture of all-time with $1.3 billion in worldwide box office earnings. Notably, the Angelika in New York City achieved a house record for the highest-grossing opening week with the release of Wes Anderson’s Asteroid City, reaffirming the company’s confidence in its specialty business.

Looking ahead to the third quarter, Reading International experienced historic levels of cinema revenue in July 2023. The unprecedented success of the double feature Barbenheimer, featuring Barbie and Oppenheimer, contributed to this milestone. As the cinema industry begins to recover and approach pre-pandemic box office levels, the company remains optimistic about the future of exhibition.

In addition to the strong performance of the cinema business, the real estate division also played a role in the company’s success. With $5.2 million in revenue and $1.3 million in income for the second quarter, it further bolstered Reading International’s operational achievements.

As an investor, this press release reveals positive news for Reading International, Inc. The strong quarterly performance and rebounding cinema business indicate a promising future for the company. Considering the successful movie releases, increasing revenue, and optimistic industry outlook, I recommend buying RDI stocks. The cinema business is showing signs of recovery, and with the real estate division serving as an additional revenue stream, the company has multiple avenues for growth.

I am excited to see how Reading International continues to capitalize on the upward trend in the cinema industry and leverage its assets in the United States, Australia, and New Zealand. With a solid foundation and a record-breaking quarter, the company has laid a strong groundwork for future success.

TMC the metals company Inc. Provides Corporate Update and Financial Results

TMC the metals company Inc. (Nasdaq: TMC), an explorer of lower-impact battery metals from seafloor polymetallic nodules, has released their corporate update and financial results for Q2 2023. The company reported a net loss of $14.1 million and a loss per share of $0.05 for the quarter ended June 30, 2023. They also announced a successful Registered Direct Offering, led by their largest shareholder ERAS Capital, strategic partner Allseas, and institutional investors, with expected gross proceeds of approximately $27 million. The offering includes warrant coverage of 50% and a warrant strike price of $3.00 per share.

While raising capital in volatile markets is challenging, TMC’s resource portfolio and dedicated team give value to shareholders. The successful offering provides the company with much-needed funding to continue their exploration efforts. Considering the positive development, it is recommended to buy TMC stocks. This infusion of funds will support their ongoing projects and potentially improve their financial performance in future quarters. Investors can look forward to the exploration of lower-impact battery metals and the potential for long-term growth in this field.

Inter&Co Reports Record Profits in Second Quarter

Inter&Co, Inc (NASDAQ: INTR | B3: INBR32), the leading Super App providing financial and digital commerce services, has announced its impressive financial results for the second quarter ended June 30, 2023. CEO João Vitor Menin expressed his excitement, stating, “This quarter marks an inflection point in our company’s history – it was a quarter of records, with significant achievements across many fronts.”

In terms of profitability, Inter&Co reported exceptional figures, with a 14x increase in quarterly profitability, reaching R$80 million in Earnings Before Tax and R$64 million in Net Income. These record-breaking levels highlight the strong potential of the company’s franchise.

Furthermore, Inter&Co saw substantial growth in its customer base, with a record number of net new active clients. The activation rate also saw an impressive increase, demonstrating the effectiveness of the company’s strategies.

One noteworthy development is the launch of Inter Loop, the company’s new rewards program, and their Global App. These innovations align with Inter&Co’s continuous commitment to delivering cutting-edge solutions to its customers.

Financial highlights of the quarter include total gross revenue surpassing R$1.9 billion, a 33% year-over-year increase. This growth was driven by the acceleration of fees and interest income, attributed to the company’s client activation initiatives and credit underwriting mix.

Inter&Co has also made significant improvements in its efficiency ratio, with a 900bps improvement for the second consecutive quarter, now standing at 53%. Furthermore, the net interest margin (NIM) reached its best performance since 2020, increasing by 80 bps to 9.5% quarter-over-quarter. These achievements reflect the successful repricing and mix strategies implemented by the company.

As an investor, these results are undoubtedly encouraging. With Inter&Co breaking records and demonstrating strong potential for growth, there is an opportunity to capitalize on this momentum.

