Dear New World Investor:
The August payrolls report showed 142,000 nonfarm payroll jobs added, fewer than the 165,000 expected by economists. July was revised down from +116,000 to +89,000. But the unemployment rate fell from 4.3% in July to 4.2% in August, the first decrease in the unemployment rate since March. Traders pretended a 0.1% difference for one month would make a big difference to the Fed, which is obvious nonsense.
Wednesday morning’s initial market reaction to the August Consumer Price Index (CPI) – down 88 points on the S&P 500 – was not about the numbers, the numbers vs. expectations, or anything else like that. It was Wall Street trying to bluff Fed Chairman Powell into a 50 basis point (bps or one-half of one percentage point) cut at the September 17-18 meeting. It didn’t work. The CME Fed Watch tool showed an immediate drop from 44% to only 15% expecting a 50bps cut.
The numbers: the headline CPI increased +2.5% on a yearly basis in August, the slowest pace in three years and below the 2.9% in July. The consensus expected 2.6%. The annual core CPI, which excludes volatile food and energy prices, rose 3.2% in August, matching July’s increase and consensus expectation. On a monthly basis, the headline CPI increased 0.2%, matching both July’s monthly increase and what economists had expected. The core CPI was up 0.3%, a tick over the 0.2% expectation.
For what it’s worth, I think the Fed will cut 25bps, not 50, and stocks will go up for a day or two in response. But we’re still in that soft pre-election period when the market consolidates and then rallies into yearend, no matter who wins.
Market Outlook
The S&P 500 added 1.7% since last Thursday, bouncing back from last week’s wipeout. That was the worst first week of September for the S&P 500 since 1953. Aren’t consolidations fun? The Index is up 17.3% year-to-date. The Nasdaq Composite gained a whopping 5.3% as Wall Street decided tech isn’t dead after all. It is up 17.0% for the year. The SPDR S&P Biotech Exchange-Traded Fund (XBI) ticked up 1.0%, recovering from a smackdown last Friday. It is up 10.9% year-to-date. The small-cap Russell 2000 lagged again, dropping 0.1% and is up only 5.0% in 2024.
The fractal dimension is rising rapidly from a record low, and still has a long way to go to get to the fully consolidated 55 level. As I’ve been saying, it takes a combination of price – as in last week – and time to consolidate such a huge upturn.
Top 5
Changes this week: Added UUUU to Long-Term
Near-Term – chronological order
SCYX – ScyNexis – Data releases and resolution of the manufacturing problem
AAPL Apple – September iPhone 16 introduction
USL United States 12 Month Oil Fund, LP – crude should rise quickly
EQT EQT –natural gas price rebound
CMPS – Compass Pathways – Rebound from negative AdCom review of MDMA and Phase 3 data release in December quarter
FCX Freeport McMoRan – copper shortage
AKBA Akebia Therapeutics – Vafseo TDAPA approval in January
Long-Term – alphabetical order
ABCL AbCelllera – Will become a huge pharma royalty company
UUUU Energy Focus – Domestic uranium supplier
EQT EQT – largest US natural gas company
IBIT iShares Bitcoin Trust – Bitcoin is headed for $100,000
META Meta – a (the?) leader in the metaverse
PLTR Palantir – a (the?) leader in AI applications software
RKLB Rocket Lab – #2 to SpaceX in space
SCYX ScyNexis –First new antifungal in 20 years
Economy
The Atlanta Fed’s GDPNow model for September quarter real GDP growth increased to +2.5% due to increases in personal consumption expenditures growth and especially in private domestic investment growth.
Click for larger graphic
Danielle DiMartino Booth wrote: “Needless to say, glossing over data has not fooled U.S. consumers into making major purchase commitments on a leap of faith. They know the employment data do not remotely reflect reality. Automakers’ incentives are also failing to entice buyers. Pushing past the $3,000 mark this summer (green bars) hasn’t been enough to recapture May’s high of a 15.9 million seasonally adjusted annual selling rate (purple line). Given the inventory pile-up, a continued rise in joblessness should test the pre-pandemic’s peak incentive of $5,000 per vehicle and generate further goods deflation.”
Click for larger graphic h/t @DiMartinoBooth
Coming Events
All times below are ET, and most presentations and slides are archived on the companies’ websites so you can listen to them.
Monday, September 16
AG – First Majestic – Unspec. – Gold Forum Americas, Colorado Springs, CO
RKLB – Rocket Lab – Through 9/20 – World Space Business Week
CDE – Coeur Mining – 9:10am – Gold Forum Americas
Tuesday, September 17
TGTX – TG Therapeutics – 10:15am – 3 poster presentations at the European Committee for Treatment and Research in Multiple Sclerosis (ECTRIMS)
ABCL – AbCellera – 11:30am – Cantor Global Healthcare Conference
EDIT – Editas -1:30pm – Cantor Global Healthcare Conference
CMPS – Compass Pathways – 2:30pm – Cantor Global Healthcare Conference
Wednesday, September 18
Fed Meeting – 2:00pm press release; 2:30pm press conference
Big Tech: The Biotech & Digital Dominators MegaShift
There are at least four ways to make money in the stocks of these large, growing, dominant companies. You can:
* * Buy a stock and hold it
* * Buy a stock and write a call option against it
* * With a Level IV options account, write an out-of-the-money put option
* * With a Level IV options account, write an out-of-the-money put option and use part of the premium to buy an out-of-the-money call option
Apple (AAPL – $222.77) introduced the AI-capable iPhone 16. The less important part is the specs. The $799 regular 16 has a 6.1” screen and the $899 16 Plus has a 6.7” screen. The $999 16 Pro and $1,199 16 Pro Max also get larger displays. The Pro screen went from 6.1” to 6.3” and the Pro Max’s screen from 6.7” to 6.9”. The bigger displays come from thinner bezels that make the phone look more like a single sheet of glass from the front.
The really interesting stuff was the Apple Intelligence features coming in a software update next month. The iPhone 16’s camera gives “Visual Intelligence” on any surroundings. It can learn instantly about anything you see, like learning about dog breeds or getting restaurant reviews of the new spot around the corner just by taking a picture.
Apple Intelligence also automatically summarizes your emails and notifications for easier reading. It brings your most important notifications to the top of your stack, helping you focus on what is important in the moment. It can also find old photos and videos for you instantly, if you describe an old photo or video, AI will find it for you. And just click “ChatGPT” to send an image, question, or request.
