initial public offerings (IPOs) trading on American exchanges

Thursday, November 28, 2019

Pharmaron Lists H-Shares on the Hong Kong Stock Exchange

Hong Kong and Beijing, November 28, 2019 -- Pharmaron Beijing Co., Ltd. (Stock Code: 300759.SZ/3759.HK) announced today that 117 million H-shares are listed on the Main Board of The Stock Exchange of Hong Kong. This is equivalent to HK$4.344 billion raised based on the offer price of HK$39.5 per share (assuming the Over-allotment Option is not exercised). The funds will be used for the development of the Company’s global integrated service platform, R&D capability and capacity improvements, strategic investments, M&A and operation support.

The successful listing of H-shares on The Stock Exchange of Hong Kong, together with the existing A-shares listing on the Shenzhen Stock Exchange (“A+H dual listing”), has broadened Pharmaron’s financing channels to support its global growth strategy.  With the strong financial support, Pharmaron will continuously strengthen its service capabilities and capacities by integrating cutting-edge science and technologies into the existing service platforms. These efforts will enhance global operations to better support partners’ R&D needs.

“Our listing on The Stock Exchange of Hong Kong marks another milestone for Pharmaron,” said Dr. Boliang Lou, Chairman and CEO, Pharmaron. “We appreciate all those who helped make this listing possible, which includes our devoted team, long-term partners and supportive investment community. We will continue to stay focused on developing and integrating the latest science and technologies into our end-to-end R&D services platform. Pharmaron is dedicated to providing high quality R&D services globally to help our partners accelerate their discovery, development and commercialization of innovative medicines.”

About Pharmaron

Pharmaron (300759.SZ/3759.HK) is a premier R&D service company supporting the life science industry. Founded in 2004, Pharmaron has invested in its people and facilities having established diverse drug R&D service capabilities, ranging from synthetic, medicinal and analytical chemistry, biology, DMPK, pharmacology, drug safety assessment, radiochemistry and isotopically labelled metabolism, chemical & pharmaceutical development to clinical development. With operations in China, US and UK staffed by over 7,000 employees, Pharmaron has an excellent track record in the delivery of R&D solutions to its partners in North America, Europe, Japan and China.  For more information, go to

Tuesday, November 26, 2019

Dell (DELL) reported earnings on Tue 26 Nov 2018 (a/h)

** charts after earnings **


Dell beats by $0.16, reports revs in-line

  • Reports Q3 (Oct) earnings of $1.75 per share, $0.16 better than the S&P Capital IQ Consensus of $1.59; revenues rose 1.6% year/year to $22.84 bln vs the $23.03 bln S&P Capital IQ Consensus.
  • The company has paid down more than $18 billion in gross debt over the three years since closing the EMC transaction and remains on track to repay approximately $5 billion of gross debt in fiscal 2020.
  • Monday, November 25, 2019

    Tencent Music Entertainment (TME) : 11-month performance


    Global Blood Therapeutics (GBT) : Food and Drug Administration approval for a new sickle cell treatment

    Global Blood Therapeutics confirms FDA accelerated approval for Oxbryta tablets for the treatment of sickle cell disease; expected to be available through GBT's specialty pharmacy partner network within two weeks
    • As a condition of accelerated approval, GBT will continue to study Oxbryta in the HOPE-KIDS 2 Study, a post-approval confirmatory study using transcranial doppler (TCD) flow velocity to demonstrate a decrease in stroke risk in children 2 to 15 years of age. The study will be initiated by the end of the year.

    Shares of the biotech company jumped 6.9%, to 60.03, during the regular session of the stock market today. GBT stock was halted after flying on a rumor its sickle cell drug, formerly called voxelotor, had nabbed the FDA's blessing.

    The biotech company confirmed the approval late Monday. The drug, called Oxbryta, is a daily tablet to treat sickle cell disease in patients ages 12 and older. It's the first drug that targets sickle hemoglobin polymerization, the root cause of sickle cell disease.

