initial public offerings (IPOs) trading on American exchanges

Thursday, October 31, 2019

Casa Systems (CASA) reported earnings on Thur 31 Oct 19 (a/h)

** charts before earnings **


** charts after earnings **

Casa Systems misses by $0.13, misses on revs; lowers FY19 below consensus

  • Reports Q3 (Sep) loss of $0.03 per share, excluding non-recurring items, $0.13 worse than the S&P Capital IQ Consensus of $0.10; revenues rose 14.4% year/year to $81.8 mln vs the $108.08 mln S&P Capital IQ Consensus.
  • Co issues downside guidance for FY19, sees EPS of ($0.25)-(0.15), excluding non-recurring items, vs. $0.24 S&P Capital IQ Consensus; sees FY19 revs of $255-270 mln vs. $325.25 mln S&P Capital IQ Consensus. 
  • "While our access device business was line with our expectations for the third quarter, revenue from our cable products, as well as revenue recognition from our wireless backlog, were lighter than anticipated," said Jerry Guo, Casa's President and CEO. "During the quarter, while we saw increased appetite for spending from our cable customers, timing for closing certain larger orders was more protracted than what we have seen previously. And, in our wireless business, while we continue to build our backlog, we saw a delay in revenue recognition due to new features that were requested to be added to a product associated with one of our larger purchase orders. Although our third quarter revenue was lower than expected, our overall business became diversified as half of our revenue came from our cable business with the remaining revenue split between our wireless and fixed telecom segments. This diversification indicates progress toward transforming the business while providing more stability in our revenue base in the future."
  • Wednesday, October 30, 2019

    Etsy (ETSY) reported earnings on Wed 30 Oct 19 (a/h)

    ** charts after earnings **


    Etsy (ETSY) stock fell Wednesday as the company reported third-quarter results that beat on revenue and matched estimates on earnings but showed profits are contracting. The Etsy earnings report came after the market close.

    Etsy reported adjusted earnings of 12 cents per share on revenue of $197.9 million. Wall Street expected earnings of 12 cents on revenue of $193.5 million. Gross merchandise sales reached 41.2 billion, up 30%

    Etsy stock dropped 10%, near 47.50, during after-hours trading on the stock market today.

    The decline in Etsy stock came as the company lowered full-year guidance on earnings before interest, tax, depreciation and amortization, or EBITDA. Margin guidance was lowered to a range of 22% to 23% from a prior view of 22% to 24%.

    Etsy raised its full-year revenue guidance to a range of $809 million to $815 million. Wall Street expected $805.6 million.

    "During the third quarter we launched several transformative initiatives to serve as the building blocks for long-term, sustainable growth," Etsy Chief Executive said Josh Silverman said in written remarks with the Etsy earnings release.

    Inovalon (INOV) reported earnings on Wed 30 Oct 19 (a/h)

    ** charts before earnings **


    ** charts after earnings **

    Inovalon beats by $0.03, reports revs in-line; guides FY20 EPS above consensus, revs above consensus

  • Reports Q3 (Sep) earnings of $0.15 per share, $0.03 better than the S&P Capital IQ Consensus of $0.12; revenues rose 14.2% year/year to $166.5 mln vs the $164.92 mln S&P Capital IQ Consensus.
  • Annual Contract Value (ACV) for new sales totaled $44.1 mln.
  • Reports Adjusted EBITDA of $56.3 mln, up 7% yr/yr, resulting in Adjusted EBITDA margin of 33.8%.
  • Co issues upside guidance for FY20, sees EPS of $0.57-$0.61 vs. $0.56 S&P Capital IQ Consensus; sees FY20 revs of $698-$718 mln vs. $697.73 mln S&P Capital IQ Consensus.
  • Monday, October 28, 2019

    IPOs this week : Oct 28 - Nov 1, 19 (wk 44)

    IPO quiet period expirations
    Analyst quiet periods expire on Villa Bio (NASDAQ:VIE), Aprea Therapeutics (NASDAQ:APRE), Frequency Therapeutics (NASDAQ:FREQ) and Metrocity Bankshares (NASDAQ:MCBS) on October 28.

    IPO lockup expirations
    IPO lockups arrive on the calendar for Wah Fu Education Group (NASDAQ:WAFU) on October 28; Beyond Meat (BYND), So-Young International (NASDAQ:SY) and TransMedics Group (NASDAQ:TMDX) on October 28;
    Sciplay (NASDAQ:SCPL), Yunji (NASDAQ:YJ) and Red River Bancshares (NASDAQ:RRBI) on October 30.

    Beyond Meat:
    The company has a big week ahead with earnings due out on October 28 and the IPO share lockup expiring on October 29. While shares of Beyond Meat have fallen quickly from the +$200 neighborhood, analysts are warning that some insiders may still want to cash out with the stock still trading 4X the IPO pricing level. The recent selling pressure on Beyond Meat is also likely related to some alternative protein developments, including word that Impossible Foods (IMPSBL) is considering expanding into Europe and a pizza collaboration between Kellogg (NYSE:K) and Pizza Hut (YUM).