Wedbush tech analyst Dan Ives already had an Outperform rating on Apple and a $285 target price. He just reiterating his bullish outlook and raised his target price to $300. He thinks the iPhone 16 could be the most successful iPhone release in company history, as well as a “launching pad for the consumer AI revolution globally.” In addition, he believes a new phase of customer interaction and personalization with their phones is now underway with Apple Intelligence, which will ultimately spark a “renaissance of iPhone growth” and push Apple to a $4 trillion market cap. AAPL is a HOLD – expect to move back to Buy under $175 for new iPhones.
Gilead Sciences (GILD – $83.16) Chief Commercial Officer, Johanna Mercier, presented at the Baird Global Healthcare Conference (AUDIO HERE and TRANSCRIPT HERE). In its second pivotal Phase 3 trial, Gilead’s twice-yearly lenacapavir injection for HIV prevention (PrEP) reduced HIV infections by 96% and demonstrated superiority to daily Truvada. 99.9% of the lenacapavir participants did not acquire HIV infection, with only two incident cases among 2,180 participants.
Johanna said that lenacapavir will be filed for approval in late 2025. It will be launched first to doctors prescribing HIV PrEP today, most of whom are actually HIV treatment prescribers. That’s the current footprint today for Gilead’s sales force – they already call on them. Then Gilead will expand to doctors that have never prescribed an HIV prevention, but have patients that fit the profile and are at higher risk of incidents of HIV.
The recently-approved seladelpar for primary biliary cholangitis (PBC), now trade-named Livdelzi, is the only PBC drug that showed a statistically significant reduction in pruritus. Gilead got that on the label. Pruritus is an intense itching symptom that comes from the disease and even from some of the drugs that are being used to treat it. Pruritus impacts mental health and sleep deprivation. Livdelzi has the pruritus reduction advantage and a warnings and precaution section that’s much cleaner versus other products on the market. GILD is a Long-Term Buy under $80 for a first target of $120.
Palantir (PLTR – $34.91) will be added to the S&P 500 in the next rebalancing before the market open on September 23, so the Index funds have to buy it. Institutions already have been piling in:
Click for larger graphic h/t @arny_trezzi
Palantir livestreamed its fifth AIPCon today. More than 100 organizations attended, including many demonstrating and speaking publicly about their work for the first time, including The National Geospatial-Intelligence Agency, Aramark, bp, Associated Materials, Lear, Trinity Industries, Anduril, DTN, EllisDon, the Department of State, L3Harris, Owens & Minor, and Selkirk Sport.
Palantir and bp (BP) signed a five-year strategic relationship including new artificial intelligence capabilities with AIP software. Bp has used Palantir’s software for 10 years to support its oil and gas production operations, from offshore oil platforms in the North Sea and the Gulf of Mexico to the Khazzan gas fields in Oman. AIP software will let bp use large language models to improve and accelerate human decision-making with suggested courses of action based on automated analysis of the underlying data. PLTR is a Buy under $22 for a $100+ target.
PayPal Holdings (PYPL – $70.36) presented at the Goldman Sachs Communacopia &Technology Conference (AUDIO HERE and TRANSCRIPT HERE). CEO Alex Chriss said the PayPal Everywhere campaign with Will Ferrell, their biggest US campaign ever, kicked off this week on Monday night football. Ferrell said: “Getting cash back hasn’t been this easy since my boys were little, and I’d take extra Monopoly money while they weren’t looking.”
It is about taking the portion of online that people are now using PayPal for and expanding it to every single one of their online purchases and into offline. People get a choice of what category they want to get 5% cashback and the top two categories are groceries and gas. These are things that you would never have thought of using PayPal for the past. PayPal Everywhere is embedded inside of Apple Pay and Google Wallet.
He’s expanding Venmo from peer-to-peer cash transfers to using it for purchases. They want users to keep their Venmo money in their account and then use it to buy things they need. Users can pay solopreneurs like dog walkers, car washers, and babysitters. They want to enable better interactions, including scheduling. Venmo is going to turn into a social network combined with payments.
Large enterprises need multiple processors and Shopify just added PayPal for US payments. Alex has changed the conversation from “how can I get more and more of your gross revenue” to “I can give you value-added services to increase your conversion rate.”
PayPal also is moving into Near-Field Communications (NFC, as on a smartphone) point-of-sale transactions to capture offline business that they never have gone after before. In addition, PayPal has hundreds of millions of consumer accounts and tens of millions of merchant accounts. They will build an ecosystem to network them together, probably via a targeted advertising platform where merchants only pay when the customer checks out. PYPL is a Buy under $68 for a double in three years.
SoftBank (SFTBY – $29.89) bought back another 15.8 million shares in August for $893.5 million. Masa didn’t sell a single share and neither should you with the stock at half of hard asset value. SFTBY is a Buy under $25 for a first target of $50 in the next two years.
Small Tech
Enovix (ENVX – $9.34) CEO Raj Talluri did a fireside chat hosted by William Blair (ZOOM HERE) but it is passcode-protected. I’m expecting Enovix to get this fixed by next week. ENVX is a Buy up to $20 for a 4-year hold to $100+ as their BrakeFlow lithium-ion battery takes market share.
Primary Risk: A new competitor invents a better battery.
Fastly (FSLY – $6.25) presented at the Piper Sandler Growth Frontiers Conference in Nashville (AUDIO HERE). The large users are price-sensitive, but Fastly is not broadly exposed to them and sells technical competence, highest performance, lowest latency, and all the Compute@Edge features that competitors don’t have. If a customer only wants the lowest price, Fastly doesn’t get or want their business.
It’s a bifurcated market, and customers who want the added service are more likely to renew and spend more money each year. They are more predictable. FSLY is a Buy up to $10 for a 3- to 5-year hold to $80+ as Compute@Edge drives customer acquisition and revenue growth.
Primary Risk:Content and applications delivery networks are a competitive area.
QuickLogic (QUIK – $7.52) presented at the H.C. Wainwright Global Investment Conference (AUDIO HERE and SLIDES HERE). CEO Brian Faith gave the usual background presentation. He said the FPGA market is expected to grow 20% a year for the next five years, with particular strength in defense and aerospace, where QuickLogic has a nearly 30-year history. They work with all of the Top 5 and eight out of ten of the Top 10 Department of Defense prime contractors.
The company has shipped over 50 million devices to over 2,000 customers, and today is qualified on 13 fabrication nodes. They will be profitable this year.
