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Markets Rebound, Dow Closes Above 35k, Q2 Earnings Season & Summer Doldrums Roll On

By John F. Heerdink, Jr.
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Markets Rebound Dow Closes Above 35k
“The secret of your future is hidden in your daily routine.” – Mike Murdock

Happy Saturday All!

I hope that all of you had a great week and your individual portfolios continued to blossom.  As for the markets this week, they rebounded substantially, essentially shrugging off last week’s growth concerns spurred on by COVID-19 Delta variant cases growth reports, while the summer doldrums & earnings report season pressed on.  As for the major indices they closed as follows: the S&P 500 closed at 4,411.79 powering up an impressive 2% & is now up 17.5% YTD & the Dow 30 also moved higher this week closing at 35,061.55 (+1.1%)  & is up 14.6% YTD, both were record performances. The Nasdaq closed at 14,836.99 up a more than solid +2.8% & is now up 15.1% YTD. 9 of the eleven sectors powered the markets’ positive move this week with the communication services sector jumping 3.2%, the consumer discretionary sector moving up 2.9%, the information technology sector up 2.2%, & the health care sector moving up 2.2% to lead all. The utilities sector fell .9% & the energy sector dropped .4% to provide a drag. 

The small caps on the Russell 2000 also joined the party, after starting slow on Monday & closed at 2,209.65 (+2.1%) and now back over double-digits for the year up +11.9% YTD. The Microcaps moved higher too as the iShares Micro-Cap ETF (IWC) closed at $143.57, +1.28% for the week & is up 21% YTD.

MACRO REPORTS & YIELDS CHILL

Many more macroeconomic reports surfaced again that continued to paint a mixed economic picture that continues to feed into the Fed’s current low interest rate position that it believes will be sticking around for the foreseeable future as again inflation is currently believed to be ‘transitory’ in nature. On Monday, the macroeconomic schedule delivered the NAHB Housing Market Index report for July that came in to 80. On Tuesday, the total housing starts report showed a surge by 6.3% m/m to a seasonally adjusted annual rate of 1.643M, while the building permits report confirmed a drop by 5.1% m/m to a seasonally adjusted annual rate of 1.598M. On Wednesday, the weekly MBA Mortgage Applications Index confirmed a drop by 4%. The Weekly crude oil inventories were reported to have risen by 2.11M barrels, stopping an 8-week slide. On Thursday, the initial claims report for the week ending July 17 confirmed a rise by 51k to 419k, while continuing claims for the week ending July 10 fell by 29k to 3.236M. The existing home sales report also showed a rise by 1.4% month/month in June to a seasonally adjusted annual rate of 5.86M. The total sales report in June moved up 22.9% y/y. The Conference Board’s Leading Economic Index (LEI) was confirmed to have risen by .7% in June. On Friday, the Preliminary July IHS Markit Manufacturing PMI report confirmed a rise to 63.1, while the preliminary July IHS Markit Services PMI report showed a drop to 59.8.

The yield curve was a bit more volatile this week, but settled down overall towards the end of the week. The 10-yr yield ended down 1 basis point wk/wk to close at 1.29% (28 basis points lower over 4 weeks) and remains below pre-pandemic levels, while the 2-yr moved 3 basis points lower wk/wk closing at .19%. The U.S. Dollar Index moved higher from 92.71 to close at 92.90.

Next week, the macroeconomic schedule will serve the pending Home Sales report, the Personal Income report, & the Personal Consumption report.

VISTA STORIES YOU MAY HAVE MISSED FROM THE DOW 30

Salesforce Closes Slack Technologies Purchase Deal

Apple Schedules Release For All 5G-Enabled iPhones For 2022

Coca-Cola Beats Estimates As Demand Bounces For Beverages At Theaters, Restaurants, Stadiums

Peloton Ties With UnitedHealth Offering Free Fitness Classes To Its Insured Members

FAANG’s SURGE SANS NFLX

The FAANG’s closed higher wk/wk, except for Neflix as follows: Apple (AAPL) closed at $148.56 up another 1.48%, Amazon (AMZN) closed at $3,656.64, +2.32% for the week, Alphabet (GOOG) closed at $2,756.32, +4.53% for the week, Facebook (FB) closed at $369.79, +8.39% this week & Netflix (NFLX) closed at $515.41/share, -2.81% this week as it reports Q2 earnings which missed analyst expectations but exceeded the company’s subscriber growth expectations. The MicroSectors FANG+ Index 3X Leveraged ETN (FNGU), which offers 3x leveraged exposure to an index of “FANG” companies, and other companies that exhibit similar characteristics, closed at $37.85, +7.13% for the week.. 

EV- TECH

Leading EV car maker Tesla (TSLA) ticked lower this week to close at $643.38, -.13% for the week. Tesla is reportedly planning to open up its network of superchargers to other EV’s later 2021 & overtime they expect to their network will be available in all countries. 

Shares of Ford Motor Co. (F) ticked higher to close at $13.83, +1.54% for the week.

Microsoft (MSFT) closed at $289.67, +3.18% for the week.

NVIDIA Corporation closed $195.58%, +7.69 for the week, after spitting 4-To-1 split and the chip shortage situation seems to be raging on. 

