Dear New World Investor:
The lesson of this market since the June 17 low is when stocks rally and very few investors can say why, and it looks absurd and un-fundamental, sometime those are the most vicious rallies. Everyone thinks the next lesson will be a dramatic reversal from mid-August to mid-October that pulls the rug out from under the few bulls and gives all the bears and underinvested hedge funds a chance to get long. Well, maybe.
But when that many people are looking for an opportunity to get invested in time to make back some of their first-half losses before the redemptions window opens on November 1, my experience is that dips are mild and short, frustrating the underinvested even more. Until sentiment turns at least neutral, let alone bullish, even bad news can’t knock this market down for long.
Speaking of which, sentiment is starting to turn. The CNN Sentiment Index has gone from extreme fear a month ago to fear a week ago to neutral:
And there are just a few more bulls and a few less bears in the American Association of Individual Investors survey:
And we did get a bit of bad news. The June Personal Consumption Expenditures Index, the Fed’s favorite inflation indicator, came in a little hotter than expected. The headline number was up 1.0% from May and up 6.8% year-over-year, just above the 6.7% estimate and the +6.3% in May. The core PCE was up 0.6% month-over-month versus the 0.5% estimate and +0.3% in May. Year-over-year it was up 4.8% versus 4.7% estimate and +4.7% in May.
That’s the kind of number that should have had various Fed members threatening another 100 basis point (one percentage point) Fed funds increase at the September 21 meeting. But yesterday, San Francisco Fed President Mary Daly said it would be “reasonable” for the Federal Reserve to raise interest rates by 50 basis points next month if the economy evolves as expected. Are they seeing the slowdown everyone else is seeing? We should get more insight when Fed Chairman Powell addresses the annual Jackson Hole Conference on August 26.
Earnings season continued with solid reports lifting stocks. According to FactSet, 73% of S&P 500 companies beat the Wall Street consensus expectations. If earnings continue to show mid-to-high single digit growth it’s a meaningful positive because one of the pillars of the bears’ case is that earnings estimates have to be dramatically cut. The Institute of Supply Management index of business conditions in July rose to a three-month high of 56.7%, showing the economy continues to expand despite growing headwinds. US factory orders rose 2% in June, well above the consensus forecast of 1.2%.
At the same time, JPMorgan pointed out that the S&P 500’s Price/Earnings multiple on next-12-months earnings bottomed out around 15.5x in June, marking a drop of nearly 7x (see graphic) from its January peak. The decline in stock valuations since the start of the year already has exceeded the average pullback of other recessionary periods over the past 30 years. This year’s pullback would be the second-biggest to follow a recession.
The S&P 500 added 2.0% since last Thursday and broke back over the 100-day moving average at 4118. The Index is down 12.9% year-to-date. The Nasdaq Composite jumped 4.6% and is down 18.7% for the year. The small-cap Russell 2000 gained 1.8% and is down 15.1% in 2022.
JPMorgan said hedge funds have not chased this rally yet. They said buying plus leverage changes have been somewhat limited, and while some short covering has occurred, it’s hardly what one would call extreme. Single-name short exposure is still at a two+ year high, as the amount of covering seen in the past few weeks has only marginally offset the amount of shorts that were added in the first half of 2022. They said perhaps some funds are capturing this move higher, but not likely most. These big buyers still need to buy stocks.
What, me worry? Yes – always. I think the market already has discounted a potential 15%-20% decline in next-12-months earnings forecasts and is looking through the trough. But the market can focus on a better future as rates come down from a potentially more dovish Fed only until it is proven wrong by the estimates collapsing, which they always do in an actual recession. If there is going to be another decline it is likely during September/October when third-quarter results further disappoint and companies can no longer push out inevitable cuts. So I will be watching the third-quarter GDP forecast extra closely.
Speaking of which, right now it looks like a weak but mildly up quarter at +1.4%:
Stock buyback season is in full swing. US buybacks rebounded in 2021, after a very subdued 2020. This year again, we have seen strong momentum in buyback announcements so far. This chart shows S&P500 announced buybacks.
Yet buybacks as a share of earnings before taxes are still low. There are more to come.
