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ADMA Biologics, Inc.’s ADMA shares skyrocketed 76.2% in the past three months compared with the industry’s growth of 9.6%. The stock also hit a new 52-week high of $19.34 on Sept. 9.
The stupendous rally can be attributed to the company’s impressive performance year to date. Sales in the first half increased 61%. Last month, the company also raised its annual guidance for 2024 and 2025 revenues and net income, based on the continuous growth of its unique and proprietary immunoglobulin, Asceniv.
ADMA Outperforms Industry, Sector & S&P 500
ADMA Biologics markets plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases. The innovative portfolio and the company’s efforts to further develop a pipeline of plasma-derived therapeutics in this dynamic biotech sector are commendable.
Investors were also impressed with the company’s strong second-quarter results and raised outlook. The stock has also outperformed the sector and the S&P 500 during the aforementioned period.
Asceniv’s Perfomance Fuels ADMA’s Growth
ADMA Biologics markets plasma-derived biologics for the treatment of immune deficiencies and the prevention of certain infectious diseases. The company’s top line currently comprises sales of three FDA-approved products — Bivigam (an Intravenous Immune Globulin [“IVIG”] product to treat primary humoral immunodeficiency), Asceniv (to treat primary immunodeficiency disease or PIDD) and Nabi-HB (to treat and provide enhanced immunity against the hepatitis B virus).
Asceniv, an IVIG product, is indicated for the treatment of PIDD or inborn errors of immunity in adults and adolescents. It is manufactured using ADMA’s unique, patented plasma donor screening methodology and tailored plasma pooling design, which blends normal source plasma and respiratory syncytial virus (RSV) plasma obtained from donors tested using the company’s proprietary microneutralization assay.
The product’s strong sales growth is driving the top line. Its prescriber and patient base continued to increase last year and is expected to grow further in 2024. Last year, ADMA started manufacturing Asceniv at the 4,400-liter production scale for the first time. This has not only improved the product’s margin profile but also increased plant production capacity, as fewer batches are needed to support the company’s revenue goals.
Potential Label Expansion of Asceniv
The company plans to leverage its previously conducted randomized, double-blind, placebo-controlled phase II clinical trial evaluating RI001 in immune-compromised, RSV-infected patients to explore Asceniv for the treatment of RSV or other potential respiratory viral pathogens, as well as in other patient populations.
In connection with the FDA’s approval of Asceniv in April 2019, the company is required to perform a pediatric study to evaluate the safety and efficacy of Asceniv in children and adolescents. The ongoing post-marketing study for Asceniv may provide a label expansion opportunity to include pediatric-aged PI patients.
The late-stage study in 59 PIDD patients met the primary endpoint of no serious bacterial infections reported during the 12 months of treatment. Secondary efficacy endpoints further demonstrated the benefits of Asceniv in the low incidence of infection, therapeutic antibiotic use, days missed from work, school and daycare, and unscheduled medical visits and hospitalizations.
ADMA expects this clinical data, together with the FDA approval for the treatment of PIDD, to better position it to further evaluate the product in immune-compromised patients infected with or at risk of contracting RSV infection or other respiratory viral pathogens in the future.
ADMA Raises Financial Targets
Along with reporting strong second-quarter results last month, ADMA raised its outlook for 2024 and 2025. ADMA expects to generate total revenues of more than $400 million in 2024 and $445 million in 2025 (previous guidance: more than $355 million in 2024 and $410 million in 2025). Net income is projected to exceed $105 million in 2024 and $155 million in 2025 (up from the prior guidance of $85 million in 2024 and $135 million in 2025).
Margin Improvement
ADMA’s higher-margin product portfolio now accounts for more than 50% of its total revenues. The company is working to increase Asceniv's supply further. If successful, Asceniv will account for more than a significant majority of ADMA's total revenues over time, further advancing its potential margin expansion and earnings growth.
Valuation & Estimates
ADMA is currently trading marginally below its 52-week high of $19.34.
Going by the price/sales ratio, ADMA’s shares currently trade at 9.83x forward sales, higher than its mean of 3.30x and 1.73x for the industry.
ADMA Stock Valuation
The Zacks Consensus Estimate for 2024 earnings per share (EPS) has gone up to 49 cents from 35 cents over the past 60 days after the company raised its annual forecast.