ADT (ADT), the “most trusted brand in smart home and small business security” and Google partner closed lower this week at $10.44, +2.55% for the week, but still significantly from our recent entry in the low $9 range. Recently, ADT priced an offering of $1 billion aggregate principal amount of 4.125% first-priority senior secured notes due 2029  in an offering that will be exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”) (the “Offering”). The Offering is expected to close on July 29, 2021, subject to certain conditions. Note that on August 3, 2020, ADT and Google announced a partnership to create ‘Leading Smart Home Security Offering’. The partnership has allowed Google’s award-winning Nest hardware to be combined with ADT’s trusted security, professional installation and monitoring service to create a fully integrated set of devices, software and services for the secure smart home & pairs ADT’s more than 20,000 professionals together with Google’s suite of helpful home hardware, manufacturing technology and vertical technology stack. Google also invested $450 million to acquire 6.6% ownership in ADT, cementing mutual, long-term commitment to partnership. Each company is to commit $150 million for co-marketing, product development, technology and employee training. This partnership is believed to provide customers with integrated smart home technology to be offered in both DIY and professionally installed security offerings.

Cathie Wood’s ARK Innovation ETF (ARKK) pulled back again this week as it closed at $122.43, +5.06% regaining some of her tech and biotech ‘mojo’.

The Technology Select Sector SPDR Fund (XLK) closed at $154.52, +2.81% for the week.

BIOTECH REBOUNDS

The Biotech sector moved higher but more noticeably in the larger cap names. The Nasdaq Biotechnology ETF (IBB) closed at $166.72,  +3.76% for the week. The NYSE ARCA Biotech Index (^BTK) closed at 5,750.72, +1.63% for the week. The SPDR S&P Biotech ETF (XBI) closed at $126,51, +.45%. The XBI’s 52-wk range is $100.64-$174.79.

GOLD & SILVER

Gold prices closed at $1802, down $12 from the $1,814 close last week. This Friday silver prices closed at $25.23/oz., down $.52 from the $25.75/oz. close last Friday and nearly a $1 in two weeks. Hecla Mining Company (NYSE: HL) closed $6.53, down 2.39%. 

THE MEMES!

MemeStock, AMC Entertainment (AMC), closed at $36.99, +5.81% for the week but jumped around substantially. 

GameStop (GME) also closed at $180.36, +6.7% for the week. Ditto.

Virgin Galactic Holdings (SPCE) closed at $29.58, -2.05% this week down from the recent new high of $62.80 that it went as they successfully launched their 4th flight in to space, this time with Richard Branson. Also, this week Jeff Bezos’ Blue Origin took JB and 3 others on their first ride into to space. Exciting times!

MARKETS NEXT WEEK

The markets will enjoy another normal 5-day trading week during the summer doldrums & Q2 earnings season. It would not be a major surprise if we would happen to see increased volatility and possibly a pullback after the positive moves this week. The reasons being are threefold: (1) summer doldrums persist, rising uncertainties related to pandemic/delta variant, increasing worries that the economy & the market has passed its peak and/or gotten ahead of itself. Having stated this, we still have the the Fed being accommodative, the economy is still set to grow at a better-than-average pace, & corporate profits are still moving higher with increased guidance, so ‘don’t sweat the small stuff’ for now. 

VP WATCHLIST UPDATES

Please review our complete VP Watchlist that includes Apple (AAPL), Disney (DIS), Tesla (TSLA) & a select group of emerging names.  The pages will allow you to learn more and keep up with these companies daily.

For now, see the summaries or five of the emerging companies from the VP Watchlist below:


  • Shares of INmune Bio, Inc. (NASDAQ: INMB) closed at $21.06 this week after reaching $29 prior, up considerably since we added them to the list in May when it was trading in the $9 range.  
    • On July 22, LUMICKS, a leading next generation life science tools company renowned for its innovative platforms for Dynamic Single-Molecule and Cell Avidity analysis, announced that it has installed its ground-breaking z-Movi® Cell Avidity Analyzer at INmune Bi0. INmune Bio is employing the z-Movi cell avidity analysis platform to demonstrate that the mechanism of action of the tumor-priming is the increase in NK cell:tumor cell avidity. Early data acquired by the z-Movi support their hypothesis that increased cell avidity enhances NK cell killing of tumor cells. This allows screening of batches of INKmune for potency and provides a potential biomarker of in vivo activity by measuring the tumor avidity of NK cells isolated from patients before and after INKmune treatment.
    • On July 19th, INmune Bio, Inc. announced that the Company will present a poster at the Alzheimer’s Association International Congress 2021, which is being held in a hybrid format, Denver and online, from July 26-30, 2021. In addition, Dr. Malu Tansey of the University of Florida College of Medicine and co-inventor of XPro1595 (pegipanermin), will deliver a plenary talk, entitled, “Therapeutic Approaches Targeting Innate Immunity in AD” at the Alzheimer’s Association International Conference brings together the world’s leading basic scientists, clinical researchers, early career investigators, clinicians and the care research community to share breaking research discoveries that will lead to methods of prevention and treatment and improvements in diagnosis for Alzheimer’s disease.
    • On July 14th, INmune Bio announced that it has entered into a definitive agreement with one healthcare focused institutional investor and one family office for the purchase and sale of 1,818,182 shares of its common stock at a price of $22 per share for gross proceeds of approximately $40 million in a registered direct offering. The closing of the offering is expected to occur on or about July 16, 2021, subject to the satisfaction of customary closing conditions. A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering. INmune Bio intends to use the net proceeds from this offering for working capital and general corporate purposes and to advance the development of its product candidates and expand its pipeline. This includes the completion and data readout from the Company’s planned Phase 2 clinical trial of its lead clinical candidate, XPro1595, in patients suffering from Alzheimer’s disease, which is expected to commence by the end of 2021. “With this investment, we expect the Company’s Phase II program in Alzheimer’s disease is completely funded” said RJ Tesi MD, CEO of Inmune Bio.
    • On July 12th,  INmune Bio, Inc. announced that the first patient has been treated in the company’s Phase 1 clinical trial of its Natural Killer (NK) cell priming platform, INKmune, as a potential treatment for high-risk myelodysplastic syndrome (MDS). This Phase 1 open label study will enroll nine patients with a confirmed diagnosis of MDS with excess blasts in a 3×3 dose escalation protocol. The primary endpoint is the safety and tolerability of INKmune when administered intravenously. Most secondary endpoints are biomarkers and include the change in percentage of blasts in peripheral blood and bone marrow, the change in autologous NK cell activity and functional maturity into tumor-induced memory-like NK cells in vivo. The overall response rate using WHO criteria, and duration of response will also be reported. READ MORE.
    • On July 7th, The Maxim Group’s analyst raised his price target from $32 to $42 today.

