Shihmin personal page - To The Moon

Shihmin

Shihmin

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2021-06-29

$AMC Entertainment(AMC)$Had to sell because I’m going into ns feels bad.. wanted to hold longerr

2023-04-18

$Citius Pharmaceuticals, Inc.(CTXR)$ Literally my bday today

2022-04-09

$Citius Pharmaceuticals, Inc.(CTXR)$Buyingthe dip before flying off at 2nd half of 2022

2021-06-15

$AMC Entertainment(AMC)$Letsgooooo

2021-05-25

Damn

Toplines Before US Market Open on Tuesday

2021-09-09

True thttt

Is It Safer to Pull Your Money Out of the Stock Market Now?

2021-06-24

Ok

Pfizer: A Wide Moat Business At A Fair Price

2023-04-13

I love how easy it is

2023-04-13

Love this new game

@TigerEvents:【Game】Easter Egg Hunting with Tiger, Win Disney Shares and USD 120 Voucher

2023-02-01

Got to be pine apple tarts with milo What are some of your fav cny snacks ?

2022-04-05

Looking forward to it

Citius: 2022 Is A Year Of Catalysts

2021-06-02

$BlackBerry(BB)$Sheeeejhhh

2021-06-02

Hehe lucky guess ig

2021-05-29

$BlackBerry(BB)$Huat

Go to Tiger App to see more news

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game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945003923","repostId":"9943960936","repostType":1,"repost":{"id":9943960936,"gmtCreate":1679046534725,"gmtModify":1680580626622,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"【Game】Easter Egg Hunting with Tiger, Win Disney Shares and USD 120 Voucher","htmlText":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! Simply jump and catch the egg, and you could be a lucky winner. 🐇That's not all. You can also invite your friends to join in the fun to earn more points. Plus, you can challenge your friends for a race up the leaderboard. Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/easter/?adcode=20230316162207#/\" target=\"_blank\">Join our Easter campaign now</a>","listText":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! Simply jump and catch the egg, and you could be a lucky winner. 🐇That's not all. You can also invite your friends to join in the fun to earn more points. Plus, you can challenge your friends for a race up the leaderboard. Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣<a href=\"https://www.tigerbrokers.com.sg/activity/market/2023/easter/?adcode=20230316162207#/\" target=\"_blank\">Join our Easter campaign now</a>","text":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! Simply jump and catch the egg, and you could be a lucky winner. 🐇That's not all. You can also invite your friends to join in the fun to earn more points. Plus, you can challenge your friends for a race up the leaderboard. Let's fly to the moon together!Don't miss out on this egg-citing opportunity to win BIG! Join the game now and hop on your way to victory. 🥳🐣Join our Easter campaign now","images":[{"img":"https://community-static.tradeup.com/news/c90a7371a3bcd1e6c552d2aa23f72c33","width":"1200","height":"630"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9943960936","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9955392751,"gmtCreate":1675182105774,"gmtModify":1676538982676,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"Got to be pine apple tarts with milo&nbsp; What are some of your fav cny snacks ?","listText":"Got to be pine apple tarts with milo&nbsp; What are some of your fav cny snacks ?","text":"Got to be pine apple tarts with milo What are some of your fav cny snacks ?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9955392751","isVote":1,"tweetType":1,"viewCount":680,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9015135295,"gmtCreate":1649438873075,"gmtModify":1676534512660,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CTXR\">$Citius Pharmaceuticals, Inc.(CTXR)$</a>Buyingthe dip before flying off at 2nd half of 2022","listText":"<a href=\"https://ttm.financial/S/CTXR\">$Citius Pharmaceuticals, Inc.(CTXR)$</a>Buyingthe dip before flying off at 2nd half of 2022","text":"$Citius Pharmaceuticals, Inc.(CTXR)$Buyingthe dip before flying off at 2nd half of 2022","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015135295","isVote":1,"tweetType":1,"viewCount":204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9016016795,"gmtCreate":1649113217197,"gmtModify":1676534451339,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"Looking forward to it&nbsp;","listText":"Looking forward to it&nbsp;","text":"Looking forward to it","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016016795","repostId":"2223818828","repostType":2,"repost":{"id":"2223818828","kind":"news","pubTimestamp":1648489104,"share":"https://ttm.financial/m/news/2223818828?lang=&edition=fundamental","pubTime":"2022-03-29 01:38","market":"us","language":"en","title":"Citius: 2022 Is A Year Of Catalysts","url":"https://stock-news.laohu8.com/highlight/detail?id=2223818828","media":"seekingalpha","summary":"lechatnoir/E+ via Getty Images About Citius Pharmaceuticals Citius Pharmaceuticals Inc. (NASDAQ: NAS","content":"<html><body><p><figure><picture><img height=\"1024px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w240 240w\" width=\"1536px\"/></picture><figcaption><p>lechatnoir/E+ via Getty Images</p></figcaption></figure></p> <h2>About Citius Pharmaceuticals</h2> <p><a href=\"https://laohu8.com/S/CTXRW\">Citius Pharmaceuticals Inc</a>. (NASDAQ: <span>NASDAQ:CTXR</span>) is a late-stage biopharmaceutical company focused on the development and commercialization of first-in-class critical care products, with a diversified pipeline of anti-infectives in adjunct cancer care, oncology, stem cell therapy and unique prescription products. Three of its five pipeline candidates would be the first and only prescription treatments in their indications if approved by the FDA. The Company has two late-stage product candidates, I/ONTAK (E7777), a novel IL-2R immunotherapy for an initial indication in cutaneous T-cell lymphoma (CTCL), which has completed treatment in its Pivotal Phase 3 trial and Mino-Lok®, an antibiotic lock solution to salvage infected central venous catheters (CVCs) of patients with catheter-related bloodstream infections (CRBSIs), which is currently enrolling patients in a Phase 3 Pivotal superiority trial.</p><div></div> <p>I/ONTAK has received orphan drug designation by the FDA for the treatment of CTCL and peripheral T-cell lymphoma (PTCL). Mino-Lok® was granted Fast Track designation by the U.S. Food and Drug Administration (FDA). Through its subsidiary, NoveCite, Inc., Citius is developing a novel proprietary mesenchymal stem cell (i-MSC) treatment derived from induced pluripotent stem cells (iPSCs) for acute respiratory conditions. Citius's two additional product candidates are Halo-Lido, potentially the first and only FDA-approved prescription treatment for hemorrhoids, and Mino-Wrap, potentially the first and only FDA-approved product to prevent infection in tissue expanders and breast implants post mastectomy.</p> <p><figure><span><img hspace=\"6\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2022/3/27/50299941-16484016588154023.png\" vspace=\"6\"/></span><figcaption><p>Citius Pharm</p></figcaption></figure></p> <h2>About I/ONTAK</h2> <p>I/ONTAK (E7777), is a purified reformulation of denileukin diftitox (ONTAK®), a previously FDA-approved cancer immunotherapy for the treatment of persistent or recurrent cutaneous T-cell lymphoma (CTCL), a rare form of non-Hodgkin lymphoma. Improvements to the original formulation resulted in a therapy that maintains the same amino acid sequence, but features greater purity and bioactivity. I/ONTAK is a novel targeted oncology asset with an attractive near-term revenue opportunity and a substantially de-risked path to support commercial success. Patient enrollment in a global, multicenter, open-label, single-arm Pivotal Phase 3 study of I/ONTAK in participants with persistent or recurrent CTCL was completed in December 2021. Citius plans to further explore the potential of I/ONTAK to treat larger patient populations with additional indications in peripheral T-cell lymphoma (PTCL) and immuno-oncology. I/ONTAK has been granted orphan drug designation (ODD) by the FDA for the treatment of CTCL and PTCL.</p> <p>E7777 received regulatory approval in Japan for the treatment of CTCL and PTCL in 2021. Citius's exclusive license include rights to develop and commercialize I/ONTAK (E7777) in all markets except for Japan and certain parts of Asia.</p><div></div> <p>Program Highlights</p> <ul> <li>Phase 3 Pivotal trial completed December 2021</li> <li>Top Line Data released very soon. We are targeting April.</li> <li>Biologics license application (BLA) submission expected to be filed in the second half of 2022 for an initial indication in CTCL</li> <li>Considered a new biologic by the FDA, I/ONTAK would be eligible for 12 years of exclusivity, if approved</li> </ul> <h3>How It Works</h3> <p>I/ONTAK is a recombinant engineered fusion protein that combines interleukin-2 and diphtheria toxin. The agent specifically binds to IL-2 receptors on the cell surface, causing diphtheria toxin fragments that have entered cells to inhibit protein synthesis. Its unique mechanism of action targets both malignant T-cells and immunosuppressive regulatory T-cells (Tregs). Transiently eliminating Tregs has the potential of unleashing potent immune responses by the patient's immune system against their tumors.</p> <p>In recent preclinical studies, denileukin diftitox has demonstrated the ability to deplete murine Tregs in-vivo and human Tregs ex vivo. In addition, the combination of denileukin diftitox with anti-m-PD1 showed improved tumor response and very significant improvement in survival in the combination groups relative to either therapy alone in a syngeneic mouse solid tumor model.</p> <p>Based on these data, two investigator-initiated trials will evaluate the potential safety and efficacy of: 1) I/ONTAK in combination with Pembrolizumab (anti-PD 1) in patients with recurrent or metastatic solid tumors; and 2) I/ONTAK given prior to lymphodepletion (LD) chemotherapy and KYMRIAH® (tisagenlecleucel) CAR T-cell therapy for the treatment of relapsed/refractory diffuse large B-cell lymphoma (DLBCL) considered at a high risk for failure from KYMRIAH® alone.</p> <h2>Market</h2> <p>Based on Surveillance Epidemiology and End Results ((SEER) data from 2001-2007, the estimated incidence rate of MF/SS in the U.S. is 0.5/100,000 or about 2,500-3,000 new cases per year representing about 25% of all T-cell lymphomas.</p> <p>We estimate that there are 30,000 - 40,000 patients living with CTCL in the U.S. with approximately 16,000 - 20,000 having mycosis fungoides. Of those, we believe the addressable population for I/ONTAK will be the approximately 10,000 patients with later stage, relapsed or refractory CTCL who require systemic therapy, resulting in an estimated addressable U.S. market of approximately $300,000,000. I/ONTAK has been granted Orphan Drug Designation by the U.S. FDA.</p> <p>I/ONTAK may also have substantial upside as a therapy for peripheral T-cell lymphoma (PTCL) and possibly in combination with check-point inhibitors such as pembrolizumab or CAR T-cell based therapy (e.g. KYMRIAH®) based on its ability to transiently eradicate Tregs from the suppressive tumor microenvironment.</p><div></div> <h2>Top Line Data</h2> <p>Citius has stated they expect topline results anticipated by the end of June. However, we are targeting this release to happen in April. While data, might come in May or June, we are betting it happens much sooner.</p> <blockquote><p>The timeline for the I/ONTAK program remains on track, with topline results anticipated in the first half of 2022, followed by a planned BLA filing in the second half of the year. Moreover, the FDA confirmed that no pediatric study will be required for I/ONTAK, further de-risking this asset,\" stated Myron Holubiak, President and Chief Executive Officer of Citius Pharmaceuticals.</p></blockquote> <h2>About Mino-Lok</h2> <p>Mino-Lok is an antibiotic lock solution used to treat patients with catheter-related bloodstream infections (\"CRBSIs\"). CRBSIs are serious issues, especially in cancer patients receiving therapy through central venous catheters (\"CVCs\") and in hemodialysis patients where venous access presents a challenge. In the Phase 3 trial, Mino-Lok was being tested with the primary endpoint being catheter failures.</p> <p>Mino-Lok is intended to salvage the <a href=\"https://laohu8.com/S/CVC.AU\">CVC</a>, reducing the need to remove and replace (\"R&amp;R\") the catheter. This is a recognized unmet medical need. R&amp;R is the Standard of Care (\"SOC\") for CRBSI and will occur about 95% of the time after infection, according to CEO Myron Holubiak. There are few alternatives to removing and replacing the CVC once it becomes infected. Studies show that removal and reinsertion of CVCs have a 15% to 20% complication rate, including pneumothorax, misplacement, and arterial puncture. R&amp;R is also not a sustainable strategy. With repeated R&amp;R, patients develop sclerosis of the vessels, and progressively have more limited anatomic locations for vascular access.</p> <p>Mino-Lok contains a proprietary combination of minocycline, edetate (disodium EDTA), and ethyl alcohol, all of which act synergistically to break down bacterial biofilms, eradicate the bacteria, provide anti-clotting properties to maintain patency in CVCs, and salvage the indwelling catheter. The Mino-Lok product is used in two-hour locking cycles, allowing the CVC to be used for its intended purposes for the remaining 22 hours each day. The product is infused into the CVC, held for 2 hours inside the catheter (i.e. locked), and then withdrawn. This occurs for 5-7 days until the catheter is clear.</p> <p>SOC antibiotic lock therapies (\"ALT\") require that the ALT be locked for several hours per day, depending on the antibiotic, with durations of therapy from 8 days to 3 weeks. In many patients who need continuous IV access, it may be difficult or impossible to lock the catheter for several hours. The optimum ALT must have a short duration of therapy and not need to be locked for a long period of time. Thus, the clinical and economic advantage of Mino-Lok.</p><div></div> <p>Inside intensive care units (\"ICU\") doctors must have central line access continually. If the catheter becomes blocked, and cannot be cleared, it will be immediately removed and a new catheter will be placed somewhere in the body. Having a central line is vital for ICU patients and can be the difference between life and death.</p> <p>Their most recent Corporate Presentation is here.</p> <h2>Standard of Care &amp; Target Market</h2> <p>Current SOC is to R&amp;R the CVC, while treating with systemic antibiotics. Catheter R&amp;R causes physical and psychological symptoms in 57% to 67% of patients. R&amp;R is difficult for many patients, due to unavailability of other accessible vascular sites and the need to maintain infusion therapy. The cost to R&amp;R a CVC is around $10,000. However, if the patients get an infection, the costs and potential patient harm increase significantly.</p> <p>According to PubMed in 2011 the cost of CRBSI is between $33,000 and $44,000 in the general adult ICU, between $54,000 and $75,000 in the adult surgical ICU, and approximately $49,000 in the pediatric ICU. These figures are estimated total costs associated with CRBSI infections. These procedures are costly, and 15% to 20% of the procedures are associated with significant morbidity.</p> <p>There are currently no FDA-approved therapies to salvage infected CVCs. Citius has the worldwide rights to Mino-Lok so the market opportunity is significant.</p> <p>DelveInsight estimates that the annual US incidence rate of CRBSI is 325,000 in 2017. They state that the Asia-Pacific region had over 3,000,000 CRBSI the same year. In total they estimate the global market to be ~4.1M in 2017 and grow to ~4.23M in 2028. When assessing the total addressable market, it is very important to recognize that despite gradually improving global health care protocols, and a multitude of prevention strategies such as catheter lock solutions to prevent biofilm formation, bactericidal/static caps, etc., CRBSI rates are not going down.</p> <p>We expect a quick ramp-up of sales, if approved, due to the fact that CRBSIs are an unmet medical need with the current SOC and R&amp;R costing hospitals and insurers tens of thousands of dollars. Hospitals are also penalized for high infection rates (which are preventable) and will see their Medicare and Medicaid reimbursement dollars negatively affected. With alternative payment models incentivizing reduced total cost of care, hospitals will be quick to implement a proven solution to disinfect and clear CVCs.</p> <p>Citius is optimistic that with a conservative pricing model, the uptake of Mino-Lok should be swift. Pricing should have upwards elasticity, given the surgical alternative. The Company believes the total US annual sales will be &gt;$800M. The company also estimates greater than $1.8B annual worldwide sales are possible by 2028 for CRBSI. Mino-Lok sales potential is impressive.</p><div></div> <h2>Phase III Trial</h2> <p>Phase III started in February 2018. It is a randomized, open label, assess-blind study to determine the efficacy of Mino-Lok. 144 patients diagnosed with CRBSI are randomized 1:1 into 1 of 2 treatment arms. The primary endpoint is Time to a catheter failure. The secondary outcome measures are: Proportion of subjects with overall success in the modified intent to treat (\"MITT\") and clinically evaluable (\"CE\") populations, Time to catheter failure in the MITT and CE Populations, Microbiological eradication, Clinical Cure, All-cause mortality and safety and tolerability.</p> <p>Also interesting is the control arm for this trial. Here is how it reads on clincicaltrials.gov.</p> <blockquote><p>The antibiotic lock should be comprised of the best available therapy at the sites based on standard institutional practices or recommendations from the Infectious Diseases Society of America guidelines.</p></blockquote> <p>This means each clinical site can use its best available \"home brew\" to salvage the CVC for the control arm. Citius believes Mino-Lok is the best CRBSI product and willing to put it up against any clinical site's concoction.</p> <h2>IDMC Meeting</h2> <p>Following a unblinded data review of safety and efficacy in June 2021, the independent Data Monitoring Committee (DMC) for the Mino-Lok® Phase 3 Pivotal Superiority Trial has recommended proceeding with the trial as planned. The DMC did not identify any safety concerns and no modifications were recommended to the protocol-defined sample size or power to achieve the primary endpoint.</p> <ul> <li>DMC interim safety and efficacy review of Mino-Lok® Phase 3 Trial concluded with favorable recommendation to continue the trial as planned, with the protocol-defined sample size and power to achieve the primary endpoint</li> <li>Citius to proceed in conducting largest controlled clinical trial to salvage infected catheters with no modifications requested by the DMC and no safety concerns identified</li> </ul> <p>We had expected a trial halt due to positive efficacy, but alas it didn't occur.</p> <h2>Competition</h2> <p>As stated earlier, CRBSI is an unmet medical need. There is no FDA-approved method for treating infected CVCs.</p> <p>There are products that are designed to prevent CVCs from getting infected such as antimicrobial caps. One is ClearGuard HD Antimicrobial Barrier Cap. While the approach is good (prevention is better than treatment), plenty of CVCs still get infected. Also, the caps are only approved for Hemodialysis catheters. In summary, the caps are for a specific indication and pose little threat to Mino-Lok since there are still plenty of infections that occur daily.</p><div></div> <p>CorMedix (NASDAQ:CRMD) has a product called Defencath. Defencath is a proprietary formulation of taurolidine 1.35%, citrate 3.5%, and heparin 1000 units/mL that is currently being investigated for use as a catheter lock solution. Its aim is reducing the risk of infections from indwelling catheters for hemodialysis (\"HD\") patients. Note this important distinction - It is for prevention, and not treatment. It cannot be used once a CVC is infected. Also, note this product is for hemodialysis patients and not for oncology patients. CorMedix's goal is to have Defencath incorporated into the SOC for the HD patient group. Changing the SOC is no small task and requires extensive FDA review.</p> <p>Defencath finished its Phase 3 clinical study, known as LOCK-IT-100. According to its latest investor presentation, the final results showed that Defencath reduced CRBSI by ~71% with SAE nearly identical to the control. The review board also recommended early termination.</p> <p>However, the company reported the:</p> <blockquote><p>FDA cannot approve the New Drug Application (NDA) for DefenCath™ (taurolidine/heparin catheter lock solution) in its present form. FDA noted concerns at the third-party manufacturing facility after a review of records requested by FDA and provided by the manufacturing facility. Additionally, FDA is requiring a manual extraction study to demonstrate that the labeled volume can be consistently withdrawn from the vials despite an existing in-process control to demonstrate fill volume within specifications.</p></blockquote> <p>This is terrible news for CorMedix but great news for Citius. This gives Mino-Lok an unobstructed runway to build their brand!</p> <h2>The Mino-Lok Moat</h2> <p>While there is nothing supremely novel about the individual components in Mino-Lok, the Company did secure a formulation patent for Mino-Lok in 2018, which grants them protection until 2036.</p> <p>Mino-Lok also received QIDP. This potentially qualifies Mino-Lok for additional FDA incentives in the approval and marketing pathway, including Fast Track designation and Priority Review for development and a five-year extension of market exclusivity. This means the product might tack on another 5 years of market exclusivity beyond its 2036 patent expiration date.</p> <p>As outlined earlier, now that Phase III is successful, and assuming they do get FDA approval, they will be the only FDA-approved treatment for infected CVC for all CRBSI. Myron Holubiak stated there are no products being developed for the treatment of CVC. If approved, Mino-Lok will be the only treatment for several years.</p> <h2>Management &amp; Insider Ownership</h2> <p>Citius' Leadership is notable. Leonard Mazur is Chairman of the Board. His resume reads like a page right out of a chapter of Who's Who in Pharma M&amp;A. It is long, but worth the read.</p> <ul> <li><p>He spent his first 10 years working for Cooper Laboratories, starting in sales and rising into positions of strategic planning, then acquisitions, and eventually head of <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the Cooper divisions. Cooper built its brand as an expert in developing medical specialty silos - <strong>acquiring companies and building business units around their medical specialties</strong>.</p></li> <li><p>He put together the first strategic plan and got the first unit operational, which was in the ophthalmology space. In a matter of roughly seven years, the unit went from <strong>acquiring a tiny prescription eye-drop company to about $800 million in revenue</strong> as one of the largest eye care companies in the world, called CooperVision.</p></li> </ul> <p>The takeaway from this list is that Mr. Mazur has extensive experience in launching &amp; creating strong brands and is familiar with the M&amp;A space.</p> <p>Most notable is that insiders have invested $26.5M of their own money into Citius. Mazur &amp; Holubiak hold about 13M shares. According to Fintel, insiders hold 10% of all shares. It is rare in clinical biotechs for management to have such a high percentage of ownership and it speaks to their confidence in eventual drug approval</p> <h2>Market Opportunity</h2> <p>The market potential for an effective antibiotic lock therapy (\"ALT\") is estimated at $750 million per year in the U.S. and is projected to reach $1.84 billion globally in 2028. Currently, removing and replacing infected CVCs is the standard of care for most CRBSIs. CVCs are life-saving vascular access ports in patients requiring long-term intravenous therapy. Of the approximately 7 million CVCs used annually in the US, up to 500,000 become infected and lead to CRBSIs. Infected CVCs must be removed, and most need to be replaced. However, these procedures are costly and discomforting, and 15-20% of them are associated with significant morbidity. There are currently no approved therapies to salvage infected CVCs. Mino-Lok penetrates biofilm, eradicates bacteria, and salvages infected, indwelling vascular catheters while providing anti-clotting properties. Mino-Lok has the potential to change the standard of care for the management of these serious infections.</p> <h2>Price Targets</h2> <p>Dawson James recently gave Citius a price target of $10 and noted that CTXR is funded all the way through commercialization.</p> <p><figure><span><img loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2022/3/27/50299941-16484011158961303.png\"/></span><figcaption><p>Dawson James</p></figcaption></figure></p> <p>In addition, H.C. Wainwright has issued a price target of $6.