| Friday | ||||
Cowen analyst Brian… Cowen analyst Brian Holland initiated coverage of Biote with an Outperform rating and $11 price target. Biote, which is "revolutionizing hormone replacement therapy," has a "compelling growth trajectory," said Holland, who forecasts a 22% compound annual growth rate for the company. Given its 4% penetration of its total addressable market, he sees a "considerable distribution runway" as well as a sticky customer base given its 90% clinic retention. | ||||
Cowen analyst Brian… Cowen analyst Brian Holland initiated coverage of Biote with an Outperform rating and $11 price target. | ||||
| Thursday | ||||
Roth Capital analyst… Roth Capital analyst George Kelly initiated coverage of Biote, a recently de-SPACed medical practice-building platform in the hormone optimization space, with a Buy rating and $9 price target. the analyst finds the stock compelling on many levels and would be taking advantage of post de-SPAC trading weakness. Biote trades at a material discount to consumer healthcare/wellness peers, Kelly adds. | ||||
| Over a week ago | ||||
Biote announced that it… Biote announced that it has appointed Ross W. McQuivey, M.D., as its Chief Medical Officer, effective June 10, 2022. Dr. McQuivey will be responsible for leading continuing clinical research efforts and publications. The Company also expects that he be instrumental in expanding the Biote Method to mainstream medicine. Dr. McQuivey brings to Biote more than 20 years of medical and scientific leadership in the healthcare industry, with management experience in research and development, medical affairs, as well as regulatory and quality control. He has published over a dozen peer-reviewed journal articles, abstracts and poster presentations, and has lectured extensively in the United States and internationally. | ||||
| Over a quarter ago | ||||
BioTE Holdings, which… BioTE Holdings, which identifies itself as "a high-growth, differentiated medical practice-building business within the hormone optimization space," and Haymaker Acquisition Corp. III (HYAC), a special purpose acquisition company, announced earlier today that they have entered into a definitive business combination agreement. Upon closing, the combined company's Class A common stock is expected to be traded on the Nasdaq Stock Market under the symbol "BTMD." The combined company is projected to have approximately $195M in cash on its balance sheet after closing, after the payment of transaction expenses and distributions to Biote members, derived from $317.5M of cash held in Haymaker's trust account transferred to the company, assuming zero redemptions from trust, the proceeds of the Truist debt financing, and expected balance sheet cash as of closing. As part of the transaction, Biote's current management and existing equity holders will roll the majority of their equity into the combined company. Assuming no public stockholders of Haymaker exercise their redemption rights, ownership of the combined company immediately following the closing is expected to be comprised of current Biote equity holders with 48% and Haymaker stockholders, including its sponsor, with 52%, excluding the impact of deferred equity held by Biote members and Haymaker Sponsor III LLC. Biote intends to use the proceeds of the transaction to expand commercial operations and accelerate growth in the U.S. The transaction, which has been approved by the members and board of managers of Biote and the board of directors of Haymaker, is subject to approval by Haymaker's stockholders and other customary closing conditions. The proposed business combination is expected to be completed in the first half of 2022. "Biote has a huge opportunity to enable physicians to help this highly underserved patient population take greater control of their health. Biote is committed to educating and empowering providers to effectively treat patients and help them understand the critical role that hormones play in healthy aging. We welcome Haymaker as partners and look forward to the role our status as a public company will play in increasing access to, and awareness of, our leading hormone therapy practice-building business," said Terry Weber, CEO of Biote. | ||||