    • On June 14th, INMB announced that it had entered into a new $15M credit facility with Silicon Valley Bank (SVB) and an affiliate of SVB Financial Group. INmune intends to use the proceeds from the facility to partially fund the buyout of an option held by Xencor, Inc.(XNCR), resulting from INmune’s in-licensing of XPro1595 (now known by its generic name, pegipanermin) in October 2017. XPro1595 is a next-generation inhibitor of tumor necrosis factor (TNF) that uses a dominant-negativeTNF technology that is very different from approved TNF inhibitors that block the effects of both soluble and trans-membrane TNF. Pegipanermin neutralizes soluble TNF, without affecting trans-membrane TNF or TNF receptors. XPro1595 could have substantial beneficial effects in patients with Alzheimer’s and other neurodegenerative diseases by decreasing neuroinflammation. Total consideration to be paid to Xencor by INmune is $18.3 million, comprised of $15 million of cash and $3.3 million of INMB shares at a price of $17.14 resulting in the issuance of 192,533 shares. Pursuant to the original 2017 in-licensing agreement, INmune granted Xencor an option to purchase an additional number of shares of common stock equal to 10% of INmune’s fully diluted company shares for a period of seven years. The retirement of the Xencor option eliminates an estimated 2.1 million shares of potential future common stock dilution upon exercise of the option.

    • On May 18th, I hosted Immune Bio’s CEO RJ Tesi at the Tribe Public Presentation & Q&A Event for a fascinating discussion and his presentation titled “Advancing Treatment To Repair Our Aging Innate Immune System to Fight Alzheimer’s.” Please view the event video here. 
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  • InMed Pharmaceuticals, Inc. (NASDAQ: INM) is leading clinical-stage pharmaceutical company developing cannabinoid-based drug candidates for high unmet medical needs and IntegraSyn, a proprietary and cost effective manufacturing approach for synthesized rare cannabinoids. Please visit the INM page at our website to learn more and check out the videos section too.  
  • Shares of InMed closed at closed trading this week at $2.50, -6.02% for the week, but did reach $3 during the week. The 52-wk range is $2.55 -$8.94.
    • On July 9th, Roth Capital Partners analyst Scott Henry, CFA issued an update report with. BUY Rating titled, “INM: Favorable Take on BayMedica LOI” that includes a $11.50 12-Month Price target.

    • On July 2, InMed announced that it had closed the previously announced private placement and after deducting the placement agent fees and estimated offering expenses payable by the Company, the Company received net proceeds of approximately US$11 million. H.C. Wainwright & Co. acted as the exclusive placement agent for the private placement. Under the terms of the private placement, an aggregate of 4,036,327 common shares (or common share equivalents in lieu thereof) and warrants to purchase up to an aggregate of 4,036,327 common shares were purchased, at an effective purchase price of US$2.973 per common share (or common stock equivalent in lieu thereof) and associated warrant. The warrants have an exercise price of US$2.848 per share, are exercisable immediately and have a term of five years. InMed intends to use the net proceeds from the offering to continue pipeline development, advance business development activities and for general working capital purposes.

    • On June 29th, INM announced that it has entered into a non-binding letter of intent (the “LOI”) to acquire BayMedica Inc. (“BayMedica”), a private company based in Nevada and California that specializes in the manufacture and commercialization of rare cannabinoids. BayMedica is a revenue-stage biotechnology company leveraging its significant expertise in synthetic biology and pharmaceutical chemistry to develop efficient, scalable, and proprietary manufacturing approaches to produce high quality, regulatory-compliant rare cannabinoids for consumer applications. BayMedica is currently commercializing the rare cannabinoid CBC (cannabichromene) as a B2B supplier to distributors and manufacturers marketing products in the health and wellness sector. BayMedica is currently planning additional rare cannabinoid launches for the coming year. In addition to their manufacturing and commercial activities in the health and wellness arena, BayMedica is researching cannabinoid analogs as potential drug candidates for pharmaceutical purposes. Those BayMedica proprietary compounds are based upon the structures of naturally-occurring cannabinoids and are designed to either augment the potential therapeutic effect against specific diseases or enhance product safety, or both.