Click for larger graphic
QUIK is a Buy up to $10 for my $40 target as their earnings repeatedly surprise Wall Street.
Primary Risk: Customers’ product introductions and associated royalties are unpredictable.
Rocket Lab USA (RKLB – $6.86) CFO Adam Spice presented at the Morgan Stanley Laguna Conference (AUDIO HERE). Adam did his usual detailed, informative presentation. He said demand for small launch, especially small dedicated launch, is very strong and growing. It used to cost $40 million for a dedicated launch and Rocket Lab does it for $8 million. SpaceX charges $70 million for a Falcon 9 dedicated launch, although that is for heavy cargo. But some launches, like a high security level launch, have to be dedicated, so you can pay SpaceX $70 million or Rocket Lab $8 million. RKLB launched 10 times in 2023, will do 15 to 18 this year, and has 36 launches in backlog. The cadence can get to one launch per week, but demand probably is closer to 30 per year.
Electron build costs have come down while the revenue per launch has grown from $5 million to $8 million. The gross margin on a launch today is around 30%. Once they get to 24 launches a year, the gross margin will be over 40% as they spread fixed costs over more launches. If 50% of the launches are reusable, they can get to 50% gross margins.
Their next Rocket, Neutron, will do medium launches for around $55 million, including constellations for Rocket Lab. Today, SpaceX has a monopoly on medium launch and there’s a two-year waiting list for a launch. That’s an uncomfortable reality for many customers, especially governments and competitors to Starlink. Neutron was designed from the ground up in the last four years, while the Falcon 9 is a 20 year old design.
Neutron can launch 15 tons in an expendable mission, 13 tons in a reusable downrange landing comparable to SpaceX, or 8 tons if it’s going back to the pad. First launch is mid-2025. Today, SpaceX is valued at 100x Rocket Lab. Over time, Rocket Lab will look like SpaceX – they’ll build and launch satellites for a constellation they own – and they’ll be valued like SpaceX. RKLB is a Buy up to $13 for my $30+ target as low earth orbit satellites and space exploration grow.
Primary Risk: A new competitor emerges.
Biotech MegaShift
If you can afford it – and it would not be too big a position in your portfolio – putting $2,000 into each of these speculative biotechs might be a good way to start. Buying these out-of-favor, fallen, or forgotten companies that can get important products through the FDA at very low market capitalizations seems like a good strategy to me.
Risks
Development-stage biotechs are subject to investor sentiment swings from wildly optimistic to excessively pessimistic – mostly the latter recently. After the Primary Risk for each company, I’ve added the clinical stage of their lead product, the probable time of their first FDA approval, and the probable time of their next financing.
As always, you need to think about an appropriate position size. You could buy a full position upfront and then just hold on, or buy some upfront and leave room to add more on the inevitable financings, transient clinical trial setbacks, and the like.
Akebia Therapeutics (AKBA- $1.44) presented at the Wells Fargo Healthcare Conference (AUDIO HERE). CEO John Butler said Auryxia loses exclusivity at the end of the March quarter, but it enters the dialysis bundle on January 1. That changes the distribution channel from wholesalers to direct. The net effect is to reduce revenues [but not necessarily profits].
He then talked about Vafseo, which will get Transitional Drug Add-on Payment Adjustment (TDAPA) designation on January 1. There are 550,000 people on dialysis today and 90% are on an erythropoietin-stimulating agent (ESA) at a cost of $2,500 a year. It’s a $1+ billion market and 85% Medicare.
So every patient switched to Vafseo saves the dialysis provider $2,500. Two dialysis providers treat 80% of the patients and Akebia will have every provider under contract by the end of the year. The 40-person sales force is focused on showing doctors how much safer Vafseo is because it doesn’t have the hemoglobin spikes and drops of current ESAs. They want to generate demand on Day One.
Doctors say they will immediately use Vafseo for the 150,000 patients with poorly-controlled hemoglobin and the 80,000 on home dialysis, where a once-a-day pill is obviously better than bringing them into the dialysis center for an IV infusion.
What doctors also want is a treatment for non-dialysis patients. Akebia expects to get a Vafseo label expansion to non-dialysis. It’s about the same number of patients, 500,000, with less than 25% getting an ESA today and only about 50% on Medicare. Akebia will have to do more clinical work and the FDA will be defining that path forward by the end of 2024.
John also presented at the H.C. Wainwright Global Investment Conference (WEBINAR HERE).
He mentioned that the dialysis patients on the highest doses of erythropoietin-stimulating agents (ESAs) are the most expensive for the dialysis centers to treat and the most time-consuming and difficult for doctors. Vafseo brings hemoglobin into the normal range quickly and with fewer spikes and troughs than Amgen’s Aranesp, the current standard of care. The providers both save the cost of Aranesp inside the dialysis bundle payment and, thanks to TDAPA, get paid for Vafseo outside the dialysis bundle payment.
Akebia is laying the groundwork for a fast launch in January. Their detailed plan for the TDAPA launch of Vafseo in less than four months is a compelling story and they get better and better at telling it. They have $40 million in the bank and enough cash for at least two years. Buy AKBA up to $2 for the vadadustat launches in the EU, UK, and (after TDAPA approval in December) the US.
Primary Risk: Vadadustat doesn’t sell in the US.
Clinical stage of lead product: Approved
Probable time of next approval: TDAPA January
Probable time of next financing: Never
Compass Pathways (CMPS – $6.78) also presented at the H.C. Wainwright Global Investment Conference (WEBINAR HERE). This presentation basically duplicated their Morgan Stanley Global Healthcare Conference fireside chat last week.
They gave more details on how they train therapists to support patients, including specifically not to try to do therapy during the psychedelic session. That’s dramatically different from the ill-fated Lykos Therapeutics Phase 3 trial. CMPS is a Buy under $20 for a very long-term hold to a 10x.
Primary Risk: Their drugs fail in the clinic.
Clinical stage of lead product: Phase 3
Probable time of first FDA approval: 2026
Probable time of next financing: Late 2025
Medicenna (MDNAF – $1.52) presented preclinical results from their IL-2 super-antagonist and anti-PD1-IL-2 BiSKIT programs at The Promise of Interleukin-2 Therapy Conference last weekend.
MDNA209 is a first-in-class “beta-enhanced” Interleukin-2 super-antagonist being developed for the potential treatment of autoimmune diseases that affect 5% to 10% of the global population. MDNA209 restores immune balance by selectively blocking IL-2Rβγc, a receptor highly expressed by effector CD8 T cells which are known to promote tissue damage in autoimmune diseases. In an animal model of graft-versus-host disease, MDNA209 was able to extend overall survival by 400%, reduce weight loss, and improve clinical scores.
