Dear New World Investor:
Well, I know this feels bad.
But for the second time in a week, the S&P 500 touched the bear market trigger (3855 – down 20% from its all-time high) and bounced. Yet sentiment is extremely negative. Nearly $81 billion exited stock and bond funds in April – the largest move since March 2020, during the height of pandemic fear. When investors redeem $1.00 from a Nasdaq 100 (QQQ) fund, they are selling 13 cents of Apple, 11 cents of Microsoft, 8 cents of Google, 6 cents of Amazon, and 4 cents of Tesla. That’s 42 cents of every $1.00 sold from five stocks and explains the weakness in Big Tech.
Cash levels among institutional investors hit the highest level since September 2001, with BofA describing its survey results as “extremely bearish.”
Retail investors feel the same way. The American Association of Individual Investors bull/bear ratio is close to its lowest levels of March 2009 and October 1990. AAII bears hit 50.4% and the four-week moving average is the highest since the Great Financial Crisis.
Jared Dillon, who writes The Tenth Man newsletter (free), said: “If you believe the Fed will blink and pause its rate hike campaign, then you should buy risk assets with veins popping out of your neck. If you think the Fed will follow through on its promise to get inflation back to 2%, then you should prepare for one of the all-time great bear markets. Those are your choices. And they are binary—there is no in-between. The Fed will blink because it has a track record of doing what is expedient rather than what is right.”
I agree. I think the Fed won’t raise the funds rate more than another percentage point, and the minute Chairman Powell gives the slightest hint of backing off, there will be a rip-your-face-off rally. This chart of market corrections during midterm election years (blue bars) and market performance one year after the correction ends (red bars) tells the tale.
As my friend and fellow newsletter writer Keith Fitz-Gerald just wrote, most people fail in the markets because they lack the long term patience to deal with short-term noise.
The S&P 500 lost 0.7% since last Thursday, but that included yesterday’s 4.04% one-day decline, the S&P 500’s largest one day point and percentage drop since June 11, 2020. Yesterday was a 17:1 down day (declining volume/ advancing volume), the worst day since 6/24/2020. The Index is down 18.2% year-to-date, but over 60% of the stocks are down more than 20%.
The Nasdaq Composite gained 0.5% but still is down 27.2% for the year – bear market territory. The small-cap Russell 2000 also gained for the week, up 2.1%, but still is down 20.9% in 2022 – also bear market territory, even if only by a bit.
The fractal dimension is heading rapidly towards an end to this downtrend, which could come anytime. Even a sideways move from current levels will cause the fractals to fall to 30.
Changes this week: None
Near-Term – chronological order
OIL iPath Pure Beta Crude Oil Exchange-Traded Note – crude should rise quickly
GBTC Grayscale Bitcoin Trust – Bitcoin is coming out of one of its periodic sharp drops
FB Meta – Bounce from overdone selloff
VLD Velo3D – Rapid revenue growth; low market cap
Long-Term – alphabetical order
ARTH Arch Therapeutics – High-value wound care and hemostat for surgery
CWBR CohBar – mitochondria drugs and life extension
GRPH Graphic Bio – second-generation genetic editing
NVTA Invitae – the winner-take-most of genetic testing
FB Meta – a leader in the metaverse
The number of Americans seeking first-time jobless benefits surged to 218,000 last week – its highest since mid-January and above last week’s 203,000 and economists’ expectations for 200,000. This is the biggest eight-week rise in jobless claims since the growth scare in December 2020-January 2021. It is not seasonal.
The Atlanta Fed’s GDPNow model for the June quarter is up to +2.4% growth, but much of that is from the “base effect” comparing to the recovery from the virus in 2021. The June number will be announced on July 28, and a possibly much weaker September quarter number will be announced on October 27, right before the midterm elections. Global growth looks like 2.2% for the year, all due to the base effect. I expect a recession in 2023.
Worldometers now shows 525,478,228 worldwide confirmed infections, of which 501,524,508 have run their course. Of those, 495,227,989 recovered and 6,296,519 died – the fifth week in a row at the new low case fatality rate of 1.3%.
In the US, there have been 84,760,335 confirmed infections, of which 82,496,553 have run their course. Of those, 81,468,407 recovered and 1,028,146 died, the third week in a row at the all-time low case fatality rate of 1.2%.