ADMA Estimate Movement
It’s worth noting that the annual EPS estimate for 2025 has also jumped 11 cents to 64 cents.
Conclusion
ADMA Biologics, which competes with Takeda TAK and Grifols GRFS in the market of plasma-derived products in the United States, is poised to perform well in the upcoming quarters as incremental additional penetration of Asceniv should accelerate near-term revenue growth.
The rise in annual guidance for sales and earnings boosts investors’ confidence. Management expects additional opportunities for ADMA to continue to grow substantially in the underserved, immune compromised and co-morbid patient population despite the availability of standard-of-care therapy.
The stock recently hit its 52-week high, with room for further growth. Large biotech companies are generally considered safe havens for investors interested in this sector. Hence, any dip can be used as a buying opportunity.
ADMA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Investment Research
Investors interested in stocks from the Medical - Drugs sector have probably already heard of Takeda Pharmaceutical Co. (TAK) and Stevanato Group (STVN). But which of these two stocks is more attractive to value investors? We'll need to take a closer look to find out.
There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank is a proven strategy that targets companies with positive earnings estimate revision trends, while our Style Scores work to grade companies based on specific traits.
Currently, Takeda Pharmaceutical Co. has a Zacks Rank of #1 (Strong Buy), while Stevanato Group has a Zacks Rank of #4 (Sell). This system places an emphasis on companies that have seen positive earnings estimate revisions, so investors should feel comfortable knowing that TAK is likely seeing its earnings outlook improve to a greater extent. But this is just one factor that value investors are interested in.
Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.
The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.
TAK currently has a forward P/E ratio of 9.76, while STVN has a forward P/E of 38.35. We also note that TAK has a PEG ratio of 0.29. This figure is similar to the commonly-used P/E ratio, with the PEG ratio also factoring in a company's expected earnings growth rate. STVN currently has a PEG ratio of 5.50.
Another notable valuation metric for TAK is its P/B ratio of 0.94. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, STVN has a P/B of 4.65.
These are just a few of the metrics contributing to TAK's Value grade of A and STVN's Value grade of C.
TAK has seen stronger estimate revision activity and sports more attractive valuation metrics than STVN, so it seems like value investors will conclude that TAK is the superior option right now.
Zacks Investment Research
Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.
Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these stocks.
Luckily, Zacks has developed its own Style Scores system in an effort to find stocks with specific traits. Value investors will be interested in the system's "Value" category. Stocks with both "A" grades in the Value category and high Zacks Ranks are among the strongest value stocks on the market right now.
One stock to keep an eye on is Takeda Pharmaceutical Co. (TAK). TAK is currently holding a Zacks Rank of #1 (Strong Buy) and a Value grade of A.
Another notable valuation metric for TAK is its P/B ratio of 0.94. The P/B ratio is used to compare a stock's market value with its book value, which is defined as total assets minus total liabilities. TAK's current P/B looks attractive when compared to its industry's average P/B of 1.45. TAK's P/B has been as high as 1.04 and as low as 0.79, with a median of 0.91, over the past year.
Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. TAK has a P/S ratio of 1.71. This compares to its industry's average P/S of 3.39.
Finally, investors will want to recognize that TAK has a P/CF ratio of 7.75. This metric focuses on a firm's operating cash flow and is often used to find stocks that are undervalued based on the strength of their cash outlook. This company's current P/CF looks solid when compared to its industry's average P/CF of 11.92. Over the past 52 weeks, TAK's P/CF has been as high as 7.95 and as low as 6.35, with a median of 7.01.
These figures are just a handful of the metrics value investors tend to look at, but they help show that Takeda Pharmaceutical Co. Is likely being undervalued right now. Considering this, as well as the strength of its earnings outlook, TAK feels like a great value stock at the moment.
Zacks Investment Research
Launched on 04/19/2011, the First Trust Small Cap Growth AlphaDEX ETF (FYC) is a smart beta exchange traded fund offering broad exposure to the Style Box - Small Cap Growth category of the market.
What Are Smart Beta ETFs?
The ETF industry has long been dominated by products based on market cap weighted indexes, a strategy created to reflect the market or a particular market segment.
Market cap weighted indexes offer a low-cost, convenient, and transparent way of replicating market returns, and are a good option for investors who believe in market efficiency.
There are some investors, though, who think it's possible to beat the market with great stock selection; this group likely invests in another class of funds known as smart beta, which track non-cap weighted strategies.