    • On Thursday, June 17th, InMed Pharmaceuticals (NASDAQ: INM) announced that its continued optimization of IntegraSyn™ has increased the cannabinoid yield to a level of 5 g/L, further improving the economics of this proprietary manufacturing approach in advance of large-scale production. InMed’s cannabinoid yield of 5 g/L significantly exceeds currently reported industry yields. The Company has continued to make important steps to further optimize the IntegraSyn™ manufacturing process, resulting in the improved yield of 5 g/L, surpassing InMed’s previously reported yield levels of 2 g/L, an already commercially viable yield. The impact of improved yield is a significant reduction in the overall cost of manufacturing due to greater amount of cannabinoid produced per batch. InMed is now focused on manufacturing scale-up to larger batch sizes in the second half of calendar year 2021. “We are very excited by these impressive yield levels that further validates the IntegraSyn™ manufacturing approach as a commercially viable solution for large-scale, pharmaceutical-grade GMP production of rare cannabinoids. While we continue to refine the process, we are now focused on advancing the program towards the next key milestones, including the manufacture of our first large-scale batch through a GMP-ready process in the coming months. We continue to believe InMed’s proprietary IntegraSyn™ approach will be one of the most important manufacturing processes for pharma-grade cannabinoids,” stated Eric A. Adams, President and Chief Executive Officer of InMed.


  • Shares of Natural-Killer cell (NKcell) focused biopharmaceutical firm Fate Therapeutics (FATE) regained significant momentum this week and closed at $86.19, +9.74% this week.

    • On July 16th Fate management will host a virtual event to highlight interim Phase 1 clinical data from its FT596 and FT516 programs for the treatment of relapsed / refractory B-cell lymphomas on August 19, 2021 at 4:30 p.m. ET. The live webcast of the presentation can be accessed under “Events & Presentations” in the Investors section of the Company’s website at www.fatetherapeutics.com. The archived webcast will be available on the Company’s website beginning approximately two hours after the event.

    • On June 15th, FATE announced that Mark Plavsic, DVM, PhD, RAC has been appointed Chief Technical Officer. Dr. Plavsic brings over 20 years of broad technical excellence in global biopharmaceutical operations, having led teams in the commercial-scale cGMP manufacture and distribution, as well as the clinical-stage process, assay, and formulation development, of complex biologics. As Chief Technical Officer, Mark will oversee the Company’s manufacturing, technical, and supply chain operations.
    • On May 13th, Fate announced encouraging interim Phase 1 data from the Company’s off-the-shelf, iPSC-derived natural killer (NK) cell programs in relapsed / refractory acute myeloid leukemia (AML). The ongoing Phase 1 dose-escalation study of FT516 as monotherapy is currently enrolling patients in the third dose cohort (900 million cells per dose), with three patients treated in the first dose cohort (90 million cells per dose) and six patients treated in the second dose cohort (300 million cells per dose). The Phase 1 dose-escalation study of FT538 as monotherapy is currently ongoing, with three patients treated in the first dose cohort (100 million cells per dose). Learn more. 

    • On May 5th, Fate reported their business highlights and financial results for the first quarter ended March 31, 2021. Scott Wolchko, President and Chief Executive Officer of Fate Therapeutics stated, “During the first quarter of 2021, we strengthened our balance sheet by raising $460 million and successfully positioned our off-the-shelf, iPSC-derived NK cell pipeline to achieve significant clinical milestones across our disease franchises throughout the remainder of the year. We look forward to sharing Phase 1 clinical data from our FT516 and FT538 programs in relapsed / refractory AML at an investor event to be held alongside the ASGCT conference. We are also pleased with the clinical expansion of our FT538 program into solid tumors, where we plan to combine with FDA-approved monoclonal antibodies targeting EGFR, HER2, and PDL1. While we are disappointed that the PROTECT study of ProTmune did not meet its primary endpoint for prevention of acute graft-versus-host disease following allogeneic stem cell transplant, we will now turn our full attention and resources to our deep pipeline of off-the-shelf, iPSC-derived cancer immunotherapies. We would like to sincerely thank the patients, caregivers and investigators who participated in the clinical investigation of ProTmune, and we intend to share our clinical findings with that community.”

    • In related news, we have made another investment in a private NKcell company called Cytovia Therapeutics, a biopharmaceutical company developing allogeneic “off-the-shelf” gene-edited Chimeric Antigen Receptor (CAR)-NK cells derived from induced pluripotent stem cells (iPSCs) and NK cell engager multifunctional antibodies.  Their website is www.cytoviatx.com. This week, Cytovia took another step towards an IPO as they announced that William Sullivan, CPA, MBA has been appointed as Chief Financial Officer. Mr. Sullivan has more than 25 years of experience in corporate finance, leading strategic transactions, fundraising, and investor relations. Prior to joining Cytovia, he was Chief Financial Officer and Treasurer at Applied Genetic Technologies Corporation (AGTC), a publicly traded gene therapy company, where he led multiple financings and core business and finance functions. Prior to AGTC, he worked at Merrimack Pharmaceuticals, Inc. for 10 years and held a variety of important leadership positions including Chief Financial Officer. At Merrimack, he led the company’s $100 million initial public offering, helped the company raise over $400 million in debt and equity capital as a public company, and played a key role in Merrimack’s asset sale to Ipsen SA for up to $1.025 billion. Prior to his role at Merrimack he worked for a number of years in the high-technology sector. Mr. Sullivan holds a B.A. in Economics from Williams College and a M.B.A and M.S. in Accounting from Northeastern University and obtained his certified public accountant license while working at Arthur Andersen, LLP.