Hospitalizations continue to slowly increase
But daily deaths are down to 259.
All times below are ET, and most of the presentations and slides are archived on the companies’ websites so you can listen to them.
Monday, May 23
GRPH – Graphite Bio – 10:00am – UBS Global Healthcare Conference
Tuesday, May 24
CWBR – CohBar – 7:00am – HC Wainwright Global Investment Conference
AKBA – Akebia – 7:00am – HC Wainwright Global Investment Conference
GLW – Corning – 8:50am – JPMorgan Global Technology, Media and Communications Conference
Short Interest – After the close
QUIK – QuickLogic – 4:30pm – HC Wainwright Global Investment Conference
Wednesday, May 25
SCYX – ScyNexis – 11:00am – HC Wainwright Global Investment Conference
Thursday, May 26
March quarter real GDP – 8:30am – Second estimate; -1.4% expected (unchanged)
ACRDF – Acreage Holdings – 12:00pm – Annual meeting
The $20-For-$1 Stocks
Say you put $2,000 into a stock that goes from 50¢ a share to $10. The $2,000 turns into $40,000. Then you put the $40,000 into another stock that goes from 50¢ to $10. That turns the $40,000 into $800,000. You did it with two stocks, and never risked going negative more than $2,000. (Not that you won’t be mad at me if the first one works and then the second one doesn’t, taking your $40,000 to Money Heaven.)
If you can afford it – and it would not be too big a position in your portfolio – putting $2,000 into each of these 12 speculative biotechs might be a good way to start.
The market capitalizations of these recommendations typically are very low. At the same time, Initial Public Offering valuations have moved very high. We are seeing $750 million to $900 million valuations for a good preclinical/Phase 1 IPO, and even $300 million to $500 million for mediocre Phase 1s. I don’t see how investors make 5x to 10x in a reasonable, three- to four-year period. How many biotechs have moved north of $10 billion within 5 years after pricing an IPO in the $700 million to $900 million range? Hardly any. 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 much better strategy to me.
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.
Aptose Biosciences (APTO – $1.05) presented at the RBC Global Healthcare Conference (AUDIO HERE). They said they should have new data for three or four -239 patients at the highest dose. We’ll get a thorough update at their Key Opinion Leader/Corporate Update meeting on June 2. APTO is a Buy under $4 for a $45 target in a buyout.
Primary Risk: Either drug fails in clinical trials.
Clinical stage of lead product: Phase 1a
Probable time of first FDA approval: 2025
Probable time of next financing: mid-2023
Arch Therapeutics (ARTH – $0.08) filed their March quarter 10-Q. They had an abysmal $3,130 in revenues. When I recommended Arch, I thought they had a dramatically better product and could get FDA approval on a shoestring – and I was right about that. I also thought the strategy of seeding Key Opinion Leaders with free product rather than building an expensive sales force made sense. It looks like I was wrong about that.
To put the quarter in perspective, there were about 9,000 foot amputations due to diabetic foot ulcers in the three months. So around 9,000 doctors took part or all of someone’s foot off rather than try AC5. And 9,000 payers ponied up for the surgical, hospital, and rehab bills rather than saving 98% by requiring doctors to try AC5 first. Of course, 9,000 patients gave up part or all of their foot rather than try AC5 for three weeks or so. Only one of those participants had to say: “Try AC5 first.” None did. Remarkable.
My guess is that CEO Terry Norchi is about to decide – or has already decided – that his gamble in leaving a million dollar a year job at Putnam to start Arch 10 years ago has failed. His equity position has been diluted by more than 50% and Arch finished the quarter with only $54,405 in cash and over $1.2 million in accounts payable. They probably are funding the company with At-The-Market stock sales. He should be able to get $1 to $2 a share for the 300 million shares of stock outstanding from either Johnson & Johnson or Baxter, whichever one wants to dominate the high-end wound care market. So I am with great sadness moving ARTH to a Hold for a buyout.
Primary Risk: AC5 fails to sell or the internal trial fails.
Clinical stage of lead product: External approved. Internal trial 2022
Probable time of first FDA approval: External done. Internal 2023
Probable time of next financing: June 2022 quarter
CohBar (CWBR – $0.20) reported a March quarter loss of $3.3 million or four cents a share, in line with expectations. On the conference call (TRANSCRIPT HERE), management said their preclinical work getting CB5138-3 ready for an Investigational New Drug is on track.