MDNA113 is an IL-13Rα2 tumor-targeted BiSKIT (Bifunctional SuperKine for ImmunoTherapy) that delivers an anti-PD1-IL-2 Superkine (anti-PD1-IL-2SK) directly to the tumor microenvironment. It has potential to treat immunologically “cold tumors” such as pancreatic, prostate, ovarian, and breast cancers that globally affect over two million patients every year.
While I’m always glad to see a deep pipeline of new drug candidates, most of them never get into human trials. Medicenna will be a winner because MDNA11 is a far superior drug to Proleukin. Buy MDNAF under $3 for a first target of $20, then maybe $40.
Primary Risk: Their drugs fail in the clinic.
Clinical stage of lead product: Entering Phase 3
Probable time of first FDA approval: 2025
Probable time of next financing: 2025
ScyNexis (SCYX – $1.34) presented at the H. C. Wainwright conference (WEBCAST HERE and SLIDES HERE). CEO David Angulo said they are ready to file to restart the MARIO trial (step-down from IV antifungals to oral ibrexafungerp). The key new information was on slide #3:
Click for larger graphic
Of course, the key to the filing is getting FDA approval of the new manufacturer of ibrexafungerp. It took longer than I expected to get to this point, but we are here. Going forward is a layup: ScyNexis applies, the FDA lifts the clinical hold, the study enrolls and concludes, and ScyNexis applies for approval. At the same time, once the clinical hold is lifted GSK can reintroduce Brexafemme and apply for approval of ibrexafungerp to treat candida auris (CARES trial) and fungal infections that are refractory or intolerant to other antifungals (FURI trial)
ScyNexis will take their next-generation fungerp, SCY-247, into human trials by the end of this year. Buy SCYX under $2.50 for a first target price of $20 after ibrexafungerp is approved for hospital use and a buyout at $50.
Primary Risk: Ibrexafungerp fails to sell.
Clinical stage of lead product: Approved
Probable time of next FDA approval: 2025
Probable time of next financing: Never
Inflation MegaShift
Gold ($2,587.00) continued its winning ways and now is up 25.4% so far this year. The fractal dimension still shows room to run, even as we approach the top of my chart.
Miners & Related
Coeur Mining (CDE – $6.85) said they are hitting key milestones at the Rochester silver/gold mine, with increasing throughput and significant progress on reducing the material crush size to achieve optimum recovery rates. With the three-stage crusher fully ramped up, they are reaching design particle size distribution (PSD) of approximately 80% passing 3/4 inch. They expect to end 2024 with 80% passing 5/8 inch.
For the month of August, approximately 2.7 million tons were placed on the new Stage VI leach pad, a 39% increase over July. Rochester remains on-track to place seven to eight million tons per quarter during the second half of 2024 and to achieve its full-year 2024 production guidance of 4.8 million to 6.6 million ounces of silver and 37,000 to 50,000 ounces of gold. CDE is a Buy under $5 for a $20 target as gold goes higher.
Primary Risk: Prices of precious metals fall due to US dollar strength.
First Majestic (AG – $5.79) will buy back 10 million shares, 3.3% of their outstanding stock, over the next 12 months. AG is a Buy under $11 for a $23 next target price as production increases and the price of silver rises.
Primary Risk: Prices of precious metals fall due to US dollar strength.
Cryptocurrencies
Cryptocurrencies are a diversifying asset that offer a unique opportunity to make (or lose!) a lot of money quickly. You can easily buy bitcoin and other cryptocurrencies at Coinbase, Block, or Robinhood.
Bitcoin (BTC-USD on Yahoo – $58,223.06) is fighting its way back to $60,000. I still think it is headed for $100,000 in the next 12 months.
Click for larger graphic
BTC-USD, ETH-USD, IBIT, and ETHA are Strong Buys.
Primary Risk: Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.
iShares Bitcoin Trust (IBIT- $33.25) remains the cheapest and easiest way to buy bitcoin. IBIT is a Buy for the 2028, 2032, and 2036 halvings.
Primary Risk:Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.
iShares Ethereum Trust (ETHA- $17.91) remains the cheapest and easiest way to buy ethereum.ETHA is a Buy.
Primary Risk:Ethereum falls due to over-regulation or is surpassed by another cryptocurrency.
Commodities
Oil – $69.18
Oil got as low as $65.27 on Tuesday. The consensus appears certain that 2025 oil market balances will be in surplus due to low oil demand growth and high non-OPEC supply growth. While oil demand growth could be muted if there is a mild recession in 2025, what’s not being said is that low prices potentially fuel higher demand, just as high prices destroy demand. At the same time, low prices result in the supply side disappointing. The narrative actually can change the fundamentals by pushing prices to an extreme. You can’t have lower prices and higher supply.
The consensus estimates from the International Energy Agency, Energy Information Administration, Morgan Stanley, Bank of America, Goldman, and others, are that the growth range for non-OPEC supply in 2025 is between 1.5 to 1.8 million barrels a day. But at a $66/barrel average in 2025, non-OPEC supply won’t see any growth. It will decline 350,000 to 500,000 barrels a day. One important reason why this is the case is because of the servicing cost inflation the oil patch has seen since the 2016-2019 period.
Yet today there is a tremendous glut of paper oil. Financial futures traders are net short 65 million barrels. This is the most the market has shorted petroleum products in at least 14 years. You have to go back to 2002 to find a time the market was this bearish – and that was with air travel shut down after 9/11. The New York banks will have to come to Houston and Oklahoma City to settle, and the industry – not the banks, not the NYMEX, not DC, not the Fed – will set the terms.
Hedge Funds are now the least bullish on oil in history. I’m happy for the shorts to be borrowing barrels – as long as the borrowers make delivery.
Click for larger graphic h/t @Barchart
Goldman Sachs wrote: “In contrast to stronger physical demand, oil financial demand dropped to its new all-time low, and has plummeted by a massive average 7 million barrels a day over the past two months. Together with the tightening physical market, any normalization from the currently extremely low speculative positioning and sizable undervaluation of the Brent 1M/36M timespread should help crude prices to recover further, and we expect Brent to average at $77 a barrel next quarter.”
The July 2026 Crude Oil Futures (CLN26.NYM – no trades – June closed at $65.24) are a Buy under $70 for a $200+ target. Only buy futures for all cash; do not use margin.