  • Shares of Atossa Therapeutics, Inc. (Nasdaq: ATOS), a clinical-stage biopharmaceutical company seeking to discover and develop innovative medicines in areas of significant unmet medical need with a current focus on breast cancer and COVID-19, closed at closed at $4.18. 
  • On July 15th, An international team of scientists and data analysts, led by Physician-Scientist & CEO of Atossa Therapeutics,  Steven Quay, MD, PhD, published a paper entitled, “Science Not Speculation Should Inform the Investigation of the Origin of COVID-19,” in which they conclude: “Until new evidence is found, an investigation of the pathway for the origin of COVID-19 should proceed with the assumption that a laboratory-acquired infection or research-related accident is at least as likely, if not more likely, than a natural zoonotic transmission.” The paper was submitted to the Subcommittee on Investigations and Oversight hearing, Principles for Outbreak Investigation: COVID-19 and Future Infectious Diseases,” held on July 14, 2021. The preprint is available available here. 
    • On July 7th, Atossa Therapeutics, Inc. (Nasdaq: ATOS), announced that it has received regulatory approval from HREC (Human Research Ethics Committee) to open a clinical study of AT-H201 in Australia. The nebulized formulation, AT-H201, is being developed as an inhalation therapy for moderately to severely-ill hospitalized COVID-19 patients and for “long-haul” patients with post-infection pulmonary disease. AT-H201 is a proprietary combination of two drugs previously approved by the FDA to treat other diseases and by other administration routes. AT-H201 is intended to be inhaled via a nebulizer to improve compromised lung function for moderate to severely ill, hospitalized COVID-19 patients and for “long-haul” patients with post-infection pulmonary disease. In May 2020, we completed in vitro testing of AT-H201 which showed that the components of AT-H201 inhibit SARS-CoV-2 infectivity of VERO cells, which is a standard cell type being used to study infectivity of the coronavirus. The AT-H201 components were found to be at least four times more potent than Remdesivir and at least 20 times more potent than Hydroxychloroquine. Potency was measured by microscopic examination of the cytopathic effect caused by SARS-CoV-2 in VERO cells.
    • Atossa was recently added to the Russell 2000 and Russell 3000 Indexes.
    • Atossa management held a webinar on June 9th with Tribe Public to discuss their final data from its Phase 2 clinical study of oral Endoxifen administered in the “window of opportunity” between diagnosis of breast cancer and surgery. The study enrolled seven newly-diagnosed patients with ER+ and human epidermal growth factor receptor 2 negative (HER2-) stage 1 or 2 invasive breast cancer, requiring mastectomy or lumpectomy. Patients received the Atossa proprietary oral Endoxifen for at least 14 days from the time of diagnosis up to the day of surgery. The primary endpoint was to determine if the administration of oral Endoxifen reduces the tumor activity as measured by Ki-67. The secondary endpoints were safety and tolerability and assessment of the study drug on expression levels of both estrogen and progesterone receptors, and correlation between Ki-67 and Endoxifen levels. The Phase 2 study was conducted on behalf of Atossa by Avance Clinical, a leading Australian CRO.
    • On Friday, June 11th, Atossa announced that it has received approval from the Swedish Medical Product Agency (MPA) to initiate a Phase 2 clinical study of its oral Endoxifen for the reduction of mammographic breast density (MBD). Studies conducted by others have shown that MBD reduces the ability of mammograms to detect cancer (sensitivity) and increases the risk of developing breast cancer. Additional studies show a correlation between reducing MBD and a reduction in the incidence of breast cancer. The primary objective of the MBD study is to determine the dose-response relationship of daily oral Endoxifen on mammographic breast density reduction, with secondary endpoints assessing safety and tolerability. The Phase 2 study will be randomized, double-blinded and placebo-controlled. It will be conducted in Stockholm and will include approximately 240 pre-menopausal women with measurable MBD who will receive daily doses of oral Endoxifen or placebo for six months. South General Hospital in Stockholm will be conducting the study. The study is being led by principal investigator Per Hall, M.D., Ph.D., Head of the Department of Medical Epidemiology and Biostatistics at Karolinska Institutet. The study is also subject to approval by the institutional ethics committees and enrollment will not begin unless and until all approvals are obtained and COVID restrictions are lifted in Sweden.
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  • Shares of  INVO Bioscience, Inc. (INVO), a medical device company focused on creating alternative treatments for patients diagnosed with infertility and developers of INVOcell®, the world’s only in vivo Intravaginal Culture System, closed at $4.35, +11.25% this week.
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    • On June 30th, VP Watchlist company, INVO Bioscience, Inc. (NASDAQ: INVO) expanded their North American footprint as they announced on June 30th that they had signed a joint venture agreement in partnership with reproductive specialist Dr. Sue Ellen Carpenter, M.D. through its wholly-owned subsidiary, INVO Centers, LLC, to open an INVO clinic in Atlanta. The clinic, Bloom Fertility, is scheduled to open in the second half of 2021. INVO Bioscience will provide funding for start-up and operating costs and own 40% of the Atlanta Joint Venture. Dr. Sue Ellen Carpenter, MD, is Board Certified in Obstetrics and Gynecology. With over 30 years of experience in reproductive medicine, Dr. Carpenter’s specialties include in vitro fertilization, treating congenital anomalies associated with infertility, as well as endometriosis and polycystic ovarian syndrome. Noted for excellence in her field and a “Top Doctor, Atlanta 2019 and 2020″ she delivers lectures across the country and has published more than a dozen papers on reproduction and fertility. She is an active member of the American Society of Reproductive Medicine (ASRM) as well as the Georgia OB GYN Society. Note that INVO Bioscience has also signed clinic partnerships in Birmingham, Alabama and the San Francisco Bay area earlier this year, along with its Mexico partnership in late 2020, which is scheduled to open later this year. These clinics, through the utilization of the INVOcell technology, in addition to the multiple clinic and distribution partnerships throughout the world are bringing advanced fertility care and much needed expanded access to the millions of underserved people.