They are continuing to “explore potential partnerships” for CB4211, but my attitude towards this is show me the money.
They finished the quarter with $23.5 million in cash and no debt. They’ve cut costs and are funded into the second half of 2023, but they only have until November 7 to get the stock price over $1 and avoid a reverse split. If they can partner CB4211, they could do that. CWBR is a Hold for the human trials of CB5138-3.
Primary Risk: Their drugs fail in the clinic.
Clinical stage of lead product: Phase 1
Probable time of first FDA approval: 2025
Probable time of next financing: March 2023 quarter
Graphite Bio (GRPH – $2.29) gave a fireside chat at the RBC Global Healthcare Conference (AUDIO HERE). Management said they have much higher efficiency in repairing genes because they have optimized every step in the process – identifying the defective cells, priming them to get ready to be edited, optimizing the delivery technology, executing the gene repair, and measuring the degree of success.
They presented preclinical data on their next gene therapy, GPH102 for beta-thalassemia, at the American Society of Gene and Cell Therapy annual meeting. GPH102 replaces the mutated beta-globin gene with a functional gene that normalizes the hundreds of mutations in the beta-globin gene that cause beta-thalassemia and restores adult hemoglobin expression to healthy levels. They plan to submit an Investigational New Drug Application by mid-2024.
GRPH is a Buy under $26 for a $50 target in 2022, $100 in 2023, and then higher.
Primary Risk: Their drugs fail in the clinic.
Clinical stage of lead product: Phase 1
Probable time of first FDA approval: 2025
Probable time of next financing: 2023 or 2024
Invitae (NVTA – $3.72) announced an expanded 38-gene pharmacogenomics (Pgx) panel that analyzes a patient’s genetics and co-medications for their impact on drug and dose personalization. Nearly one in four patients has been prescribed medications for which they are predicted to have an atypical response due to their genetics. Invitae believes PGx testing is poised to become the standard of care across all medical prescribing if – and this is a big IF – healthcare providers recognize the utility of PGx testing and implement it in their practices. PGx can reduce adverse drug effects, including side effects and treatment failures, save time, reduce costs, and improve patient care.
Medicare local coverage determinations are aligning PGx testing coverage with the evidence. Congress also recently introduced the Right Drug Dose Now Act to increase awareness of and access to PGx.
Buy NVTA under $50 for a first target of $100 and eventually $200+ when they become the Amazon of genetic testing.
Primary Risk: A competitor starts taking significant market share.
Clinical stage of lead product: NM
Probable time of first FDA approval: NM
Probable time of next financing: Not needed
Akebia Therapeutics (AKBA- $0.35) got a notice of termination from Otsuka of their licensing agreement for vadadustat outside the US except Japan, where it is approved and marketed by Mitsubishi Tanabe Pharma. Akebia said they will continue the European Medicines Agency approval process, which is well underway. In March, Otsuka also submitted applications for regulatory approval in the United Kingdom, Switzerland, and Australia.
They also said they got the expected Nasdaq delisting notice and have until November 8 to get their stock above $1 a share, which could include the dread reverse split. We’ll see what the FDA says and then decide what to do. AKBA is a Hold for the FDA meeting on vadadustat.
Primary Risk: Vadadustat not approved.
Clinical stage of lead product: Vadadustat NDA filed
Probable time of next FDA approval: March 29, 2022
Probable time of next financing: June quarter of 2022
QuickLogic (QUIK – $5.89) reported March quarter revenues up 83.0% from last year to $4.1 million, just above the $4.0 million estimate. New product revenue was up 29% from the December quarter to $3.5 million as their strategy starts to really kick in.
Their gross profit margin expanded again, hitting 60.1%. They lost six cents a share pro forma, a penny better than the seven-cent loss estimate.
On the conference call (TRANSCRIPT HERE), management said they will be profitable by the middle of this year and report profits for the September quarter. They have several seven-digit Intellectual Property bids in process, and these carry very high profit margins. QUIK generally starts receiving a low-single-digit annuity royalty stream 12 to 15 months after winning. Once they are designed into an application, the tail will last for several years, if not decades.