The United States 12 Month Oil Fund, LP (USL – $35.65) is a Buy under $40 for a $100+ target.
Vermilion Energy (VET – $9.20) said they completed testing operations for their first deep gas exploration well in Germany drilled earlier this year. And it is very productive. They will bring it into production in the first half of 2025. Following that success, they began drilling their second deep German exploration well in August and will start a third deep gas exploration well with a 100% working interest in the December quarter. Results from the second and third wells will be known in the first half of 2025.
In Croatia, current production levels – 100% natural gas – now exceed 2,000 barrels of oil equivalent a day (boe/d). This high-valued natural gas sells at a premium to the Title Transfer Facility (TTF) benchmark, providing strong free cash flow. The four-well exploration results in Croatia have proven up multiple producing zones in four discrete areas.
European natural gas production comprises 22% of Vermilion’s corporate production and 40% of their gas production, with 2025 forward pricing of approximately $17 per million cubic feet or about seven times higher than the US.
The company is on track for their September quarter production forecast of 83,000 to 85,000 boe/d and full year guidance range of 83,000 to 86,000 boe/d. They bought back 1.4 million shares during August, increasing year-to-date total share buybacks to 7.5 million shares. That is a net share reduction of 4.6% since the start of the year and they plan to continue buying back stock through the rest of the year. VET is a buy under $11 for a target price of $24 or more.
Primary Risk:Oil prices fall.
Energy Fuels (UUUU – $5.09) is going to be a huge winner, so I added it to the Long Term Top Buys. Take the time to read John Quakes post. It starts: “The World Nuclear Association’s annual symposium has just wrapped up in London. The event was sold out for the first time, making it the largest Nuclear and Uranium industry gathering in the WNA’s history. Meetings and presentations were focused on how to best harness the rapidly growing global support for Nuclear energy in order for the Nuclear industry and supply chains to fulfill the COP28 pledge to triple Nuclear capacity by 2050. Global decarbonization goals coupled with greater emphasis on achieving 24/7 Carbon-Free Energy Security are driving a resurgence not seen since the 1970’s.”
After a lengthy post, including these quotes:
* * China told the WNA symposium that they plan to accelerate their build-out by approving up to 12 more reactors in each of the next 4 to 5 years. Their ultimate target is 150 operating reactors, tripling their uranium demand to 90 Million lbs per year.
* * Russia just released a draft 2042 Energy Plan which calls for the construction of another 34 Nuclear reactors that will more than double Russia’s Uranium requirements over the next 18 years, adding 18 Million lbs per year of new demand.
* * India’s Minister of State has confirmed plans to triple India’s Nuclear capacity from 8,180MW to 22,480MW in just 7 years by 2031-2032, aiming for 100,000MW by 2047….That’s a 3-fold increase in Uranium requirements by the start of the next decade, a 12-fold rise by 2047.
* * In the USA the Nuclear Regulatory Commission has approved 20-year life extensions for 4 US reactors of 4.3 Gigawatts, adding 20 years of 2 Million lbs per year unanticipated Uranium demand.
* * Upgrading and extending operating reactors has become the norm (excluding Germany) with life extensions approved this year in Canada, Spain, China, Japan, Belgium, South Africa, as well as for California’s Diablo Canyon…Plans are also underway to restart Three Mile Island in Pennsylvania…
* * Japan is in the process of restarting a 13th reactor that’s been offline since Fukushima.
* * We’re now approaching 1 Billion lbs U3O8 in canceled Uranium mining projects this year that were expected to feed Western Nuclear reactors.
John concludes: “The long and short of it is that there no longer exists ANY pathway to a rebalanced Uranium market in this decade. A sustained structural supply deficit will lead to rising prices for many years to come. After a decade of severe under-investment in new mines, the glacial supply response cannot even hope to keep up with demand, no matter how high prices go. Demand is rapidly outpacing supply. China alone is building large numbers of reactors in far less time than it takes to build a new Uranium mine to fuel them. Game.. set.. match.”
Click for larger graphic h/t @quakes99
On May 14, 2024, the US enacted a law banning Russian uranium and gave companies 90 days to stop purchases and source elsewhere. That window has closed. Russian uranium accounted for 12% of US total purchases at the time.
The Federal Court of Australia approved their transformative acquisition of Base Resources Limited, which will close October 2. They also said work to prepare for the restart of their Nichols Ranch uranium mine in the Powder River Basin is advancing as planned, with initial pre-production drilling intercepts showing stronger mineralization than anticipated. It could be in production as early as July 2025. UUUU is a buy under $8 for a $30 target.
Primary Risk: Uranium prices fall.
Freeport McMoRan (FCX – $41.81) presented at the Morgan Stanley Laguna Conference (AUDIO HERE). CEO Kathleen Quirk said their US waste stockpiles that contain 40 billion pounds of copper can be leached with new technology and they’ll eventually get to 800 million pounds of copper a year from them at a cost of $1 a pound. US mined copper costs $3 a pound.
The waste stockpiles are like a new, big mine with a low recovery cost. They are looking at new heat sources like geothermal and alternative leach solutions to make it even more cost-effective and efficient. They have US tax-loss carryforwards to get the incremental profits right to the bottom line.
They’ve built a clean balance sheet and are committed to allocating 50% of free cash flow to investments and 50% to return to shareholders through dividends and stock buybacks. FCX is a buy under $44 for a $65 target within two years.
Primary Risk: Copper prices fall.
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Yahoo Finance published a fairly neutral comparison
Click for larger graphic
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Your still avoiding Google Editor,
Michael Murphy CFA
Founding Editor
New World Investor
All Recommendations
Priced 9/12/24. Check out the complete Portfolio page HERE.
Buys
These are the stocks everyone needs to own because transformative events are happening over the next year or two, and I expect to hold them long-term.