    • On June 15th, INVO Bioscience, Inc. (NASDAQ: INVO), announced further foundational progress as they appointed of Andrea Goren as the Company’s Chief Financial Officer. In a career approaching 27 years, Mr. Goren has extensive experience in numerous financial functions, including service as a public company CFO, company director, capital raising activities as well as mergers and acquisition experience. Mr. Goren has served as managing director and CFO of Phoenix Group, a New York City-based private equity firm specializing in micro-cap and nano-cap public companies. He served as vice president of Shamrock Group, the Roy Disney family private investment firm in London; and was a director at New York City-based Madison Capital Group, a corporate advisory firm focused on U.S. / European Union cross border transactions. Mr. Goren holds a Bachelor of Arts degree from Connecticut College in New London, Connecticut, and an MBA from the Columbia Business School in New York City.
    • On May 17, INVO announced financial results for the first quarter of 2021 ended March 31, 2021 and provides a business update. Steve Shum, Chief Executive Officer of INVO Bioscience stated, “This was an exciting start to the year 2021 for INVO Bioscience as we advanced our INVO Clinic strategy with the signing of our first U.S.-based INVOcell exclusive facility in Birmingham, Alabama, the signing of a partnership agreement to establish and operate a center in Northern California, and the completion of our product registration in Mexico. We expect these initial centers to become operational in the second half of the year. Throughout this year, we have expanded our real-world experience data and positive results with INVOcell, enhanced our online training tools, materials, and capabilities and have experienced a substantial increase in active training sessions for our international partners and distributors. We believe the combination of strong commercialization partnerships and company-owned clinics, both in the U.S. and around the world, is key to expanding INVOcell’s adoption within the fertility industry. In addition to the progress made executing new commercialization agreements, we have strengthened our marketing capabilities to support the INVOcell-only centers and our growing number of distribution partners. Meryle Lynn Chamberlain, a tenured women’s health and fertility solution marketing professional, joined us as Director of Marketing in March 2021, while Rebecca Messina, current Senior Advisor at McKinsey & Co. and former Global Chief Marketing Officer at both Uber and Beam Suntory joined our board of directors in April 2021. As we look to increase access to care and expand fertility treatment across the globe, our market positioning and overall strategies are more important than ever. The addition of Meryle Lynn and Rebecca will enhance our ability to successfully accomplish these goals. As we look to the remainder of 2021, we have set a number of key objectives, including the opening of our first company-owned clinics in Mexico and the United States. Additionally, we will seek to build our international revenues this year through our growing list of international distribution partners as they finish training, and we complete local product registration requirements. Of note, we are extremely pleased to see the initial INVO procedures performed recently in Spain and Malaysia, which reflects the groundwork done by our team in these specific markets, which we believe will help in further expanding the overall awareness of the potential outside of the U.S. Finally, we are continuing to advance our 5-day label expansion efforts with the FDA in the U.S. market with a goal of completing this effort in 2021. It remains our belief that there is strong global demand for fertility services and INVOcell is well-positioned through our growing, global footprint to play a key role in helping to turn the dream of creating a family for millions of people around the world into a reality through our accessible, efficient, and affordable fertility treatment.”
    • On May 11, a 13G was filed that confirms that David Sable’s (a former #IVF doc turned portfolio manager) Special Situations Fund of AWM Investment Company increased their ownership to 11.1% or 1,154,153 share ownership of INVO Bioscience (INVO). They held 625k/6.5% as of the 13G filing 2-12-2021. If you are not familiar with them, I believe if you do a relatively small amount sleuthing you will find out that they are one of the most successful multi-billion funds over the last 20-years, especially in finding small undiscovered microchips. I believe that they led the round of $13M at $3.20 a share in November 12, 2020 that pushed INVO uplist to the NASDAQ. Here’s the 13G filing. The company only has 10,424,229 shares issued and outstanding as of March 31, 2021.
    • Industry forecasts suggest that only 1% to 2% of the estimated 150 million infertile couples worldwide are currently being treated. INVO’s mission is to increase access to care and expand infertility treatment across the globe with a goal of improving patient affordability and industry capacity. Since January 2019, INVO Bioscience has signed commercialization agreements in the United States, India, as well as parts of Africa and Eurasia and Mexico for the INVOcell device.