For the June quarter, they guided for $4.5 million in revenue ±10%, composed of $3.6 million of new products and $0.9 million of mature products. The expect a pro forma loss of two cents to four cents a share, with a stretch goal of breakeven. CEO Brian Faith said: “I am more confident in our ability to get to our revenue goal of $20 million. The revenue cadence will still be weighted more to the second half of 2022…As good as the improvement has been over the last year, I believe the next 12 months will be even better.”
Later, Brian said he wants to hit $30 million in 2023. QUIK only has 12.3 million shares outstanding, so that would put the stock well into double digits. Beyond that, QuickLogic is developing a chiplet strategy that can get them into sub-10-nanometer nodes and drive them towards $100 million in revenue. Brian discussed this recently in an Open Compute Project presentation (starts at 2:18:58):
QUIK is a Buy up to $10 for my $60 target as their sensor hub is widely adopted in smartphones, tablets and wearables.
Primary Risk: New sensor hub competitor emerges.
Probable time of next financing: None needed
Rocket Lab USA (RKLB – $4.75) reported March quarter revenues up 123.7% from last year and 48% from the December quarter to $40.7 million, just above the $39.85 million estimate. They lost six cents a share, a penny worse than the five-cent loss estimate.
On the conference call (SLIDES HERE and TRANSCRIPT HERE), management said their backlog more than doubled in 90 days, from $241 million at the end of December to $564 million at the end of March and then to $551 million today.
After the end of the quarter, they successfully launched two more missions deploying 36 commercial satellites, bringing their total deployed count to 146. They also succeeded in their mid-air helicopter catch of a returning Electron booster, an expensive component that appears to be in good shape.
They guided for June quarter revenues between $51 million and $54 million, slightly under the $55.94 million consensus estimate. Revenues from three launches will be $19 million and Space Systems revenue will be $32 million to $35 million.
I think Rocket Lab will be the second-biggest winner from the space race, behind SpaceX. SpaceX is currently valued at $125 billion. Rocket Lab is valued at $2.65 billion. That seems like an excessive gap. 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.
Probable time of next financing: None needed
Gold ($1,839.90) bounced back from last week’s biggest weekly loss since last June and fourth straight weekly decline. There’s a real probability that Russia and China will back their currencies – or central bank digital currencies – with gold. That would put gold up $500 overnight.
The fractal dimension is stalled in consolidation – what else is new? – with tons of energy to fuel the next trend.
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 – $29,997.00) is fighting to stay above $30,000. I read the new Andreessen Horowitz State of Crypto report and came away thinking the right thing to do is buy bitcoin at a discount via GBTC and etherum at a discount via ETHE, and continue to avoid the Wild West of alt coins and crypto projects.
BTC-USD, ETH-USD, GBTC and ETHE are Strong Buys.
Primary Risk: Bitcoin falls due to over-regulation or is surpassed by another cryptocurrency.
Oil – $111.62
Oil rose today on news that the US is considering sanctioning countries that buy Russian oil. Gasoline hit $4.589 per gallon, over $4.50 for the first time ever and up 51% from last year. Diesel is up 76% to $5.577 per gallon and near $7.00 in New York. I expect $7 gasoline across the country by the end of the summer driving season ($8 in California – sorry, guys). The price of crude oil is up about 13% since Russia invaded Ukraine, but gasoline is up 33% (equivalent to $155 oil), New York diesel is up 69% (equivalent to $175 oil), and New York jet fuel is up over 135% ($275 oil).
Despite much higher Russian crude exports, OPEC+ crude exports are now down year-to-date.
In the US, the lower the number of drilling rigs, the less supply will come to market. The higher the rig count, the faster supply can catch up. Supply is governed by rig count. In 2014, the rig count was about 1,600. As you can see, hundreds of rigs shut down during the great oil bust of 2020:
Oil prices were way below the “breakeven” price at which oil companies can start to turn a profit. So instead of running at a loss, it made more sense to close up shop. The rig count fell below 200 in 2020 for the first time in at least a decade. Today it is 552, about 1/3 of 2014.
Last week, the US drew down commercial crude inventories by 3.4 million barrels despite a five million barrels Strategic Petroleum Reserve weekly release. And it’s only mid-May! Refineries are running at over 95% of operable capacity. Saudi energy minister Prince Abdulaziz bin Salman said: “When in our lifetimes have we seen refining margins of $47 to $50 a barrel? It tells you that there is no refining capacity commensurate with the current demand and expectation of demand this summer.”