</p> <p>We believe a valuation of $10 is prudent. The valuation is based on a therapeutic models and associated assumptions projected to 2028. The lead product, Mini-Lok, is now in a Phase 3 trial, as is E7777. We use a 30% risk rate in our free cash flow, our discounted EPS, and sum-of-the-parts models on top of a 15% risk rate in our therapeutic models for both products.</p> <h2>Risks &amp; Conclusion</h2> <p>Biotechnology is risky, and so is investing in it. A majority of all biotech trials fail.</p> <p>As the primary endpoint is the open door to approval by the FDA, we believe there is a very high probability of success for these drugs and that Citius is currently deeply undervalued, given the potential of the drugs and the probability of success.</p> <p>We strongly believe that both trials will be a tremendous success. Speculation on this stock may be prudent from the information presented, as it seems likely these treatments will succeed. A few risks to consider:</p> <ul> <li> <strong>Partnership risk.</strong> <a href=\"https://laohu8.com/S/CTXR\">Citius Pharmaceuticals, Inc.</a> is in discussions with possible partners today, but there can be no assurances that the company will be able to secure a favorable partnership.</li> <li> <strong>Commercial risk.</strong> There are no assurances that the company will be able to achieve significant market share and become profitable.</li> <li> <strong>Clinical and regulatory risk</strong>. Lead products have to complete clinical trials. Trials may not produce results sufficient for regulatory approval..</li> <li> <strong>Liquidity Risk</strong>. The stock is thinly traded. We note that management owns a significant percentage of the company. However, the Company has enough cash through 2023.</li> </ul> <p>All those risks do remain, and a wise investor will consider them before making an investment decision.</p> <p>However, we believe Citius will succeed.</p>\n</body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citius: 2022 Is A Year Of Catalysts</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitius: 2022 Is A Year Of Catalysts\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-29 01:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4498156-citius-2022-is-a-year-of-catalysts><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>lechatnoir/E+ via Getty Images About Citius Pharmaceuticals Citius Pharmaceuticals Inc. (NASDAQ: NASDAQ:CTXR) is a late-stage biopharmaceutical company focused on the development and commercialization...</p>\n\n<a href=\"https://seekingalpha.com/article/4498156-citius-2022-is-a-year-of-catalysts\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRMD":"CorMedix Inc.","BK4121":"生命科学工具和服务","LD":"iPath Bloomberg Lead Subindex Total Return ETN","CTXR":"Citius Pharmaceuticals, Inc.","BK4007":"制药","SEER":"Seer, Inc."},"source_url":"https://seekingalpha.com/article/4498156-citius-2022-is-a-year-of-catalysts","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2223818828","content_text":"lechatnoir/E+ via Getty Images About Citius Pharmaceuticals Citius Pharmaceuticals Inc. (NASDAQ: NASDAQ:CTXR) is a late-stage biopharmaceutical company focused on the development and commercialization of first-in-class critical care products, with a diversified pipeline of anti-infectives in adjunct cancer care, oncology, stem cell therapy and unique prescription products. Three of its five pipeline candidates would be the first and only prescription treatments in their indications if approved by the FDA. The Company has two late-stage product candidates, I/ONTAK (E7777), a novel IL-2R immunotherapy for an initial indication in cutaneous T-cell lymphoma (CTCL), which has completed treatment in its Pivotal Phase 3 trial and Mino-Lok®, an antibiotic lock solution to salvage infected central venous catheters (CVCs) of patients with catheter-related bloodstream infections (CRBSIs), which is currently enrolling patients in a Phase 3 Pivotal superiority trial. I/ONTAK has received orphan drug designation by the FDA for the treatment of CTCL and peripheral T-cell lymphoma (PTCL). Mino-Lok® was granted Fast Track designation by the U.S. Food and Drug Administration (FDA). Through its subsidiary, NoveCite, Inc., Citius is developing a novel proprietary mesenchymal stem cell (i-MSC) treatment derived from induced pluripotent stem cells (iPSCs) for acute respiratory conditions. Citius's two additional product candidates are Halo-Lido, potentially the first and only FDA-approved prescription treatment for hemorrhoids, and Mino-Wrap, potentially the first and only FDA-approved product to prevent infection in tissue expanders and breast implants post mastectomy. Citius Pharm About I/ONTAK I/ONTAK (E7777), is a purified reformulation of denileukin diftitox (ONTAK®), a previously FDA-approved cancer immunotherapy for the treatment of persistent or recurrent cutaneous T-cell lymphoma (CTCL), a rare form of non-Hodgkin lymphoma. Improvements to the original formulation resulted in a therapy that maintains the same amino acid sequence, but features greater purity and bioactivity. I/ONTAK is a novel targeted oncology asset with an attractive near-term revenue opportunity and a substantially de-risked path to support commercial success. Patient enrollment in a global, multicenter, open-label, single-arm Pivotal Phase 3 study of I/ONTAK in participants with persistent or recurrent CTCL was completed in December 2021. Citius plans to further explore the potential of I/ONTAK to treat larger patient populations with additional indications in peripheral T-cell lymphoma (PTCL) and immuno-oncology. I/ONTAK has been granted orphan drug designation (ODD) by the FDA for the treatment of CTCL and PTCL. E7777 received regulatory approval in Japan for the treatment of CTCL and PTCL in 2021. Citius's exclusive license include rights to develop and commercialize I/ONTAK (E7777) in all markets except for Japan and certain parts of Asia. Program Highlights  Phase 3 Pivotal trial completed December 2021 Top Line Data released very soon. We are targeting April. Biologics license application (BLA) submission expected to be filed in the second half of 2022 for an initial indication in CTCL Considered a new biologic by the FDA, I/ONTAK would be eligible for 12 years of exclusivity, if approved  How It Works I/ONTAK is a recombinant engineered fusion protein that combines interleukin-2 and diphtheria toxin. The agent specifically binds to IL-2 receptors on the cell surface, causing diphtheria toxin fragments that have entered cells to inhibit protein synthesis. Its unique mechanism of action targets both malignant T-cells and immunosuppressive regulatory T-cells (Tregs). Transiently eliminating Tregs has the potential of unleashing potent immune responses by the patient's immune system against their tumors. In recent preclinical studies, denileukin diftitox has demonstrated the ability to deplete murine Tregs in-vivo and human Tregs ex vivo. In addition, the combination of denileukin diftitox with anti-m-PD1 showed improved tumor response and very significant improvement in survival in the combination groups relative to either therapy alone in a syngeneic mouse solid tumor model. Based on these data, two investigator-initiated trials will evaluate the potential safety and efficacy of: 1) I/ONTAK in combination with Pembrolizumab (anti-PD 1) in patients with recurrent or metastatic solid tumors; and 2) I/ONTAK given prior to lymphodepletion (LD) chemotherapy and KYMRIAH® (tisagenlecleucel) CAR T-cell therapy for the treatment of relapsed/refractory diffuse large B-cell lymphoma (DLBCL) considered at a high risk for failure from KYMRIAH® alone. Market Based on Surveillance Epidemiology and End Results ((SEER) data from 2001-2007, the estimated incidence rate of MF/SS in the U.S. is 0.5/100,000 or about 2,500-3,000 new cases per year representing about 25% of all T-cell lymphomas. We estimate that there are 30,000 - 40,000 patients living with CTCL in the U.S. with approximately 16,000 - 20,000 having mycosis fungoides. Of those, we believe the addressable population for I/ONTAK will be the approximately 10,000 patients with later stage, relapsed or refractory CTCL who require systemic therapy, resulting in an estimated addressable U.S. market of approximately $300,000,000. I/ONTAK has been granted Orphan Drug Designation by the U.S. FDA. I/ONTAK may also have substantial upside as a therapy for peripheral T-cell lymphoma (PTCL) and possibly in combination with check-point inhibitors such as pembrolizumab or CAR T-cell based therapy (e.g. KYMRIAH®) based on its ability to transiently eradicate Tregs from the suppressive tumor microenvironment. Top Line Data Citius has stated they expect topline results anticipated by the end of June. However, we are targeting this release to happen in April. While data, might come in May or June, we are betting it happens much sooner. The timeline for the I/ONTAK program remains on track, with topline results anticipated in the first half of 2022, followed by a planned BLA filing in the second half of the year. Moreover, the FDA confirmed that no pediatric study will be required for I/ONTAK, further de-risking this asset,\" stated Myron Holubiak, President and Chief Executive Officer of Citius Pharmaceuticals. About Mino-Lok Mino-Lok is an antibiotic lock solution used to treat patients with catheter-related bloodstream infections (\"CRBSIs\"). CRBSIs are serious issues, especially in cancer patients receiving therapy through central venous catheters (\"CVCs\") and in hemodialysis patients where venous access presents a challenge. In the Phase 3 trial, Mino-Lok was being tested with the primary endpoint being catheter failures. Mino-Lok is intended to salvage the CVC, reducing the need to remove and replace (\"R&R\") the catheter. This is a recognized unmet medical need. R&R is the Standard of Care (\"SOC\") for CRBSI and will occur about 95% of the time after infection, according to CEO Myron Holubiak. There are few alternatives to removing and replacing the CVC once it becomes infected. Studies show that removal and reinsertion of CVCs have a 15% to 20% complication rate, including pneumothorax, misplacement, and arterial puncture. R&R is also not a sustainable strategy. With repeated R&R, patients develop sclerosis of the vessels, and progressively have more limited anatomic locations for vascular access. Mino-Lok contains a proprietary combination of minocycline, edetate (disodium EDTA), and ethyl alcohol, all of which act synergistically to break down bacterial biofilms, eradicate the bacteria, provide anti-clotting properties to maintain patency in CVCs, and salvage the indwelling catheter. The Mino-Lok product is used in two-hour locking cycles, allowing the CVC to be used for its intended purposes for the remaining 22 hours each day. The product is infused into the CVC, held for 2 hours inside the catheter (i.e. locked), and then withdrawn. This occurs for 5-7 days until the catheter is clear. SOC antibiotic lock therapies (\"ALT\") require that the ALT be locked for several hours per day, depending on the antibiotic, with durations of therapy from 8 days to 3 weeks. In many patients who need continuous IV access, it may be difficult or impossible to lock the catheter for several hours. The optimum ALT must have a short duration of therapy and not need to be locked for a long period of time. Thus, the clinical and economic advantage of Mino-Lok. Inside intensive care units (\"ICU\") doctors must have central line access continually. If the catheter becomes blocked, and cannot be cleared, it will be immediately removed and a new catheter will be placed somewhere in the body. Having a central line is vital for ICU patients and can be the difference between life and death. Their most recent Corporate Presentation is here. Standard of Care & Target Market Current SOC is to R&R the CVC, while treating with systemic antibiotics. Catheter R&R causes physical and psychological symptoms in 57% to 67% of patients. R&R is difficult for many patients, due to unavailability of other accessible vascular sites and the need to maintain infusion therapy. The cost to R&R a CVC is around $10,000. However, if the patients get an infection, the costs and potential patient harm increase significantly. According to PubMed in 2011 the cost of CRBSI is between $33,000 and $44,000 in the general adult ICU, between $54,000 and $75,000 in the adult surgical ICU, and approximately $49,000 in the pediatric ICU. These figures are estimated total costs associated with CRBSI infections. These procedures are costly, and 15% to 20% of the procedures are associated with significant morbidity. There are currently no FDA-approved therapies to salvage infected CVCs. Citius has the worldwide rights to Mino-Lok so the market opportunity is significant. DelveInsight estimates that the annual US incidence rate of CRBSI is 325,000 in 2017. They state that the Asia-Pacific region had over 3,000,000 CRBSI the same year. In total they estimate the global market to be ~4.1M in 2017 and grow to ~4.23M in 2028. When assessing the total addressable market, it is very important to recognize that despite gradually improving global health care protocols, and a multitude of prevention strategies such as catheter lock solutions to prevent biofilm formation, bactericidal/static caps, etc., CRBSI rates are not going down. We expect a quick ramp-up of sales, if approved, due to the fact that CRBSIs are an unmet medical need with the current SOC and R&R costing hospitals and insurers tens of thousands of dollars. Hospitals are also penalized for high infection rates (which are preventable) and will see their Medicare and Medicaid reimbursement dollars negatively affected. With alternative payment models incentivizing reduced total cost of care, hospitals will be quick to implement a proven solution to disinfect and clear CVCs. Citius is optimistic that with a conservative pricing model, the uptake of Mino-Lok should be swift. Pricing should have upwards elasticity, given the surgical alternative. The Company believes the total US annual sales will be >$800M. The company also estimates greater than $1.8B annual worldwide sales are possible by 2028 for CRBSI. Mino-Lok sales potential is impressive. Phase III Trial Phase III started in February 2018. It is a randomized, open label, assess-blind study to determine the efficacy of Mino-Lok. 144 patients diagnosed with CRBSI are randomized 1:1 into 1 of 2 treatment arms. The primary endpoint is Time to a catheter failure. The secondary outcome measures are: Proportion of subjects with overall success in the modified intent to treat (\"MITT\") and clinically evaluable (\"CE\") populations, Time to catheter failure in the MITT and CE Populations, Microbiological eradication, Clinical Cure, All-cause mortality and safety and tolerability. Also interesting is the control arm for this trial. Here is how it reads on clincicaltrials.gov. The antibiotic lock should be comprised of the best available therapy at the sites based on standard institutional practices or recommendations from the Infectious Diseases Society of America guidelines. This means each clinical site can use its best available \"home brew\" to salvage the CVC for the control arm. Citius believes Mino-Lok is the best CRBSI product and willing to put it up against any clinical site's concoction. IDMC Meeting Following a unblinded data review of safety and efficacy in June 2021, the independent Data Monitoring Committee (DMC) for the Mino-Lok® Phase 3 Pivotal Superiority Trial has recommended proceeding with the trial as planned. The DMC did not identify any safety concerns and no modifications were recommended to the protocol-defined sample size or power to achieve the primary endpoint.  DMC interim safety and efficacy review of Mino-Lok® Phase 3 Trial concluded with favorable recommendation to continue the trial as planned, with the protocol-defined sample size and power to achieve the primary endpoint Citius to proceed in conducting largest controlled clinical trial to salvage infected catheters with no modifications requested by the DMC and no safety concerns identified  We had expected a trial halt due to positive efficacy, but alas it didn't occur. Competition As stated earlier, CRBSI is an unmet medical need. There is no FDA-approved method for treating infected CVCs. There are products that are designed to prevent CVCs from getting infected such as antimicrobial caps. One is ClearGuard HD Antimicrobial Barrier Cap. While the approach is good (prevention is better than treatment), plenty of CVCs still get infected. Also, the caps are only approved for Hemodialysis catheters. In summary, the caps are for a specific indication and pose little threat to Mino-Lok since there are still plenty of infections that occur daily. CorMedix (NASDAQ:CRMD) has a product called Defencath. Defencath is a proprietary formulation of taurolidine 1.35%, citrate 3.5%, and heparin 1000 units/mL that is currently being investigated for use as a catheter lock solution. Its aim is reducing the risk of infections from indwelling catheters for hemodialysis (\"HD\") patients. Note this important distinction - It is for prevention, and not treatment. It cannot be used once a CVC is infected. Also, note this product is for hemodialysis patients and not for oncology patients. CorMedix's goal is to have Defencath incorporated into the SOC for the HD patient group. Changing the SOC is no small task and requires extensive FDA review. Defencath finished its Phase 3 clinical study, known as LOCK-IT-100. According to its latest investor presentation, the final results showed that Defencath reduced CRBSI by ~71% with SAE nearly identical to the control. The review board also recommended early termination. However, the company reported the: FDA cannot approve the New Drug Application (NDA) for DefenCath™ (taurolidine/heparin catheter lock solution) in its present form. FDA noted concerns at the third-party manufacturing facility after a review of records requested by FDA and provided by the manufacturing facility. Additionally, FDA is requiring a manual extraction study to demonstrate that the labeled volume can be consistently withdrawn from the vials despite an existing in-process control to demonstrate fill volume within specifications. This is terrible news for CorMedix but great news for Citius. This gives Mino-Lok an unobstructed runway to build their brand! The Mino-Lok Moat While there is nothing supremely novel about the individual components in Mino-Lok, the Company did secure a formulation patent for Mino-Lok in 2018, which grants them protection until 2036. Mino-Lok also received QIDP. This potentially qualifies Mino-Lok for additional FDA incentives in the approval and marketing pathway, including Fast Track designation and Priority Review for development and a five-year extension of market exclusivity. This means the product might tack on another 5 years of market exclusivity beyond its 2036 patent expiration date. As outlined earlier, now that Phase III is successful, and assuming they do get FDA approval, they will be the only FDA-approved treatment for infected CVC for all CRBSI. Myron Holubiak stated there are no products being developed for the treatment of CVC. If approved, Mino-Lok will be the only treatment for several years. Management & Insider Ownership Citius' Leadership is notable. Leonard Mazur is Chairman of the Board. His resume reads like a page right out of a chapter of Who's Who in Pharma M&A. It is long, but worth the read.  He spent his first 10 years working for Cooper Laboratories, starting in sales and rising into positions of strategic planning, then acquisitions, and eventually head of one of the Cooper divisions. Cooper built its brand as an expert in developing medical specialty silos - acquiring companies and building business units around their medical specialties. He put together the first strategic plan and got the first unit operational, which was in the ophthalmology space. In a matter of roughly seven years, the unit went from acquiring a tiny prescription eye-drop company to about $800 million in revenue as one of the largest eye care companies in the world, called CooperVision.  The takeaway from this list is that Mr. Mazur has extensive experience in launching & creating strong brands and is familiar with the M&A space. Most notable is that insiders have invested $26.5M of their own money into Citius. Mazur & Holubiak hold about 13M shares. According to Fintel, insiders hold 10% of all shares. It is rare in clinical biotechs for management to have such a high percentage of ownership and it speaks to their confidence in eventual drug approval Market Opportunity The market potential for an effective antibiotic lock therapy (\"ALT\") is estimated at $750 million per year in the U.S. and is projected to reach $1.84 billion globally in 2028. Currently, removing and replacing infected CVCs is the standard of care for most CRBSIs. CVCs are life-saving vascular access ports in patients requiring long-term intravenous therapy. Of the approximately 7 million CVCs used annually in the US, up to 500,000 become infected and lead to CRBSIs. Infected CVCs must be removed, and most need to be replaced. However, these procedures are costly and discomforting, and 15-20% of them are associated with significant morbidity. There are currently no approved therapies to salvage infected CVCs. Mino-Lok penetrates biofilm, eradicates bacteria, and salvages infected, indwelling vascular catheters while providing anti-clotting properties. Mino-Lok has the potential to change the standard of care for the management of these serious infections. Price Targets Dawson James recently gave Citius a price target of $10 and noted that CTXR is funded all the way through commercialization. Dawson James In addition, H.C. Wainwright has issued a price target of $6. We believe a valuation of $10 is prudent. The valuation is based on a therapeutic models and associated assumptions projected to 2028. The lead product, Mini-Lok, is now in a Phase 3 trial, as is E7777. We use a 30% risk rate in our free cash flow, our discounted EPS, and sum-of-the-parts models on top of a 15% risk rate in our therapeutic models for both products. Risks & Conclusion Biotechnology is risky, and so is investing in it. A majority of all biotech trials fail. As the primary endpoint is the open door to approval by the FDA, we believe there is a very high probability of success for these drugs and that Citius is currently deeply undervalued, given the potential of the drugs and the probability of success. We strongly believe that both trials will be a tremendous success. Speculation on this stock may be prudent from the information presented, as it seems likely these treatments will succeed. A few risks to consider:   Partnership risk. Citius Pharmaceuticals, Inc. is in discussions with possible partners today, but there can be no assurances that the company will be able to secure a favorable partnership.  Commercial risk. There are no assurances that the company will be able to achieve significant market share and become profitable.  Clinical and regulatory risk. Lead products have to complete clinical trials. Trials may not produce results sufficient for regulatory approval..  Liquidity Risk. The stock is thinly traded. We note that management owns a significant percentage of the company. However, the Company has enough cash through 2023.  All those risks do remain, and a wise investor will consider them before making an investment decision. However, we believe Citius will succeed.","news_type":1},"isVote":1,"tweetType":1,"viewCount":206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883952136,"gmtCreate":1631197917525,"gmtModify":1676530494731,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"True thttt","listText":"True thttt","text":"True thttt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883952136","repostId":"2166317474","repostType":4,"repost":{"id":"2166317474","kind":"highlight","pubTimestamp":1631193600,"share":"https://ttm.financial/m/news/2166317474?lang=&edition=fundamental","pubTime":"2021-09-09 21:20","market":"us","language":"en","title":"Is It Safer to Pull Your Money Out of the Stock Market Now?","url":"https://stock-news.laohu8.com/highlight/detail?id=2166317474","media":"Motley Fool","summary":"If a market downturn is looming, should you withdraw now or stay invested?","content":"<blockquote>\n <b>If a market downturn is looming, should you withdraw now or stay invested?</b>\n</blockquote>\n<p><b>Key Points</b></p>\n<ul>\n <li>Market downturns are normal, but they can still wreak havoc on your investments.</li>\n <li>Pulling your money out may seem like a smart option to keep your savings safe.</li>\n <li>With the right strategy, you can give your investments the best chance at surviving volatility.</li>\n</ul>\n<p>The stock market can be turbulent and unpredictable, and it's sometimes nerve-wracking to invest your life savings. When the market dips, nobody likes seeing their investments take a turn for the worse.</p>\n<p>Although the stock market has been on a remarkable upward trajectory over the past year, it will likely experience a downturn sooner or later. That doesn't necessarily mean the market will crash tomorrow, but ups and downs are normal and to be expected.</p>\n<p>If stock prices do start to fall, pulling your money out of the market may seem like the smartest and safest option. But is that the right move?</p>\n<p><img src=\"https://static.tigerbbs.com/c0d26d0fb6412ce5f2c09582a9085c54\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: Getty Images.</p>\n<p><b>Just how common are market downturns?