Tech Dominators
Corning (GLW – $41.86) – Buy under $33, target price $60
Gilead Sciences (GILD – $83.16) – Buy under $80, target price $120
Palantir (PLTR – $34.91) – Buy under $22, target price $100+
PayPal (PYPL – $70.36) – Buy under $68, target price $136
SoftBank (SFTBY – $29.89) – Buy under $25, target price $50
Small Tech
Enovix (ENVX – $9.34) – Buy under $20; 4-year hold to $100+
First Trust NASDAQ Cybersecurity ETF (CIBR – $57.53) – Buy under $60; 3- to 5-year hold
Fastly (FSLY – $6.25) – Buy under $14; 3- to 5-year hold to $80+
PagerDuty (PD – $17.40) – Buy under $30; 2- to 5-year hold
QuickLogic (QUIK – $7.52) – Buy under $10, target price $40
Rocket Lab (RKLB – $6.86) – Buy under $13, target price $30+
$20-for-$1 Biotech
AbCellera Biologics (ABCL – $2.68) – Buy under $6, target $30+
Akebia Biotherapeutics (AKBA – $1.44) – Buy under $2, target $20
Compass Pathways (CMPS – $6.78) – Buy under $20, hold a long time for a 10x return
Editas Medicines (EDIT – $3.75) – Buy under $6 for a double in 12 months and a long-term hold to much higher prices
Inovio (INO – $6.63) – Buy under $14, hold a long time
Medicenna (MDNAF – $1.52) – Buy under $3, first target $20, then maybe $40
ScyNexis (SCYX – $1.34) – Buy under $3, target price $20, then $50
TG Therapeutics (TGTX – $23.19) – Buy under $12 for buyout at $30+
Inflation
A Short-Sale or REO House – ($415,400) – Hold
Bag of Junk Silver – ($30.22) – hold through silver bull market
Sprott Gold Miners ETF (SGDM – $31.07) – Buy under $28, target price $50
Sprott Junior Gold Miners ETF (SGDJ – $35.81) – Buy under $39, target price $100
Sprott Physical Gold and Silver Trust (CEF – $23.75) – Buy under $18, target price $30
Global X Silver Miners ETF (SIL – $33.53) – Buy under $30, target price $50
Coeur Mining (CDE – $6.85) – Buy under $5, target price $20
First Majestic Mining (AG – $5.79) – Buy under $11, next target price $23
Paramount Gold Nevada (PZG – $0.44) – Buy under $1, first target price $10
Sandstorm Gold (SAND – $6.02) – Buy under $10, target price $25
Sprott Inc. (SII – $40.89) – Buy under $40, target price $70
Cryptocurrencies
Bitcoin (BTC-USD – $58,223.06) – Buy
iShares Bitcoin Trust (IBIT – $33.25) – Buy
Ethereum (ETH-USD – $2,348.49) – Buy
iShares Ethereum Trust (ETHA- $17.91) – Buy
Commodities
Crude Oil Futures – July 2026 (CLN26.NYM – no trades – June closed at $65.24) – Buy under $70; $200+ target
United States 12 Month Oil Fund, LP (USL – $35.65) – Buy under $40; $100+ target
Vermilion Energy (VET – $9.20) – Buy under $11; $24 target
EQT (EQT – $32.86) – Buy under $35; $70 first target
Energy Fuels (UUUU – $5.09) – Buy under $8; $30 target
Freeport McMoRan (FCX – $41.81) – Buy under $44; $65 target within two years
Holds
These are holds but not sells – yet. They could get moved back to one of the buy categories if their prices drop or outlook improves, or they could become sell recommendations in the future.
Apple Computer (AAPL – $222.77) – Expect to move back to Buy under $175 for new iPhones
Meta (META – $525.60) – Expect to move back to Buy under $400
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First in sign in, but not in gains.
nice job buy golden boy the other night.
Trump has lost. He is obviously crazy. Go long on solar, EVs, Bitcoin, Gold and WAR.
historically our economy and jobs do better under Democratic administration then Republican. jest a fact not an alternative fact.
like TGTX is doing well and will probably get a buyout in the next 5 years.
Why hasn’t MM raised his buy price? Buy under $12.00??? What’s your opinion?
i dont know John. i averaged up and down 20% of my position right now im at $14.43 and would add more but its 1/4 of my trading portfolio. i think MM $30 target is low i started building a position in 2017 so i have held it through a high of $56 before there current drug was approved when they had 2 cancer drugs FDA approved and subsequently pulled. so this is the 3erd drug over the finish line. its 60% institutionally owned down from 72% at one time. like a lot of stocks it has been getting played with buy the big boys and I believe is undervalued. my number is $50 or better in a buyout from someone like EBBV or JNJ the longer it takes the higher the $#. bio has been a bad place to be for a while now the big boys and there algorithms seem to hold stuff back quite well in till its actually in negotiations and all there derivatives are in the clear.
i really kicked a hornets nest mentioning the failed rich kid want to be ny.ny. club52 swinger and developer. its a litanies test for reason and the ability to discern fantasy from reality.
do your own Do Diligence if you can.
It’s a hold for a buyout at $30+. I don’t think we should chase it. Roche just got approval for subcutaneous Ocrevus and that might knock TGTX back until they get the same approval for Briumvi.
Yeah, bitcoin, gold and war are inflation plays under stupid socialist policies of idiot Harris. Where would the Harris govt get the money for all the grandiose giveaways for middle class–subsidies for home buyers, student loans, etc. Much higher taxes and inflation are legalized stealing from all taxpayers most of whom are not home buyers or have student loans, etc. This is immoral whether you admit it or not. Trump will challenge her on that in the next debate or in social media and campaign events. The corrupt leftist ABC debate hosts ganged up on Trump but didn’t fact check her on her own plenty of lies. They shielded her from the grilling Trump would have given her on the economic fallacies of her plan.
Did you actually watch the debate? ABC fact checked trump on his claim of immigrants eating dogs and cats. This dude is cooked.
Wrong. David Muir only spoke to an official of that town. No official is to be trusted. Every politician will deny bad news about their represented community. To be fair, Republican Chrisite Whitman lied when she claimed that the air in Manhattan after the 9/11 event was safe. I actually was in Manhattan midtown a few days later, and miles away it smelled like a burning chemical factory in your face. In a college lab, I actually had my breath cut off for a few seconds after exposure to HCl. She was a liar, which I knew at the time. And now we have many more deaths from toxins than the 3000 on 9/11. Because of my experiences, I have sympathy for the 9/11 victims both early and later.
And my experience with bad intrusive regulations on the medical field helps me understand the similar handicapping of other businesses. Any hardcore socialist voter and newscaster is a menace to the society of sane people who want freedom for themselves while not intruding on the similar desires of others. Worse, that newscaster is a mass terrorist who poisons the mind of millions of people who haven’t been educated on honest morality and the true history of socialist civilizations that have collapsed. I am not faulting blue collar workers without much academic education. They got training in their fields and deserve to make an honest good living being employed at companies that are not taxed and regulated to death by govt incompetents without real experience.