More than one million barrels a day of the country’s oil refining capacity — or about 5% overall — has shut since the beginning of the pandemic. With demand for gasoline and jet fuel practically vanishing during the height of the pandemic, companies closed some of their least profitable crude-processing plants permanently. Elsewhere in the world, capacity has shrunk by 2.13 million additional barrels a day. With no plans to bring new US plants online, even though refiners are reaping record profits, the supply squeeze is only going to get worse.
The eventual transition toward cleaner energy makes refinery long-term business model unprofitable and makes them less likely to attract buyers. By the end of 2023, as much as 1.69 million barrels of US capacity is targeted for closure compared to 2019 levels. With California unveiling this week a roadmap to slash oil use by 91% from 2022 levels by 2045 and other places moving to limit fossil-fuel use in the decades ahead, refining companies can see the writing on the wall. It’s a 15 to 20 year payback on most refinery investments.
At the same time American refining shrinks, the war in Ukraine has made the global divergence between supply and demand even more acute. With many countries shunning Russian fuel exports in the wake of the war, the US is now supplying more of the world’s fuel with an ever-shrinking fleet of plants. Europe has been seeking alternatives to Russian diesel since the war began, while fuel demand in Latin America, the largest buyer of US refined products, is strong and growing. Meanwhile, the US is itself gearing up for a spike in consumption this summer.
And just to remind you, on Tuesday, November 9, 2021: “U.S. Sees Oil Market Oversupplied by Early Next Year: Supply increases next year from OPEC nations as well as U.S. drillers will ultimately pressure prices lower. The U.S. benchmark crude will fall below $80 a barrel by December and reach as low as $62 by the end of next year and its global counterpart Brent will average $72 a barrel in 2022, the Energy Information Administration said in its Short-Term Energy Outlook on Tuesday. U.S. pump prices will drop below $3 a gallon by February, the data show.” – Bloomberg
The July 2026 Crude Oil Futures (CLN26.NYM – $53.16) are a Buy under $55 for a $200+ target.
The iPath Pure Beta Crude Oil Exchange-Traded Note (OIL – $34.50) is a Buy under $24 for an $80+ target.
Energy Fuels (UUUU – $6.01) reported March quarter of revenues $2.94 million, up a ridiculous 740% from last year. They lost $14.9 million or nine cents a share. They produced approximately 60 metric tonnes of mixed rare earth element (REE) carbonate, containing 30 metric tonnes of total rare earth oxides. The carbonite contained 32% to 34% neodymium-praseodymium (NdPr) oxide, the most advanced REE material being produced in the U.S. today. They said they are in active discussions with several sources of natural monazite sands around the world to significantly increase the supply of feed for their growing REE initiative.
On the conference call (AUDIO and SLIDES HERE and SLIDES HERE), management said US uranium and nuclear fuel suppliers like Energy Fuels are seeing increased interest from US utilities as a result of the $6 billion Civil Nuclear Credit Program, which prioritizes reactors that purchase nuclear fuel and uranium from US suppliers.
Today they said they are acquiring 17 mineral concessions totaling more than 37,000 acres of land in Brazil’s Bahia state for $27.5 million. Based on historical drilling, the Bahia Project likely holds significant quantities of heavy rare earth minerals, including monazite, to feed its US-based rare earth element supply chain.
They company finished the quarter with $105.8 million in cash. UUUU is a buy under $11 for a $30 target.
Primary Risk: Uranium prices fall.
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Let’s follow the science with Dr. Fauci.
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Your reading Kuppy on inflation Editor,
Michael Murphy CFA
New World Investor
Check out the complete Portfolio page HERE.
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.
