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I think that this now goes on a decent run.

Oil was bound to eventually join in the commodity rally - maybe it is time.

Great news. And about time.!

What next?

US walks IMO. Soon there won't be much of Ukraine left.

Putin doesn't give the impression of being particularly interested in ceasefire.

Ominous looking candlestick on the daily.

Lodgeview will be posting next.

Lifting in January - $20m give or take?

Which puts the finances back to square one.

I see that you are new on LSE - welcome,,

Here's to you, Mrs Robinson

Good to see a gap left on the daily chart.

Maybe this is about to re-rate on some solid news catalysts.

All seems pretty transparent to me - Clearing the decks for a new phase of growth.

A lean, mean testing machine.

666 trade just before the close 😅😂

About to be unleashed?

Cabin crew. Prepare for take off.

Also think some kind of M&A activity is in the offing. Reading the RNS from this summer, there are many hints.

Change of advisor, Tempus AI collaboration, opportunist hedge fund taking a stake, debt converted to equity (giving exposure to so volatility that the convertible bond did not) etc

Change of advisor

Oct 20, 2025 Author: Sunlight Xiang Share article:

Shares of Tempus AI (NASDAQ: TEM), a rising star in the AI-driven healthcare sector, demonstrated strong performance this week. The stock surged 5.29% in a single day, significantly outperforming the S&P 500 index, which climbed 1.1%. This rally was fueled by a combination of an analyst’s optimistic outlook on the company’s AI-powered drug discovery capabilities and a breakthrough in cancer risk assessment technology achieved by its subsidiary.

Analyst Bullishness on AI’s Role in Drug Discovery

The positive momentum was partly triggered by an upbeat research note from Canaccord Genuity analyst Kyle Mikson. While maintaining his “Buy” rating and $110 price target on Tempus AI, Mikson emphasized the profound impact the company’s cutting-edge medical technology services could have on the pharmaceutical market. He believes that the large-scale application of AI in clinical practices will substantially accelerate Tempus AI’s revenue growth.

Mikson also expressed confidence in the company’s strategy of growth through acquisitions of complementary assets. For instance, in August, Tempus AI announced the acquisition of Paige, a private AI company specializing in pathology. Industry analysis suggests that drug discovery is a field ripe for disruption by AI, and Tempus AI’s expansion into various medical segments positions it to create multiple, meaningful new revenue streams.

Subsidiary’s Tech Upgrade Boosts Market Confidence

Another catalyst for the stock’s rise was a technological advancement from Tempus AI’s subsidiary, Ambry Genetics. The California-based genetic testing specialist, acquired by Tempus AI in February, announced a major upgrade to its “Ambry CARE Program” cancer risk assessment platform. The enhanced platform integrates data such as breast density to refine the risk score calculated by the benchmark Tyrer-Cuzick breast cancer risk assessment tool.

Ambry Genetics stated that this technology provides clinicians with “more precise and personalized risk estimates at the point of care,” which can guide recommendations for breast cancer screening and risk reduction. Given that breast cancer is the most commonly diagnosed cancer in women, this upgrade allows Tempus AI to target a vast addressable market.

The industry view is that this development not only enhances Ambry’s product competitiveness but also strengthens Tempus AI’s overall brand as a forward-thinking, technology-first solutions provider. The company has consistently positioned itself as leveraging artificial intelligence to improve patient outcomes. Its recent consecutive progress in both drug discovery and clinical tools is beginning to validate the growth potential of its business model.

As the integration of healthcare and AI accelerates, technologically advanced companies like Tempus AI are poised to benefit from the dual tailwinds of capital inflow and industry ado

Yes, all of the clues are there in the recent RNS

The recent moves, and their timing, by Heights Capital & Pentwater Capital are suggestive of some decent / imminent upside here.

Tempus IMO but then

There's a few ducks that have been lined up since the collaboration was announced.

Pentwater Capital I guess just saw the opportunity and pounced. Read their biography, here for the upside from M&A activity not to make a bid.

ABDN likewise. Unicorn VCT also actively managing their stake but not bidders.

Heights Capital invest for their parent company, Susquehanna. Given the convertible bonds they were effectively insiders - can't blame them for wanting to benefit from the upside.

Just UBS then. Acting for themselves or a client?

Known for their strict code of confidentiality so I would guess a client.

What does it mean when Heights Capital converts a bond into equity??

Converting a convertible bond to equity allows Heights Capital Management (HCM) to switch from being a lender to a shareholder in the issuing company. This is typically done to gain higher returns if the company's stock price has performed well. By converting, HCM trades the fixed, but potentially lower, income stream of interest payments for the potential for greater capital appreciation that comes with owning stock. For example, in October 2025, an HCM-advised fund converted bonds in Renalytix, increasing its stake in the company and improving Renalytix's balance sheet.

Key implications for Heights Capital Management when converting bonds to equity include:

Capitalizing on growth: If a company's stock price rises significantly above the conversion price, converting allows HCM to realize a substantial gain that is not possible with the fixed returns of a bond.

Shifting risk and reward: While bonds offer a stable, fixed-income component and downside protection, converting to equity exposes HCM to greater market volatility. However, it also unlocks higher potential returns.

Influence and stake: Depending on the size of its holding, converting to equity can give HCM a more direct ownership stake in the company, potentially with voting rights and more influence than a bondholder would have.

Portfolio diversification: Convertible bonds are hybrid securities, and converting allows HCM to actively manage its portfolio by shifting its exposure from fixed income to equity, depending on its investment goals and market conditions.

Lowering debt-to-equity ratio: For the issuing company, such as Renalytix, the conversion improves its balance sheet by reducing its debt and increasing its equity. This is a strategic outcome that benefits both the company and HCM as a now-shareholder.

What are the R&D costs so far.? $150m

Happy to be corrected but whatever the figure, the R&D would be factored into a valuation.

Never heed Marty,,

They'll soon be raisin the sp 😂

Either way, maybe then 'they' will finally let it go.

Thr 15th is Wednesday

Tempus AI up 11% this evening.

Not bad given the $18bn mcap - That's a lot of clout to wield.

Thinking about the UBS and Pentwater Capital stakes that were amassed recently. Specifically the differences in approach of the 2 companies:

Pentwater Capital is an event driven, merger-arbitrage fund that makes investment plays on the likelyhood of deals closing. They could well have invested in RENX for the Tempus AI collaboration. However, looking at some of their recent successes (Musk buying Twitter, the Amgen / Horizon deal) I think they suspect a takeover is on the cards.

As for UBS, perhaps not as opportunistic as Pentwater. The Swiss investment bank is Switzerland's largest financial institution and also the world's largest private bank.

UBS investment bankers and private bankers are known for their strict bank–client confidentiality and culture of banking secrecy. Apart from private banking, UBS provides wealth management, asset management and investment banking services for private, corporate and institutional clients with international service.

With this in mind, what are the chances that UBS are taking a stake in RENX on behalf of a client? Stake building before a bid perhaps?