You are so out of touch. We are not running a balanced budget, we are printing our way to inflation. Your boy trump added 9 trillion to the pile. Stop with the socialist/communist bullshit. This isn’t 1950.
You need an education. Read my post on the last board from the brilliant Austrian School economist Mark Skousen. Socialism is the worst economic system ever devised by devious people to steal from one group for the benefit of another. If you think this system is moral, that shows the low moral character of those that support it. Crime doesn’t pay, except in an immoral society.
Balanced budgets are the minimum requirement. They have to be sustained so that debt is also nil. Both R and D parties have been rabid socialists. I’ll give Bill Clinton and JFK credit for better fiscal responsibility. Joe Manchin is today’s best D, but he didn’t want the job of President. But KH would be the most fiscally irresponsible govt thief in our lifetime. Do you like her scheme of taxing unrealized capital gains? If enacted, overnight companies will relocate outside the US, and there will be mass unemployment. Individuals if they are able will also desert the US. A collapsed economic output would reduce the tax base, ushering in more govt relief programs which will collapse because there is no more money to sustain them. That is the history of how socialist economies collapse, just as uncontrolled metastatic cancer saps the energy of the victim, resulting in death.
The leftist ABC let her evade answering the challenges Trump started to level at her about her stupid plan or lack thereof. He certainly has his flaws like the tariffs which are inflationary, but otherwise his economic policies have been good. Read Mark Skousen.
Dido on that. She didn’t answer ONE question she was asked in the whole debate. She just went off on another “word salad” rant about how wonderful she would make the US in her new “opportunity economy “. Yet giving ZERO details on exactly how she planned to do that!! With the absence of any details of her plan , that only means she has NONE. Or she doesn’t want to reveal that because she knows voters will reject it and her in the November shoot out. Trump’s best response was at the end. She has had 3 and 1/2 years to implement all of her policies. How is that working out for all the voters she claims to be representing? Millions of voters are paying their bills with plastic because there isn’t enough money at the end of the month to buy inflated groceries, inflated rent, inflated gas and basic necessities. Voters vote with their pocketbooks. DUH! If she thinks voters will be voting for more of that then she is more of a basket case than mentally challenged Joe is . Oh, by the way. After considering your comment about selling MDNAF . I took it. Sold it all at $1.52. $8k. Net about $4k. If TGTX falls as you say , I will have dry powder to get after that. A bird in the hand is always better than two in the bush! Thanks for your input.
Well said about fraudster KH, particularly how she won’t reveal her plan because she knows voters will reject it and her on Nov 5. I knew an old Chinese lady who witnessed the rise of Chairman Mao in the 70’s “cultural revolution.” Via translation from my Chinese girlfriend, I asked her how the people misjudged the true commie that he was. Answer–he was friendly, glib and appealed to poor people without education, promising them all the benefits they could want. Soon they found out the true intentions of Mao and saw the murderous aftermath which persists 50 years later. KH IS THE MAO OF TODAY. She is even more liberal than Bernie Sanders who openly praised the USSR. The purpose of her flippant laughing is to distract ignorant voters from her true intentions. The FFF–flippant flip flopper.
MDNAF may make it, but it is high risk. TGTX–subcu Ocrevus was approved today. It seems like that approval was already discounted by TGTX. Perhaps Mon may see TGTX decline a bit, which would be the last buying opportunity. I like the comments on ymb by Axel, saying that subcu Ocrevus patients will be pissed when they feel the pain of a golf ball sized infusion in their body, and quickly switch to Bri. Since my average cost is $6, I am not eager to buy more at $24, although if it corrects to the high teens, I may add. However, our friend Steve is always asking which stock is most likely to double in a reasonable time frame, and I would safely say TGTX is likely to go to $50 or even $100 within 2-3 years.
Thanks. Here is another fact check on KH. She is saying lately that her “values” haven’t changed. When she was in her 30’s she dated a man (married) in his 70’s. Why would she do that, you might ask? Because his name was Willie Brown , the mayor of San Francisco. That’s how she got into politics. She used him to get a cushy, high paying job in San Francisco government. And he used her to replace his blow up doll. So where was her “values” /virtue/ morality, then? If I were on her “handler”/ campaign staff I wouldn’t use that fact to promote her. If she hasn’t changed her values since then, we are in deep manure if she gets elected! Just say’in. She is quick to point out all of Trump’s shortcomings/mistakes but not a word from the liberal ABC media (which is owned by KH’s close friend) about her’s.
True. ABC shielded her from the obvious contradiction that if her values haven’t changed, why is she now championing some of Trump’s policies such as getting tough on the border? She evaded answering to that.
Trump got his start in business. His father handed him a decent real estate business which he multiplied many times over. Not one subscriber here has done that. Buffett is one of the few financial do-ers who has done that. Sure Trump has character flaws and a few business failures. He’s a tough high testosterone kind of guy. That’s what it takes to deal with tyrants like commies and theocrats. A gentleman intellect like myself is not suited to being a world leader–we need a Trump type, not a gentleman Jimmy Carter type. Carter was probably ashamed of the present day D far leftist establishment.
Just google Trump’s inheritance. He received 400 million from his daddy and lost most of it when NYC real estate crashed in the 70s. He blew another bundle when his over leveraged casino in Atlantic city collapsed.
Trump has gone BK 7 times. Amazing businessman right?
The most money he made was through milking favors while in office as president. Why do you think he wants another 4 years? Jared and his wife made billions from the Saudis. Nice work if you can get it.
Trump is in OBVIOUS cognitive decline. You clowns are going to lose and lose BIGLY with this guy. Take a gander at the trump endorsed governor down here in NC. He’s down around 15 points.
I’m loving it.
Most investors have big gains and big losses. Trump turned his business empire around and became rich again long before he became President.
Don’t be too surprised if you wind up worth more than trump. Most of his net worth is in DJT. If he doesn’t get elected it probably go’s to 2 dollars. It’s came from over 60 to 20. If you want to see this country prosper pay off the national debt. I don’t think the dems or republicans know how to do that. Trump said in 2016 he would pay off the debt. He increased it 3 trillion before covid hit. Every dollar in taxes we pay .39 go’s to interest Can you imagine the standard of living we, our children.and grandchildren would have if taxes could go down 39 percent. Economist are saying if Kamala gets elected debt go’s up 2 trillion. If Trump gets elected 5 trillion. No family, company, or Country can prosper under that debt burden. At the rate were going it will be 50 trillion in 10 years. It may be the demise of America.
short DJT all the way to 0.05
The economists that say Trump will increase debt more than Harris are nothing more than socialist advocates. Truthfully, biased and political economists are the true villains, since politicians follow recommendations of their chosen economists who support their positions. Real economists like Mark Skousen (read my post on the last board) know that socialism is responsible for destruction of all civilizations. Money for benefits to everyone comes at the expense of taxpayers. Govt investment is using other people’s money. Everyone is more careless about using other people’s money than their own.
