Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

Tejon Ranch Co. is a diversified real estate development and agri-business company owning land located in Los Angeles and Kern counties, California. The Company is in the process of developing its land holdings along transportation corridors into master-planned business and residential communities.

<ul><li>We believe results of the 2024 shareholder vote indicate rising investor sentiment that change is needed within the company's top management & compensation structure, which we also believe has important implications for the search for a new CEO to replace the company's outgoing CEO who announced his intention to retire on 12/31/24.</li><li>In our view, TRC now has an opportunity to strengthen its management team and improve its interaction with public shareholders, just as we believe it did with the 2023 appointment of new CFO Brett Brown.</li></ul>

We believe results of the 2024 shareholder vote indicate rising investor sentiment that change is needed within the company's top management & compensation structure, which we also believe has important implications for the search for a new CEO to replace the company's outgoing CEO who announced his intention to retire on 12/31/24.In our view, TRC now has an opportunity to strengthen its management team and improve its interaction with public shareholders, just as we believe it did with the 2023 appointment of new CFO Brett Brown.

TRC: Believe Shareholder Vote has Positive Implications for Company Direction, New CEO Search

Tenax Therapeutics, Inc. operates as a specialty pharmacuitical company. The Company develops and commercializes products for the critical care market. Tenax Therapeutics develops treatments for treatment of Pulmonary Hypertension associated with Heart Failure and preserved Ejection Fraction (PH-HFpEF) using levosimendan.

<ul><li>Tenax has licensed the calcium sensitizer/K-ATP activator levosimendan and is pursuing approval for an indication in Group 2 Pulmonary Hypertension in the US and Canada.</li><li>The drug has been approved in over 60 countries with 35 published trials supporting its safety and efficacy and has over 1 million patient exposures.</li><li> In January 2018 Tenax announced a new indication for Levo and met with the FDA to confirm trial design.</li></ul>

Tenax has licensed the calcium sensitizer/K-ATP activator levosimendan and is pursuing approval for an indication in Group 2 Pulmonary Hypertension in the US and Canada.The drug has been approved in over 60 countries with 35 published trials supporting its safety and efficacy and has over 1 million patient exposures. In January 2018 Tenax announced a new indication for Levo and met with the FDA to confirm trial design.

IN8bio, Inc. operates as a clinical-stage biotechnology company. The Company focuses on developing therapies for the treatment of cancers, including solid tumors, by employing allogeneic, autologous, and genetically modified gamma-delta T cells. IN8bio serves customers in the United States.

<ul><li>IN8Bio is a clinical-stage, oncology-focused biotechnology company using ?d T cells against solid and hematological tumors.</li><li>Its pipeline is built on the DeltEx platform & drug resistant immunotherapy (DRI) technology which have produced clinical candidates targeting leukemia & GBM. INB-100 is evaluating leukemia in a Ph1 study, while INB-200 & INB-400 are Ph1 and Ph2 assets evaluating GBM. INB-100 is an allogeneic DeltEx-produced cell therapy for leukemia patients undergoing HSCT transplant.</li><li>Leukemia patients see a high rate of recurrence which may be effectively treated by INB-100.</li></ul>

IN8Bio is a clinical-stage, oncology-focused biotechnology company using ?d T cells against solid and hematological tumors.Its pipeline is built on the DeltEx platform & drug resistant immunotherapy (DRI) technology which have produced clinical candidates targeting leukemia & GBM. INB-100 is evaluating leukemia in a Ph1 study, while INB-200 & INB-400 are Ph1 and Ph2 assets evaluating GBM. INB-100 is an allogeneic DeltEx-produced cell therapy for leukemia patients undergoing HSCT transplant.Leukemia patients see a high rate of recurrence which may be effectively treated by INB-100.

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Thematic (Sector/Industry)

<ul>
<li>China has unveiled measures to emphasize a major push for passenger and freight movement by railroad</li>
<li>Rolling stock companies  play catch-up from the COVID under-investment years</li>
<li>High speed freight trains on near term horizon to compete with highway for e-commerce business</li>
</ul>


China has unveiled measures to emphasize a major push for passenger and freight movement by railroad
Rolling stock companies  play catch-up from the COVID under-investment years
High speed freight trains on near term horizon to compete with highway for e-commerce business


Head of Trading/ Partner, AceGama Advisors

Sankalp Singh

Head of Trading/ Partner

Proprietary Trading Desk

AceGama Advisors

Trading desk specializing in the Listed & OTC options strategies for risk management & investment purposes.

Event-Driven

The NIFTY 50 index is National Stock Exchange of India's benchmark stock market index for Indian equity market. Nifty is owned and managed by India Index Services and Products (IISL), which is a wholly owned subsidiary of the NSE Strategic Investment Corporation Limited.

<ul>
<li>Curtail Short Gamma &amp; Short Vega exposure as Vol-regime has switched to "High &amp; Up" state.  </li>
<li>Short-Dated IVs traded markedly lower, driven by recovering equities &amp; the 20-May market holiday</li>
<li>Nifty50 vol curve is exhibiting unusual kinked shape. Monthly IVs are commanding a large vol markup relative to rest of the curve. </li>
</ul>


Curtail Short Gamma &amp; Short Vega exposure as Vol-regime has switched to "High &amp; Up" state.  
Short-Dated IVs traded markedly lower, driven by recovering equities &amp; the 20-May market holiday
Nifty50 vol curve is exhibiting unusual kinked shape. Monthly IVs are commanding a large vol markup relative to rest of the curve. 


EQD / NSE Volatility Update / 13-May-24 to 17-May-24

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