Non-cap weighted indexes try to choose stocks that have a better chance of risk-return performance, which is based on specific fundamental characteristics, or a mix of other such characteristics.
Even though this space provides many choices to investors--think one of the simplest methodologies like equal-weighting and more complicated ones like fundamental and volatility/momentum based weighting--not all have been able to deliver first-rate results.
Fund Sponsor & Index
The fund is sponsored by First Trust Advisors. It has amassed assets over $328.59 million, making it one of the average sized ETFs in the Style Box - Small Cap Growth. Before fees and expenses, this particular fund seeks to match the performance of the Nasdaq AlphaDEX Small Cap Growth Index.
The NASDAQ AlphaDEX Small Cap Growth Index is an enhanced which employs the AlphaDEX stock selection methodology to select stocks from the NASDAQ US 700 Small Cap Growth Index.
Cost & Other Expenses
Cost is an important factor in selecting the right ETF, and cheaper funds can significantly outperform their more expensive cousins if all other fundamentals are the same.
Operating expenses on an annual basis are 0.70% for FYC, making it one of the most expensive products in the space.
It's 12-month trailing dividend yield comes in at 0.41%.
Sector Exposure and Top Holdings
Even though ETFs offer diversified exposure which minimizes single stock risk, it is still important to look into a fund's holdings before investing. Luckily, most ETFs are very transparent products that disclose their holdings on a daily basis.
For FYC, it has heaviest allocation in the Healthcare sector --about 22.90% of the portfolio --while Industrials and Information Technology round out the top three.
When you look at individual holdings, Adma Biologics, Inc. (ADMA) accounts for about 0.92% of the fund's total assets, followed by Mirum Pharmaceuticals, Inc. (MIRM) and Zeta Global Holdings Corp. (class A) (ZETA).
Its top 10 holdings account for approximately 7.9% of FYC's total assets under management.
Performance and Risk
So far this year, FYC has added roughly 16.21%, and was up about 25.24% in the last one year (as of 09/17/2024). During this past 52-week period, the fund has traded between $51.50 and $73.05.
The fund has a beta of 1.18 and standard deviation of 24.03% for the trailing three-year period, which makes FYC a high risk choice in this particular space. With about 265 holdings, it effectively diversifies company-specific risk.
Alternatives
First Trust Small Cap Growth AlphaDEX ETF is a reasonable option for investors seeking to outperform the Style Box - Small Cap Growth segment of the market. However, there are other ETFs in the space which investors could consider.
IShares Russell 2000 Growth ETF (IWO) tracks Russell 2000 Growth Index and the Vanguard Small-Cap Growth ETF (VBK) tracks CRSP U.S. Small Cap Growth Index. IShares Russell 2000 Growth ETF has $11.60 billion in assets, Vanguard Small-Cap Growth ETF has $17.61 billion. IWO has an expense ratio of 0.24% and VBK charges 0.07%.
Investors looking for cheaper and lower-risk options should consider traditional market cap weighted ETFs that aim to match the returns of the Style Box - Small Cap Growth.
Bottom Line
To learn more about this product and other ETFs, screen for products that match your investment objectives and read articles on latest developments in the ETF investing universe, please visit Zacks ETF Center.
Zacks Investment Research
European equities traded in the US as American depositary receipts started the week higher late Monday morning, rising 0.31% to 1,446.05 on the S&P Europe Select ADR Index.
From continental Europe, the gainers were led by pharmaceutical company Ascendis Pharma and biotech firm Evaxion Biotech , which advanced 19% and 6.7% respectively. They were followed by biopharmaceutical company Genfit and 3D printer company Materialise , which were up 5.2% and 5% respectively.
The decliners from continental Europe were led by furniture maker Natuzzi and medical device maker EDAP TMS , which fell 4% and 3.7% respectively. They were followed by biopharmaceutical companies Cellectis and Grifols , which declined 2.6% and 1.7% respectively.
From the UK and Ireland, the gainers were led by biopharmaceutical firm NuCana , which soared 150%, followed by TC Biopharm and Trinity Biotech , which were up 5.3% and 1.9%, respectively.
The decliners from the UK and Ireland were led by Bicycle Therapeutics and Biodexa Pharmaceuticals , which lost 7.5% and 4.4% respectively. They were followed by Adaptimmune Therapeutics , which was down 4.2%.
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