</b></p>\n<p>There's no doubt about it: Market downturns are intimidating. Whether you've just started investing or have been buying stocks for decades, few people are truly comfortable with watching their investments plummet in value.</p>\n<p>That said, downturns happen regularly and are not as daunting as they may seem. Since 1928, the <b>S&amp;P 500</b> has experienced 21 separate instances where stock prices fell by more than 20%, according to data from consulting firm Yardeni Research. That's <a href=\"https://laohu8.com/S/AONE.U\">one</a> relatively severe downturn approximately every 4.5 years.</p>\n<p>The good news is that regardless of how severe those crashes were, the S&amp;P 500 has recovered from every single one of them so far. If the market does experience another dip, there's a very good chance it will recover once again.</p>\n<p><img src=\"https://static.tigerbbs.com/6f9b2741732af6db7f18c8f6ce721764\" tg-width=\"720\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p>\n<p>^SPX data by YCharts</p>\n<p><b>Would pulling your money out keep it safer?</b></p>\n<p>Although market downturns are relatively common, it still may seem like a smart idea to pull your money out before prices fall. While that strategy makes sense, it's much tougher to pull off than it may seem.</p>\n<p>It's easy to look back in hindsight and wish you'd pulled your money out of the market right before it crashed. But in the moment, it's nearly impossible to know when, exactly, prices will drop. Market crashes can be unpredictable and unexpected, and even the experts don't always know when they'll happen.</p>\n<p>If you withdraw your money at the wrong time, it could be a costly mistake. Say you're worried the market will crash soon, so you pull all your money out today. But the market doesn't crash, and instead, stock prices continue going up. You decide to reinvest your money, but because prices have increased, you end up paying more for your investments than what you sold them for.</p>\n<p>Or, say you pull your money out of the market but choose not to reinvest because you're worried prices will fall soon. When your money isn't invested, it's not growing as much as it could. And the longer you wait to get started investing again, the more you're limiting your earning potential.</p>\n<p><b>How to keep your investments safe</b></p>\n<p>One of the most important things to remember when investing in the stock market is that you don't lose any money until you sell your stocks. The market could plummet tomorrow, but as long as you don't sell, you haven't lost any money.</p>\n<p>Holding your investments despite market volatility, then, is a smart way to keep your money safer. The market may dip and your stocks may decrease in value, but as long as you're buying the right investments, there's a very good chance they'll recover. When that happens, your portfolio will bounce back stronger than ever.</p>\n<p>Market crashes can be intimidating, but the good news is that they are normal and temporary. By holding your stocks and avoiding the temptation to pull your money out of the market during periods of volatility, you can maximize your earning potential and help your money grow as much as possible.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is It Safer to Pull Your Money Out of the Stock Market Now?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs It Safer to Pull Your Money Out of the Stock Market Now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-09 21:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/09/09/is-it-safer-to-pull-your-money-out-of-the-stock-ma/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If a market downturn is looming, should you withdraw now or stay invested?\n\nKey Points\n\nMarket downturns are normal, but they can still wreak havoc on your investments.\nPulling your money out may seem...</p>\n\n<a href=\"https://www.fool.com/investing/2021/09/09/is-it-safer-to-pull-your-money-out-of-the-stock-ma/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.fool.com/investing/2021/09/09/is-it-safer-to-pull-your-money-out-of-the-stock-ma/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2166317474","content_text":"If a market downturn is looming, should you withdraw now or stay invested?\n\nKey Points\n\nMarket downturns are normal, but they can still wreak havoc on your investments.\nPulling your money out may seem like a smart option to keep your savings safe.\nWith the right strategy, you can give your investments the best chance at surviving volatility.\n\nThe stock market can be turbulent and unpredictable, and it's sometimes nerve-wracking to invest your life savings. When the market dips, nobody likes seeing their investments take a turn for the worse.\nAlthough the stock market has been on a remarkable upward trajectory over the past year, it will likely experience a downturn sooner or later. That doesn't necessarily mean the market will crash tomorrow, but ups and downs are normal and to be expected.\nIf stock prices do start to fall, pulling your money out of the market may seem like the smartest and safest option. But is that the right move?\n\nImage source: Getty Images.\nJust how common are market downturns?\nThere's no doubt about it: Market downturns are intimidating. Whether you've just started investing or have been buying stocks for decades, few people are truly comfortable with watching their investments plummet in value.\nThat said, downturns happen regularly and are not as daunting as they may seem. Since 1928, the S&P 500 has experienced 21 separate instances where stock prices fell by more than 20%, according to data from consulting firm Yardeni Research. That's one relatively severe downturn approximately every 4.5 years.\nThe good news is that regardless of how severe those crashes were, the S&P 500 has recovered from every single one of them so far. If the market does experience another dip, there's a very good chance it will recover once again.\n\n^SPX data by YCharts\nWould pulling your money out keep it safer?\nAlthough market downturns are relatively common, it still may seem like a smart idea to pull your money out before prices fall. While that strategy makes sense, it's much tougher to pull off than it may seem.\nIt's easy to look back in hindsight and wish you'd pulled your money out of the market right before it crashed. But in the moment, it's nearly impossible to know when, exactly, prices will drop. Market crashes can be unpredictable and unexpected, and even the experts don't always know when they'll happen.\nIf you withdraw your money at the wrong time, it could be a costly mistake. Say you're worried the market will crash soon, so you pull all your money out today. But the market doesn't crash, and instead, stock prices continue going up. You decide to reinvest your money, but because prices have increased, you end up paying more for your investments than what you sold them for.\nOr, say you pull your money out of the market but choose not to reinvest because you're worried prices will fall soon. When your money isn't invested, it's not growing as much as it could. And the longer you wait to get started investing again, the more you're limiting your earning potential.\nHow to keep your investments safe\nOne of the most important things to remember when investing in the stock market is that you don't lose any money until you sell your stocks. The market could plummet tomorrow, but as long as you don't sell, you haven't lost any money.\nHolding your investments despite market volatility, then, is a smart way to keep your money safer. The market may dip and your stocks may decrease in value, but as long as you're buying the right investments, there's a very good chance they'll recover. When that happens, your portfolio will bounce back stronger than ever.\nMarket crashes can be intimidating, but the good news is that they are normal and temporary. By holding your stocks and avoiding the temptation to pull your money out of the market during periods of volatility, you can maximize your earning potential and help your money grow as much as possible.","news_type":1},"isVote":1,"tweetType":1,"viewCount":227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":159569129,"gmtCreate":1624974500461,"gmtModify":1703849199013,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Had to sell because I’m going into ns feels bad.. wanted to hold longerr&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Had to sell because I’m going into ns feels bad.. wanted to hold longerr&nbsp;","text":"$AMC Entertainment(AMC)$Had to sell because I’m going into ns feels bad.. wanted to hold longerr","images":[{"img":"https://static.tigerbbs.com/707bf3debc5258e623558ea95a3fb9ad","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":8,"repostSize":0,"link":"https://ttm.financial/post/159569129","isVote":1,"tweetType":1,"viewCount":2139,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3576897924380223","authorId":"3576897924380223","name":"wataru","avatar":"https://static.tigerbbs.com/43453debe7e355c59ebfd4bdf7caa788","crmLevel":1,"crmLevelSwitch":0,"idStr":"3576897924380223","authorIdStr":"3576897924380223"},"content":"lol 14 dollars for ns?","text":"lol 14 dollars for ns?","html":"lol 14 dollars for ns?"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":128561507,"gmtCreate":1624524106709,"gmtModify":1703839273323,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128561507","repostId":"1137537223","repostType":4,"repost":{"id":"1137537223","kind":"news","pubTimestamp":1624523813,"share":"https://ttm.financial/m/news/1137537223?lang=&edition=fundamental","pubTime":"2021-06-24 16:36","market":"us","language":"en","title":"Pfizer: A Wide Moat Business At A Fair Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1137537223","media":"seekingalpha","summary":"Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business","content":"<p><b>Summary</b></p>\n<ul>\n <li>At its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.</li>\n <li>The moat is rooted in technological lead, scale, intellectual property, and a strong pipeline.</li>\n <li>As a result, the business enjoys high profitability, return on capital employed, and heathy perpetual growth prospects – the hallmarks of a long-term compounder.</li>\n <li>Investment at the current price provides excellent potential for double-digit return in the long term.</li>\n</ul>\n<p><b>Thesis and Background</b></p>\n<p>The healthcare sector is a great place for value investors, ranging from legends like Warren Buffett to ordinary investors like myself for many good reasons. It caters to fundamental human needs that are not going to change or go away anytime soon. All signs show that the need will only intensify with population growth, longer life expectancy, more interconnected world, et al. The major players like Pfizer Inc (PFE), due to their established lead and scale, are especially well poised to capitalize on such secular trend.</p>\n<p>At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, thanks to their profitability and return on capital employed, investment at the current price provides excellent potential for double digit return.</p>\n<p>Before going into any further details, it would help to briefly summarize my investment philosophy to provide a context. I am a long-term, conservative, and value-oriented investor. I hold a rather concentrated portfolio with about a dozen stocks. I rarely buy and very rarely sell. So you will see me writing about a handful of holdings multiple times from different angles. If you like reading in-depth and multifaceted coverage on the same holdings, I am your guy.</p>\n<p>My goal for my stock holdings is to generate<b>D</b>ouble-<b>D</b>igit return during a<b>D</b>ecade, and that is why I nickname my portfolio the DDD portfolio. Currently my portfolio holds the following 9 stocks. Using the date Ifirst publishedthe DDD portfolio on 5/31/2021 as the inception date, its performance on a weekly basis is summarized in the following two charts. It has been a really short time compared to my horizon, but so far so good fortunately.</p>\n<p><img src=\"https://static.tigerbbs.com/4cb3acede81613b3761fd70078b79286\" tg-width=\"640\" tg-height=\"420\"></p>\n<p>Source: Author</p>\n<p><img src=\"https://static.tigerbbs.com/11117eef882381e86fc7ad1e929b15d8\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author</p>\n<p><b>The businesses and the moat</b></p>\n<p>Pfizer Inc. is a research-based, global biopharmaceutical leader engaged in the discovery, development, manufacture, and distribution of healthcare products. It offers medicines and vaccines in various therapeutic areas, encompassing internal medicine, oncology, vaccines, immunology, rare disease, et al.</p>\n<p>For pharmaceutical companies at this scale, it is all about A) bringing blockbuster drugs (with market value exceeding $1B per year) to market, and B) having a healthy pipeline of potential blockbusters. And PFE is doing a terrific job on both fronts as you can see from the following two charts.</p>\n<p>As seen from the first chart, PFE boasts a collection of blockbuster drugs including Vyndaqel ($1.2B sales in 2020), Prevnar ($5.8B sales), Xeljanz ($2.4B), et al. And in 2021, PFE just added another blockbuster into its production line: the Covid vaccine. PFE was the first to gain FDA approval for its COVID-19 vaccine, and the vaccine is already PFE's top-selling drug as of 2021 Q1. The vaccine brought in $3.4B of sales during 2021 Q1! These blockbuster drugs are about 5 years on average away from patent expiration.</p>\n<p>This where the pipeline comes in. As seen in the second chart, PFE also maintains a healthy pipeline to prepare for the future. This large pipeline consists of ~100 total drugs. The lifecycle for a drug development (from the lab to the market) could take more than a decade. And therefore, the drugs in the later stage of the development, i.e., Phase 3 or later, are more important. And as can be seen, PFE has a total of 33 of them currently. Not all of them will be a blockbuster. And here is how the scale of PFE matters. Thanks to its scale, it does not need all of them to be blockbusters. It can afford the inevitable misses.</p>\n<p><img src=\"https://static.tigerbbs.com/274b7e5bc8ed32603e922232dbdba5d0\" tg-width=\"640\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p>\n<p>Source:Pfizer 2020 annual report</p>\n<p><img src=\"https://static.tigerbbs.com/8eba34c481717e6f2cfaa6f316498aa2\" tg-width=\"640\" tg-height=\"181\"></p>\n<p>Source: Pfizer 2020 annual report</p>\n<p><b>Profitability and Financial Strength</b></p>\n<p>Thanks to its technological lead and scale, PFE enjoys superior profitability and financial strengths both relative to other peers in the same sector and also to the overall market, as illustrated by the following chart. The profitability is simply superb on every metric - both in absolute terms and in relative terms when compared to its peers.</p>\n<p>The business is also in a very strong financial position, as exemplified by the next chart. Its interest coverage (operation income divided by interest expense) is more than 16x. In other words, it only takes about 6% of its operation income to cover its interest expenses. In contrast, the interest coverage for the overall market represented by S&amp;P 500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and terrific return on capital to be detailed later), the business can also afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx.</p>\n<p><img src=\"https://static.tigerbbs.com/2df9ddd5bfc780fb81922d0bf07dfb2f\" tg-width=\"640\" tg-height=\"315\"></p>\n<p>Source: Seeking Alpha.</p>\n<p><img src=\"https://static.tigerbbs.com/b29a25abfa0354c92c5dfb7ab49243ff\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author based on data from Seeking Alpha</p>\n<p><b>The valuation</b></p>\n<p>As can be seen from the following numbers in the table, at its current price levels, PEF is about fairly valued or slightly discounted depending on which valuation metric you use based on its historical valuations. In terms of absolute valuation, its current valuations (price/cash flow ratio around 14.5x) is also very reasonable for a wide moat business leader. Many consumer staple businesses (like food and drinks business) are valued above 20x cash flow because they cater to an eternal human need. Yet in my view, PFE caters to an equally eternal human need with a wider moat.</p>\n<p>As such, the short-term risk is very manageable given the current entry valuation, especially considering the upcoming boost from their COVID vaccine. And also, the above average dividend yield would help to support the return should any short term turmoil occur.</p>\n<p><img src=\"https://static.tigerbbs.com/28f2c7c3ec96007a14b507da34b0eb02\" tg-width=\"640\" tg-height=\"88\" referrerpolicy=\"no-referrer\">Source: author and Seeking Alpha</p>\n<p><b>Long-term return and perpetual growth rate</b></p>\n<p>If you, like this author, are a long-term investor who subscribes to the concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,</p>\n<p>Longer-Term ROI = OEY + PGR</p>\n<p>Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earnings (pay out as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as PFE has done in the past), it will be reflected as a return to the business owner.</p>\n<p>OEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earnings. It is conservative in the sense that rigorously speaking, the owner's earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~6.6% for PFE (~15x price to FCF).</p>\n<p>The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like PFE, I consider the following items capital actually employed:</p>\n<p>1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p>\n<p>2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p>\n<p>3. There are the following two possible routes here:</p>\n<p>3.1. The first route is to include research and development expenses as a capital investment. As mentioned above, the R&amp;D is the lifeblood for a sustainable pharmaceutical business and is not really an optional expense.</p>\n<p>3.2. The second route is to amortize its intangible book value, mainly consisting of intellectual property and patents. This essentially treats the intellectual properties as capital with a finite lifetime, which I will assume to be five years, the average number of years away from its current blockbuster drugs' patent expiration.</p>\n<p>Based on the above considerations, the ROCE of PFE over the past decade are shown below. As seen, both approaches provided similar results, a good sign of the assumptions. PFE was able to maintain a remarkably high and stable ROCE over the long term: on average 44% for the past decade. To put things in perspective, as detailed in myprevious articlesfor Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are \"only\" in the range of 20% to 30%.</p>\n<p><img src=\"https://static.tigerbbs.com/2bcb7c6b4fc7360c3140a7cbcd7aa511\" tg-width=\"640\" tg-height=\"398\"></p>\n<p>Source: Author and Seeking Alpha</p>\n<p>With a 44% ROCE, it means that even if PFE only reinvests 1/10 of its earnings to expand the capital employed, it could maintain a 4.4% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 44% = 4.4%). And 10% reinvestment rate is indeed the situation here for PFE based on my analyses. As aforementioned, this is a reason that PFE can afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx as dividend (or share repurchase). Of course, another reason is that businesses at this scale simply are not able to find that many opportunities to reinvest their earnings. But after all, 4.4% PGR already makes it a long term compounder with 10% income reinvested!</p>\n<p>Now we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~6.6% for PFE (~15x price to FCF), and the PGR is about 4.4%. So the total return in the long term at current valuation would be a double digit around 11% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn't change the long-term return dramatically.</p>\n<p><img src=\"https://static.tigerbbs.com/bc98d9c0dd33069c7237e253e96f624b\" tg-width=\"640\" tg-height=\"416\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author and Seeking Alpha.</p>\n<p>And for those of us who would like to wait for a better entry price, the next chart shows how much the long-term return potential would change as a function of the entry price. As can be seen, the long-term return potential doesn't change that much within a pretty wide range of entry price, as shown in the green box. This probably confirms something that you've already heard before - if you hold something for the long term, the entry price does not matter that much.</p>\n<p>However, many investors seem to interpret this one-sided and I'd like to do a bit of hairsplitting here. The above statement refers to the long-term RATE of return, not the absolute DOLLAR AMOUNT of return. When your entry price is decreased by 10%, yes, it is correct that this wouldn't impact your long-term rate of return by a lot as seen. But a 10% lower entry price would give you at least 10% more return in absolute dollar amount - because you get to buy 10% more shares with the same dollar amount you have, plus the whatever extra return brought about by the higher RATE of return.</p>\n<p>And as a final note before ending this section, this might be the most valuable insight that I've learned by studying Warren Buffett's investment philosophy. The insight really is that I do not need a business with double-digit growth to generate double-digit returns. A reliable business that can offer a stable growth at a boring rate of a few percent (like ~4% in the examples of PFE) can already provide double-digit returns with good certainty as long as A) they are purchased at a reasonable valuation, and B) they have ROCE sufficiently high so that the growth can be driven by reinvesting a small fraction of the income. In the long run, assuming a growth rate more than a few percent probably is a dangerous assumption to start with anyway.</p>\n<p><img src=\"https://static.tigerbbs.com/cca693c6f94c74a4aebd1de7b8392612\" tg-width=\"640\" tg-height=\"422\"></p>\n<p>Source: Author and Seeking Alpha</p>\n<p><b>Conclusion and final thoughts</b></p>\n<p>The healthcare sector is a great place for value investors and enjoys long-term secular headwinds. Major players like Pfizer, due to their established lead and scale, are especially well-poised to capitalize on such secular trend. At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, the business features all the hallmarks of a long-term compounder - high profitability, high return on capital employed, and healthy perpetual growth prospects. An investment at the current price provides excellent potential for double-digit return in the long term.</p>\n<p>I am not buying only because my portfolio already holds enough healthcare stocks, which have similar return/risk profiles as I see. I just cannot have all of them and have to choose.</p>\n<p>Thanks for reading! And look forward to hearing your thoughts and comments.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pfizer: A Wide Moat Business At A Fair Price</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPfizer: A Wide Moat Business At A Fair Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 16:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.\nThe moat is rooted in technological lead, scale, intellectual property, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1137537223","content_text":"Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.\nThe moat is rooted in technological lead, scale, intellectual property, and a strong pipeline.\nAs a result, the business enjoys high profitability, return on capital employed, and heathy perpetual growth prospects – the hallmarks of a long-term compounder.\nInvestment at the current price provides excellent potential for double-digit return in the long term.\n\nThesis and Background\nThe healthcare sector is a great place for value investors, ranging from legends like Warren Buffett to ordinary investors like myself for many good reasons. It caters to fundamental human needs that are not going to change or go away anytime soon. All signs show that the need will only intensify with population growth, longer life expectancy, more interconnected world, et al. The major players like Pfizer Inc (PFE), due to their established lead and scale, are especially well poised to capitalize on such secular trend.\nAt its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, thanks to their profitability and return on capital employed, investment at the current price provides excellent potential for double digit return.\nBefore going into any further details, it would help to briefly summarize my investment philosophy to provide a context. I am a long-term, conservative, and value-oriented investor. I hold a rather concentrated portfolio with about a dozen stocks. I rarely buy and very rarely sell. So you will see me writing about a handful of holdings multiple times from different angles. If you like reading in-depth and multifaceted coverage on the same holdings, I am your guy.\nMy goal for my stock holdings is to generateDouble-Digit return during aDecade, and that is why I nickname my portfolio the DDD portfolio. Currently my portfolio holds the following 9 stocks. Using the date Ifirst publishedthe DDD portfolio on 5/31/2021 as the inception date, its performance on a weekly basis is summarized in the following two charts. It has been a really short time compared to my horizon, but so far so good fortunately.