The fractal dimension is consolidating rapidly. If the Index can break decisively through 4277, a 50% retracement of this year’s decline, the hedge funds will panic buy.
Changes this week: None
Near-Term – chronological order
AAPL Apple – September new iPhone introduction
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
META Meta – Bounce from overdone selloff
VLD Velo3D – Rapid revenue growth; low market cap
Long-Term – alphabetical order
GRPH Graphite Bio – second-generation genetic editing
NVTA Invitae – the winner-take-most of genetic testing
META Meta – a leader in the metaverse
RKLB Rocket Lab – #2 to SpaceX in space
VLD Velo3D – Return manufacturing to the US
All times below are ET, and most presentations and slides are archived on the companies’ websites so you can listen to them. Eight earnings calls!
Friday, August 5
July payrolls – 8:30am – +250,000 expected
Monday, August 8
SFTBY – Softbank – 3:30am – Earnings conference call
Tuesday, August 9
ACRDF – Acreage Holdings – 10:00am – Earnings conference call
Short Interest – After the close
FSLY – Fastly – 1:00pm – Jefferies Industrials Conference
INO – Inovio – 4:30pm – Earnings conference call
NVTA – Invitae – 4:30pm – Earnings conference call
VLD – Velo3D – 5:00pm – Earnings conference call
Wednesday, August 10
Consumer Price Index – 8:30am – +8.9% expected versus +9.1% in June; core +6.1% expected versus +5.9%.
RKLB – Rocket Lab – 12:00pm – BofA Securities SMID Cap Ideas Conference
FSLY – Fastly – 2:30pm – Canaccord Genuity Growth Conference
APTO – Aptose – 3:30pm – Canaccord Genuity Growth Conference
Thursday, August 11
SAND – Sandstorm – After the close – Earnings release; call tomorrow
RKLB – Rocket Lab – 4:30pm – Earnings conference call
Friday, August 12
SAND – Sandstorm – 11:30am – Earnings conference call
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 are typically very low. At the same time, Initial Public Offering valuations had moved very high. We were 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 if they buy at those valuations. 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.
Algernon Pharmaceuticals (AGNPF – $2.72) was invited to present the results from its Phase 2a trial of Ifenprodil for idiopathic pulmonary fibrosis and chronic cough, at the 9thAmerican Cough Conference in June, 2023. (The conference is only held every other year.) AGNPF is a Hold for the Phase 2b IPF/chronic cough results.
Primary Risk: Ifenprodil fails in clinical trials.
Clinical stage of lead product: Phase 2/3
Probable time of first FDA approval: 2023
Probable time of next financing: 2022
Aptose Biosciences (APTO – $0.83) reported a $10.6 million or 11¢ per share loss for the June quarter, down from a 15¢ loss last year and a bit better than the -13¢ expectation. On the conference call (TRANSCRIPT HERE), they said HM43239 has shown a preliminary response rate of 43% among relapsed/refractory acute myeloid leukemia patients with FLT3 mutations who failed prior therapy with FLT3 inhibitors, and this gives them a path to approval. They have had complete remissions and excellent safety data across three dose levels and multiple genotypic sub-populations.
Acute myeloid leukemia (AML) is not a single-mutation disease, but rather a highly heterogeneous cancer that can emerge from a different spectrum of genetic and epigenetic alterations in each patient. For this reason, Aptose’s HM43239 was designed as a highly targeted myeloid kinase inhibitor to suppress specific pathways operative in AML and to treat the disease in multiple sub-populations of AML, rather than treating a single target and a prescriptive sub-population that generally leads to rapid mutational escape. The company plans to take HM43239 into an expansion trial beginning before yearend as a single agent, and then in combination therapy, in relapsed/refractory AML patients as a planned segue into registrational trials for accelerated approval.
They finished the quarter with $62.4 million in cash, enough to get them into the first quarter of 2024. APTO is a Buy under $2.50 for a $30 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- to late-2023
Compass Pathways (CMPS – $17.50) reported a 50¢ per share loss for the June quarter, much better than the 61¢ loss expected. On the conference call (TRANSCRIPT HERE), management said: “Following our end of Phase 2 meeting with FDA, we have submitted our Phase 3 protocols and they are under review. We are pleased with the progress and remain on track to start our Phase 3 clinical program this year. We also continue to expand our clinical development of COMP360 therapy with the commencement of a Phase 2 study in anorexia nervosa, a condition of significant unmet need for which there are no FDA-approved pharmacological treatment options.”