    Friday, October 25, 2019

    Niu Technologies (NIU) : 1-year performance

    SolarWinds (SWI) : 1-year performance

    Cabaletta Bio (CABA) began trading on the Nasdaq on Fri 25 Oct 2019

    Cabaletta Bio, Inc. operates as a clinical-stage biotechnology company that focuses on the discovery and development of engineered T cell therapies for B cell-mediated autoimmune diseases.
    The company was formerly known as Tycho Therapeutics, Inc. and changed its name to Cabaletta Bio, Inc. in August 2018.
    • Sector: Healthcare
    • Industry: Biotechnology
    • Full Time Employees: 12
    • Founded in 2017
    • HQ: Philadelphia, Pennsylvania
    The University of Pennsylvania spinout company priced upsized 6.8 mln share IPO (from 5.8 mln shares) at $11.00, below the expected $14.00-16.00 range.
    Raised $74.8 million.
    Shares of the firm closed Friday at $10 per share.
    Cabaletta posted a loss of $12.2 million in 2018, and $6.9 million through the first six months of this year, according to federal filings.

    Founded in 2017, the company is led by Dr. Steven Nichtberger, a former Merck executive who is Cabaletta's co-founder, chairman and CEO. Cabaletta’s foundational platform and lead assets are based on early work conducted at Penn by Drs. Michael Milone and Aimee Payne, both of whom are co-founders of the company.

    Nichtberger holds nearly 1.97 million shares of the company, while Payne and Milone both own 1.633 million.

    Cabaletta's technology involves the use of Chimeric AutoAntibody Receptor (CAAR) T cells, which are engineered to bind and destroy only disease-causing B cells, while sparing the normal B cells that are essential for human health. CAAR T cells are based on the revolutionary chimeric antigen receptor (CAR) T cell technology developed at the University of Pennsylvania, which led to the first gene therapy approval by the U.S. Food and Drug Administration: the Novartis cancer therapy Kymriah.

    The company’s lead therapeutic program is a potential treatment for mucosal pemphigus vulgaris, a rare skin disorder that causes painful blisters and sores on mucous membranes.

    Peloton (PTON) : 1-month performance

    Monday, October 21, 2019

    BNTX trades above its $15.00 IPO pricing point

    Continued volatility for the recent IPO; the stock now trades above its $15.00 IPO pricing point for the first time in more than a week.

    The following day

    10/25 daily

    IPOs this week : Oct 21 - 25, 19 (wk 43)

    IPOs expected to price

    • OneWater Marine (ONEW) is due to price its IPO on October 24, 
    • while Progyny (PGNY), Phathom Pharmaceuticals (PHAT), Youdao (DAO), Cabaletta Bio (CABA) and Aesthetic Medical International Holdings Group (AIH) are scheduled to price on October 25. 

    IPO quiet period expirations

    • Quiet periods expire for Peloton (NASDAQ:PTON) and Oportun Financial (NASDAQ:OPRT) on October 21. 

    Peloton trades about 16% below its IPO pricing level, while Oportun Financial is slightly higher since debuting.

    Sunday, October 20, 2019

    Aptevo Therapeutics (APVO) : 3-year performance

    USA Compression Partners (USAC) : 6-year performance

    USA Compression's business involves compressing natural gas to move it in pipelines, and since NG production continues to increase, so is demand for USAC's services.
    USAC has never cut its super-high distribution, even in a challenging macro environment (in 2015/16), and continually improving metrics give great comfort that the 12% distribution is safe.


    The Energy Information Administration (EIA) - the source of the above graph and of extensive data on energy in the US and abroad - states that domestic NG production averaged 83 BCF (billion cubic feet) per day in 2018, and EIA projects that NG production will average 90 BCF/day in 2019 and 92 BCF/day in 2020 (an 11% increase in US NG production between 2018 and 2020).

    Note that the 2 BCF/day growth in NG production expected between 2019 and 2020 is a marked deceleration from the torrid (and unsustainable) growth rate of the past two years.

    Thursday, October 17, 2019

    BellRing Brands (BRBR) began trading on the NYSE on Thur 17 Oct 2019

    • BellRing Brands upsized offering by 4.3 mln shares and priced 34.3 mln share IPO at $14.00 per share, below the expected range of $16-19
    • Opened for trading at $15.60  

    Post +3% after subsidiary BellRing Brands (BRBR) successfully prices IPO

  • Overnight, BellRing priced an IPO consisting of 34.29 mln shares at $14.00. The company had initially expected to offer 30 mln shares between $16.00-19.00. Compared to these earlier expectations, gross proceeds are roughly 9% less than initially projected. The IPO is currently indicating $16/16.50, and should be opening for trade shortly.
  • Upon completion of the offering, Post is expected to own approximately 74% of BellRing, or approximately 71% if the underwriters exercise their option in full.
  • BellRing Brands is a holding company operating in the global convenient nutrition category, whose primary brands include Premier Protein, Dymatize and PowerBar.
  • Futu Holdings changed its ticker symbol to “FUTU” from “FHL”

    HONG KONG, Oct. 18, 2019 (GLOBE NEWSWIRE) -- Futu Holdings, a leading tech-driven online brokerage platform in China, today announced that the Company's ticker symbol on the Nasdaq Global Select Market has changed to “FUTU” from “FHL”. Trading under the new ticker symbol began on Thursday, October 17, 2019.