BOTH parties will increase debt. The US is BK and there ain’t no way to stop it.
Got Bitcoin?
The obvious way to stop and reverse debt is to cut spending. You’re correct that neither party will do it. They each promise their constituents benefits which are paid by increasing govt spending. Both parties are socialists–bad. Another way to reduce huge debt is to raise taxes hugely. But this leads to contraction in economic output because companies will have less incentive to produce if more is stolen from them in taxes. Compliance with stupid regulations on business requires more staff and overhead, reducing economic output and profits. All that reduces the tax base and revenue, actually making the debt worse.
The answer is to gut socialism and have govt limited to serving the small % of the truly disabled. Private voluntary charity should be the major contributor of aid to the disabled, but when socialism depletes savings of individuals and companies, there is less money available for charity.
Trump is not the best historical example of a free market advocate, and certainly high tariffs are inflationary. The tariffs are a defensive way to counter rogue nations that subsidize their own industries and steal US technology. Analogy–gun use by criminals is wrong, but only moral by people trying to defend themselves against criminals. Is there a better way other than tariffs to defend US economic interests?
The bloated defense budget certainly is a big contributor to debt, but like tariffs, it is a necessary evil way to prevent total destruction of the US by tyrannical countries.
I agree with your assessment of our crazy national debt. It increases now by ONE TRILLION dollars every 100 days!! Each person in the US (man,women. child and all the people now who don’t want to be called any of that) have a share of that over $100,000.00. The total income of the US in 2023 was 4.4 TRILLION. The total spending was 6.1 TRILLION. Or 1.7 TRILLION more than the US took in . We spend 2.4 BILLION EVERY DAY on paying the interest on the national debt. Unflipping believable. In ten short years that will be 24 BILLION dollars a day. They are burning the house down and they have to stop!! We the people have to end this insanity. Powell finally figured it out, the US economy is in much worse shape than the FED’s 400 PHD’ s number crunchers thought. He cut rates .50 basis points. Warren Buffet was way ahead of him. He now holds $275/$285? Billion in cash from selling Apple and other holdings. Every time he has done that he bought great companies for less over the following months/years. I recently bought BRK-b . It’s up from my buy in price.
Buffett has favored OXY. Maybe that’s the best safe way to play oil.
You and your ilk are absolutely disgusting human beings. Our world will be much better when your generation dies off.
The real disgusting people are those who pick and choose facts they present and ignore to support the immorality and record of hardship under hardcore socialist economies. Chris and I agreed a while ago that some small % of socialism is acceptable. That is about 10% where the free market doesn’t offer help to the disabled. But voluntary charity should make up the lion’s share of that. But Harris intends to massive raise taxes and plunder the wealth of most people to enable her special interest groups to steal from the productive groups.
The Teamsters Union just put the last nail in Harris’s coffin. They are NOT endorsing Harris. This is after they endorsed Biden in 2020, Obama before that and a series of democratic candidates in the past. The Teamsters Union is the largest Union in the United States and 2/3 of them are NOT voting for Harris. How do I know? I have been representing the Teamster tribe for over 40 years. Fact check that. Harris is in trouble!!
They aren’t endorsing anyone. https://teamster.org/2024/09/teamsters-no-endorsement-for-u-s-president/
However, local unions ARE endorsing Harris in key battleground states.
https://thehill.com/homenews/campaign/4888157-kamala-harris-endorsement-local-teamsters-unions-battleground-states-2024/
Keep praying though.
Interesting. In what capacity have you been representing the Teamsters? Lawyer? What do you think of Dictator’s link to the lack of endorsement of any presidential candidate? Maybe that article is true about official Teamster policy, but do polls of Teamsters indicate that 2/3 of individual members are not voting for Harris?
The Hill is another leftwing media propaganda outlet not to be trusted.
I’m assuming you trust the teamster.org site? It states quite clearly that: “The union’s extensive member polling showed no majority support for Vice President Harris and no universal support among the membership for President Trump.”
The 2/3 number isn’t in the document. Maybe it’s in some other poll.
The ABC hosts gave Trump over 5 minutes more of talking time than they did Harris They obviously favored Trump.
DonB–you are a religious man with authentic morality. Now apply your balanced reasoning ability. The ABC hosts grilled Trump but not Harris. So he needed more time to dispute their accusations. If they had called her out on her lack of answers to questions, she would have needed more time to defend herself. However, she either would have ramble on with more irrelevant nonsense, or she would have been silent and not used much time, because she refuses to reveal details of her plan, similar to what happened when Mao Tsedong took over China in the 1970’s.
More generally, socialist tenets of legalized stealing are against the religious tenets of voluntary charity. Most Repubs are religious. God’s laws supersede artificial laws created by man. The single commandment of “thou shalt not steal” is the main thing to follow for a rational, functional society based on morality.
The ABC hosts did everything they could to helpTrump win they even gave him more than 5 minutes more talking time than Harris.
Stop trusting mainstream media propaganda. Re-read my post above, and go back to God and morality.
Here’s the Enovix’s William Blairs fireside chat. I really enjoyed it. https://x.com/jawwwn_/status/1834345371503374483
MM–on AKBA, the 3 month wait for getting dialysis patients on Vafseo affects the timeline for V revenues. Would existing dialysis patients before 10/1/24 start V on 1/1/25? New dialysis patients after 1/1/25 would have to wait until 3 months later, or after 4/1/25 to start, etc. How does this affect your V revenue projections for 2025?
MM–please answer my question.
Not at all.Yes, existing patients can start right away. New patients do have a 3-month wait, but it won’t affect the speed of the launch.
Thanks. Dialysis lasts many years, so most of the Vafseo candidates are existing patients, It will take a few years to get the existing patients on board, so we don’t have to be concerned about the 3 month delay for new patients.
MM why dø you think APPL will drop to or below 175.00 from 220.00 ??
New World Investor for 9.19.24 is posted. Removed AAPL from Short-Term Top Buys