    "Today is a major milestone not only for GBT but, more importantly, for people living with SCD, their families and those who care for them," Chief Executive Ted Love said in a written statement. "When we started our journey with the SCD community more than eight years ago, we set out to transform the way this devastating, lifelong disease is treated."

    Sickle cell disease affects an estimated 100,000 people in the U.S. and millions worldwide, the biotech company said in a news release.

    The inherited disorder impacts hemoglobin, a protein carried by red blood cells to deliver oxygen to tissues and organs. A genetic mutation causes patients to generate abnormal hemoglobin. A process called hemoglobin polymerization causes the red blood cells to become sickled.

    FDA officials approved Oxbryta in sickle cell treatment three months earlier than expected based on a Phase 3 study called Hope. After 24 weeks of treatment, 51.1% of patients who took Oxbryta showed a hemoglobin increase vs. 6.5% of those who took the placebo.

    IPOs this week : Nov 25 - 29, 19 (wk 48)

    It will be a relatively slow week in the IPO market, with only quiet period expirations for Oyster Point Pharma (NASDAQ:OYST), RAPT Therapeutics (NASDAQ:RAPT) and Fangdd Network Group (NASDAQ:DUO) on the U.S. calendar.

    In Asia, Alibaba (NYSE:BABA) is likely to price its secondary listing at HK$176 to raise between $11B and $13B and begin trading. Saudi Aramco plans meetings in Dubai next week with investors in Dubai as it looks to raise up to $25.6B. Saudi Aramco set an indicative price for the deal, valuing the company at up to $1.7T - below the $2T sought by Saudi’s crown prince, but putting it in the running to become the world’s biggest IPO.

    Friday, November 22, 2019

    Sunnova Energy (NOVA) : 4-year performance

    Extended Stay America (STAY) names Bruce Haase CEO, effective immediately

    Extended Stay America, Inc., the largest owner/operator of company-branded hotels in North America, owns and operates 682 hotels in the U.S. and Canada comprising approximately 76,000 rooms and employs approximately 10,000 employees in its hotel properties and headquarters.

    Extended Stay America names Bruce Haase CEO, effective immediately

  • Haase succeeds Jonathan Halkyard, who will continue to advise the company through February 25, 2020.
  • Haase has served as a director of ESH Hospitality since 2018. He has more than 20 years of lodging experience with particular expertise in the extended stay hotel segment.
  • The company also announced today the appointment of Kelly Poling as Executive Vice President, Chief Commercial Officer, and Randy Fox, as Executive Vice President, Property Operations.
  • Thursday, November 21, 2019

    Splunk (SPLK) reported earnings on Thur 21 Nov 2019 (a/h)

    ** charts after earnings **


    Splunk beats by $0.03, beats on revs; guides Q4 revs above consensus

  • Reports Q3 (Oct) earnings of $0.58 per share, $0.03 better than the S&P Capital IQ Consensus of $0.55; revenues rose 30.1% year/year to $626 mln vs the $605.2 mln S&P Capital IQ Consensus.
  • Software revenues were $454 million, up 40% yr/yr.
  • Operating cash flow was ($135) mln with free cash flow of ($162) mln.
  • Co issues upside guidance for Q4, sees Q4 revs of $780 mln vs. $767.71 mln S&P Capital IQ Consensus. Non-GAAP operating margin is expected to be approximately 23%. 
  • Monday, November 18, 2019

    IPOs this week : Nov 18 - 22, 19 (wk 47)

    IPOs expected to price
    • Canaan (CAN) and SiTime (SITM) on November 20. 

    IPO lockup expirations
    • Rattler Midstream (NASDAQ:RTLR), Bicycle Therapeutics (NASDAQ:BCYC) and Ideaya Biosciences (NASDAQ:IDYA) on November 19. 