They are going to reveal the Phase 3 trial design at an Investor Day on October 12 and then start it. They finished the quarter with $207.2 million in cash, enough to fund them into 2024. 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 2
Probable time of first FDA approval: 2024
Probable time of next financing: Mid- to late-2023
Invitae (NVTA – $2.10) reports next Tuesday and if the new CEO can show a meaningful expense reduction the stock should pop. I’ve been nibbling at it, especially anytime it is under $2. The consensus expects $136.85 million in revenue with a loss of 76¢ per share. Buy NVTA under $10 for a first target of $50 and eventually $100+ 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
ScyNexis (SCYX – $2.75) said the FDA accepted their supplemental New Drug Application (sNDA) to expand the Brexafemme label to include prevention of recurrent vaginal yeast infections and gave them Priority Review with a a November 30 PDUFA date. Brexa will be the first and only therapy approved in the US for both the treatment of vulvovaginal candidiasis (VVC) and the prevention of recurrent VVC. Buy SCYX under $2 for a first target price of $20 now that Brexafemme is approved and a buyout at $50.
Primary Risk: Ibrexafungerp fails to sell.
Clinical stage of lead product: Approved
Probable time of next FDA approval: mid-2022
Probable time of next financing: 2023 or never
Akebia Therapeutics (AKBA- $0.41) reported June quarter Auryxia revenues of $43.7 million, up 32.4% from last year. They raised their 2022 guidance by $5 million to a range of $170 million to $175 million.
Total revenue of $126.8 million, up 139.6% from last year, included the $80.1 million break-up fee from Otsuka. Revenue from operations of $46.7 million was short of the $49.7 million consensus estimate.
They reported earnings of 15¢ per share including the Otsuka payment. Excluding that, they lost about 26¢ per share compared to the consensus expectation for a 33¢ loss.
In July, they completed an end-of-review conference with the FDA, which is the first step in the process to determine the path for approval of vadadustat as a treatment for anemia due to chronic kidney disease in diabetes patients on dialysis. They don’t have the FDA’s notes back yet, but as soon as they do they’ll tell us what’s up.
In the meantime, they have completed a 42% reduction in force to cut operating expenses. They hope to manage the company on existing cash and future cash flow from Auryxia. They finished the quarter with $173.9 million in cash, including the Otsuka payment. 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: Unknown
Probable time of next financing: Unknown
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 – $165.81) sold $5.5 billion in bonds to fund stock buybacks and dividends. The order book peaked at $23 billion and the company only had to pay 118 basis points over the Treasury rate. Everybody wants Apple bonds. AAPL is a Buy under $150 for new iPhone rollouts and augmented/virtual reality products.
Corning (GLW – $36.49) got a nice write-up on SeekingAlpha. GLW is a Buy under $33 for the 5G cellular buildout, followed by the smartphone upgrade to use 5G services. My first target is $60 in 2023 .
Gilead Sciences (GILD – $61.91) reported another excellent quarter and this is going to continue for several years. June quarter revenues of $6.26 billion were only up 0.6% from last year but beat the $5.87 billion estimate. Pro forma earnings of $1.58 per share beat by six cents. Increased sales of HIV and oncology products offset decreased sales of Veklury (remdesivir) and hepatitis C drugs.
On the conference call (SLIDES HERE and TRANSCRIPT HERE), management increased 2022 revenue guidance from a range of $23.8-$24.3 billion to $24.5-$25.0 billion. They increased pro forma earnings per share guidance from $6.20-$6.70 to $6.35-$6.75, compared to the $6.58 consensus.
Gilead ended the quarter with $7.0 billion in cash. Today they announced a $405 million cash buyout of UK-based MiroBio, which has a portfolio of immune inhibitory receptor agonists to restore immune balance to treat autoimmune diseases. It will reduce this year’s earnings by 30¢-35¢. GILD is a Long-Term Buy under $70 for a first target of $100.
