Ashford Hospitality price target lowered to $6 from $11 at Deutsche Bank » 06:5810/2910/29/20
Deutsche Bank analyst…
Deutsche Bank analyst Chris Woronka lowered the firm's price target on Ashford Hospitality to $6 from $11 and keeps a Buy rating on the shares. Based on progress to date, the analyst believes it is likely that Ashford will retain the bulk of the 103 hotels it owned as of September 30.
Cygnus urges Ashford to immediately terminate exchange offers » 12:0410/2710/27/20
Cygnus Capital, one of…
Cygnus Capital, one of the largest stockholders of Ashford Hospitality Trust, beneficially owning approximately 9.4% of the Company's outstanding common stock, today responded to AHT's recent announcements. The firm said, "While Cygnus Capital is pleased that the Board had decided to conclude the previously adjourned special meeting of stockholders, Cygnus Capital believes the continuation of the exchange offers serve as an unnecessary distraction and AHT management and the Board should refocus its efforts on other strategic initiatives to preserve value for all stockholders. Cygnus Capital calls upon the independent directors of the Board to take bolder and more decisive action to hold AHT management and its external manager, Ashford, accountable, including the following: Immediately terminate the exchange offers. In Cygnus Capital's view, the recent amendments to eliminate the cash consideration in the exchange offers now make the exchange offers significantly less appealing and serve little purpose to improve the Company's immediate liquidity needs. Cygnus Capital urges AHT's management and Board to immediately terminate the exchange offers. Increase transparency on alternative strategic options and AHT's liquidity position. Cygnus Capital continues to believe that the independent directors of the Board should hire its own independent investment advisor to fully evaluate other strategic alternatives, including to: significantly reduce AHT's cost structure, including to reduce or eliminate the fees payable to AINC and other related parties; explore a sale to a stronger REIT; obtain a bridge loan at AHT's corporate level to weather the current COVID-19 related crisis; and undertake a rights offering that could raise capital without diluting existing commons stockholders. Continue to reduce or defer the fees paid to AINC by AHT. The recently announced deferral of fees payable by AHT to AINC for 30 days is a step in the right direction but does not go far enough. Cygnus Capital calls upon the Board to reduce or eliminate the fees paid to Lismore Capital LLC, a subsidiary of AINC, for debt restructuring as these fees appear to be a double dip on fees already paid by AHT to AINC. Realign the advisory fees paid by AHT to AINC so that such fees incentivize growth of AHT's market capitalization instead of the growth of enterprise value. AINC should be paid to grow the value of the equity, not balloon the size of the debt load carried by the Company. Reduce or eliminate the perception and reality of related party transactions. AHT cannot be run as a fee conduit to Chairman of the Board, Monty Bennett, his family and other AINC insiders. The market has seen through these transactions. Unwinding, reducing or eliminating them will unlock the value potential in AHT. AHT management themselves have said $1.6B in equity value recovery is possible. Cygnus Capital agrees if the independent directors continue to take action to hold Chairman Bennett and AINC accountable."
|Over a week ago|
Kezar Life Sciences granted orphan designation for treatment of dermatomyositis » 12:1010/2310/23/20
Kezar Life Sciences was…
Kezar Life Sciences was granted orphan designation from the FDA for its treatment of dermatomyositis, according to a post to the agency's website. Reference Link
Kezar Life Sciences receives ODD for KZR-616 from FDA » 07:1410/2310/23/20
Kezar Life Sciences…
Kezar Life Sciences announced that the FDA has granted Orphan Drug Designations, or ODD, for KZR-616 for the treatment of polymyositis, or PM, and dermatomyositis, or DM. Both orphan diseases are autoimmune inflammatory myopathies that are chronic and debilitating diseases characterized by marked morbidity and mortality. The estimated prevalence of PM and DM in the United States is up to 51,000 and 71,000, respectively. KZR-616 is a selective immunoproteasome inhibitor with the potential to impact multiple drivers of immune-mediated diseases and inflammation. PRESIDIO, a Phase 2 placebo-controlled cross-over clinical trial to evaluate KZR-616 for the treatment of PM and DM, is currently enrolling subjects.
Cygnus calls on Ashford to terminate 'highly dilutive' exchange offers » 14:3310/0710/07/20
Cygnus Capital, which…
Cygnus Capital, which beneficially owns approximately 8.3% of the Ashford Hospitality Trust's outstanding common stock, called upon AHT to "immediately terminate the highly dilutive exchange offers of all series of preferred stock into common stock in light of AHT's failure to receive enough votes to pass the proposal to amend the company's corporate charter at yesterday's special meeting of stockholders." The firm added in a press release: "While the proposal required by the NYSE to issue up to approximately 126 million shares was technically approved by stockholders, given the low voting threshold, the proposal to amend the company's corporate charter, which, if passed, would force the conversion of all preferred stock into common stock, did not receive enough votes. Cygnus Capital believes AHT's decision to adjourn the special meeting until October 30, 2020 to try to garner enough votes to pass the charter amendment proposal is a waste of stockholder resources and AHT should refocus its efforts on exploring other strategic alternatives."