    IPO quiet period expirations
    • BRP Group (NASDAQ:BRP) on November 18, as well as 
    • Phathom Pharma (NASDAQ:PHAT), Progyny (NASDAQ:PGNY), TFF Pharma (NASDAQ:TFFP), Cabaletta Bio (NASDAQ:CABA), Youdao (NYSE:DAO) on November 19. 
    Saudi Aramco (ARMCO) is expected to set the initial price range for its IPO on November 17. The final price is expected to be determined on December 5 after the oil major goes through the institutional book-building process. Interest in the Saudi Aramco is high, with the company generating $118B in profit last year to almost double Apple's (AAPL) tally. The total percentage of the company to be sold and an estimate of the total value of Aramco will be part of the filing.

    Friday, November 15, 2019

    -=ResTORbio (TORC) : late-stage drug failure

    • Announced that top line data from the PROTECTOR 1 Phase 3 study did not meet its primary endpoint and that it has stopped the development of RTB101 in this indication.

    ResTORbio (Nasdaq:TORC) disclosed Friday that its drug for potentially deadly respiratory tract infections did not meet its primary goal in a Phase 3 trial. Despite showing promise in earlier testing, the drug ultimately failed to decrease respiratory illnesses in subjects 65 years or older.

    The drug, called RTB101, is resTORbio’s only clinical stage drug candidate. The 21-person company plans to continue developing the drug for use against Parkinson’s disease — a plan some analysts are skeptical will be fruitful.

    “We regard the evidence of benefit or effect in the new Parkinson’s disease indication as very marginal, and given the complex biology of this disease, and the lack of understanding of the disease process, find it hard to give the company any credit for this indication,” SVB Leerink analyst Geoff Porges wrote in an analyst note Friday.

    The company emerged out of life sciences incubator and investment firm PureTech Health with plans to tackle aging-related diseases. PureTech still owns a 27 percent stake in resTORbio, according to the company’s website.

    ResTORbio has $117 million in cash and liquidatable investments, which executives estimate will support the company through 2020. The company expects to release data from its mid-stage Parkinson’s trial in mid-2020.

    YayYo (YAYO) began trading on the Nasdaq on Fri 15 Dec 2019

    YayYo operates Rideshare Platform, an online peer-to-peer booking platform that rents standard passenger vehicles to self-employed ridesharing drivers; and manages a fleet of standard passenger vehicles to be rented directly to drivers in the ridesharing economy through the Rideshare Platform.
    • Sector: Technology
    • Industry: Software—Application
    • Full Time Employees: 21
    • Founded in 2016
    • HQ in Beverly Hills, California
    BEVERLY HILLS, CA / ACCESSWIRE / November 15, 2019 / YayYo, Inc. ("YayYo")(Nasdaq:YAYO), a leading provider of vehicles to the rideshare industry, through its wholly-owned subsidiary, Rideshare Car Rentals, LLC, bridging the gap between rideshare drivers needing a quality vehicle and rideshare companies that depend on attracting and keeping drivers with quality vehicles, today announced that it closed its initial public offering of 2,625,000 common shares at $4.00 per share. Total gross proceeds from the offering were $10,500,000, before deducting underwriting discounts and commissions and other offering expenses. The shares are listed on the Nasdaq Capital Market under the symbol "YAYO".

    Aegis Capital Corp. and WestPark Capital, Inc. served as joint book running managers.

    Thursday, November 14, 2019

    Farfetch (FTCH) reported earnings on Thur 14 Nov 19 (a/h)

    ** charts before earnings **


    ** charts after earnings **

    Farfetch beats by $0.02, beats on revs

  • Reports Q3 (Sep) loss of $0.18 per share, $0.02 better than the S&P Capital IQ Consensus of ($0.20); revenues rose 93.3% year/year to $255.5 mln vs the $248.31 mln S&P Capital IQ Consensus.
  • Gross Merchandise Value (GMV) increased by $182.0 mln from $310.0 mln in 3Q18 to $492.0 mln in 3Q19, representing year-over-year growth of 58.7%.
  • Digital platform GMV increased to $420.7 mln from $305.9 mln.
  • Gross margin decreased to 45.1% form 50.1%.
  • Adjusted EBITDA loss increased by $3.3 mln, or 10.3%, yr/yr in 3Q19, to $35.6 mln. Adjusted EBITDA Margin improved from (28.7)% to (15.6)% over the same period.
  • Q4 Guidance: Co sees digital platform GMV growth of 30-35%, brand platform GMV of $80-$90 mln, and Adjusted EBITDA loss of ($31)-($21) mln.
  • Tuesday, November 12, 2019