\n\nSource: Author\n\nSource: Author\nThe businesses and the moat\nPfizer Inc. is a research-based, global biopharmaceutical leader engaged in the discovery, development, manufacture, and distribution of healthcare products. It offers medicines and vaccines in various therapeutic areas, encompassing internal medicine, oncology, vaccines, immunology, rare disease, et al.\nFor pharmaceutical companies at this scale, it is all about A) bringing blockbuster drugs (with market value exceeding $1B per year) to market, and B) having a healthy pipeline of potential blockbusters. And PFE is doing a terrific job on both fronts as you can see from the following two charts.\nAs seen from the first chart, PFE boasts a collection of blockbuster drugs including Vyndaqel ($1.2B sales in 2020), Prevnar ($5.8B sales), Xeljanz ($2.4B), et al. And in 2021, PFE just added another blockbuster into its production line: the Covid vaccine. PFE was the first to gain FDA approval for its COVID-19 vaccine, and the vaccine is already PFE's top-selling drug as of 2021 Q1. The vaccine brought in $3.4B of sales during 2021 Q1! These blockbuster drugs are about 5 years on average away from patent expiration.\nThis where the pipeline comes in. As seen in the second chart, PFE also maintains a healthy pipeline to prepare for the future. This large pipeline consists of ~100 total drugs. The lifecycle for a drug development (from the lab to the market) could take more than a decade. And therefore, the drugs in the later stage of the development, i.e., Phase 3 or later, are more important. And as can be seen, PFE has a total of 33 of them currently. Not all of them will be a blockbuster. And here is how the scale of PFE matters. Thanks to its scale, it does not need all of them to be blockbusters. It can afford the inevitable misses.\n\nSource:Pfizer 2020 annual report\n\nSource: Pfizer 2020 annual report\nProfitability and Financial Strength\nThanks to its technological lead and scale, PFE enjoys superior profitability and financial strengths both relative to other peers in the same sector and also to the overall market, as illustrated by the following chart. The profitability is simply superb on every metric - both in absolute terms and in relative terms when compared to its peers.\nThe business is also in a very strong financial position, as exemplified by the next chart. Its interest coverage (operation income divided by interest expense) is more than 16x. In other words, it only takes about 6% of its operation income to cover its interest expenses. In contrast, the interest coverage for the overall market represented by S&P 500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and terrific return on capital to be detailed later), the business can also afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx.\n\nSource: Seeking Alpha.\n\nSource: Author based on data from Seeking Alpha\nThe valuation\nAs can be seen from the following numbers in the table, at its current price levels, PEF is about fairly valued or slightly discounted depending on which valuation metric you use based on its historical valuations. In terms of absolute valuation, its current valuations (price/cash flow ratio around 14.5x) is also very reasonable for a wide moat business leader. Many consumer staple businesses (like food and drinks business) are valued above 20x cash flow because they cater to an eternal human need. Yet in my view, PFE caters to an equally eternal human need with a wider moat.\nAs such, the short-term risk is very manageable given the current entry valuation, especially considering the upcoming boost from their COVID vaccine. And also, the above average dividend yield would help to support the return should any short term turmoil occur.\nSource: author and Seeking Alpha\nLong-term return and perpetual growth rate\nIf you, like this author, are a long-term investor who subscribes to the concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,\nLonger-Term ROI = OEY + PGR\nBecause in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earnings (pay out as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as PFE has done in the past), it will be reflected as a return to the business owner.\nOEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earnings. It is conservative in the sense that rigorously speaking, the owner's earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~6.6% for PFE (~15x price to FCF).\nThe next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like PFE, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\n3. There are the following two possible routes here:\n3.1. The first route is to include research and development expenses as a capital investment. As mentioned above, the R&D is the lifeblood for a sustainable pharmaceutical business and is not really an optional expense.\n3.2. The second route is to amortize its intangible book value, mainly consisting of intellectual property and patents. This essentially treats the intellectual properties as capital with a finite lifetime, which I will assume to be five years, the average number of years away from its current blockbuster drugs' patent expiration.\nBased on the above considerations, the ROCE of PFE over the past decade are shown below. As seen, both approaches provided similar results, a good sign of the assumptions. PFE was able to maintain a remarkably high and stable ROCE over the long term: on average 44% for the past decade. To put things in perspective, as detailed in myprevious articlesfor Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are \"only\" in the range of 20% to 30%.\n\nSource: Author and Seeking Alpha\nWith a 44% ROCE, it means that even if PFE only reinvests 1/10 of its earnings to expand the capital employed, it could maintain a 4.4% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 44% = 4.4%). And 10% reinvestment rate is indeed the situation here for PFE based on my analyses. As aforementioned, this is a reason that PFE can afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx as dividend (or share repurchase). Of course, another reason is that businesses at this scale simply are not able to find that many opportunities to reinvest their earnings. But after all, 4.4% PGR already makes it a long term compounder with 10% income reinvested!\nNow we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~6.6% for PFE (~15x price to FCF), and the PGR is about 4.4%. So the total return in the long term at current valuation would be a double digit around 11% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn't change the long-term return dramatically.\n\nSource: Author and Seeking Alpha.\nAnd for those of us who would like to wait for a better entry price, the next chart shows how much the long-term return potential would change as a function of the entry price. As can be seen, the long-term return potential doesn't change that much within a pretty wide range of entry price, as shown in the green box. This probably confirms something that you've already heard before - if you hold something for the long term, the entry price does not matter that much.\nHowever, many investors seem to interpret this one-sided and I'd like to do a bit of hairsplitting here. The above statement refers to the long-term RATE of return, not the absolute DOLLAR AMOUNT of return. When your entry price is decreased by 10%, yes, it is correct that this wouldn't impact your long-term rate of return by a lot as seen. But a 10% lower entry price would give you at least 10% more return in absolute dollar amount - because you get to buy 10% more shares with the same dollar amount you have, plus the whatever extra return brought about by the higher RATE of return.\nAnd as a final note before ending this section, this might be the most valuable insight that I've learned by studying Warren Buffett's investment philosophy. The insight really is that I do not need a business with double-digit growth to generate double-digit returns. A reliable business that can offer a stable growth at a boring rate of a few percent (like ~4% in the examples of PFE) can already provide double-digit returns with good certainty as long as A) they are purchased at a reasonable valuation, and B) they have ROCE sufficiently high so that the growth can be driven by reinvesting a small fraction of the income. In the long run, assuming a growth rate more than a few percent probably is a dangerous assumption to start with anyway.\n\nSource: Author and Seeking Alpha\nConclusion and final thoughts\nThe healthcare sector is a great place for value investors and enjoys long-term secular headwinds. Major players like Pfizer, due to their established lead and scale, are especially well-poised to capitalize on such secular trend. At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, the business features all the hallmarks of a long-term compounder - high profitability, high return on capital employed, and healthy perpetual growth prospects. An investment at the current price provides excellent potential for double-digit return in the long term.\nI am not buying only because my portfolio already holds enough healthcare stocks, which have similar return/risk profiles as I see. I just cannot have all of them and have to choose.\nThanks for reading! And look forward to hearing your thoughts and comments.","news_type":1},"isVote":1,"tweetType":1,"viewCount":289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160022886,"gmtCreate":1623767180045,"gmtModify":1703818792169,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Letsgooooo","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Letsgooooo","text":"$AMC Entertainment(AMC)$Letsgooooo","images":[{"img":"https://static.tigerbbs.com/653d75ebcacb49de46056db5139d61a5","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160022886","isVote":1,"tweetType":1,"viewCount":413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":113630398,"gmtCreate":1622608537414,"gmtModify":1704187270422,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>Sheeeejhhh","listText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>Sheeeejhhh","text":"$BlackBerry(BB)$Sheeeejhhh","images":[{"img":"https://static.tigerbbs.com/218c1daabb4cf94d768d1eb46643bbd8","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113630398","isVote":1,"tweetType":1,"viewCount":740,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":113605797,"gmtCreate":1622607774519,"gmtModify":1704187253370,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"Hehe lucky guess ig","listText":"Hehe lucky guess ig","text":"Hehe lucky guess ig","images":[{"img":"https://static.tigerbbs.com/d95a410e904d84add3404148db77bf59","width":"825","height":"1351"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/113605797","isVote":1,"tweetType":1,"viewCount":233,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":134623697,"gmtCreate":1622224378119,"gmtModify":1704181900610,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>Huat","listText":"<a href=\"https://laohu8.com/S/BB\">$BlackBerry(BB)$</a>Huat","text":"$BlackBerry(BB)$Huat","images":[{"img":"https://static.tigerbbs.com/56b0f646e71e392645fb555431c48e56","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/134623697","isVote":1,"tweetType":1,"viewCount":427,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":138247763,"gmtCreate":1621946569652,"gmtModify":1704364907341,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"Damn&nbsp;","listText":"Damn&nbsp;","text":"Damn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138247763","repostId":"1140046763","repostType":4,"repost":{"id":"1140046763","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621944646,"share":"https://ttm.financial/m/news/1140046763?lang=&edition=fundamental","pubTime":"2021-05-25 20:10","market":"us","language":"en","title":"Toplines Before US Market Open on Tuesday","url":"https://stock-news.laohu8.com/highlight/detail?id=1140046763","media":"Tiger Newspress","summary":"U.S. stock index futures rose on Tuesday, buoyed by gains in mega-cap technology-related stocks as i","content":"<p>U.S. stock index futures rose on Tuesday, buoyed by gains in mega-cap technology-related stocks as inflation worries ebbed and U.S. bond yields eased for the fourth straight day.</p><p>At 8:05 a.m. ET, Dow E-minis were up 93 points, or 0.27%, S&amp;P 500 E-minis were up 14.5 points, or 0.35% and Nasdaq 100 E-minis were up 80.5 points, or 0.59%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0cb3de938a9511fee104454b3e726612\" tg-width=\"818\" tg-height=\"278\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p>Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc added between 0.4% and 1% in premarket trading as the yield on 10-year bond slipped to a fresh two-week low on Tuesday.</p><p>Higher yields pressure valuations for tech and other growth stocks, whose future cash flows are discounted at higher rates.</p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><b>Moderna(MRNA)</b>-Moderna&nbsp;rose&nbsp;2.33%&nbsp;in premarket trading&nbsp;after&nbsp;its Covid-19 vaccine was 100% effective in a study of adolescents ages 12 to 17, making it the second shot behind&nbsp;Pfizer's to demonstrate high efficacy in younger age groups.</p><p><b>Lordstown Motors(RIDE)</b> – Lordstown tumbled 13.7% in premarket trading after the electric vehicle startupsaid it needed to raise capitalto fund operations and that its production this year would be, at best, 50% of prior projections.</p><p><b>Canopy Growth(CGC) </b>– The cannabis producer’s shares rose 2.4% in the premarket after MKM Partners upgraded the stock to “buy” from “neutral.” MKM said sentiment surrounding the stock is so low that the current risk/reward profile is very favorable.</p><p><b>Shake Shack(SHAK)</b> – The restaurant chain’s stock rallied 5.2% in premarket trading after Goldman Sachs upgraded it to “buy” from “neutral.” Goldman believes a recent pullback presents a buying opportunity, given Shake Shack’s strong balance sheet and favorable long-term growth prospects. Additionally, Wedbush upgraded the stock to “outperform” from “neutral,” citing similar reasons.</p><p><b>AutoZone(AZO)</b> – The auto parts retailer reported quarterly profit of $26.48 per share, beating the consensus estimate of $20.14 a share. Revenue also came in above estimates. Comparable-store sales surged 28.9%, well above the consensus FactSet estimate of 17.1%. AutoZone’s gross margins dropped, however, due in part to an acceleration of the company’s commercial business. AutoZone added 1.1% in premarket trading.</p><p><b>Amazon(AMZN)</b> – Amazon could announcea deal to buy MGM Studiosas soon as this week, according to a person familiar with the matter who spoke to CNBC. The projected price of up to $9 billion would make this Amazon’s largest acquisition since it bought Whole Foods in 2017 for $13.7 billion.</p><p><b>AstraZeneca(AZN)</b> – AstraZeneca’s $39 billion takeover of U.S. drugmakerAlexion Pharmaceuticals(ALXN) is the subject of a probe by British competition regulators, who want to determine if the deal will reduce competition in the U.K. and elsewhere.</p><p><b>United Airlines(UAL)</b> – United said in a Securities and Exchange Commission filing that ticketed yields have accelerated during the second quarter ahead of its prior projections. It now sees the key metric of revenue per available seat mile falling about 12% this quarter compared to its prior estimate of a 20% drop.</p><p><b>Live Nation Entertainment(LYV)</b> – Live Nation President Joe Berchtold told CNBC’s “Closing Bell” that concert venue bookings are rebounding, and that it is expecting a better year in 2022 than it had in 2019. Shares added 1% in premarket action.</p><p><b>IAC/Interactive(IAC) </b>– IAC shares jumped 5.3% in premarket trading ahead of today’s spinoff of Vimeo to IAC shareholders. Vimeo will begin trading on the Nasdaq today, with the producer of video tools valued at roughly $10 billion.</p><p><b>Petco(WOOF) </b>– The pet products retailer announced a secondary stock offering of 22 million shares, with the selling stockholder granting underwriters the option to purchase another 3.3 million shares within 30 days. Petco will not receive any proceeds from the offering. The stock fell 1.1% in the premarket.</p><p><b>Alaska Air(ALK)</b> – Alaska Air boosted its cash flow outlook for the current quarter, saying it now expects positive cash flow of $550 million to $650 million compared to a prior projection of $450 million to $550 million. The airline cites improved travel demand as well as better-than-expected affinity card inflows. Alaska Air shares fell 2.8% in premarket trading.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Tuesday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Tuesday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-25 20:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. stock index futures rose on Tuesday, buoyed by gains in mega-cap technology-related stocks as inflation worries ebbed and U.S. bond yields eased for the fourth straight day.</p><p>At 8:05 a.m. ET, Dow E-minis were up 93 points, or 0.27%, S&amp;P 500 E-minis were up 14.5 points, or 0.35% and Nasdaq 100 E-minis were up 80.5 points, or 0.59%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0cb3de938a9511fee104454b3e726612\" tg-width=\"818\" tg-height=\"278\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p>Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc added between 0.4% and 1% in premarket trading as the yield on 10-year bond slipped to a fresh two-week low on Tuesday.</p><p>Higher yields pressure valuations for tech and other growth stocks, whose future cash flows are discounted at higher rates.</p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><b>Moderna(MRNA)</b>-Moderna&nbsp;rose&nbsp;2.33%&nbsp;in premarket trading&nbsp;after&nbsp;its Covid-19 vaccine was 100% effective in a study of adolescents ages 12 to 17, making it the second shot behind&nbsp;Pfizer's to demonstrate high efficacy in younger age groups.</p><p><b>Lordstown Motors(RIDE)</b> – Lordstown tumbled 13.7% in premarket trading after the electric vehicle startupsaid it needed to raise capitalto fund operations and that its production this year would be, at best, 50% of prior projections.</p><p><b>Canopy Growth(CGC) </b>– The cannabis producer’s shares rose 2.4% in the premarket after MKM Partners upgraded the stock to “buy” from “neutral.” MKM said sentiment surrounding the stock is so low that the current risk/reward profile is very favorable.</p><p><b>Shake Shack(SHAK)</b> – The restaurant chain’s stock rallied 5.2% in premarket trading after Goldman Sachs upgraded it to “buy” from “neutral.” Goldman believes a recent pullback presents a buying opportunity, given Shake Shack’s strong balance sheet and favorable long-term growth prospects. Additionally, Wedbush upgraded the stock to “outperform” from “neutral,” citing similar reasons.</p><p><b>AutoZone(AZO)</b> – The auto parts retailer reported quarterly profit of $26.48 per share, beating the consensus estimate of $20.14 a share. Revenue also came in above estimates. Comparable-store sales surged 28.9%, well above the consensus FactSet estimate of 17.1%. AutoZone’s gross margins dropped, however, due in part to an acceleration of the company’s commercial business. AutoZone added 1.1% in premarket trading.</p><p><b>Amazon(AMZN)</b> – Amazon could announcea deal to buy MGM Studiosas soon as this week, according to a person familiar with the matter who spoke to CNBC. The projected price of up to $9 billion would make this Amazon’s largest acquisition since it bought Whole Foods in 2017 for $13.7 billion.</p><p><b>AstraZeneca(AZN)</b> – AstraZeneca’s $39 billion takeover of U.S. drugmakerAlexion Pharmaceuticals(ALXN) is the subject of a probe by British competition regulators, who want to determine if the deal will reduce competition in the U.K. and elsewhere.</p><p><b>United Airlines(UAL)</b> – United said in a Securities and Exchange Commission filing that ticketed yields have accelerated during the second quarter ahead of its prior projections. It now sees the key metric of revenue per available seat mile falling about 12% this quarter compared to its prior estimate of a 20% drop.</p><p><b>Live Nation Entertainment(LYV)</b> – Live Nation President Joe Berchtold told CNBC’s “Closing Bell” that concert venue bookings are rebounding, and that it is expecting a better year in 2022 than it had in 2019. Shares added 1% in premarket action.</p><p><b>IAC/Interactive(IAC) </b>– IAC shares jumped 5.3% in premarket trading ahead of today’s spinoff of Vimeo to IAC shareholders. Vimeo will begin trading on the Nasdaq today, with the producer of video tools valued at roughly $10 billion.</p><p><b>Petco(WOOF) </b>– The pet products retailer announced a secondary stock offering of 22 million shares, with the selling stockholder granting underwriters the option to purchase another 3.3 million shares within 30 days. Petco will not receive any proceeds from the offering. The stock fell 1.1% in the premarket.</p><p><b>Alaska Air(ALK)</b> – Alaska Air boosted its cash flow outlook for the current quarter, saying it now expects positive cash flow of $550 million to $650 million compared to a prior projection of $450 million to $550 million. The airline cites improved travel demand as well as better-than-expected affinity card inflows. Alaska Air shares fell 2.8% in premarket trading.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140046763","content_text":"U.S. stock index futures rose on Tuesday, buoyed by gains in mega-cap technology-related stocks as inflation worries ebbed and U.S. bond yields eased for the fourth straight day.At 8:05 a.m. ET, Dow E-minis were up 93 points, or 0.27%, S&P 500 E-minis were up 14.5 points, or 0.35% and Nasdaq 100 E-minis were up 80.5 points, or 0.59%.*Source From Tiger Trade, EST 08:05Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc added between 0.4% and 1% in premarket trading as the yield on 10-year bond slipped to a fresh two-week low on Tuesday.Higher yields pressure valuations for tech and other growth stocks, whose future cash flows are discounted at higher rates.Stocks making the biggest moves in the premarket:Moderna(MRNA)-Moderna rose 2.33% in premarket trading after its Covid-19 vaccine was 100% effective in a study of adolescents ages 12 to 17, making it the second shot behind Pfizer's to demonstrate high efficacy in younger age groups.Lordstown Motors(RIDE) – Lordstown tumbled 13.7% in premarket trading after the electric vehicle startupsaid it needed to raise capitalto fund operations and that its production this year would be, at best, 50% of prior projections.Canopy Growth(CGC) – The cannabis producer’s shares rose 2.4% in the premarket after MKM Partners upgraded the stock to “buy” from “neutral.” MKM said sentiment surrounding the stock is so low that the current risk/reward profile is very favorable.Shake Shack(SHAK) – The restaurant chain’s stock rallied 5.2% in premarket trading after Goldman Sachs upgraded it to “buy” from “neutral.” Goldman believes a recent pullback presents a buying opportunity, given Shake Shack’s strong balance sheet and favorable long-term growth prospects. Additionally, Wedbush upgraded the stock to “outperform” from “neutral,” citing similar reasons.AutoZone(AZO) – The auto parts retailer reported quarterly profit of $26.48 per share, beating the consensus estimate of $20.14 a share. Revenue also came in above estimates. Comparable-store sales surged 28.9%, well above the consensus FactSet estimate of 17.1%. AutoZone’s gross margins dropped, however, due in part to an acceleration of the company’s commercial business. AutoZone added 1.1% in premarket trading.Amazon(AMZN) – Amazon could announcea deal to buy MGM Studiosas soon as this week, according to a person familiar with the matter who spoke to CNBC. The projected price of up to $9 billion would make this Amazon’s largest acquisition since it bought Whole Foods in 2017 for $13.7 billion.AstraZeneca(AZN) – AstraZeneca’s $39 billion takeover of U.S. drugmakerAlexion Pharmaceuticals(ALXN) is the subject of a probe by British competition regulators, who want to determine if the deal will reduce competition in the U.K. and elsewhere.United Airlines(UAL) – United said in a Securities and Exchange Commission filing that ticketed yields have accelerated during the second quarter ahead of its prior projections. It now sees the key metric of revenue per available seat mile falling about 12% this quarter compared to its prior estimate of a 20% drop.Live Nation Entertainment(LYV) – Live Nation President Joe Berchtold told CNBC’s “Closing Bell” that concert venue bookings are rebounding, and that it is expecting a better year in 2022 than it had in 2019. Shares added 1% in premarket action.IAC/Interactive(IAC) – IAC shares jumped 5.3% in premarket trading ahead of today’s spinoff of Vimeo to IAC shareholders. Vimeo will begin trading on the Nasdaq today, with the producer of video tools valued at roughly $10 billion.Petco(WOOF) – The pet products retailer announced a secondary stock offering of 22 million shares, with the selling stockholder granting underwriters the option to purchase another 3.3 million shares within 30 days. Petco will not receive any proceeds from the offering. The stock fell 1.1% in the premarket.Alaska Air(ALK) – Alaska Air boosted its cash flow outlook for the current quarter, saying it now expects positive cash flow of $550 million to $650 million compared to a prior projection of $450 million to $550 million. The airline cites improved travel demand as well as better-than-expected affinity card inflows. Alaska Air shares fell 2.8% in premarket trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":159569129,"gmtCreate":1624974500461,"gmtModify":1703849199013,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Had to sell because I’m going into ns feels bad.. wanted to hold longerr&nbsp;","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Had to sell because I’m going into ns feels bad.. wanted to hold longerr&nbsp;","text":"$AMC Entertainment(AMC)$Had to sell because I’m going into ns feels bad.. wanted to hold longerr","images":[{"img":"https://static.tigerbbs.com/707bf3debc5258e623558ea95a3fb9ad","width":"1125","height":"1949"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":8,"repostSize":0,"link":"https://ttm.financial/post/159569129","isVote":1,"tweetType":1,"viewCount":2139,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3576897924380223","authorId":"3576897924380223","name":"wataru","avatar":"https://static.tigerbbs.com/43453debe7e355c59ebfd4bdf7caa788","crmLevel":1,"crmLevelSwitch":0,"idStr":"3576897924380223","authorIdStr":"3576897924380223"},"content":"lol 14 dollars for ns?","text":"lol 14 dollars for ns?","html":"lol 14 dollars for ns?"