Aptose Biosciences (APTO – $1.05) – Buy under $4, ultimate target $45
Bellerophon Therapeutics (BLPH – $1.04) – Buy under $11, first target $30, then $300
Compass Pathways (CMPS – $8.35) – Buy under $36, hold a long time for a 10x return
Graphite Bio (GRPH – $2.29) – Buy under $26, hold a long time
Inovio (INO – $1.97) – Buy under $21, hold a long time
Invitae (NVTA – $3.72) – Buy under $50, first target $100, then $200+
Medicenna (MDNA – $1.02) – Buy under $4, first target $40, then maybe $80
ScyNexis (SCYX – $2.10) – Buy under $12, target price $27, then $85
TG Therapeutics (TGTX – $6.04) – Buy under $7, target price $25+
Corning (GLW – $35.52) – Buy under $33, target price $60
Meta (FB – $191.29) – Buy under $320, target price $400
Gilead Sciences (GILD – $63.27) – Buy under $105, target price $130
SoftBank (SFTBY – $19.83) – Buy under $30, target price $60
First Trust NASDAQ Cybersecurity ETF (CIBR – $39.82) – Buy under $32; 3- to 5-year hold
Fastly (FSLY – $12.12) – Buy under $45; 2- to 5-year hold to $150+
PagerDuty (PD – $23.85) – Buy under $40; 2- to 5-year hold
QuickLogic (QUIK – $5.89) – Buy under $10, target price $60
Liberty Media Acquisition Corporation (LMACA – $9.82) – Buy under $10.50, target price $20 to $30
Rocket Lab (RKLB – $4.75) – Buy under $13, target price $30+
Velo3D (VLD – $2.66) – Buy under $11, target price $50
A Short-Sale or REO House – $375,300 – Buy while fixed mortgage rates are low
Bag of Junk Silver – $21.90 – hold through silver bull market
Sprott Gold Miners ETF (SGDM – $27.98) – Buy under $25, target price $50
Sprott Junior Gold Miners ETF (SGDJ – $35.83) – Buy under $39, target price $100
Sprott Physical Gold and Silver Trust (CEF – $17.64) – Buy under $15, target price $30
Global X Silver Miners ETF (SIL – $30.51) – Buy under $30, target price $50
Coeur Mining (CDE – $3.68) – Buy under $10, target price $20
First Majestic Mining (AG – $8.34) – Buy under $15, next target price $23
Paramount Gold Nevada (PZG – $0.52) – Buy under $5, first target price $10
Sandstorm Gold (SAND – $6.54) – Buy under $10, target price $25
Sprott Inc. (SII – $36.61) – Buy under $30, target price $70
Bitcoin (BTC-USD – $29,997.00) – Buy
Grayscale Bitcoin Trust (GBTC – $19.53) – Buy
Ethereum (ETH-USD – $2,010.42) – Buy
Grayscale Ethereum Trust (ETHE – $13.38) – Buy
International & Other Recommendations
EMQQ Emerging Markets Internet & Ecommerce ETF (EMQQ – $29.06) – Buy under $38 for a $66 target in 12 to 18 months
KraneShares Bosera MSCI China A Share Fund (KBA – $33.59) – Buy under $34 for a three- to five-year hold
Morgan Stanley China A-Shares Fund (CAF – $14.80) – Buy under $24 for a three- to five-year hold
KraneShares CSI China Internet ETF (KWEB – $27.49) – Buy under $50 for a double over the next three years
Acreage Holdings (ACRDF – $1.32) – Buy under $4.49 for the Canopy Growth merger
Mongolia Growth Group (MNGGF – $1.26) – Buy under $1.25; long-term hold
Crude Oil Futures – July 2026 (CLN26.NYM – $53.16) – Buy under $55, $200+ target
iPath Pure Beta Crude Oil Exchange-Traded Note (OIL – $34.50) – Buy under $24, $80+ target
Energy Fuels (UUUU – $6.01) – Buy under $11, $30 target
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.
Algernon Pharmaceuticals (AGNPF – $4.44) – Hold for chronic cough results
Arch Therapeutics (ARTH – $0.08) – Hold for buyout
CohBar (CWBR – $0.20) – Hold for human trials of CB5138-3
Akebia Biotherapeutics (AKBA – $0.35) – Hold for FDA meeting
Apple Computer (AAPL – $137.35) – Hold for 5G iPhones
Publisher: GwynRose LLC, 5348 Vegas Drive, Suite 868, Las Vegas, NV 89108
New World Investor does not act as a personal investment adviser or advocate the purchase or sale of any security or investment for any specific individual. The recommendations and analysis presented to members are for the exclusive use of members. Members should be aware that investment markets have inherent risks and there can be no guarantee of future profits. Likewise, past performance does not assure future results. Recommendations are subject to change at any time. Nothing in this presentation should be considered personalized investment advice. No communication to you by Michael Murphy or any of our employees or contractors should be deemed as personalized investment advice.
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