    No actions are needed from FUTU’s current shareholders relative to the ticker symbol change.

    Mr. Leaf Hua Li, Futu’s Chairman and Chief Executive Officer, commented, “We are pleased that the ‘FUTU’ ticker finally became available given that it clearly more appropriately reflects our brand. Our company’s name has several meanings that reflect the Company’s philosophy. In Chinese, “Futu” means “the road to wealth;” in English, ‘F’ and ‘T’ represent Fortune and Treasure, while “Futu” is also the abbreviation of "For U, To U," which reflects our company’s values and mission of always putting our customers first.”

    A few months ago, Futu reached a new milestone in its offerings on wealth management solutions by launching Money Plus, the Company’s online mutual fund distribution platform. Investors can now seamlessly integrate their mutual fund account with a brokerage account, managing stock trading and wealth management all at once on Futu’s platform. The goal of this integration is to cater to investors’ increasing needs for broader wealth management as they accumulate more wealth and become more financially sophisticated. Money Plus now offers a variety of money market, fixed income and equity funds to provide more rewarding and diverse investment services for all clients. With Money Plus, Futu continues to leverage on its advanced technology and cost-effective brokerage services to expand the business as a premium, one-stop asset allocation platform. 

    About Futu Holdings Limited

    Futu Holdings Limited (FUTU) is an advanced technology company transforming the investing experience by offering a fully digitized brokerage platform. The Company primarily serves the emerging affluent Chinese population, pursuing a massive opportunity to facilitate a once-in-a-generation shift in the wealth management industry and build a digital gateway into broader financial services. The Company provides investing services through its proprietary digital platform, Futu NiuNiu, a highly integrated application accessible through any mobile device, tablet or desktop. The Company’s primary fee-generating services include trade execution and margin financing which allow its clients to trade securities, such as stocks, warrants, options and exchange-traded funds, or ETFs, across different markets. The Company enhances the user and client experience with market data and news, research, as well as powerful analytical tools, providing them with a data rich foundation to simplify the investing decision-making process. The Company has also embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders.

    Tuesday, October 15, 2019

    Pinterest (PINS) falls to four-month low as IPO lockup expires

    • From 10-Q: "Beginning on October 15, 2019, up to 537,853,460 shares of our common stock will be released from the 180-day lock-up entered into in connection with our initial public offering and will be eligible for sale in the public market, subject to applicable securities laws and any applicable quarterly trading restrictions."

    Monday, October 14, 2019

    CrowdStrike (CRWD) : initiated with a Sell at Citigroup

    The stock traded at nearly 24x forward sales with market cap over $13 bln coming into today.

    CrowdStrike stock went public in mid-June, after the company priced its initial public offering (IPO) at $34 per share. The equity subsequently rallied as high as $101.88 in late August, before embarking on a steep pullback. Specifically, CRWD is off more than 40% since the aforementioned peak, and touched a record low of $51.61 on Sept. 30.

    Saturday, October 12, 2019

    IPOs this week : Oct 14 - 18, 19 (wk 42)

    IPOs expected to price
    The only IPO expected to price next week is BellRing Brands (BRBR). The company set an initial range of $16 to $19 for the 30M-share offering.

    IPO quiet period expirations
    Analyst quiet periods expire on October 14 for

    • Datadog (NASDAQ:DDOG),
    • Ping Identity (NYSE:PING), 
    • Exagen (NASDAQ:XGN), 
    • IGM Biosciences (NASDAQ:IGMS) and 
    • Envisa (NYSE:NVST). 
    IPO lockup expirations
    IPO share lockups expire late next week on Pinterest (NYSE:PINS), Zoom Video (NASDAQ:ZM), Brigham Minerals (NYSE:MNRL),Greenlane (NASDAQ:GNLN), Hookipa Pharma (NASDAQ:HOOK) and Genmab (NASDAQ:GMAB).

    Thursday, October 10, 2019

    BioNTech (BNTX) began trading on the Nasdaq on Thur 10 Oct 19

    BioNTech SE, a biotechnology company, develops and commercializes immunotherapies for cancer and other diseases.

    • Sector: Healthcare
    • Industry: Biotechnology
    • Full Time Employees: 1,179
    • Founded in 2008
    • HQ in Mainz, Germany
    BioNTech priced 10 mln share IPO at $15.00, the low-end of the reduced $15.00-$16.00 range