}],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9944153488,"gmtCreate":1681750740845,"gmtModify":1681750744555,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CTXR\">$Citius Pharmaceuticals, Inc.(CTXR)$&nbsp;</a>Literally my bday today","listText":"<a href=\"https://ttm.financial/S/CTXR\">$Citius Pharmaceuticals, Inc.(CTXR)$&nbsp;</a>Literally my bday today","text":"$Citius Pharmaceuticals, Inc.(CTXR)$ Literally my bday today","images":[{"img":"https://community-static.tradeup.com/news/a6dcfeab63e37cc51549e3bc4c3f3f8b","width":"1284","height":"2538"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9944153488","isVote":1,"tweetType":1,"viewCount":341,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9015135295,"gmtCreate":1649438873075,"gmtModify":1676534512660,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/CTXR\">$Citius Pharmaceuticals, Inc.(CTXR)$</a>Buyingthe dip before flying off at 2nd half of 2022","listText":"<a href=\"https://ttm.financial/S/CTXR\">$Citius Pharmaceuticals, Inc.(CTXR)$</a>Buyingthe dip before flying off at 2nd half of 2022","text":"$Citius Pharmaceuticals, Inc.(CTXR)$Buyingthe dip before flying off at 2nd half of 2022","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9015135295","isVote":1,"tweetType":1,"viewCount":204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":160022886,"gmtCreate":1623767180045,"gmtModify":1703818792169,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Letsgooooo","listText":"<a href=\"https://laohu8.com/S/AMC\">$AMC Entertainment(AMC)$</a>Letsgooooo","text":"$AMC Entertainment(AMC)$Letsgooooo","images":[{"img":"https://static.tigerbbs.com/653d75ebcacb49de46056db5139d61a5","width":"1125","height":"2183"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/160022886","isVote":1,"tweetType":1,"viewCount":413,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":138247763,"gmtCreate":1621946569652,"gmtModify":1704364907341,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"Damn&nbsp;","listText":"Damn&nbsp;","text":"Damn","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/138247763","repostId":"1140046763","repostType":4,"repost":{"id":"1140046763","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621944646,"share":"https://ttm.financial/m/news/1140046763?lang=&edition=fundamental","pubTime":"2021-05-25 20:10","market":"us","language":"en","title":"Toplines Before US Market Open on Tuesday","url":"https://stock-news.laohu8.com/highlight/detail?id=1140046763","media":"Tiger Newspress","summary":"U.S. stock index futures rose on Tuesday, buoyed by gains in mega-cap technology-related stocks as i","content":"<p>U.S. stock index futures rose on Tuesday, buoyed by gains in mega-cap technology-related stocks as inflation worries ebbed and U.S. bond yields eased for the fourth straight day.</p><p>At 8:05 a.m. ET, Dow E-minis were up 93 points, or 0.27%, S&amp;P 500 E-minis were up 14.5 points, or 0.35% and Nasdaq 100 E-minis were up 80.5 points, or 0.59%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0cb3de938a9511fee104454b3e726612\" tg-width=\"818\" tg-height=\"278\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p>Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc added between 0.4% and 1% in premarket trading as the yield on 10-year bond slipped to a fresh two-week low on Tuesday.</p><p>Higher yields pressure valuations for tech and other growth stocks, whose future cash flows are discounted at higher rates.</p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><b>Moderna(MRNA)</b>-Moderna&nbsp;rose&nbsp;2.33%&nbsp;in premarket trading&nbsp;after&nbsp;its Covid-19 vaccine was 100% effective in a study of adolescents ages 12 to 17, making it the second shot behind&nbsp;Pfizer's to demonstrate high efficacy in younger age groups.</p><p><b>Lordstown Motors(RIDE)</b> – Lordstown tumbled 13.7% in premarket trading after the electric vehicle startupsaid it needed to raise capitalto fund operations and that its production this year would be, at best, 50% of prior projections.</p><p><b>Canopy Growth(CGC) </b>– The cannabis producer’s shares rose 2.4% in the premarket after MKM Partners upgraded the stock to “buy” from “neutral.” MKM said sentiment surrounding the stock is so low that the current risk/reward profile is very favorable.</p><p><b>Shake Shack(SHAK)</b> – The restaurant chain’s stock rallied 5.2% in premarket trading after Goldman Sachs upgraded it to “buy” from “neutral.” Goldman believes a recent pullback presents a buying opportunity, given Shake Shack’s strong balance sheet and favorable long-term growth prospects. Additionally, Wedbush upgraded the stock to “outperform” from “neutral,” citing similar reasons.</p><p><b>AutoZone(AZO)</b> – The auto parts retailer reported quarterly profit of $26.48 per share, beating the consensus estimate of $20.14 a share. Revenue also came in above estimates. Comparable-store sales surged 28.9%, well above the consensus FactSet estimate of 17.1%. AutoZone’s gross margins dropped, however, due in part to an acceleration of the company’s commercial business. AutoZone added 1.1% in premarket trading.</p><p><b>Amazon(AMZN)</b> – Amazon could announcea deal to buy MGM Studiosas soon as this week, according to a person familiar with the matter who spoke to CNBC. The projected price of up to $9 billion would make this Amazon’s largest acquisition since it bought Whole Foods in 2017 for $13.7 billion.</p><p><b>AstraZeneca(AZN)</b> – AstraZeneca’s $39 billion takeover of U.S. drugmakerAlexion Pharmaceuticals(ALXN) is the subject of a probe by British competition regulators, who want to determine if the deal will reduce competition in the U.K. and elsewhere.</p><p><b>United Airlines(UAL)</b> – United said in a Securities and Exchange Commission filing that ticketed yields have accelerated during the second quarter ahead of its prior projections. It now sees the key metric of revenue per available seat mile falling about 12% this quarter compared to its prior estimate of a 20% drop.</p><p><b>Live Nation Entertainment(LYV)</b> – Live Nation President Joe Berchtold told CNBC’s “Closing Bell” that concert venue bookings are rebounding, and that it is expecting a better year in 2022 than it had in 2019. Shares added 1% in premarket action.</p><p><b>IAC/Interactive(IAC) </b>– IAC shares jumped 5.3% in premarket trading ahead of today’s spinoff of Vimeo to IAC shareholders. Vimeo will begin trading on the Nasdaq today, with the producer of video tools valued at roughly $10 billion.</p><p><b>Petco(WOOF) </b>– The pet products retailer announced a secondary stock offering of 22 million shares, with the selling stockholder granting underwriters the option to purchase another 3.3 million shares within 30 days. Petco will not receive any proceeds from the offering. The stock fell 1.1% in the premarket.</p><p><b>Alaska Air(ALK)</b> – Alaska Air boosted its cash flow outlook for the current quarter, saying it now expects positive cash flow of $550 million to $650 million compared to a prior projection of $450 million to $550 million. The airline cites improved travel demand as well as better-than-expected affinity card inflows. Alaska Air shares fell 2.8% in premarket trading.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Toplines Before US Market Open on Tuesday</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nToplines Before US Market Open on Tuesday\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-25 20:10</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>U.S. stock index futures rose on Tuesday, buoyed by gains in mega-cap technology-related stocks as inflation worries ebbed and U.S. bond yields eased for the fourth straight day.</p><p>At 8:05 a.m. ET, Dow E-minis were up 93 points, or 0.27%, S&amp;P 500 E-minis were up 14.5 points, or 0.35% and Nasdaq 100 E-minis were up 80.5 points, or 0.59%.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0cb3de938a9511fee104454b3e726612\" tg-width=\"818\" tg-height=\"278\" referrerpolicy=\"no-referrer\"><span>*Source From Tiger Trade, EST 08:05</span></p><p>Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc added between 0.4% and 1% in premarket trading as the yield on 10-year bond slipped to a fresh two-week low on Tuesday.</p><p>Higher yields pressure valuations for tech and other growth stocks, whose future cash flows are discounted at higher rates.</p><p><b>Stocks making the biggest moves in the premarket:</b></p><p><b>Moderna(MRNA)</b>-Moderna&nbsp;rose&nbsp;2.33%&nbsp;in premarket trading&nbsp;after&nbsp;its Covid-19 vaccine was 100% effective in a study of adolescents ages 12 to 17, making it the second shot behind&nbsp;Pfizer's to demonstrate high efficacy in younger age groups.</p><p><b>Lordstown Motors(RIDE)</b> – Lordstown tumbled 13.7% in premarket trading after the electric vehicle startupsaid it needed to raise capitalto fund operations and that its production this year would be, at best, 50% of prior projections.</p><p><b>Canopy Growth(CGC) </b>– The cannabis producer’s shares rose 2.4% in the premarket after MKM Partners upgraded the stock to “buy” from “neutral.” MKM said sentiment surrounding the stock is so low that the current risk/reward profile is very favorable.</p><p><b>Shake Shack(SHAK)</b> – The restaurant chain’s stock rallied 5.2% in premarket trading after Goldman Sachs upgraded it to “buy” from “neutral.” Goldman believes a recent pullback presents a buying opportunity, given Shake Shack’s strong balance sheet and favorable long-term growth prospects. Additionally, Wedbush upgraded the stock to “outperform” from “neutral,” citing similar reasons.</p><p><b>AutoZone(AZO)</b> – The auto parts retailer reported quarterly profit of $26.48 per share, beating the consensus estimate of $20.14 a share. Revenue also came in above estimates. Comparable-store sales surged 28.9%, well above the consensus FactSet estimate of 17.1%. AutoZone’s gross margins dropped, however, due in part to an acceleration of the company’s commercial business. AutoZone added 1.1% in premarket trading.</p><p><b>Amazon(AMZN)</b> – Amazon could announcea deal to buy MGM Studiosas soon as this week, according to a person familiar with the matter who spoke to CNBC. The projected price of up to $9 billion would make this Amazon’s largest acquisition since it bought Whole Foods in 2017 for $13.7 billion.</p><p><b>AstraZeneca(AZN)</b> – AstraZeneca’s $39 billion takeover of U.S. drugmakerAlexion Pharmaceuticals(ALXN) is the subject of a probe by British competition regulators, who want to determine if the deal will reduce competition in the U.K. and elsewhere.</p><p><b>United Airlines(UAL)</b> – United said in a Securities and Exchange Commission filing that ticketed yields have accelerated during the second quarter ahead of its prior projections. It now sees the key metric of revenue per available seat mile falling about 12% this quarter compared to its prior estimate of a 20% drop.</p><p><b>Live Nation Entertainment(LYV)</b> – Live Nation President Joe Berchtold told CNBC’s “Closing Bell” that concert venue bookings are rebounding, and that it is expecting a better year in 2022 than it had in 2019. Shares added 1% in premarket action.</p><p><b>IAC/Interactive(IAC) </b>– IAC shares jumped 5.3% in premarket trading ahead of today’s spinoff of Vimeo to IAC shareholders. Vimeo will begin trading on the Nasdaq today, with the producer of video tools valued at roughly $10 billion.</p><p><b>Petco(WOOF) </b>– The pet products retailer announced a secondary stock offering of 22 million shares, with the selling stockholder granting underwriters the option to purchase another 3.3 million shares within 30 days. Petco will not receive any proceeds from the offering. The stock fell 1.1% in the premarket.</p><p><b>Alaska Air(ALK)</b> – Alaska Air boosted its cash flow outlook for the current quarter, saying it now expects positive cash flow of $550 million to $650 million compared to a prior projection of $450 million to $550 million. The airline cites improved travel demand as well as better-than-expected affinity card inflows. Alaska Air shares fell 2.8% in premarket trading.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1140046763","content_text":"U.S. stock index futures rose on Tuesday, buoyed by gains in mega-cap technology-related stocks as inflation worries ebbed and U.S. bond yields eased for the fourth straight day.At 8:05 a.m. ET, Dow E-minis were up 93 points, or 0.27%, S&P 500 E-minis were up 14.5 points, or 0.35% and Nasdaq 100 E-minis were up 80.5 points, or 0.59%.*Source From Tiger Trade, EST 08:05Apple Inc, Amazon.com Inc, Microsoft Corp and Alphabet Inc added between 0.4% and 1% in premarket trading as the yield on 10-year bond slipped to a fresh two-week low on Tuesday.Higher yields pressure valuations for tech and other growth stocks, whose future cash flows are discounted at higher rates.Stocks making the biggest moves in the premarket:Moderna(MRNA)-Moderna rose 2.33% in premarket trading after its Covid-19 vaccine was 100% effective in a study of adolescents ages 12 to 17, making it the second shot behind Pfizer's to demonstrate high efficacy in younger age groups.Lordstown Motors(RIDE) – Lordstown tumbled 13.7% in premarket trading after the electric vehicle startupsaid it needed to raise capitalto fund operations and that its production this year would be, at best, 50% of prior projections.Canopy Growth(CGC) – The cannabis producer’s shares rose 2.4% in the premarket after MKM Partners upgraded the stock to “buy” from “neutral.” MKM said sentiment surrounding the stock is so low that the current risk/reward profile is very favorable.Shake Shack(SHAK) – The restaurant chain’s stock rallied 5.2% in premarket trading after Goldman Sachs upgraded it to “buy” from “neutral.” Goldman believes a recent pullback presents a buying opportunity, given Shake Shack’s strong balance sheet and favorable long-term growth prospects. Additionally, Wedbush upgraded the stock to “outperform” from “neutral,” citing similar reasons.AutoZone(AZO) – The auto parts retailer reported quarterly profit of $26.48 per share, beating the consensus estimate of $20.14 a share. Revenue also came in above estimates. Comparable-store sales surged 28.9%, well above the consensus FactSet estimate of 17.1%. AutoZone’s gross margins dropped, however, due in part to an acceleration of the company’s commercial business. AutoZone added 1.1% in premarket trading.Amazon(AMZN) – Amazon could announcea deal to buy MGM Studiosas soon as this week, according to a person familiar with the matter who spoke to CNBC. The projected price of up to $9 billion would make this Amazon’s largest acquisition since it bought Whole Foods in 2017 for $13.7 billion.AstraZeneca(AZN) – AstraZeneca’s $39 billion takeover of U.S. drugmakerAlexion Pharmaceuticals(ALXN) is the subject of a probe by British competition regulators, who want to determine if the deal will reduce competition in the U.K. and elsewhere.United Airlines(UAL) – United said in a Securities and Exchange Commission filing that ticketed yields have accelerated during the second quarter ahead of its prior projections. It now sees the key metric of revenue per available seat mile falling about 12% this quarter compared to its prior estimate of a 20% drop.Live Nation Entertainment(LYV) – Live Nation President Joe Berchtold told CNBC’s “Closing Bell” that concert venue bookings are rebounding, and that it is expecting a better year in 2022 than it had in 2019. Shares added 1% in premarket action.IAC/Interactive(IAC) – IAC shares jumped 5.3% in premarket trading ahead of today’s spinoff of Vimeo to IAC shareholders. Vimeo will begin trading on the Nasdaq today, with the producer of video tools valued at roughly $10 billion.Petco(WOOF) – The pet products retailer announced a secondary stock offering of 22 million shares, with the selling stockholder granting underwriters the option to purchase another 3.3 million shares within 30 days. Petco will not receive any proceeds from the offering. The stock fell 1.1% in the premarket.Alaska Air(ALK) – Alaska Air boosted its cash flow outlook for the current quarter, saying it now expects positive cash flow of $550 million to $650 million compared to a prior projection of $450 million to $550 million. The airline cites improved travel demand as well as better-than-expected affinity card inflows. Alaska Air shares fell 2.8% in premarket trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":265,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883952136,"gmtCreate":1631197917525,"gmtModify":1676530494731,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"True thttt","listText":"True thttt","text":"True thttt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/883952136","repostId":"2166317474","repostType":4,"repost":{"id":"2166317474","kind":"highlight","pubTimestamp":1631193600,"share":"https://ttm.financial/m/news/2166317474?lang=&edition=fundamental","pubTime":"2021-09-09 21:20","market":"us","language":"en","title":"Is It Safer to Pull Your Money Out of the Stock Market Now?","url":"https://stock-news.laohu8.com/highlight/detail?id=2166317474","media":"Motley Fool","summary":"If a market downturn is looming, should you withdraw now or stay invested?","content":"<blockquote>\n <b>If a market downturn is looming, should you withdraw now or stay invested?</b>\n</blockquote>\n<p><b>Key Points</b></p>\n<ul>\n <li>Market downturns are normal, but they can still wreak havoc on your investments.</li>\n <li>Pulling your money out may seem like a smart option to keep your savings safe.</li>\n <li>With the right strategy, you can give your investments the best chance at surviving volatility.</li>\n</ul>\n<p>The stock market can be turbulent and unpredictable, and it's sometimes nerve-wracking to invest your life savings. When the market dips, nobody likes seeing their investments take a turn for the worse.</p>\n<p>Although the stock market has been on a remarkable upward trajectory over the past year, it will likely experience a downturn sooner or later. That doesn't necessarily mean the market will crash tomorrow, but ups and downs are normal and to be expected.</p>\n<p>If stock prices do start to fall, pulling your money out of the market may seem like the smartest and safest option. But is that the right move?</p>\n<p><img src=\"https://static.tigerbbs.com/c0d26d0fb6412ce5f2c09582a9085c54\" tg-width=\"700\" tg-height=\"466\" referrerpolicy=\"no-referrer\"></p>\n<p>Image source: Getty Images.</p>\n<p><b>Just how common are market downturns?</b></p>\n<p>There's no doubt about it: Market downturns are intimidating. Whether you've just started investing or have been buying stocks for decades, few people are truly comfortable with watching their investments plummet in value.</p>\n<p>That said, downturns happen regularly and are not as daunting as they may seem. Since 1928, the <b>S&amp;P 500</b> has experienced 21 separate instances where stock prices fell by more than 20%, according to data from consulting firm Yardeni Research. That's <a href=\"https://laohu8.com/S/AONE.U\">one</a> relatively severe downturn approximately every 4.5 years.</p>\n<p>The good news is that regardless of how severe those crashes were, the S&amp;P 500 has recovered from every single one of them so far. If the market does experience another dip, there's a very good chance it will recover once again.</p>\n<p><img src=\"https://static.tigerbbs.com/6f9b2741732af6db7f18c8f6ce721764\" tg-width=\"720\" tg-height=\"410\" referrerpolicy=\"no-referrer\"></p>\n<p>^SPX data by YCharts</p>\n<p><b>Would pulling your money out keep it safer?</b></p>\n<p>Although market downturns are relatively common, it still may seem like a smart idea to pull your money out before prices fall. While that strategy makes sense, it's much tougher to pull off than it may seem.</p>\n<p>It's easy to look back in hindsight and wish you'd pulled your money out of the market right before it crashed. But in the moment, it's nearly impossible to know when, exactly, prices will drop. Market crashes can be unpredictable and unexpected, and even the experts don't always know when they'll happen.</p>\n<p>If you withdraw your money at the wrong time, it could be a costly mistake. Say you're worried the market will crash soon, so you pull all your money out today. But the market doesn't crash, and instead, stock prices continue going up. You decide to reinvest your money, but because prices have increased, you end up paying more for your investments than what you sold them for.</p>\n<p>Or, say you pull your money out of the market but choose not to reinvest because you're worried prices will fall soon. When your money isn't invested, it's not growing as much as it could. And the longer you wait to get started investing again, the more you're limiting your earning potential.</p>\n<p><b>How to keep your investments safe</b></p>\n<p>One of the most important things to remember when investing in the stock market is that you don't lose any money until you sell your stocks. The market could plummet tomorrow, but as long as you don't sell, you haven't lost any money.</p>\n<p>Holding your investments despite market volatility, then, is a smart way to keep your money safer. The market may dip and your stocks may decrease in value, but as long as you're buying the right investments, there's a very good chance they'll recover. When that happens, your portfolio will bounce back stronger than ever.</p>\n<p>Market crashes can be intimidating, but the good news is that they are normal and temporary. By holding your stocks and avoiding the temptation to pull your money out of the market during periods of volatility, you can maximize your earning potential and help your money grow as much as possible.</p>","source":"fool_stock","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Is It Safer to Pull Your Money Out of the Stock Market Now?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIs It Safer to Pull Your Money Out of the Stock Market Now?\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-09-09 21:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2021/09/09/is-it-safer-to-pull-your-money-out-of-the-stock-ma/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>If a market downturn is looming, should you withdraw now or stay invested?\n\nKey Points\n\nMarket downturns are normal, but they can still wreak havoc on your investments.\nPulling your money out may seem...</p>\n\n<a href=\"https://www.fool.com/investing/2021/09/09/is-it-safer-to-pull-your-money-out-of-the-stock-ma/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index","SPY":"标普500ETF"},"source_url":"https://www.fool.com/investing/2021/09/09/is-it-safer-to-pull-your-money-out-of-the-stock-ma/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2166317474","content_text":"If a market downturn is looming, should you withdraw now or stay invested?\n\nKey Points\n\nMarket downturns are normal, but they can still wreak havoc on your investments.\nPulling your money out may seem like a smart option to keep your savings safe.\nWith the right strategy, you can give your investments the best chance at surviving volatility.\n\nThe stock market can be turbulent and unpredictable, and it's sometimes nerve-wracking to invest your life savings. When the market dips, nobody likes seeing their investments take a turn for the worse.\nAlthough the stock market has been on a remarkable upward trajectory over the past year, it will likely experience a downturn sooner or later. That doesn't necessarily mean the market will crash tomorrow, but ups and downs are normal and to be expected.\nIf stock prices do start to fall, pulling your money out of the market may seem like the smartest and safest option. But is that the right move?\n\nImage source: Getty Images.\nJust how common are market downturns?\nThere's no doubt about it: Market downturns are intimidating. Whether you've just started investing or have been buying stocks for decades, few people are truly comfortable with watching their investments plummet in value.\nThat said, downturns happen regularly and are not as daunting as they may seem. Since 1928, the S&P 500 has experienced 21 separate instances where stock prices fell by more than 20%, according to data from consulting firm Yardeni Research. That's one relatively severe downturn approximately every 4.5 years.