Thanks again for your attention this week. Please continue to share your thoughts, questions, & ideas as we move forward. 

In the meantime, please enjoy the balance of the weekly newsletter’s videos, quotes, updates. 

Investing & Inspiration

  1. “The secret of your future is hidden in your daily routine.” – Mike Murdock
  2. “Work hard for what you want because it won’t come to you without a fight. You have to be strong and courageous and know that you can do anything you put your mind to. If somebody puts you down or criticizes you, just keep on believing in yourself and turn it into something positive.” – Leah LaBelle
  3. “Opportunity is missed by most people because it is dressed in overalls and looks like work”. -Thomas A. Edison
  4. “Education is not only a ladder of opportunity, but it is also an investment in our future.” – Ed Markey

  5. “Human behavior flows from three main sources: desire, emotion, and knowledge.” – Plato

  6. “We are what our thoughts have made us; so take care about what you think. Words are secondary. Thoughts live; they travel far.” – Swami Vivekananda

  7. “Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

  8. “If you don’t know where you are going, any road will get you there.” – Lewis Carroll

  9. “Don’t worry about being a star, worry about doing good work, and all that will come to you.” – Ice Cube

  10. “It is not in the stars to hold our destiny but in ourselves.” – William Shakespeare

  11. “Prediction is very difficult, especially if it’s about the future.” – Niels Bohr

  12. “It is indeed true that the stock market can forecast the business cycle.” -Paul Samuelson

  13. “The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don’t, so we buy. Then people start selling, panic sets in, and we sell too.” – Jonathan Sacks

  14. “What lies behind you and what lies in front of you, pales in comparison to what lies inside of you.” – Ralph Waldo Emerson
  15. “Each new generation born is in effect an invasion of civilization by little barbarians, who must be civilized before it is too late.” – Thomas Sowell
  16. “Life is 10% what happens to you and 90% how you react to it.” – Charles R. Swindoll
  17. “The truth is you don’t know what is going to happen tomorrow. Life is a crazy ride, and nothing is guaranteed.” – Eminem
  18. “View health as an investment, not an expense.” – John Quelch

  19. “Opportunity does not knock, it presents itself when you beat down the door.” – Kyle Chandler

  20. “If you don’t know where you are going, any road will get you there.” – Lewis Carroll

  21. “Once you replace negative thoughts with positive ones, you’ll start having positive results.” – Willie Nelson

  22. “That which does not kill us makes us stronger.” – Friedrich Nietzsche
  23. “Nothing in life is to be feared, it is only to be understood. Now is the time to understand more, so that we may fear less.” – Marie Curie
  24. “A problem is a chance for you to do your best.”– Duke Ellington
  25. “The best way to predict the future is to create it.” -Peter Drucker
  26. “I’m involved in the stock market, which is fun and, sometimes, very painful.” – Regis Philbin
  27. “Who owns the future? This is the question at the heart of every stock market.” – John Landgraf
  28. “One of the funny things about the stock market is that every time one person buys, another sells, and both think they are astute.” – William Feather
  29. “While I’m sure some millennials are concerned with the ethical issues involved in mining for diamonds, the main reason they steer clear of the gems is because, well, they’re a dumb investment.” – Ana Kasparian
  30. “The wisest rule in investment is: when others are selling, buy. When others are buying, sell. Usually, of course, we do the opposite. When everyone else is buying, we assume they know something we don’t, so we buy. Then people start selling, panic sets in, and we sell too.” – Jonathan Sacks

  31. “We must shift our thinking away from short-term gain toward long-term investment and sustainability, and always have the next generations in mind with every decision we make.” –  Deb Haaland

  32. “The only way to have a friend is to be one.” –  Ralph Waldo Emerson

  33. “If you believe in yourself and have dedication and pride – and never quit, you’ll be a winner. The price of victory is high but so are the rewards.” – Bear Bryant

  34. “Investing in women’s lives is an investment in sustainable development, in human rights, in future generations – and consequently in our own long-term national interests.” -Liya Kebede

  35. “Success is not final, failure is not fatal: it is the courage to continue that counts.” – Winston Churchill