Meta Platforms (META – $170.75) asked Morgan Stanley, JPMorgan, BofA, and Barclays to hold investor meetings for a potential bond sale, the company’s first. After the Apple results, I’m not surprised! After the close today they sold $10 billion in debt to fund stock buybacks and metaverse investments, along with their $40.5 billion in cash. They bought back $5.1 billion in stock in the June quarter and still have $24.3 billion to go. META is a Buy under $250 for a $400 target in 2023 or 2024. All aboard!
SoftBank (SFTBY – $21.37) raised $22 billion through forward sales of one-third of its Alibaba (BABA) holdings.
SFTBY is a Buy under $25 for a first target of $50 in the next two years.
Fastly (FSLY – $11.58) reported June quarter revenues up 20.6% from last year to $102.52 million, beating the consensus estimate for $101.6 million. But they had disappointing profit margins for the second quarter in a row and reported a 23¢ per share pro forma loss, considerably worse than the -17¢ expectation.
On the conference call (INVESTOR SUPPLEMENT HERE and TRANSCRIPT HERE), they guided the September quarter to $102-$105 million in revenue, above the $101.16 million consensus. But they guided the pro forma loss to -15¢ to -18¢, worse than the consensus expectation for a 14¢ loss.
The story was similar for the whole year. They guided 2022 revenues to $415-$425 million, above the $411.96 million consensus. But they expect pro forma earnings of -63¢ to -68¢, below the -56¢ consensus.
The 50.4% gross profit margin was substantially down from $57.6% last year, but the company expects to see “meaningful” increases for the remainder of 2022 towards the low to mid-50s. Management said: “One of the key initiatives we have undertaken in 2022 is the deployment of our new architecture for key metro regions. As previously discussed, we believe we will achieve material gross margin leverage by doubling down our efforts on server efficiency with this new architecture, which is coupled to our proprietary software development. As discussed previously, we have been running duplicate sites, which is a gross margin headwind…Our gross margin declines are an area of focus, and we remain committed to taking the necessary steps to see this improve. Like last quarter, the pricing dynamics in the business have not materially changed and have not been a major contributor to our recent decline.”
Yesterday they announced the new CEO, Todd Nightingale. He was Executive Vice President and General Manager of Enterprise Networking and Cloud at Cisco – a heavy hitter. He managed business strategy and development efforts for Cisco’s multi-billion-dollar networking portfolio. FSLY is a Buy up to $20 for a 2- 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.
Probable time of next financing: None needed
Rocket Lab USA (RKLB – $5.45) successfully launched the second of two back-to-back National Reconnaissance Office (NRO) missions. The NROL-199 mission launched on the Electron rocket from Pad B at Rocket Lab Launch Complex 1 today, carrying a payload designed, built, and operated by the NRO in partnership with the Australian Department of Defense. This mission follows the successful delivery to orbit of its predecessor NROL-162 three weeks earlier
These national security missions, combined with the successful launch of the Capstone mission to the Moon for NASA on June 28, make up a record launch cadence for the company of three successful Electron launches in just over five weeks. The turnaround between NROL-162 and today’s NROL-199 launch is the shortest time between national security missions by a small launch provider, setting a new standard in responsive space launches. 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
Velo3D (VLD – $3.67) said StarHagen, a provider of high-quality production parts for aerospace companies, has joined the Velo3D Contract Manufacturer Network with the purchase of a Sapphire printer calibrated to print in Inconel 625, a nickel-based superalloy designed for high-strength, and to resist high temperatures and corrosion. VLD is a Buy up to $6 for my $50 target as Velo3D’s high-tolerance metal parts printing business grows.
Primary Risk:A new 3D metal printing competitor emerges.
Probable time of next financing: None needed
Gold ($1,808.40) broke above $1,800 and is getting even more consolidated. If it can get over $1,842 for good, the next move up is going to blow our socks off.
Miners & Related
Coeur Mining (CDE – $3.17) reported June quarter revenues down 5.0% from last year to $204.12 million, but ahead of the $201.25 million estimate. The pro forma loss of five cents was worse than the estimate for a one-cent loss. On the conference call (SLIDES HERE and TRANSCRIPT HERE), management reaffirmed 2022 guidance for gold and silver production. As with almost all of my gold and silver recommendations, it’s all up to the price of precious metals. (The major exceptions to that statement are Sandstorm (SAND), where the kicker is future volume increases from current deals, and Sprott (SII), where the kicker is assets under management.)
