We would love to hear your thoughts about our site and services, please take our survey here.
London South East prides itself on its community spirit, and in order to keep the chat section problem free, we ask all members to follow these simple rules. In these rules, we refer to ourselves as "we", "us", "our". The user of the website is referred to as "you" and "your".
By posting on our share chat boards you are agreeing to the following:
The IP address of all posts is recorded to aid in enforcing these conditions. As a user you agree to any information you have entered being stored in a database. You agree that we have the right to remove, edit, move or close any topic or board at any time should we see fit. You agree that we have the right to remove any post without notice. You agree that we have the right to suspend your account without notice.
Please note some users may not behave properly and may post content that is misleading, untrue or offensive.
It is not possible for us to fully monitor all content all of the time but where we have actually received notice of any content that is potentially misleading, untrue, offensive, unlawful, infringes third party rights or is potentially in breach of these terms and conditions, then we will review such content, decide whether to remove it from this website and act accordingly.
Premium Members are members that have a premium subscription with London South East. You can subscribe here.
London South East does not endorse such members, and posts should not be construed as advice and represent the opinions of the authors, not those of London South East Ltd, or its affiliates.
https://ether-assets.ams3.digitaloceanspaces.com/arix/Investor-Presentation-Mello-Dec-22.pdf
Anything from Robert
Holder of arix, anyone any views on rtw ?
time they presented something
Acacia now > 25% :
https://www.lse.co.uk/rns/ARIX/holdings-in-company-dw0reheotytrmlm.html
Thanks Jimbob67, I make that about 6.8p per Arix share. Not sure if a takeover would be feasible, but I think a share buyback at this price could be justified - perhaps more so than the previous one.
Arix had 8.9% at interim results stage. Mkt cap of Imara just over $110m so Arix holding c$10m at whatever £/$ rate todays market brings. At such a discount to NAV a takeover must be a consideration.
Hi Misterh & skid35, do you have a figure for how many Imara shares Arix currently holds?
It's continuing to rise:
https://www.google.com/finance/quote/IMRA:NASDAQ?window=5D
I calculate value of holding in IMRA has risen to c. £7.2M since news of merger with Enliven. No doubt will have nil effect on SP. Fully expecting market to start valuing pound notes held at bank at 95p apiece soon.
Imara up 35% in US but only 1% of nav.
I have a no cost holding after top slicing. Of course it can go down but I think a good place to park cash, as you say 1. Backed by cash 2. Conservative valuation 3. Pharma / biotech market low so POP element has opportunity to gain. Interesting they are not listing the 12 companies in the POP.
Arix’s nav quietly rises 11p in the month to £1.89
So at a 106p ask today you pay 4p for 87p of biotech listed and unlisted holdings net of cash
Sorry I meant Aura not Aurus. Reading a little more about this, it's one of ARIX's big shots on goal. It's to do with eye cancer (choroidal melanoma). I believe the treatment means they don't need to remove your eye(s) in the case of eye cancer. Wow. Never even heard of this as a thing. About 850 cases a year in the UK alone.
https://www.nhs.uk/conditions/eye-cancer/#:~:text=Melanoma%20of%20the%20eye,-Melanoma%20is%20cancer&text=Eye%20melanoma%20most%20commonly%20affects,the%20eye)%20or%20the%20eyelid.
https://www.cancerresearchuk.org/health-professional/cancer-statistics/statistics-by-cancer-type/eye-cancer#heading-Zero
Encouragingly, the feedback is really good:
“The Phase 2 interim safety and efficacy data that was presented at AAO is very encouraging for patients with primary choroidal melanoma, as the majority of patients are diagnosed with early-stage disease and have no vision-preserving treatment options. Interim data showed a statistically significant reduction in tumor growth rate and a robust tumor control response with a high rate of visual acuity preservation at the therapeutic regimen,” said Dr. Ivana Kim, Director of the Ocular Melanoma Center, Massachusetts Eye and Ear.
1. NAV as at 31 August 22: £1.78 vs £1.76 MoM
2. SP £1.04 today vs £1.12 a month or so ago.
3. Cash accounts for £1.005 per share of the £1.04 share price!
4. Listed holdings as at 31/8 accounted for £0.32 per share
5. So you're getting listed companies at a 87.5% discount plus 45.5p of unlisted companies for free.
6. By the way, one of those listed companies LogicBio just got bought out at a 6x share price ($2.07). Sadly ARIX held $0.2m as at 30/6/22 so presumably the NAV has just increased by ~£1.1m so about a 0.5% increase to NAV
7. LOGICBIO bought out by AZN:
https://www.prnewswire.com/news-releases/alexion-astrazeneca-rare-disease-to-acquire-logicbio-therapeutics-to-accelerate-growth-in-genomic-medicine-301638676.html
8. Meanwhile AURUS presents interim phase 2 data:
https://polaris.brighterir.com/public/arix_bioscience/news/rns/story/xqg3jqw
Simon update after market close.
https://www.investorschronicle.co.uk/ideas/2022/08/10/a-ben-graham-recovery-play/
GLA
It's crazy how Arix Bioscience isn't trading in the range of 130p - 140p, considering Arix has 100p per share in cash alone. You nearly get a free ride on the portfolio.
There's always gonna be a large discount to NAV because of how risky PE and listed biotech companies are, but this wide discount is unjustified.
Financial Highlights
Net Asset Value of £228 million (31 December 2021: £255 million); 176p per share (31 December 2021: 198p)
Net downward portfolio movement of £25.0 million in the period, primarily driven by the reduction in the value of our core public company holdings, which have been affected by the significant decline in the public biotech markets
Gross Portfolio Value of £93.9 million (31 December 2021: £118.2 million)
Healthy cash position at period-end of £131.1 million (31 December 2021: £134.2 million)
https://*********************/newsfeed/article/unaudited-nav-for-june-2022-1448689
1. NAV drop of 1p (£1.76 vs £1.77) month on month
2. SP drop 7p (£112.5 vs £10.5.5) month on month
3. Cash accounts for £1.0133 of the above SP. Listed accounts for 29p/share. So you can effectively get paid 25p a share (£1.01+£0.29-£1.05) and still own 46p a share of unlisted biotech companies!!!!
4. Still sitting on same level of cash - no taking advantage of depressed biotech prices :(
5. Value of unlisted portfolio dropped month on month
GLA
Overdue?
The drop in NAV in my estimates is and extra 10 - 12 pence per share since start of the year
Similar to a comment from Cathie Wood of Ark there's a huge disparity between drops in value in the public portfolio and the private portfolio. Only Quench is significantly rerated downwards in the private portfolio.
198p revised NAV is better than I'd feared; and reflects the wider retracement of biotech. There's a lot of detail to absorb.