\nThe good news is that regardless of how severe those crashes were, the S&P 500 has recovered from every single one of them so far. If the market does experience another dip, there's a very good chance it will recover once again.\n\n^SPX data by YCharts\nWould pulling your money out keep it safer?\nAlthough market downturns are relatively common, it still may seem like a smart idea to pull your money out before prices fall. While that strategy makes sense, it's much tougher to pull off than it may seem.\nIt's easy to look back in hindsight and wish you'd pulled your money out of the market right before it crashed. But in the moment, it's nearly impossible to know when, exactly, prices will drop. Market crashes can be unpredictable and unexpected, and even the experts don't always know when they'll happen.\nIf you withdraw your money at the wrong time, it could be a costly mistake. Say you're worried the market will crash soon, so you pull all your money out today. But the market doesn't crash, and instead, stock prices continue going up. You decide to reinvest your money, but because prices have increased, you end up paying more for your investments than what you sold them for.\nOr, say you pull your money out of the market but choose not to reinvest because you're worried prices will fall soon. When your money isn't invested, it's not growing as much as it could. And the longer you wait to get started investing again, the more you're limiting your earning potential.\nHow to keep your investments safe\nOne of the most important things to remember when investing in the stock market is that you don't lose any money until you sell your stocks. The market could plummet tomorrow, but as long as you don't sell, you haven't lost any money.\nHolding your investments despite market volatility, then, is a smart way to keep your money safer. The market may dip and your stocks may decrease in value, but as long as you're buying the right investments, there's a very good chance they'll recover. When that happens, your portfolio will bounce back stronger than ever.\nMarket crashes can be intimidating, but the good news is that they are normal and temporary. By holding your stocks and avoiding the temptation to pull your money out of the market during periods of volatility, you can maximize your earning potential and help your money grow as much as possible.","news_type":1},"isVote":1,"tweetType":1,"viewCount":227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128561507,"gmtCreate":1624524106709,"gmtModify":1703839273323,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128561507","repostId":"1137537223","repostType":4,"repost":{"id":"1137537223","kind":"news","pubTimestamp":1624523813,"share":"https://ttm.financial/m/news/1137537223?lang=&edition=fundamental","pubTime":"2021-06-24 16:36","market":"us","language":"en","title":"Pfizer: A Wide Moat Business At A Fair Price","url":"https://stock-news.laohu8.com/highlight/detail?id=1137537223","media":"seekingalpha","summary":"Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business","content":"<p><b>Summary</b></p>\n<ul>\n <li>At its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.</li>\n <li>The moat is rooted in technological lead, scale, intellectual property, and a strong pipeline.</li>\n <li>As a result, the business enjoys high profitability, return on capital employed, and heathy perpetual growth prospects – the hallmarks of a long-term compounder.</li>\n <li>Investment at the current price provides excellent potential for double-digit return in the long term.</li>\n</ul>\n<p><b>Thesis and Background</b></p>\n<p>The healthcare sector is a great place for value investors, ranging from legends like Warren Buffett to ordinary investors like myself for many good reasons. It caters to fundamental human needs that are not going to change or go away anytime soon. All signs show that the need will only intensify with population growth, longer life expectancy, more interconnected world, et al. The major players like Pfizer Inc (PFE), due to their established lead and scale, are especially well poised to capitalize on such secular trend.</p>\n<p>At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, thanks to their profitability and return on capital employed, investment at the current price provides excellent potential for double digit return.</p>\n<p>Before going into any further details, it would help to briefly summarize my investment philosophy to provide a context. I am a long-term, conservative, and value-oriented investor. I hold a rather concentrated portfolio with about a dozen stocks. I rarely buy and very rarely sell. So you will see me writing about a handful of holdings multiple times from different angles. If you like reading in-depth and multifaceted coverage on the same holdings, I am your guy.</p>\n<p>My goal for my stock holdings is to generate<b>D</b>ouble-<b>D</b>igit return during a<b>D</b>ecade, and that is why I nickname my portfolio the DDD portfolio. Currently my portfolio holds the following 9 stocks. Using the date Ifirst publishedthe DDD portfolio on 5/31/2021 as the inception date, its performance on a weekly basis is summarized in the following two charts. It has been a really short time compared to my horizon, but so far so good fortunately.</p>\n<p><img src=\"https://static.tigerbbs.com/4cb3acede81613b3761fd70078b79286\" tg-width=\"640\" tg-height=\"420\"></p>\n<p>Source: Author</p>\n<p><img src=\"https://static.tigerbbs.com/11117eef882381e86fc7ad1e929b15d8\" tg-width=\"640\" tg-height=\"364\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author</p>\n<p><b>The businesses and the moat</b></p>\n<p>Pfizer Inc. is a research-based, global biopharmaceutical leader engaged in the discovery, development, manufacture, and distribution of healthcare products. It offers medicines and vaccines in various therapeutic areas, encompassing internal medicine, oncology, vaccines, immunology, rare disease, et al.</p>\n<p>For pharmaceutical companies at this scale, it is all about A) bringing blockbuster drugs (with market value exceeding $1B per year) to market, and B) having a healthy pipeline of potential blockbusters. And PFE is doing a terrific job on both fronts as you can see from the following two charts.</p>\n<p>As seen from the first chart, PFE boasts a collection of blockbuster drugs including Vyndaqel ($1.2B sales in 2020), Prevnar ($5.8B sales), Xeljanz ($2.4B), et al. And in 2021, PFE just added another blockbuster into its production line: the Covid vaccine. PFE was the first to gain FDA approval for its COVID-19 vaccine, and the vaccine is already PFE's top-selling drug as of 2021 Q1. The vaccine brought in $3.4B of sales during 2021 Q1! These blockbuster drugs are about 5 years on average away from patent expiration.</p>\n<p>This where the pipeline comes in. As seen in the second chart, PFE also maintains a healthy pipeline to prepare for the future. This large pipeline consists of ~100 total drugs. The lifecycle for a drug development (from the lab to the market) could take more than a decade. And therefore, the drugs in the later stage of the development, i.e., Phase 3 or later, are more important. And as can be seen, PFE has a total of 33 of them currently. Not all of them will be a blockbuster. And here is how the scale of PFE matters. Thanks to its scale, it does not need all of them to be blockbusters. It can afford the inevitable misses.</p>\n<p><img src=\"https://static.tigerbbs.com/274b7e5bc8ed32603e922232dbdba5d0\" tg-width=\"640\" tg-height=\"349\" referrerpolicy=\"no-referrer\"></p>\n<p>Source:Pfizer 2020 annual report</p>\n<p><img src=\"https://static.tigerbbs.com/8eba34c481717e6f2cfaa6f316498aa2\" tg-width=\"640\" tg-height=\"181\"></p>\n<p>Source: Pfizer 2020 annual report</p>\n<p><b>Profitability and Financial Strength</b></p>\n<p>Thanks to its technological lead and scale, PFE enjoys superior profitability and financial strengths both relative to other peers in the same sector and also to the overall market, as illustrated by the following chart. The profitability is simply superb on every metric - both in absolute terms and in relative terms when compared to its peers.</p>\n<p>The business is also in a very strong financial position, as exemplified by the next chart. Its interest coverage (operation income divided by interest expense) is more than 16x. In other words, it only takes about 6% of its operation income to cover its interest expenses. In contrast, the interest coverage for the overall market represented by S&amp;P 500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and terrific return on capital to be detailed later), the business can also afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx.</p>\n<p><img src=\"https://static.tigerbbs.com/2df9ddd5bfc780fb81922d0bf07dfb2f\" tg-width=\"640\" tg-height=\"315\"></p>\n<p>Source: Seeking Alpha.</p>\n<p><img src=\"https://static.tigerbbs.com/b29a25abfa0354c92c5dfb7ab49243ff\" tg-width=\"640\" tg-height=\"398\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author based on data from Seeking Alpha</p>\n<p><b>The valuation</b></p>\n<p>As can be seen from the following numbers in the table, at its current price levels, PEF is about fairly valued or slightly discounted depending on which valuation metric you use based on its historical valuations. In terms of absolute valuation, its current valuations (price/cash flow ratio around 14.5x) is also very reasonable for a wide moat business leader. Many consumer staple businesses (like food and drinks business) are valued above 20x cash flow because they cater to an eternal human need. Yet in my view, PFE caters to an equally eternal human need with a wider moat.</p>\n<p>As such, the short-term risk is very manageable given the current entry valuation, especially considering the upcoming boost from their COVID vaccine. And also, the above average dividend yield would help to support the return should any short term turmoil occur.</p>\n<p><img src=\"https://static.tigerbbs.com/28f2c7c3ec96007a14b507da34b0eb02\" tg-width=\"640\" tg-height=\"88\" referrerpolicy=\"no-referrer\">Source: author and Seeking Alpha</p>\n<p><b>Long-term return and perpetual growth rate</b></p>\n<p>If you, like this author, are a long-term investor who subscribes to the concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,</p>\n<p>Longer-Term ROI = OEY + PGR</p>\n<p>Because in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earnings (pay out as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as PFE has done in the past), it will be reflected as a return to the business owner.</p>\n<p>OEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earnings. It is conservative in the sense that rigorously speaking, the owner's earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~6.6% for PFE (~15x price to FCF).</p>\n<p>The next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like PFE, I consider the following items capital actually employed:</p>\n<p>1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.</p>\n<p>2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.</p>\n<p>3. There are the following two possible routes here:</p>\n<p>3.1. The first route is to include research and development expenses as a capital investment. As mentioned above, the R&amp;D is the lifeblood for a sustainable pharmaceutical business and is not really an optional expense.</p>\n<p>3.2. The second route is to amortize its intangible book value, mainly consisting of intellectual property and patents. This essentially treats the intellectual properties as capital with a finite lifetime, which I will assume to be five years, the average number of years away from its current blockbuster drugs' patent expiration.</p>\n<p>Based on the above considerations, the ROCE of PFE over the past decade are shown below. As seen, both approaches provided similar results, a good sign of the assumptions. PFE was able to maintain a remarkably high and stable ROCE over the long term: on average 44% for the past decade. To put things in perspective, as detailed in myprevious articlesfor Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are \"only\" in the range of 20% to 30%.</p>\n<p><img src=\"https://static.tigerbbs.com/2bcb7c6b4fc7360c3140a7cbcd7aa511\" tg-width=\"640\" tg-height=\"398\"></p>\n<p>Source: Author and Seeking Alpha</p>\n<p>With a 44% ROCE, it means that even if PFE only reinvests 1/10 of its earnings to expand the capital employed, it could maintain a 4.4% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 44% = 4.4%). And 10% reinvestment rate is indeed the situation here for PFE based on my analyses. As aforementioned, this is a reason that PFE can afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx as dividend (or share repurchase). Of course, another reason is that businesses at this scale simply are not able to find that many opportunities to reinvest their earnings. But after all, 4.4% PGR already makes it a long term compounder with 10% income reinvested!</p>\n<p>Now we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~6.6% for PFE (~15x price to FCF), and the PGR is about 4.4%. So the total return in the long term at current valuation would be a double digit around 11% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn't change the long-term return dramatically.</p>\n<p><img src=\"https://static.tigerbbs.com/bc98d9c0dd33069c7237e253e96f624b\" tg-width=\"640\" tg-height=\"416\" referrerpolicy=\"no-referrer\"></p>\n<p>Source: Author and Seeking Alpha.</p>\n<p>And for those of us who would like to wait for a better entry price, the next chart shows how much the long-term return potential would change as a function of the entry price. As can be seen, the long-term return potential doesn't change that much within a pretty wide range of entry price, as shown in the green box. This probably confirms something that you've already heard before - if you hold something for the long term, the entry price does not matter that much.</p>\n<p>However, many investors seem to interpret this one-sided and I'd like to do a bit of hairsplitting here. The above statement refers to the long-term RATE of return, not the absolute DOLLAR AMOUNT of return. When your entry price is decreased by 10%, yes, it is correct that this wouldn't impact your long-term rate of return by a lot as seen. But a 10% lower entry price would give you at least 10% more return in absolute dollar amount - because you get to buy 10% more shares with the same dollar amount you have, plus the whatever extra return brought about by the higher RATE of return.</p>\n<p>And as a final note before ending this section, this might be the most valuable insight that I've learned by studying Warren Buffett's investment philosophy. The insight really is that I do not need a business with double-digit growth to generate double-digit returns. A reliable business that can offer a stable growth at a boring rate of a few percent (like ~4% in the examples of PFE) can already provide double-digit returns with good certainty as long as A) they are purchased at a reasonable valuation, and B) they have ROCE sufficiently high so that the growth can be driven by reinvesting a small fraction of the income. In the long run, assuming a growth rate more than a few percent probably is a dangerous assumption to start with anyway.</p>\n<p><img src=\"https://static.tigerbbs.com/cca693c6f94c74a4aebd1de7b8392612\" tg-width=\"640\" tg-height=\"422\"></p>\n<p>Source: Author and Seeking Alpha</p>\n<p><b>Conclusion and final thoughts</b></p>\n<p>The healthcare sector is a great place for value investors and enjoys long-term secular headwinds. Major players like Pfizer, due to their established lead and scale, are especially well-poised to capitalize on such secular trend. At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, the business features all the hallmarks of a long-term compounder - high profitability, high return on capital employed, and healthy perpetual growth prospects. An investment at the current price provides excellent potential for double-digit return in the long term.</p>\n<p>I am not buying only because my portfolio already holds enough healthcare stocks, which have similar return/risk profiles as I see. I just cannot have all of them and have to choose.</p>\n<p>Thanks for reading! And look forward to hearing your thoughts and comments.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pfizer: A Wide Moat Business At A Fair Price</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPfizer: A Wide Moat Business At A Fair Price\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 16:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.\nThe moat is rooted in technological lead, scale, intellectual property, ...</p>\n\n<a href=\"https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"https://seekingalpha.com/article/4436314-pfizer-wide-moat-business-fair-price","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1137537223","content_text":"Summary\n\nAt its current price levels (~$39), an investment in Pfizer represents a wide moat business for sale at a fair price.\nThe moat is rooted in technological lead, scale, intellectual property, and a strong pipeline.\nAs a result, the business enjoys high profitability, return on capital employed, and heathy perpetual growth prospects – the hallmarks of a long-term compounder.\nInvestment at the current price provides excellent potential for double-digit return in the long term.\n\nThesis and Background\nThe healthcare sector is a great place for value investors, ranging from legends like Warren Buffett to ordinary investors like myself for many good reasons. It caters to fundamental human needs that are not going to change or go away anytime soon. All signs show that the need will only intensify with population growth, longer life expectancy, more interconnected world, et al. The major players like Pfizer Inc (PFE), due to their established lead and scale, are especially well poised to capitalize on such secular trend.\nAt its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, thanks to their profitability and return on capital employed, investment at the current price provides excellent potential for double digit return.\nBefore going into any further details, it would help to briefly summarize my investment philosophy to provide a context. I am a long-term, conservative, and value-oriented investor. I hold a rather concentrated portfolio with about a dozen stocks. I rarely buy and very rarely sell. So you will see me writing about a handful of holdings multiple times from different angles. If you like reading in-depth and multifaceted coverage on the same holdings, I am your guy.\nMy goal for my stock holdings is to generateDouble-Digit return during aDecade, and that is why I nickname my portfolio the DDD portfolio. Currently my portfolio holds the following 9 stocks. Using the date Ifirst publishedthe DDD portfolio on 5/31/2021 as the inception date, its performance on a weekly basis is summarized in the following two charts. It has been a really short time compared to my horizon, but so far so good fortunately.\n\nSource: Author\n\nSource: Author\nThe businesses and the moat\nPfizer Inc. is a research-based, global biopharmaceutical leader engaged in the discovery, development, manufacture, and distribution of healthcare products. It offers medicines and vaccines in various therapeutic areas, encompassing internal medicine, oncology, vaccines, immunology, rare disease, et al.\nFor pharmaceutical companies at this scale, it is all about A) bringing blockbuster drugs (with market value exceeding $1B per year) to market, and B) having a healthy pipeline of potential blockbusters. And PFE is doing a terrific job on both fronts as you can see from the following two charts.\nAs seen from the first chart, PFE boasts a collection of blockbuster drugs including Vyndaqel ($1.2B sales in 2020), Prevnar ($5.8B sales), Xeljanz ($2.4B), et al. And in 2021, PFE just added another blockbuster into its production line: the Covid vaccine. PFE was the first to gain FDA approval for its COVID-19 vaccine, and the vaccine is already PFE's top-selling drug as of 2021 Q1. The vaccine brought in $3.4B of sales during 2021 Q1! These blockbuster drugs are about 5 years on average away from patent expiration.\nThis where the pipeline comes in. As seen in the second chart, PFE also maintains a healthy pipeline to prepare for the future. This large pipeline consists of ~100 total drugs. The lifecycle for a drug development (from the lab to the market) could take more than a decade. And therefore, the drugs in the later stage of the development, i.e., Phase 3 or later, are more important. And as can be seen, PFE has a total of 33 of them currently. Not all of them will be a blockbuster. And here is how the scale of PFE matters. Thanks to its scale, it does not need all of them to be blockbusters. It can afford the inevitable misses.\n\nSource:Pfizer 2020 annual report\n\nSource: Pfizer 2020 annual report\nProfitability and Financial Strength\nThanks to its technological lead and scale, PFE enjoys superior profitability and financial strengths both relative to other peers in the same sector and also to the overall market, as illustrated by the following chart. The profitability is simply superb on every metric - both in absolute terms and in relative terms when compared to its peers.\nThe business is also in a very strong financial position, as exemplified by the next chart. Its interest coverage (operation income divided by interest expense) is more than 16x. In other words, it only takes about 6% of its operation income to cover its interest expenses. In contrast, the interest coverage for the overall market represented by S&P 500 is about 6x. Also as shown by the orange line in the chart, thanks to its strong profitability (and terrific return on capital to be detailed later), the business can also afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx.\n\nSource: Seeking Alpha.\n\nSource: Author based on data from Seeking Alpha\nThe valuation\nAs can be seen from the following numbers in the table, at its current price levels, PEF is about fairly valued or slightly discounted depending on which valuation metric you use based on its historical valuations. In terms of absolute valuation, its current valuations (price/cash flow ratio around 14.5x) is also very reasonable for a wide moat business leader. Many consumer staple businesses (like food and drinks business) are valued above 20x cash flow because they cater to an eternal human need. Yet in my view, PFE caters to an equally eternal human need with a wider moat.\nAs such, the short-term risk is very manageable given the current entry valuation, especially considering the upcoming boost from their COVID vaccine. And also, the above average dividend yield would help to support the return should any short term turmoil occur.\nSource: author and Seeking Alpha\nLong-term return and perpetual growth rate\nIf you, like this author, are a long-term investor who subscribes to the concepts of owner's earning, perpetual growth rate, and equity bond, then the long-term return is simpler. It is \"simply\" the summation of the owner's earning yield (\"OEY\") and the perpetual growth rate (\"PGR\"), i.e.,\nLonger-Term ROI = OEY + PGR\nBecause in the long term, all fluctuations in valuation are averaged out (all luck at the end even out). And it doesn't really matter how the business uses the earnings (pay out as dividend, retained in the bank account, or repurchase stocks). As long as used sensibly (as PFE has done in the past), it will be reflected as a return to the business owner.\nOEY is the owner's earnings divided by the entry price. All the complications are in the estimation of the owner's earnings - the real economic earnings of the business, not the nominal accounting earnings. Here as a crude and conservative estimate, I will just use the free cash flow (\"FCF\") as the owner's earnings. It is conservative in the sense that rigorously speaking, the owner's earnings should be free cash flow plus the portion of CAPEx that is used to fuel the growth (i.e., the growth CAPEx). At its current price levels, the OEY is ~6.6% for PFE (~15x price to FCF).\nThe next and more important item is the PGR. To understand and estimate it, we will need to first estimate the return on capital employed (\"ROCE\"). Note that ROCE is different from the return on equity (and more fundamental and important in my view). ROCE considers the return of capital ACTUALLY employed, and therefore provides insight into how much additional capital a business needs to invest in order to earn a given extra amount of income - a key to estimate the PGR. For businesses like PFE, I consider the following items capital actually employed:\n1. Working capital, including payables, receivables, inventory. These are the capitals required for the daily operation of their businesses.\n2. Gross Property, Plant, and Equipment. These are the capitals required to actually conduct business and manufacture their products.\n3. There are the following two possible routes here:\n3.1. The first route is to include research and development expenses as a capital investment. As mentioned above, the R&D is the lifeblood for a sustainable pharmaceutical business and is not really an optional expense.\n3.2. The second route is to amortize its intangible book value, mainly consisting of intellectual property and patents. This essentially treats the intellectual properties as capital with a finite lifetime, which I will assume to be five years, the average number of years away from its current blockbuster drugs' patent expiration.