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

Cosmos Health, Inc. operates as a pharmaceutical company. The Company identifies, acquires, develops, and commercializes generic pharmaceuticals, nutraceuticals, OTC medications, and medical devices that improve patients lives and outcomes. Cosmos Health serves patients worldwide.

<ul><li>Cosmos is a vertically integrated healthcare group with a portfolio that spans pharmaceutical and nutraceutical brands, pharmaceutical distribution, proprietary and contract manufacturing as well as an emerging set of technology- and services-oriented assets.</li><li> Cosmos Health announced initial sales results from their recently introduced US subscription business.</li><li> Initial signs are extremely encouraging and show accelerating growth prospects.</li></ul>

Cosmos is a vertically integrated healthcare group with a portfolio that spans pharmaceutical and nutraceutical brands, pharmaceutical distribution, proprietary and contract manufacturing as well as an emerging set of technology- and services-oriented assets. Cosmos Health announced initial sales results from their recently introduced US subscription business. Initial signs are extremely encouraging and show accelerating growth prospects.

COSM: More Evidence of Accelerating Growth

Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul>
<li>US inflation exceeded the final consensus for September, but by a margin that was too marginal to seem significant. Underlying impulses were also stable at excessive levels.</li>
<li>The cumulative news is much more substantial, with the 36bp rise in the headline at odds with a month-ago consensus for no change. Pressure to hike again is growing.</li>
<li>We don’t see this upside as sufficient to overcome recent cautious guidance and the downside labour market news, so we still see the Fed waiting to hike until December.</li>
</ul>


US inflation exceeded the final consensus for September, but by a margin that was too marginal to seem significant. Underlying impulses were also stable at excessive levels.
The cumulative news is much more substantial, with the 36bp rise in the headline at odds with a month-ago consensus for no change. Pressure to hike again is growing.
We don’t see this upside as sufficient to overcome recent cautious guidance and the downside labour market news, so we still see the Fed waiting to hike until December.


New Horizon Aircraft Ltd. operates as an aerospace engineering company. The Company develops hybrid eVTOL that is to be able to fly most of its mission exactly like a normal aircraft while offering industry-leading speed, range, and operational utility. New Horizon Aircraft serves customers worldwide.

<ul><li>Horizon Aircraft released first-quarter results, which showed a marked increase in R&D spending (primarily related to engineering activities) as the company ramps up development of its full-scale demonstrator aircraft.</li><li> The company's balance sheet remains very strong, and it believes it has adequate cash to fund the next two years of operations.</li><li> The company continues to work on integrating several key systems to assemble its full-scale demonstrator within six months.</li></ul>

Horizon Aircraft released first-quarter results, which showed a marked increase in R&D spending (primarily related to engineering activities) as the company ramps up development of its full-scale demonstrator aircraft. The company's balance sheet remains very strong, and it believes it has adequate cash to fund the next two years of operations. The company continues to work on integrating several key systems to assemble its full-scale demonstrator within six months.

HOVR: Investing in the Full-Scale X7 Demonstrator While Navigating Choppy EVTOL Seas.

Macro, FX and Rates Strategist

Ishaan Dev Kapoor

FX & Rates

Legacy Government (Sovereign) Generic Index-key ticker

<ul>
<li>The September 2027 contract prices three further hikes and a one-in-three chance of a fourth, 55bp above the committee's own projected path. We buy ZQU7 at 95.325 (4.675%), $7.5k DV01.</li>
<li>Diesel is 67% above a year ago, yet core PCE is running at 2% annualised. Firms are absorbing the shock, wages show no pass-through and inflation breadth is narrowing.</li>
<li>Policy is near neutral and financial conditions have tightened since September. Two further hikes would make policy restrictive in a supply shock; a less hawkish 2027 committee makes them unlikely.</li>
</ul>


The September 2027 contract prices three further hikes and a one-in-three chance of a fourth, 55bp above the committee's own projected path. We buy ZQU7 at 95.325 (4.675%), $7.5k DV01.
Diesel is 67% above a year ago, yet core PCE is running at 2% annualised. Firms are absorbing the shock, wages show no pass-through and inflation breadth is narrowing.
Policy is near neutral and financial conditions have tightened since September. Two further hikes would make policy restrictive in a supply shock; a less hawkish 2027 committee makes them unlikely.


A Terminal Rate the Data Do Not Support: Buying September 2027 Fed Funds Futures

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Alamar Biosciences / Equity Capital Markets

<ul>
<li>Shares remain above the IPO price, despite falling 38.8% from their October 6 intraday peak.</li>
<li>Second-Quarter revenue increased 82%, with consumables growth and improving gross margins supporting the platform’s commercial traction.</li>
<li>Leadership additions did not replace the CEO; premium valuation and possible future share supply warrant attention.</li>
</ul>


Shares remain above the IPO price, despite falling 38.8% from their October 6 intraday peak.
Second-Quarter revenue increased 82%, with consumables growth and improving gross margins supporting the platform’s commercial traction.
Leadership additions did not replace the CEO; premium valuation and possible future share supply warrant attention.


Alamar Biosciences (ALMR): Down From the Peak, Still Above the Offering

United States
Insights on the United States (USA)

COSM: More Evidence of Accelerating Growth

Cosmos is a vertically integrated healthcare group with a portfolio that spans pharmaceutical and nutraceutical brands, pharmaceutical...

Zacks Small Cap Research

US: Inflating a December Hike

US inflation’s cumulative rise is building pressure for another Fed hike, but cautious guidance and weaker labour data should delay action until...

Phil Rush

HOVR: Investing in the Full-Scale X7 Demonstrator While Navigating Choppy EVTOL Seas.

Horizon Aircraft released first-quarter results, which showed a marked increase in R&D spending (primarily related to engineering activities)...

Zacks Small Cap Research

A Terminal Rate the Data Do Not Support: Buying September 2027 Fed Funds Futures

September 2027 fed funds price 55bp more tightening than the FOMC’s own path. With underlying inflation near target and conditions tightening, we...

Ishaan Dev Kapoor

Alamar Biosciences (ALMR): Down From the Peak, Still Above the Offering

Alamar’s proteomics growth remains strong, but a sharp pullback has reset expectations. Investors now face a premium valuation, continued losses...

IPO Boutique