They had strong quarterly production increases at the Kensington, Wharf, and Rochester mines. Kensington’s gold production increased by 23% from the March quarter, driven by an all-time quarterly record mill throughput. Wharf’s gold production increased by 15%. Rochester’s silver and gold production increased by 5% and 37%, respectively.
They updated their full-year site level cost guidance to reflect inflationary pressures, and they’ve decided to increase their planned 2022 exploration investment by ~$11 million thanks to positive drilling results at the Kensington, Palmarejo and Silvertip mines. That’s good news.
Management said the ongoing expansion at the Rochester mine in Nevada remains on-track for completion in mid-2023. 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 – $8.05) reported June quarter revenues up 3.4% from last year to $159.4 million, just under the $159.94 million estimate. The pro forma loss of two cents missed the consensus estimate for breakeven.
As usual, there was no conference call. Total production of 7.7 million silver equivalent ounces was up 20% compared to last year. Total production consisted of 2.8 million ounces of silver and 59,391 ounces of gold.
After the end of the quarter they repurchased 100,000 common shares at an average price of C$8.52 per share. They ended the quarter with $259.3 million in cash. 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.
Sprott Inc. (SII – $36.10) reported June quarter revenues down 20.1% from last year to $25.08 million, with earnings of three cents a share. On the conference call (SLIDES HERE and TRANSCRIPT HERE), management said Assets Under Management (AUM) were $21.9 billion at the end of June, down $1.7 billion or 7% from the end of March but up $1.5 billion or 7% from December 31. The AUM was hit by market value depreciation across their fund products, yet they maintained strong sales momentum, reporting approximately $0.8 billion in net sales during the quarter and $2.2 billion in net sales for the first half of 2022.
Whitney George, the new CEO, said: “Our resilient business model allows us to invest through the cycles irrespective of market conditions. We are actively developing new products in all of our asset management businesses. Notably, we continue to build scale in our ETF business through the completion of the previously announced acquisition of the North Shore Global Uranium Miners ETF (URNM) and, the recently announced launch of the Sprott ESG Gold ETF (SESG), the world’s first ETF to exclusively source and refine gold from globally recognized leaders in ESG based on special criteria developed by Sprott.”
Buy SII under $40 for a $70 target price.
Primary Risk: Prices of precious metals fall due to US dollar strength.
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 – $22,659.98) has left the $20,000 level behind and seems to have good support at $20,000. Bitcoin is supported by the world’s largest collection of computer power. To say that has no value is kind of mind-boggling.
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 – $88.15
Oil dropped as US gasoline dropped, even though it’s summer driving season. As I’ve been saying, demand destruction is here, even though gasoline is down from ~$5.00 to ~$4.00 a gallon.
But let’s get real. Vacations you can postpone. But heating your house in winter? Supplying electricity to companies that need to function? As Europe teeters on the precipice of an all-out energy disaster, the price-dampening effects of Strategic Petroleum Reserve releases and the temporary Freeport liquefied natural gas export terminal outage are likely to be reversed by fall. Commodity markets are not priced correctly for the global BTU crisis coming this winter.
Brent oil is currently trading below its 200-day moving average. We haven’t seen oil close below the longer-term moving average in a very long time. This will not last. Yesterday, OPEC+ announced a very small 100,000 barrels a day increase in their oil output goal – a pathetic 0.1% of global demand – as their response to President Biden’s request for them to pump more. It is one of the smallest increases since OPEC quotas were introduced in 1982. Raad Alkadiri, managing director for energy, climate, and sustainability at Eurasia Group, said: “That is so little as to be meaningless. From a physical standpoint, it is a marginal blip. As a political gesture, it is almost insulting.”
And as I’ve been showing, they can’t meet their production goals anyway. Got OIL?
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 – $30.74) is a Buy under $36 for an $80+ target.