\nBased on the above considerations, the ROCE of PFE over the past decade are shown below. As seen, both approaches provided similar results, a good sign of the assumptions. PFE was able to maintain a remarkably high and stable ROCE over the long term: on average 44% for the past decade. To put things in perspective, as detailed in myprevious articlesfor Lockheed Martin (LMT) and General Dynamics (GD), ROCEs for these defense business leaders, who almost enjoy a monopoly moat, are \"only\" in the range of 20% to 30%.\n\nSource: Author and Seeking Alpha\nWith a 44% ROCE, it means that even if PFE only reinvests 1/10 of its earnings to expand the capital employed, it could maintain a 4.4% PGR (PGR = ROCE * fraction of earnings reinvested = 10% * 44% = 4.4%). And 10% reinvestment rate is indeed the situation here for PFE based on my analyses. As aforementioned, this is a reason that PFE can afford to pay off pretty much all the remaining income as dividend after covering its debt and maintenance CAPEx as dividend (or share repurchase). Of course, another reason is that businesses at this scale simply are not able to find that many opportunities to reinvest their earnings. But after all, 4.4% PGR already makes it a long term compounder with 10% income reinvested!\nNow we have both pieces of the puzzle in place to estimate the long-term return. At its current price levels, the OEY is estimated to be ~6.6% for PFE (~15x price to FCF), and the PGR is about 4.4%. So the total return in the long term at current valuation would be a double digit around 11% as shown in the chart below. Also as seen, even when ROCE fluctuates somewhat, the fluctuations wouldn't change the long-term return dramatically.\n\nSource: Author and Seeking Alpha.\nAnd for those of us who would like to wait for a better entry price, the next chart shows how much the long-term return potential would change as a function of the entry price. As can be seen, the long-term return potential doesn't change that much within a pretty wide range of entry price, as shown in the green box. This probably confirms something that you've already heard before - if you hold something for the long term, the entry price does not matter that much.\nHowever, many investors seem to interpret this one-sided and I'd like to do a bit of hairsplitting here. The above statement refers to the long-term RATE of return, not the absolute DOLLAR AMOUNT of return. When your entry price is decreased by 10%, yes, it is correct that this wouldn't impact your long-term rate of return by a lot as seen. But a 10% lower entry price would give you at least 10% more return in absolute dollar amount - because you get to buy 10% more shares with the same dollar amount you have, plus the whatever extra return brought about by the higher RATE of return.\nAnd as a final note before ending this section, this might be the most valuable insight that I've learned by studying Warren Buffett's investment philosophy. The insight really is that I do not need a business with double-digit growth to generate double-digit returns. A reliable business that can offer a stable growth at a boring rate of a few percent (like ~4% in the examples of PFE) can already provide double-digit returns with good certainty as long as A) they are purchased at a reasonable valuation, and B) they have ROCE sufficiently high so that the growth can be driven by reinvesting a small fraction of the income. In the long run, assuming a growth rate more than a few percent probably is a dangerous assumption to start with anyway.\n\nSource: Author and Seeking Alpha\nConclusion and final thoughts\nThe healthcare sector is a great place for value investors and enjoys long-term secular headwinds. Major players like Pfizer, due to their established lead and scale, are especially well-poised to capitalize on such secular trend. At its current price levels (~$39), an investment in PFE represents a wide moat business for sale at a fair price. The short-term risk is very manageable given the current entry valuation, the success with their COVID vaccine, and the support from the dividend yield. In the long term, the business features all the hallmarks of a long-term compounder - high profitability, high return on capital employed, and healthy perpetual growth prospects. An investment at the current price provides excellent potential for double-digit return in the long term.\nI am not buying only because my portfolio already holds enough healthcare stocks, which have similar return/risk profiles as I see. I just cannot have all of them and have to choose.\nThanks for reading! And look forward to hearing your thoughts and comments.","news_type":1},"isVote":1,"tweetType":1,"viewCount":289,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9945003808,"gmtCreate":1681315933405,"gmtModify":1681315936939,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"I love how easy it is","listText":"I love how easy it is","text":"I love how easy it is","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945003808","isVote":1,"tweetType":1,"viewCount":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9945003923,"gmtCreate":1681315889263,"gmtModify":1681315892918,"author":{"id":"3584091635741664","authorId":"3584091635741664","name":"Shihmin","avatar":"https://static.tigerbbs.com/aef10758a3363503ae77752414725731","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584091635741664","authorIdStr":"3584091635741664"},"themes":[],"htmlText":"Love this new game","listText":"Love this new game","text":"Love this new game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9945003923","repostId":"9943960936","repostType":1,"repost":{"id":9943960936,"gmtCreate":1679046534725,"gmtModify":1680580626622,"author":{"id":"3527667667103859","authorId":"3527667667103859","name":"TigerEvents","avatar":"https://community-static.tradeup.com/news/c266ef25181ace18bec1262357bbe1a8","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3527667667103859","authorIdStr":"3527667667103859"},"themes":[],"title":"【Game】Easter Egg Hunting with Tiger, Win Disney Shares and USD 120 Voucher","htmlText":"🐰🌷 Hop into the Easter spirit and join our \"Tiger's Egg Hunting\" game! 🎉Stand to win free Disney stocks and a USD 120 cash voucher!🎁🌟Our interactive Easter game is open to Tigers, and it's so easy to play! 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(NASDAQ: NAS","content":"<html><body><p><figure><picture><img height=\"1024px\" src=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w750\" srcset=\"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w1536 1536w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w1280 1280w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w1080 1080w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w750 750w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w640 640w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w480 480w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w320 320w, https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1310346297/image_1310346297.jpg?io=getty-c-w240 240w\" width=\"1536px\"/></picture><figcaption><p>lechatnoir/E+ via Getty Images</p></figcaption></figure></p> <h2>About Citius Pharmaceuticals</h2> <p><a href=\"https://laohu8.com/S/CTXRW\">Citius Pharmaceuticals Inc</a>. (NASDAQ: <span>NASDAQ:CTXR</span>) is a late-stage biopharmaceutical company focused on the development and commercialization of first-in-class critical care products, with a diversified pipeline of anti-infectives in adjunct cancer care, oncology, stem cell therapy and unique prescription products. Three of its five pipeline candidates would be the first and only prescription treatments in their indications if approved by the FDA. The Company has two late-stage product candidates, I/ONTAK (E7777), a novel IL-2R immunotherapy for an initial indication in cutaneous T-cell lymphoma (CTCL), which has completed treatment in its Pivotal Phase 3 trial and Mino-Lok®, an antibiotic lock solution to salvage infected central venous catheters (CVCs) of patients with catheter-related bloodstream infections (CRBSIs), which is currently enrolling patients in a Phase 3 Pivotal superiority trial.</p><div></div> <p>I/ONTAK has received orphan drug designation by the FDA for the treatment of CTCL and peripheral T-cell lymphoma (PTCL). Mino-Lok® was granted Fast Track designation by the U.S. Food and Drug Administration (FDA). Through its subsidiary, NoveCite, Inc., Citius is developing a novel proprietary mesenchymal stem cell (i-MSC) treatment derived from induced pluripotent stem cells (iPSCs) for acute respiratory conditions. Citius's two additional product candidates are Halo-Lido, potentially the first and only FDA-approved prescription treatment for hemorrhoids, and Mino-Wrap, potentially the first and only FDA-approved product to prevent infection in tissue expanders and breast implants post mastectomy.</p> <p><figure><span><img hspace=\"6\" loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2022/3/27/50299941-16484016588154023.png\" vspace=\"6\"/></span><figcaption><p>Citius Pharm</p></figcaption></figure></p> <h2>About I/ONTAK</h2> <p>I/ONTAK (E7777), is a purified reformulation of denileukin diftitox (ONTAK®), a previously FDA-approved cancer immunotherapy for the treatment of persistent or recurrent cutaneous T-cell lymphoma (CTCL), a rare form of non-Hodgkin lymphoma. Improvements to the original formulation resulted in a therapy that maintains the same amino acid sequence, but features greater purity and bioactivity. I/ONTAK is a novel targeted oncology asset with an attractive near-term revenue opportunity and a substantially de-risked path to support commercial success. Patient enrollment in a global, multicenter, open-label, single-arm Pivotal Phase 3 study of I/ONTAK in participants with persistent or recurrent CTCL was completed in December 2021. Citius plans to further explore the potential of I/ONTAK to treat larger patient populations with additional indications in peripheral T-cell lymphoma (PTCL) and immuno-oncology. I/ONTAK has been granted orphan drug designation (ODD) by the FDA for the treatment of CTCL and PTCL.</p> <p>E7777 received regulatory approval in Japan for the treatment of CTCL and PTCL in 2021. Citius's exclusive license include rights to develop and commercialize I/ONTAK (E7777) in all markets except for Japan and certain parts of Asia.</p><div></div> <p>Program Highlights</p> <ul> <li>Phase 3 Pivotal trial completed December 2021</li> <li>Top Line Data released very soon. We are targeting April.</li> <li>Biologics license application (BLA) submission expected to be filed in the second half of 2022 for an initial indication in CTCL</li> <li>Considered a new biologic by the FDA, I/ONTAK would be eligible for 12 years of exclusivity, if approved</li> </ul> <h3>How It Works</h3> <p>I/ONTAK is a recombinant engineered fusion protein that combines interleukin-2 and diphtheria toxin. The agent specifically binds to IL-2 receptors on the cell surface, causing diphtheria toxin fragments that have entered cells to inhibit protein synthesis. Its unique mechanism of action targets both malignant T-cells and immunosuppressive regulatory T-cells (Tregs). Transiently eliminating Tregs has the potential of unleashing potent immune responses by the patient's immune system against their tumors.</p> <p>In recent preclinical studies, denileukin diftitox has demonstrated the ability to deplete murine Tregs in-vivo and human Tregs ex vivo. In addition, the combination of denileukin diftitox with anti-m-PD1 showed improved tumor response and very significant improvement in survival in the combination groups relative to either therapy alone in a syngeneic mouse solid tumor model.</p> <p>Based on these data, two investigator-initiated trials will evaluate the potential safety and efficacy of: 1) I/ONTAK in combination with Pembrolizumab (anti-PD 1) in patients with recurrent or metastatic solid tumors; and 2) I/ONTAK given prior to lymphodepletion (LD) chemotherapy and KYMRIAH® (tisagenlecleucel) CAR T-cell therapy for the treatment of relapsed/refractory diffuse large B-cell lymphoma (DLBCL) considered at a high risk for failure from KYMRIAH® alone.</p> <h2>Market</h2> <p>Based on Surveillance Epidemiology and End Results ((SEER) data from 2001-2007, the estimated incidence rate of MF/SS in the U.S. is 0.5/100,000 or about 2,500-3,000 new cases per year representing about 25% of all T-cell lymphomas.</p> <p>We estimate that there are 30,000 - 40,000 patients living with CTCL in the U.S. with approximately 16,000 - 20,000 having mycosis fungoides. Of those, we believe the addressable population for I/ONTAK will be the approximately 10,000 patients with later stage, relapsed or refractory CTCL who require systemic therapy, resulting in an estimated addressable U.S. market of approximately $300,000,000. I/ONTAK has been granted Orphan Drug Designation by the U.S. FDA.</p> <p>I/ONTAK may also have substantial upside as a therapy for peripheral T-cell lymphoma (PTCL) and possibly in combination with check-point inhibitors such as pembrolizumab or CAR T-cell based therapy (e.g. KYMRIAH®) based on its ability to transiently eradicate Tregs from the suppressive tumor microenvironment.</p><div></div> <h2>Top Line Data</h2> <p>Citius has stated they expect topline results anticipated by the end of June. However, we are targeting this release to happen in April. While data, might come in May or June, we are betting it happens much sooner.</p> <blockquote><p>The timeline for the I/ONTAK program remains on track, with topline results anticipated in the first half of 2022, followed by a planned BLA filing in the second half of the year. Moreover, the FDA confirmed that no pediatric study will be required for I/ONTAK, further de-risking this asset,\" stated Myron Holubiak, President and Chief Executive Officer of Citius Pharmaceuticals.</p></blockquote> <h2>About Mino-Lok</h2> <p>Mino-Lok is an antibiotic lock solution used to treat patients with catheter-related bloodstream infections (\"CRBSIs\"). CRBSIs are serious issues, especially in cancer patients receiving therapy through central venous catheters (\"CVCs\") and in hemodialysis patients where venous access presents a challenge. In the Phase 3 trial, Mino-Lok was being tested with the primary endpoint being catheter failures.</p> <p>Mino-Lok is intended to salvage the <a href=\"https://laohu8.com/S/CVC.AU\">CVC</a>, reducing the need to remove and replace (\"R&amp;R\") the catheter. This is a recognized unmet medical need. R&amp;R is the Standard of Care (\"SOC\") for CRBSI and will occur about 95% of the time after infection, according to CEO Myron Holubiak. There are few alternatives to removing and replacing the CVC once it becomes infected. Studies show that removal and reinsertion of CVCs have a 15% to 20% complication rate, including pneumothorax, misplacement, and arterial puncture. R&amp;R is also not a sustainable strategy. With repeated R&amp;R, patients develop sclerosis of the vessels, and progressively have more limited anatomic locations for vascular access.</p> <p>Mino-Lok contains a proprietary combination of minocycline, edetate (disodium EDTA), and ethyl alcohol, all of which act synergistically to break down bacterial biofilms, eradicate the bacteria, provide anti-clotting properties to maintain patency in CVCs, and salvage the indwelling catheter. The Mino-Lok product is used in two-hour locking cycles, allowing the CVC to be used for its intended purposes for the remaining 22 hours each day. The product is infused into the CVC, held for 2 hours inside the catheter (i.e. locked), and then withdrawn. This occurs for 5-7 days until the catheter is clear.</p> <p>SOC antibiotic lock therapies (\"ALT\") require that the ALT be locked for several hours per day, depending on the antibiotic, with durations of therapy from 8 days to 3 weeks. In many patients who need continuous IV access, it may be difficult or impossible to lock the catheter for several hours. The optimum ALT must have a short duration of therapy and not need to be locked for a long period of time. Thus, the clinical and economic advantage of Mino-Lok.</p><div></div> <p>Inside intensive care units (\"ICU\") doctors must have central line access continually. If the catheter becomes blocked, and cannot be cleared, it will be immediately removed and a new catheter will be placed somewhere in the body. Having a central line is vital for ICU patients and can be the difference between life and death.</p> <p>Their most recent Corporate Presentation is here.</p> <h2>Standard of Care &amp; Target Market</h2> <p>Current SOC is to R&amp;R the CVC, while treating with systemic antibiotics. Catheter R&amp;R causes physical and psychological symptoms in 57% to 67% of patients. R&amp;R is difficult for many patients, due to unavailability of other accessible vascular sites and the need to maintain infusion therapy. The cost to R&amp;R a CVC is around $10,000. However, if the patients get an infection, the costs and potential patient harm increase significantly.</p> <p>According to PubMed in 2011 the cost of CRBSI is between $33,000 and $44,000 in the general adult ICU, between $54,000 and $75,000 in the adult surgical ICU, and approximately $49,000 in the pediatric ICU. These figures are estimated total costs associated with CRBSI infections. These procedures are costly, and 15% to 20% of the procedures are associated with significant morbidity.</p> <p>There are currently no FDA-approved therapies to salvage infected CVCs. Citius has the worldwide rights to Mino-Lok so the market opportunity is significant.</p> <p>DelveInsight estimates that the annual US incidence rate of CRBSI is 325,000 in 2017. They state that the Asia-Pacific region had over 3,000,000 CRBSI the same year. In total they estimate the global market to be ~4.1M in 2017 and grow to ~4.23M in 2028. When assessing the total addressable market, it is very important to recognize that despite gradually improving global health care protocols, and a multitude of prevention strategies such as catheter lock solutions to prevent biofilm formation, bactericidal/static caps, etc., CRBSI rates are not going down.</p> <p>We expect a quick ramp-up of sales, if approved, due to the fact that CRBSIs are an unmet medical need with the current SOC and R&amp;R costing hospitals and insurers tens of thousands of dollars. Hospitals are also penalized for high infection rates (which are preventable) and will see their Medicare and Medicaid reimbursement dollars negatively affected. With alternative payment models incentivizing reduced total cost of care, hospitals will be quick to implement a proven solution to disinfect and clear CVCs.</p> <p>Citius is optimistic that with a conservative pricing model, the uptake of Mino-Lok should be swift. Pricing should have upwards elasticity, given the surgical alternative. The Company believes the total US annual sales will be &gt;$800M. The company also estimates greater than $1.8B annual worldwide sales are possible by 2028 for CRBSI. Mino-Lok sales potential is impressive.</p><div></div> <h2>Phase III Trial</h2> <p>Phase III started in February 2018. It is a randomized, open label, assess-blind study to determine the efficacy of Mino-Lok. 144 patients diagnosed with CRBSI are randomized 1:1 into 1 of 2 treatment arms. The primary endpoint is Time to a catheter failure. The secondary outcome measures are: Proportion of subjects with overall success in the modified intent to treat (\"MITT\") and clinically evaluable (\"CE\") populations, Time to catheter failure in the MITT and CE Populations, Microbiological eradication, Clinical Cure, All-cause mortality and safety and tolerability.</p> <p>Also interesting is the control arm for this trial. Here is how it reads on clincicaltrials.gov.</p> <blockquote><p>The antibiotic lock should be comprised of the best available therapy at the sites based on standard institutional practices or recommendations from the Infectious Diseases Society of America guidelines.</p></blockquote> <p>This means each clinical site can use its best available \"home brew\" to salvage the CVC for the control arm. Citius believes Mino-Lok is the best CRBSI product and willing to put it up against any clinical site's concoction.</p> <h2>IDMC Meeting</h2> <p>Following a unblinded data review of safety and efficacy in June 2021, the independent Data Monitoring Committee (DMC) for the Mino-Lok® Phase 3 Pivotal Superiority Trial has recommended proceeding with the trial as planned. The DMC did not identify any safety concerns and no modifications were recommended to the protocol-defined sample size or power to achieve the primary endpoint.</p> <ul> <li>DMC interim safety and efficacy review of Mino-Lok® Phase 3 Trial concluded with favorable recommendation to continue the trial as planned, with the protocol-defined sample size and power to achieve the primary endpoint</li> <li>Citius to proceed in conducting largest controlled clinical trial to salvage infected catheters with no modifications requested by the DMC and no safety concerns identified</li> </ul> <p>We had expected a trial halt due to positive efficacy, but alas it didn't occur.</p> <h2>Competition</h2> <p>As stated earlier, CRBSI is an unmet medical need. There is no FDA-approved method for treating infected CVCs.</p> <p>There are products that are designed to prevent CVCs from getting infected such as antimicrobial caps. One is ClearGuard HD Antimicrobial Barrier Cap. While the approach is good (prevention is better than treatment), plenty of CVCs still get infected. Also, the caps are only approved for Hemodialysis catheters. In summary, the caps are for a specific indication and pose little threat to Mino-Lok since there are still plenty of infections that occur daily.</p><div></div> <p>CorMedix (NASDAQ:CRMD) has a product called Defencath. Defencath is a proprietary formulation of taurolidine 1.35%, citrate 3.5%, and heparin 1000 units/mL that is currently being investigated for use as a catheter lock solution. Its aim is reducing the risk of infections from indwelling catheters for hemodialysis (\"HD\") patients. Note this important distinction - It is for prevention, and not treatment. It cannot be used once a CVC is infected. Also, note this product is for hemodialysis patients and not for oncology patients. CorMedix's goal is to have Defencath incorporated into the SOC for the HD patient group. Changing the SOC is no small task and requires extensive FDA review.</p> <p>Defencath finished its Phase 3 clinical study, known as LOCK-IT-100. According to its latest investor presentation, the final results showed that Defencath reduced CRBSI by ~71% with SAE nearly identical to the control. The review board also recommended early termination.</p> <p>However, the company reported the:</p> <blockquote><p>FDA cannot approve the New Drug Application (NDA) for DefenCath™ (taurolidine/heparin catheter lock solution) in its present form. FDA noted concerns at the third-party manufacturing facility after a review of records requested by FDA and provided by the manufacturing facility. Additionally, FDA is requiring a manual extraction study to demonstrate that the labeled volume can be consistently withdrawn from the vials despite an existing in-process control to demonstrate fill volume within specifications.</p></blockquote> <p>This is terrible news for CorMedix but great news for Citius. This gives Mino-Lok an unobstructed runway to build their brand!</p> <h2>The Mino-Lok Moat</h2> <p>While there is nothing supremely novel about the individual components in Mino-Lok, the Company did secure a formulation patent for Mino-Lok in 2018, which grants them protection until 2036.</p> <p>Mino-Lok also received QIDP. This potentially qualifies Mino-Lok for additional FDA incentives in the approval and marketing pathway, including Fast Track designation and Priority Review for development and a five-year extension of market exclusivity. This means the product might tack on another 5 years of market exclusivity beyond its 2036 patent expiration date.</p> <p>As outlined earlier, now that Phase III is successful, and assuming they do get FDA approval, they will be the only FDA-approved treatment for infected CVC for all CRBSI. Myron Holubiak stated there are no products being developed for the treatment of CVC. If approved, Mino-Lok will be the only treatment for several years.</p> <h2>Management &amp; Insider Ownership</h2> <p>Citius' Leadership is notable. Leonard Mazur is Chairman of the Board. His resume reads like a page right out of a chapter of Who's Who in Pharma M&amp;A. It is long, but worth the read.</p> <ul> <li><p>He spent his first 10 years working for Cooper Laboratories, starting in sales and rising into positions of strategic planning, then acquisitions, and eventually head of <a href=\"https://laohu8.com/S/AONE.U\">one</a> of the Cooper divisions. Cooper built its brand as an expert in developing medical specialty silos - <strong>acquiring companies and building business units around their medical specialties</strong>.</p></li> <li><p>He put together the first strategic plan and got the first unit operational, which was in the ophthalmology space. In a matter of roughly seven years, the unit went from <strong>acquiring a tiny prescription eye-drop company to about $800 million in revenue</strong> as one of the largest eye care companies in the world, called CooperVision.