Ashford Hospitality receives listing non-compliance notice from NYSE » 16:1810/0110/01/20
Ashford Hospitality has…
Ashford Hospitality has been notified by the NYSE that the company currently is not in compliance with the continued listing standards because the company's average global market capitalization was less than $50M over a consecutive 30 trading-day period and, at the same time, its stockholders' equity was less than $50M. The company has ten business days from receipt of the Notice to confirm to the NYSE receipt of the Notice and the company's intent to cure the deficiencies. Under NYSE rules, the company may cure the deficiencies and regain compliance during the 18-month period following receipt of the Notice. The company plans to notify the NYSE that it intends to submit a plan to cure this deficiency and return to compliance with the NYSE continued listing requirements. The company has 45 days from the receipt of the notice to submit a business plan that would bring it into compliance with the relevant listing standards. If the NYSE accepts the plan, the company's common stock will continue to be listed and traded on the NYSE during the Cure Period, and the company will be subject to quarterly monitoring by the NYSE for compliance with the plan. If the plan is not accepted by the NYSE, or if the company fails to maintain compliance with the plan, the company's common stock would be subject to suspension and delisting. The company's common stock will continue to trade under the symbol "AHT," but will have an added designation of ".BC" to indicate that the Company is not currently in compliance with NYSE continued listing standards.
Windtree Therapeutics: First patient dosed in Phase 2 Study of istaroxime » 07:3710/0110/01/20
Windtree Therapeutics announced that it has dosed the first patient in its Phase 2 study of istaroxime in patients experiencing early cardiogenic shock. Early cardiogenic shock is one of two developmental programs for istaroxime. The second is acute heart failure, which is supported by positive phase 2a and phase 2b trial results and a FDA Fast Track designation.
Ashford Hospitality's proposals receive recommendation from Glass Lewis » 08:1309/3009/30/20
Ashford Hospitality announced that independent proxy advisory firm Glass Lewis has recommended that Ashford Trust shareholders vote 'for' both proposals at the October 6th Special Meeting. Glass Lewis' recommendation follows ISS' recommendation 'for' both proposals. Glass Lewis stated, "...we ultimately consider it reasonable that the Trust has elected to pursue an alternative which stands to reduce cash burdens, eliminate a major liquidation preference, simplify the capital structure and prospectively enhance pro forma market access." Referring to Cygnus Capital's "array of analytical commentary" focused on Ashford Trust's operating cash burn, debt service and expenses, Glass Lewis commented "we consider these factors support the notion that liquidity pressure at AHT is higher than CCI's portrayal." On CCI's optimistic portrayal of the recovery in the hotel industry, Glass Lewis commented: "we find the presented data arguably offers a skewed impression of the U.S. market, and, in certain cases, dubious analytical relevance." Glass Lewis cites independent industry reports suggesting there "remains considerable uncertainty around the likelihood of a meaningfully durable sector rebound prior to 2023" and "ultimately considers it reasonable that the Trust has elected to pursue an alternative which stands to reduce cash burdens, eliminate a major liquidation preference, simplify the capital structure and prospectively enhance pro forma market access."
|Over a month ago|
Windtree's IND application for Phase 2 clinical study of KL4 approved by FDA » 07:3309/2909/29/20
Windtree Therapeutics announced that FDA has accepted its Investigational New Drug, or IND, application for a Phase 2 clinical trial studying lyo lucinactant, its KL4 surfactant drug, in COVID-19 associated lung injury and acute respiratory distress syndrome, or ARDS, patients. Lucinactant is also used in the Company's drug and device combination development program called AEROSURF, being developed for treating preterm infants with Respiratory Distressed Syndromes. The SARS-CoV-2 virus causing COVID-19 uses the angiosten-converting enzyme 2, or ACE2, receptor for entry into host cells. ACE2 is a surface molecule on alveolar Type 2 cells in the lungs. The Type 2 cells are the source of surfactant production in the lung. Damage or loss of Type 2 cells and the viral pneumonia often associated with COVID-19 may result in impaired surfactant production leading to a loss of lung compliance and impaired gas exchange. The Company believes its synthetic KL4 surfactant may have the potential to mitigate surfactant deficiency and resist the widespread surfactant destruction that can occur as a result of COVID-19 associated lung injury. The initial study will evaluate changes in physiological parameters in COVID-19 patients who are intubated and mechanically ventilated for associated lung injury and ARDS.
Checkpoint Therapeutics price target raised to $17 from $15 at H.C. Wainwright » 06:1609/2909/29/20
H.C. Wainwright analyst…
H.C. Wainwright analyst Joseph Pantginis raised the firm's price target on Checkpoint Therapeutics to $17 from $15 and keeps a Buy rating on the shares. Cosibelimab's safety profile "continues to impress" and has a potentially more favorable safety profile compared to currently available anti-PD-1 therapies, says the analyst.