* * * * *
Richard Wagner – Rienzi Overture
* * * * *
Your knowing that Biology is Eating the World 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 – $0.83) – Buy under $2.50, ultimate target $30
Bellerophon Therapeutics (BLPH – $1.33) – Buy under $5, first target $30, then $100
Compass Pathways (CMPS – $17.50) – Buy under $20, hold a long time for a 10x return
Graphite Bio (GRPH – $3.48) – Buy under $9, hold a long time
Inovio (INO – $2.28) – Buy under $7, hold a long time
Invitae (NVTA – $2.10) – Buy under $10, first target $50, then $100+
Medicenna (MDNA – $1.57) – Buy under $3, first target $20, then maybe $40
ScyNexis (SCYX – $2.75) – Buy under $2, target price $20, then $50
TG Therapeutics (TGTX – $6.45) – Buy under $7, target price $25+
Apple Computer (AAPL – $165.81) – Buy under $150 for new iPhones
Corning (GLW – $36.49) – Buy under $33, target price $60
Gilead Sciences (GILD – $61.91) – Buy under $70, target price $100
Meta (FB – $170.57) – Buy under $250, target price $400
SoftBank (SFTBY – $21.37) – Buy under $25, target price $50
First Trust NASDAQ Cybersecurity ETF (CIBR – $43.79) – Buy under $40; 3- to 5-year hold
Fastly (FSLY – $11.58) – Buy under $20; 2- to 5-year hold to $80+
PagerDuty (PD – $27.92) – Buy under $30; 2- to 5-year hold
QuickLogic (QUIK – $8.31) – Buy under $10, target price $40
Liberty Media Acquisition Corporation (LMACA – $9.89) – Buy under $10, target price $20 to $30
Rocket Lab (RKLB – $5.45) – Buy under $13, target price $30+
Velo3D (VLD – $3.67) – Buy under $6, target price $50
A Short-Sale or REO House – $447,000 – Buy while fixed mortgage rates are low
Bag of Junk Silver – ($20.16) – hold through silver bull market
Sprott Gold Miners ETF (SGDM – $23.14) – Buy under $28, target price $50
Sprott Junior Gold Miners ETF (SGDJ – $29.41) – Buy under $39, target price $100
Sprott Physical Gold and Silver Trust (CEF – $16.83) – Buy under $18, target price $30
Global X Silver Miners ETF (SIL – $26.31) – Buy under $30, target price $50
Coeur Mining (CDE – $3.17) – Buy under $5, target price $20
First Majestic Mining (AG – $8.05) – Buy under $11, next target price $23
Paramount Gold Nevada (PZG – $0.47) – Buy under $1, first target price $10
Sandstorm Gold (SAND – $5.89) – Buy under $10, target price $25
Sprott Inc. (SII – $36.10) – Buy under $40, target price $70
Bitcoin (BTC-USD – $22,659.98) – Buy
Grayscale Bitcoin Trust (GBTC – $13.99) – Buy
Ethereum (ETH-USD – $1,661.32) – Buy
Grayscale Ethereum Trust (ETHE – $11.77) – Buy
International & Other Recommendations
EMQQ Emerging Markets Internet & Ecommerce ETF (EMQQ – $31.96) – Buy under $38 for a $66 target in 12 to 18 months
KraneShares Bosera MSCI China A Share Fund (KBA – $34.57) – Buy under $40 for a three- to five-year hold
Morgan Stanley China A-Shares Fund (CAF – $15.50) – Buy under $18 for a three- to five-year hold
KraneShares CSI China Internet ETF (KWEB – $29.24) – Buy under $40 for a double over the next three years
Acreage Holdings (ACRDF – $1.05) – Buy under $2 for the Canopy Growth merger
Mongolia Growth Group (MNGGF – $1.27) – Buy under $1.30; 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 – $30.74) – Buy under $36; $80+ target
Energy Fuels (UUUU – $6.70) – Buy under $8; $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 – $2.72) – Hold for IPF/chronic cough trial
Akebia Biotherapeutics (AKBA – $0.41) – Hold for FDA meeting
Arch Therapeutics (ARTH – $0.05) – Hold for buyout
CohBar (CWBR – $0.18) – Hold for human trials of CB5138-3
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