    Diplomat Pharmacy (DPLO) reported earnings on Tue 12 Nov 19 (b/o)

    • Nov 13: DPLO downgraded to Equal Weight from Overweight at Barclays

    ** charts after earnings **

    Diplomat Pharmacy misses by $2.16, beats on revs; raises FY19 revs guidance, slashes EPS outlook; comments on liquidity and going concern, says continues to conduct strategic alternatives process

  • Reports Q3 (Sep) GAAP loss of $2.35 per share, $2.16 worse than the S&P Capital IQ GAAP Consensus of ($0.19); revenues fell 5.3% year/year to $1.3 bln vs the $1.17 bln S&P Capital IQ Consensus.
  • Net loss was primarily driven by a $156 million non-cash impairment charge related to goodwill and definite-lived intangible assets associated with the co's PBM segment due to a lower anticipated win rate, a lower expected rate of renewals, and the reduction in rebate value in 2019, all of which have contributed to a reduced outlook for the financial performance of their PBM segment.
  • Co issues mixed guidance for FY19, sees GAAP EPS of ($4.91-4.81) (Prior ($2.69-2.55)) vs. ($2.66) S&P Capital IQ Consensus; sees FY19 revs of $4.9-5.1 bln (Prior $4.7-5 bln) vs. $4.87 bln S&P Capital IQ Consensus.
    • As of November 28, 2019, we will no longer participate in a significant group of specialty and retail networks with one of our largest payers. We were unable to reach an agreement to renew network participation rates. While this group of networks is not the only network group that we participate in for this payer, it does comprise the vast majority of the specialty pharmacy business that we do with this payer. We will continue to support the patients in the networks where we retain access, as well as the patients of their clients with whom we have direct contracts. For the full year 2019, this group of networks is expected to contribute approximately $700 million in revenue and while the loss of this business is not expected to have a material impact on 2019 results, our updated guidance does include the impact of this volume loss effective November 28, 2019.
  • Liquidity and Going Concern:
    • As of September 30, 2019, we had $8.4 million in cash and equivalents, $105 million in borrowings under our revolving line of credit, $456 million outstanding under our term loans, and $95 million of available borrowing capacity under our revolving line of credit. For the nine months ended September 30, 2019, we generated $108 million of cash from operations. Notwithstanding the foregoing, we believe that we may not be able to meet the total net leverage and interest coverage ratio covenants in our credit agreement for the period ending December 31, 2019, which violation would give the lenders the right to terminate funding of our revolving line of credit, accelerate our debt (including amounts under our term loans), or foreclose on our assets, if our mitigating plans are not executed prior to December 31, 2019. The Company intends to alleviate any potential violation of such financial covenants through the execution of potential strategic alternatives, as discussed above. In addition, the Company intends to actively work with its lenders to renegotiate its covenants or amend its credit agreement. However, our mitigation plans are reliant on third parties and beyond our control, and therefore accounting rules do not permit us to conclude that it is probable that any of these alternatives will be effectively implemented prior to any such covenant violation. Accordingly, the notes to our consolidated financial statements presented in the Quarterly Report on Form 10-Q for the quarter ended September 30, 2019 will include management's assessment that expresses substantial doubt surrounding our ability to continue as a going concern.
  • "Our third quarter results and updated outlook for the year reflect the challenges we continue to face in our business, including the ongoing pressures on our PBM business. In addition, we are disappointed we were unable to come to an agreement with one of our large payers to renew network participation in their specialty pharmacy network. We continue to pursue a comprehensive strategic alternatives process. There has been interest in both the whole company and its businesses, and we are engaged in advanced discussions. At the same time, we are focused on executing our strategy and continuing to put measures in place to help mitigate the impact of industry headwinds. The Board, management and I are committed to doing what is in the best interest of shareholders, employees and other Diplomat stakeholders."