</p></li> </ul> <p>The takeaway from this list is that Mr. Mazur has extensive experience in launching &amp; creating strong brands and is familiar with the M&amp;A space.</p> <p>Most notable is that insiders have invested $26.5M of their own money into Citius. Mazur &amp; Holubiak hold about 13M shares. According to Fintel, insiders hold 10% of all shares. It is rare in clinical biotechs for management to have such a high percentage of ownership and it speaks to their confidence in eventual drug approval</p> <h2>Market Opportunity</h2> <p>The market potential for an effective antibiotic lock therapy (\"ALT\") is estimated at $750 million per year in the U.S. and is projected to reach $1.84 billion globally in 2028. Currently, removing and replacing infected CVCs is the standard of care for most CRBSIs. CVCs are life-saving vascular access ports in patients requiring long-term intravenous therapy. Of the approximately 7 million CVCs used annually in the US, up to 500,000 become infected and lead to CRBSIs. Infected CVCs must be removed, and most need to be replaced. However, these procedures are costly and discomforting, and 15-20% of them are associated with significant morbidity. There are currently no approved therapies to salvage infected CVCs. Mino-Lok penetrates biofilm, eradicates bacteria, and salvages infected, indwelling vascular catheters while providing anti-clotting properties. Mino-Lok has the potential to change the standard of care for the management of these serious infections.</p> <h2>Price Targets</h2> <p>Dawson James recently gave Citius a price target of $10 and noted that CTXR is funded all the way through commercialization.</p> <p><figure><span><img loading=\"lazy\" src=\"https://static.seekingalpha.com/uploads/2022/3/27/50299941-16484011158961303.png\"/></span><figcaption><p>Dawson James</p></figcaption></figure></p> <p>In addition, H.C. Wainwright has issued a price target of $6.</p> <p>We believe a valuation of $10 is prudent. The valuation is based on a therapeutic models and associated assumptions projected to 2028. The lead product, Mini-Lok, is now in a Phase 3 trial, as is E7777. We use a 30% risk rate in our free cash flow, our discounted EPS, and sum-of-the-parts models on top of a 15% risk rate in our therapeutic models for both products.</p> <h2>Risks &amp; Conclusion</h2> <p>Biotechnology is risky, and so is investing in it. A majority of all biotech trials fail.</p> <p>As the primary endpoint is the open door to approval by the FDA, we believe there is a very high probability of success for these drugs and that Citius is currently deeply undervalued, given the potential of the drugs and the probability of success.</p> <p>We strongly believe that both trials will be a tremendous success. Speculation on this stock may be prudent from the information presented, as it seems likely these treatments will succeed. A few risks to consider:</p> <ul> <li> <strong>Partnership risk.</strong> <a href=\"https://laohu8.com/S/CTXR\">Citius Pharmaceuticals, Inc.</a> is in discussions with possible partners today, but there can be no assurances that the company will be able to secure a favorable partnership.</li> <li> <strong>Commercial risk.</strong> There are no assurances that the company will be able to achieve significant market share and become profitable.</li> <li> <strong>Clinical and regulatory risk</strong>. Lead products have to complete clinical trials. Trials may not produce results sufficient for regulatory approval..</li> <li> <strong>Liquidity Risk</strong>. The stock is thinly traded. We note that management owns a significant percentage of the company. However, the Company has enough cash through 2023.</li> </ul> <p>All those risks do remain, and a wise investor will consider them before making an investment decision.</p> <p>However, we believe Citius will succeed.</p>\n</body></html>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citius: 2022 Is A Year Of Catalysts</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitius: 2022 Is A Year Of Catalysts\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-03-29 01:38 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4498156-citius-2022-is-a-year-of-catalysts><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>lechatnoir/E+ via Getty Images About Citius Pharmaceuticals Citius Pharmaceuticals Inc. (NASDAQ: NASDAQ:CTXR) is a late-stage biopharmaceutical company focused on the development and commercialization...</p>\n\n<a href=\"https://seekingalpha.com/article/4498156-citius-2022-is-a-year-of-catalysts\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CRMD":"CorMedix Inc.","BK4121":"生命科学工具和服务","LD":"iPath Bloomberg Lead Subindex Total Return ETN","CTXR":"Citius Pharmaceuticals, Inc.","BK4007":"制药","SEER":"Seer, Inc."},"source_url":"https://seekingalpha.com/article/4498156-citius-2022-is-a-year-of-catalysts","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"2223818828","content_text":"lechatnoir/E+ via Getty Images About Citius Pharmaceuticals Citius Pharmaceuticals Inc. (NASDAQ: NASDAQ:CTXR) is a late-stage biopharmaceutical company focused on the development and commercialization of first-in-class critical care products, with a diversified pipeline of anti-infectives in adjunct cancer care, oncology, stem cell therapy and unique prescription products. Three of its five pipeline candidates would be the first and only prescription treatments in their indications if approved by the FDA. The Company has two late-stage product candidates, I/ONTAK (E7777), a novel IL-2R immunotherapy for an initial indication in cutaneous T-cell lymphoma (CTCL), which has completed treatment in its Pivotal Phase 3 trial and Mino-Lok®, an antibiotic lock solution to salvage infected central venous catheters (CVCs) of patients with catheter-related bloodstream infections (CRBSIs), which is currently enrolling patients in a Phase 3 Pivotal superiority trial. I/ONTAK has received orphan drug designation by the FDA for the treatment of CTCL and peripheral T-cell lymphoma (PTCL). Mino-Lok® was granted Fast Track designation by the U.S. Food and Drug Administration (FDA). Through its subsidiary, NoveCite, Inc., Citius is developing a novel proprietary mesenchymal stem cell (i-MSC) treatment derived from induced pluripotent stem cells (iPSCs) for acute respiratory conditions. Citius's two additional product candidates are Halo-Lido, potentially the first and only FDA-approved prescription treatment for hemorrhoids, and Mino-Wrap, potentially the first and only FDA-approved product to prevent infection in tissue expanders and breast implants post mastectomy. Citius Pharm About I/ONTAK I/ONTAK (E7777), is a purified reformulation of denileukin diftitox (ONTAK®), a previously FDA-approved cancer immunotherapy for the treatment of persistent or recurrent cutaneous T-cell lymphoma (CTCL), a rare form of non-Hodgkin lymphoma. Improvements to the original formulation resulted in a therapy that maintains the same amino acid sequence, but features greater purity and bioactivity. I/ONTAK is a novel targeted oncology asset with an attractive near-term revenue opportunity and a substantially de-risked path to support commercial success. Patient enrollment in a global, multicenter, open-label, single-arm Pivotal Phase 3 study of I/ONTAK in participants with persistent or recurrent CTCL was completed in December 2021. Citius plans to further explore the potential of I/ONTAK to treat larger patient populations with additional indications in peripheral T-cell lymphoma (PTCL) and immuno-oncology. I/ONTAK has been granted orphan drug designation (ODD) by the FDA for the treatment of CTCL and PTCL. E7777 received regulatory approval in Japan for the treatment of CTCL and PTCL in 2021. Citius's exclusive license include rights to develop and commercialize I/ONTAK (E7777) in all markets except for Japan and certain parts of Asia. Program Highlights  Phase 3 Pivotal trial completed December 2021 Top Line Data released very soon. We are targeting April. Biologics license application (BLA) submission expected to be filed in the second half of 2022 for an initial indication in CTCL Considered a new biologic by the FDA, I/ONTAK would be eligible for 12 years of exclusivity, if approved  How It Works I/ONTAK is a recombinant engineered fusion protein that combines interleukin-2 and diphtheria toxin. The agent specifically binds to IL-2 receptors on the cell surface, causing diphtheria toxin fragments that have entered cells to inhibit protein synthesis. Its unique mechanism of action targets both malignant T-cells and immunosuppressive regulatory T-cells (Tregs). Transiently eliminating Tregs has the potential of unleashing potent immune responses by the patient's immune system against their tumors. In recent preclinical studies, denileukin diftitox has demonstrated the ability to deplete murine Tregs in-vivo and human Tregs ex vivo. In addition, the combination of denileukin diftitox with anti-m-PD1 showed improved tumor response and very significant improvement in survival in the combination groups relative to either therapy alone in a syngeneic mouse solid tumor model. Based on these data, two investigator-initiated trials will evaluate the potential safety and efficacy of: 1) I/ONTAK in combination with Pembrolizumab (anti-PD 1) in patients with recurrent or metastatic solid tumors; and 2) I/ONTAK given prior to lymphodepletion (LD) chemotherapy and KYMRIAH® (tisagenlecleucel) CAR T-cell therapy for the treatment of relapsed/refractory diffuse large B-cell lymphoma (DLBCL) considered at a high risk for failure from KYMRIAH® alone. Market Based on Surveillance Epidemiology and End Results ((SEER) data from 2001-2007, the estimated incidence rate of MF/SS in the U.S. is 0.5/100,000 or about 2,500-3,000 new cases per year representing about 25% of all T-cell lymphomas. We estimate that there are 30,000 - 40,000 patients living with CTCL in the U.S. with approximately 16,000 - 20,000 having mycosis fungoides. Of those, we believe the addressable population for I/ONTAK will be the approximately 10,000 patients with later stage, relapsed or refractory CTCL who require systemic therapy, resulting in an estimated addressable U.S. market of approximately $300,000,000. I/ONTAK has been granted Orphan Drug Designation by the U.S. FDA. I/ONTAK may also have substantial upside as a therapy for peripheral T-cell lymphoma (PTCL) and possibly in combination with check-point inhibitors such as pembrolizumab or CAR T-cell based therapy (e.g. KYMRIAH®) based on its ability to transiently eradicate Tregs from the suppressive tumor microenvironment. Top Line Data Citius has stated they expect topline results anticipated by the end of June. However, we are targeting this release to happen in April. While data, might come in May or June, we are betting it happens much sooner. The timeline for the I/ONTAK program remains on track, with topline results anticipated in the first half of 2022, followed by a planned BLA filing in the second half of the year. Moreover, the FDA confirmed that no pediatric study will be required for I/ONTAK, further de-risking this asset,\" stated Myron Holubiak, President and Chief Executive Officer of Citius Pharmaceuticals. About Mino-Lok Mino-Lok is an antibiotic lock solution used to treat patients with catheter-related bloodstream infections (\"CRBSIs\"). CRBSIs are serious issues, especially in cancer patients receiving therapy through central venous catheters (\"CVCs\") and in hemodialysis patients where venous access presents a challenge. In the Phase 3 trial, Mino-Lok was being tested with the primary endpoint being catheter failures. Mino-Lok is intended to salvage the CVC, reducing the need to remove and replace (\"R&R\") the catheter. This is a recognized unmet medical need. R&R is the Standard of Care (\"SOC\") for CRBSI and will occur about 95% of the time after infection, according to CEO Myron Holubiak. There are few alternatives to removing and replacing the CVC once it becomes infected. Studies show that removal and reinsertion of CVCs have a 15% to 20% complication rate, including pneumothorax, misplacement, and arterial puncture. R&R is also not a sustainable strategy. With repeated R&R, patients develop sclerosis of the vessels, and progressively have more limited anatomic locations for vascular access. Mino-Lok contains a proprietary combination of minocycline, edetate (disodium EDTA), and ethyl alcohol, all of which act synergistically to break down bacterial biofilms, eradicate the bacteria, provide anti-clotting properties to maintain patency in CVCs, and salvage the indwelling catheter. The Mino-Lok product is used in two-hour locking cycles, allowing the CVC to be used for its intended purposes for the remaining 22 hours each day. The product is infused into the CVC, held for 2 hours inside the catheter (i.e. locked), and then withdrawn. This occurs for 5-7 days until the catheter is clear. SOC antibiotic lock therapies (\"ALT\") require that the ALT be locked for several hours per day, depending on the antibiotic, with durations of therapy from 8 days to 3 weeks. In many patients who need continuous IV access, it may be difficult or impossible to lock the catheter for several hours. The optimum ALT must have a short duration of therapy and not need to be locked for a long period of time. Thus, the clinical and economic advantage of Mino-Lok. Inside intensive care units (\"ICU\") doctors must have central line access continually. If the catheter becomes blocked, and cannot be cleared, it will be immediately removed and a new catheter will be placed somewhere in the body. Having a central line is vital for ICU patients and can be the difference between life and death. Their most recent Corporate Presentation is here. Standard of Care & Target Market Current SOC is to R&R the CVC, while treating with systemic antibiotics. Catheter R&R causes physical and psychological symptoms in 57% to 67% of patients. R&R is difficult for many patients, due to unavailability of other accessible vascular sites and the need to maintain infusion therapy. The cost to R&R a CVC is around $10,000. However, if the patients get an infection, the costs and potential patient harm increase significantly. According to PubMed in 2011 the cost of CRBSI is between $33,000 and $44,000 in the general adult ICU, between $54,000 and $75,000 in the adult surgical ICU, and approximately $49,000 in the pediatric ICU. These figures are estimated total costs associated with CRBSI infections. These procedures are costly, and 15% to 20% of the procedures are associated with significant morbidity. There are currently no FDA-approved therapies to salvage infected CVCs. Citius has the worldwide rights to Mino-Lok so the market opportunity is significant. DelveInsight estimates that the annual US incidence rate of CRBSI is 325,000 in 2017. They state that the Asia-Pacific region had over 3,000,000 CRBSI the same year. In total they estimate the global market to be ~4.1M in 2017 and grow to ~4.23M in 2028. When assessing the total addressable market, it is very important to recognize that despite gradually improving global health care protocols, and a multitude of prevention strategies such as catheter lock solutions to prevent biofilm formation, bactericidal/static caps, etc., CRBSI rates are not going down. We expect a quick ramp-up of sales, if approved, due to the fact that CRBSIs are an unmet medical need with the current SOC and R&R costing hospitals and insurers tens of thousands of dollars. Hospitals are also penalized for high infection rates (which are preventable) and will see their Medicare and Medicaid reimbursement dollars negatively affected. With alternative payment models incentivizing reduced total cost of care, hospitals will be quick to implement a proven solution to disinfect and clear CVCs. Citius is optimistic that with a conservative pricing model, the uptake of Mino-Lok should be swift. Pricing should have upwards elasticity, given the surgical alternative. The Company believes the total US annual sales will be >$800M. The company also estimates greater than $1.8B annual worldwide sales are possible by 2028 for CRBSI. Mino-Lok sales potential is impressive. Phase III Trial Phase III started in February 2018. It is a randomized, open label, assess-blind study to determine the efficacy of Mino-Lok. 144 patients diagnosed with CRBSI are randomized 1:1 into 1 of 2 treatment arms. The primary endpoint is Time to a catheter failure. The secondary outcome measures are: Proportion of subjects with overall success in the modified intent to treat (\"MITT\") and clinically evaluable (\"CE\") populations, Time to catheter failure in the MITT and CE Populations, Microbiological eradication, Clinical Cure, All-cause mortality and safety and tolerability. Also interesting is the control arm for this trial. Here is how it reads on clincicaltrials.gov. The antibiotic lock should be comprised of the best available therapy at the sites based on standard institutional practices or recommendations from the Infectious Diseases Society of America guidelines. This means each clinical site can use its best available \"home brew\" to salvage the CVC for the control arm. Citius believes Mino-Lok is the best CRBSI product and willing to put it up against any clinical site's concoction. IDMC Meeting Following a unblinded data review of safety and efficacy in June 2021, the independent Data Monitoring Committee (DMC) for the Mino-Lok® Phase 3 Pivotal Superiority Trial has recommended proceeding with the trial as planned. The DMC did not identify any safety concerns and no modifications were recommended to the protocol-defined sample size or power to achieve the primary endpoint.  DMC interim safety and efficacy review of Mino-Lok® Phase 3 Trial concluded with favorable recommendation to continue the trial as planned, with the protocol-defined sample size and power to achieve the primary endpoint Citius to proceed in conducting largest controlled clinical trial to salvage infected catheters with no modifications requested by the DMC and no safety concerns identified  We had expected a trial halt due to positive efficacy, but alas it didn't occur. Competition As stated earlier, CRBSI is an unmet medical need. There is no FDA-approved method for treating infected CVCs. There are products that are designed to prevent CVCs from getting infected such as antimicrobial caps. One is ClearGuard HD Antimicrobial Barrier Cap. While the approach is good (prevention is better than treatment), plenty of CVCs still get infected. Also, the caps are only approved for Hemodialysis catheters. In summary, the caps are for a specific indication and pose little threat to Mino-Lok since there are still plenty of infections that occur daily. CorMedix (NASDAQ:CRMD) has a product called Defencath. Defencath is a proprietary formulation of taurolidine 1.35%, citrate 3.5%, and heparin 1000 units/mL that is currently being investigated for use as a catheter lock solution. Its aim is reducing the risk of infections from indwelling catheters for hemodialysis (\"HD\") patients. Note this important distinction - It is for prevention, and not treatment. It cannot be used once a CVC is infected. Also, note this product is for hemodialysis patients and not for oncology patients. CorMedix's goal is to have Defencath incorporated into the SOC for the HD patient group. Changing the SOC is no small task and requires extensive FDA review. Defencath finished its Phase 3 clinical study, known as LOCK-IT-100. According to its latest investor presentation, the final results showed that Defencath reduced CRBSI by ~71% with SAE nearly identical to the control. The review board also recommended early termination. However, the company reported the: FDA cannot approve the New Drug Application (NDA) for DefenCath™ (taurolidine/heparin catheter lock solution) in its present form. FDA noted concerns at the third-party manufacturing facility after a review of records requested by FDA and provided by the manufacturing facility. Additionally, FDA is requiring a manual extraction study to demonstrate that the labeled volume can be consistently withdrawn from the vials despite an existing in-process control to demonstrate fill volume within specifications. This is terrible news for CorMedix but great news for Citius. This gives Mino-Lok an unobstructed runway to build their brand! The Mino-Lok Moat While there is nothing supremely novel about the individual components in Mino-Lok, the Company did secure a formulation patent for Mino-Lok in 2018, which grants them protection until 2036. Mino-Lok also received QIDP. This potentially qualifies Mino-Lok for additional FDA incentives in the approval and marketing pathway, including Fast Track designation and Priority Review for development and a five-year extension of market exclusivity. This means the product might tack on another 5 years of market exclusivity beyond its 2036 patent expiration date. As outlined earlier, now that Phase III is successful, and assuming they do get FDA approval, they will be the only FDA-approved treatment for infected CVC for all CRBSI. Myron Holubiak stated there are no products being developed for the treatment of CVC. If approved, Mino-Lok will be the only treatment for several years. Management & Insider Ownership Citius' Leadership is notable. Leonard Mazur is Chairman of the Board. His resume reads like a page right out of a chapter of Who's Who in Pharma M&A. It is long, but worth the read.  He spent his first 10 years working for Cooper Laboratories, starting in sales and rising into positions of strategic planning, then acquisitions, and eventually head of one of the Cooper divisions. Cooper built its brand as an expert in developing medical specialty silos - acquiring companies and building business units around their medical specialties. He put together the first strategic plan and got the first unit operational, which was in the ophthalmology space. In a matter of roughly seven years, the unit went from acquiring a tiny prescription eye-drop company to about $800 million in revenue as one of the largest eye care companies in the world, called CooperVision.  The takeaway from this list is that Mr. Mazur has extensive experience in launching & creating strong brands and is familiar with the M&A space. Most notable is that insiders have invested $26.5M of their own money into Citius. Mazur & Holubiak hold about 13M shares. According to Fintel, insiders hold 10% of all shares. It is rare in clinical biotechs for management to have such a high percentage of ownership and it speaks to their confidence in eventual drug approval Market Opportunity The market potential for an effective antibiotic lock therapy (\"ALT\") is estimated at $750 million per year in the U.S. and is projected to reach $1.84 billion globally in 2028. Currently, removing and replacing infected CVCs is the standard of care for most CRBSIs. CVCs are life-saving vascular access ports in patients requiring long-term intravenous therapy. Of the approximately 7 million CVCs used annually in the US, up to 500,000 become infected and lead to CRBSIs. Infected CVCs must be removed, and most need to be replaced. However, these procedures are costly and discomforting, and 15-20% of them are associated with significant morbidity. There are currently no approved therapies to salvage infected CVCs. Mino-Lok penetrates biofilm, eradicates bacteria, and salvages infected, indwelling vascular catheters while providing anti-clotting properties. Mino-Lok has the potential to change the standard of care for the management of these serious infections. Price Targets Dawson James recently gave Citius a price target of $10 and noted that CTXR is funded all the way through commercialization. Dawson James In addition, H.C. Wainwright has issued a price target of $6. We believe a valuation of $10 is prudent. The valuation is based on a therapeutic models and associated assumptions projected to 2028. The lead product, Mini-Lok, is now in a Phase 3 trial, as is E7777. We use a 30% risk rate in our free cash flow, our discounted EPS, and sum-of-the-parts models on top of a 15% risk rate in our therapeutic models for both products. Risks & Conclusion Biotechnology is risky, and so is investing in it. A majority of all biotech trials fail. As the primary endpoint is the open door to approval by the FDA, we believe there is a very high probability of success for these drugs and that Citius is currently deeply undervalued, given the potential of the drugs and the probability of success. We strongly believe that both trials will be a tremendous success. Speculation on this stock may be prudent from the information presented, as it seems likely these treatments will succeed. A few risks to consider:   Partnership risk. Citius Pharmaceuticals, Inc. is in discussions with possible partners today, but there can be no assurances that the company will be able to secure a favorable partnership.  Commercial risk. There are no assurances that the company will be able to achieve significant market share and become profitable.  Clinical and regulatory risk. Lead products have to complete clinical trials. Trials may not produce results sufficient for regulatory approval..  Liquidity Risk. The stock is thinly traded. We note that management owns a significant percentage of the company. However, the Company has enough cash through 2023.  All those risks do remain, and a wise investor will consider them before making an investment decision. 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