My Recommendation: Given Inter&Co’s exceptional performance, I recommend buying the stock. The company’s record-breaking profitability, continued innovation, and growth in its customer base position them as a solid investment opportunity in the financial and digital commerce sector.

Please note: This blog is for informational purposes only and does not constitute financial advice. Always conduct thorough research and consult with a financial advisor before making any investment decisions.

Atossa Therapeutics, Inc. Achieves Milestones and Broadens Patent Protection

Atossa Therapeutics, Inc. (Nasdaq: ATOS), a clinical stage biopharmaceutical company focused on addressing unmet needs in breast cancer treatment, has announced significant milestones and updates on recent developments. In the second quarter of 2023, the company achieved full enrollment and completion of the 40 mg/day Pharmacokinetic Run-In Cohort in the Phase 2 EVANGELINE Clinical Trial. This milestone will help identify the appropriate dose of (Z)-endoxifen needed for optimal targeting of PKC beta 1 inhibition and enhancing its antitumor mechanism of action.

The company also reached 70% enrollment in the Phase 2 Karisma-Endoxifen Clinical Trial, which investigates (Z)-endoxifen’s efficacy in premenopausal women with measurable breast density. Full enrollment is expected by year-end 2023, with data expected in 2024. Additionally, enrollment has reached 30% in the Phase 2 I-SPY 2 Clinical Trial, evaluating (Z)-endoxifen as a neoadjuvant treatment for estrogen receptor-positive invasive breast cancer patients who may not benefit from chemotherapy.

Atossa Therapeutics has also broadened its patent protection for proprietary (Z)-endoxifen, providing a strong foundation for future market exclusivity. With $99.4 million cash and cash equivalents, the company is well-positioned to advance its innovative medicines and meet future milestones.

As an investor, these achievements demonstrate the company’s progress and potential. The positive enrollment milestones in multiple clinical trials highlight the growing interest in (Z)-endoxifen’s potential as a targeted breast cancer treatment. With strong financials and a focused management team, Atossa Therapeutics shows promising prospects for future growth.

Recommendation: Based on the positive developments, it is advisable to consider buying stocks in Atossa Therapeutics, Inc. With the potential for groundbreaking advancements in breast cancer treatment, the company is poised for success in the pharmaceutical industry.

Vaccinex, Inc. Achieves Promising Results in Alzheimer’s Disease and Head and Neck Cancer Trials

Vaccinex, Inc. (Nasdaq: VCNX), a clinical-stage biotechnology company specializing in treating neurodegenerative diseases and cancer through the inhibition of SEMA4D, recently announced significant progress in its key programs. The company has completed enrollment in the Phase 1b/2 SIGNAL-AD trial, funded by the Alzheimer’s Drug Discovery Foundation and Alzheimer’s Association, evaluating pepinemab in patients with mild Alzheimer’s disease (AD). The trial expects to complete 12-month treatment in June 2024 and will assess the treatment’s impact on brain metabolic activity and cognition using validated Alzheimer’s cognitive scales. These milestones indicate an improved AD-drug development environment, with the recent FDA approval of LEQEMBI® paving the way for reimbursement and further investment in Alzheimer’s Disease drug development.

Vaccinex’s pepinemab showcases a differentiated mechanism of action by blocking SEMA4D, a protein upregulated in neurons during the stress of Alzheimer’s and Huntington’s disease. This upregulation triggers the transformation of astrocytes and microglia into neuroinflammation. By blocking SEMA4D, pepinemab restores healthy astrocyte and neuronal functions while reducing neuroinflammation, as demonstrated in a study published in Nature Medicine (2022).

Additionally, encouraging interim results from the KEYNOTE-B84 Phase 2 trial in Head and Neck Cancer further strengthen Vaccinex’s portfolio. The company’s innovative approach to inhibiting SEMA4D shows promise in both neurodegenerative disease and cancer, underscoring its potential to address unmet medical needs in multiple therapeutic areas.

Considering the positive developments in both the Alzheimer’s disease and Head and Neck Cancer trials, I recommend buying Vaccinex, Inc. stocks. The achievement of significant clinical milestones and the potential for reimbursement create a positive outlook for the company’s future.

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