  36. “Our greatest glory is not in never falling, but in rising every time we fall.” – Confucius
  37. “Give me a lever long enough and a fulcrum on which to place it, and I shall move the world.” – Archimedes
  38. “Who controls the past controls the future. Who controls the present controls the past.” – George Orwell
  39. “If you get up in the morning and think the future is going to be better, it is a bright day. Otherwise, it’s not.” – Elon Musk
  40. “The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails.” – William Arthur Ward
  41. “Start where you are. Use what you have. Do what you can.” – Arthur Ashe
  42. “Netflix, Amazon, iTunes – whatever platforms emerge – we are looking at as having the same potential that home video had for the movie business. Which means there are entirely new opportunities to monetize our capital investment in content and do so in ways that work for distributors, for consumers and for creators.” – Bob Iger
  43. “When you have no one to answer to, vendetta as investment strategy is as legitimate as anything.” – Carl Icahn
  44. “No other investment yields as great a return as the investment in education. An educated workforce is the foundation of every community and the future of every economy.” – Brad Henry
  45. “In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks?” – Li Lu
  46. “Modern medical advances have helped millions of people live longer, healthier lives. We owe these improvements to decades of investment in medical research.”– Ike Skelton
  47. “Stock market goes up or down, and you can’t adjust your portfolio based on the whims of the market, so you have to have a strategy in a position and stay true to that strategy and not pay attention to noise that could surround any particular investment.” – John Paulson
  48. “Your mindset matters. It affects everything – from the business and investment decisions you make, to the way you raise your children, to your stress levels and overall well-being.” – Peter Diamandis
  49. “Inflation destroys savings, impedes planning, and discourages investment. That means less productivity and a lower standard of living.” – Kevin Brady
  50. “Cash – in savings accounts, short-term CDs or money market deposits – is great for an emergency fund. But to fulfill a long-term investment goal like funding your retirement, consider buying stocks. The more distant your financial target, the longer inflation will gnaw at the purchasing power of your money.”  – Suze Orman
  51. “Bitcoin, in the short or even long term, may turn out be a good investment in the same way that anything that is rare can be considered valuable. Like baseball cards. Or a Picasso.” – Andrew Ross Sorkin
  52. “I think you have to learn that there’s a company behind every stock and there’s only one real reason why stocks go up. Companies go from doing poorly to doing well or small companies grow to large companies.” – Peter Lynch
  53. “Historically, there has been a bull market in the commodities every 20 or 30 years.” – Jim Rogers
  54. “The markets generally are unpredictable, so that one has to have different scenarios. The idea that you can actually predict what’s going to happen contradicts my way of looking at the market.” – George Soros
  55. “Stop trying to predict the direction of the stock market, the economy or the elections.” – Warren Buffett
  56. “An important key to investing is to remember that stocks are not lottery tickets.” – Peter Lynch
  57. “Learn everyday, but especially from the experiences of others. It’s cheaper!” – John Bogle
  58. “When purchasing depressed stock in troubled companies, seek out the ones with the superior financial positions and avoid the ones with loads of bank debt.” – Peter Lynch
  59. “No stock price is too low for bears or too high for bulls.” –  John F. Heerdink, Jr.
  60. “Investment is most successful when it is most businesslike.” – Ben Graham
  61. “Value stocks are about as exciting as watching grass grow, but have you ever noticed just how much your grass grows in a week?” – Christopher Browne
  62. “Even the intelligent investor is likely to need considerable willpower to keep from following the crowd.” – Benjamin Graham
  63. “Individual who cannot master their emotions are ill-suited to profit from the investment process.” – Benjamin Graham
  64. “I made my first investment at age eleven. I was wasting my life until then.” – Warren Buffet
  65. “I don’t look to jump over seven-foot bars; I look around for one-foot bars that I can step over.” — Warren Buffett
  66. “There are only three measurements that tell you nearly everything you need to know about your organization’s overall performance: employee engagement, customer satisfaction, and cash flow. It goes without saying that no company, small or large, can win over the long run without energized employees who believe in the mission and understand how to achieve it.” – Jack Welch, former CEO of GE
  67. “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble” ― Warren Buffett
  68. “If you buy things you do not need, soon you will have to sell things you need.” – Warren Buffet
  69. “How many millionaires do you know who have become wealthy by investing in savings accounts? I rest my case.” — Robert G. Allen
  70. “It’s far better to buy a wonderful company at a fair price, than a fair company at a wonderful price.” – Warren Buffett
  71. “A market downturn doesn’t bother us. It is an opportunity to increase our ownership of great companies with great management at good prices.” — Warren Buffett
  72. “Every once in a while, the market does something so stupid it takes your breath away.” — Jim Cramer
  73. “The person who starts simply with the idea of getting rich won’t succeed; you must have a larger ambition.” — John D. Rockefeller
  74. “Know what you own, and know why you own it.” – Peter Lynch
  75. “Although it’s easy to forget sometimes, a share is not a lottery ticket… it’s part ownership of a business.” – Peter Lynch

  76. “Wise spending is part of wise investing. And it’s never too late to start.” – Rhonda Katz

  77. “Invest for the long haul. Don’t get too greedy and don’t get too scared.” – Shelby M.C. Davis

  78. “Fear incites human action far more urgently than does the impressive weight of historical evidence.”
    -Jeremy Siegel

  79. “With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future.” — Carlos Slim Helu
  80. “If we like a business, we’re going to buy as much of it as we can and keep it as long as we can. And when we change our mind, we don’t take half measures.” – Warren Buffett
  81. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” — Peter Thiel
  82. “Never depend on a single income, make an investment to create a second source.” Warren Buffet“Games are won by players who focus on the playing field –- not by those whose eyes are glued to the scoreboard.” ― Warren Buffett
  83. “The key to making money in stocks is not to get scared out of them.” – Peter Lynch
  84. “Courage taught me no matter how bad a crisis gets … any sound investment will eventually pay off.” — Carlos Slim Helu
  85. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
  86. “As time goes on, I get more and more convinced that the right method of investment is to put fairly large sums into enterprises which one thinks one knows something about and in the management of which one thoroughly believes.” — John Maynard Keynes
  87. “Given a 10% chance of a 100 times payoff, you should take that bet every time.” — Jeff Bezos
  88. “Money is always eager and ready to work for anyone who is ready to employ it.” ― Idowu Koyenikan
  89. “The secret to investing is to figure out the value of something – and then pay a lot less.” – Joel Greenblatt
  90. “We don’t have an analytical advantage, we just look in the right place.” – Seth Klarman
  91. “Men, it has been well said, think in herds. It will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.” – Charles Mackay
  92. “It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros
  93. “In investing, what is comfortable is rarely profitable.” — Robert Arnott
  94. “Don’t look for the needle in the haystack. Just buy the haystack!” — John Bogle
  95. “No Price is too low for a bear or too high for a bull.” — Anonymous
  96. “Investment is an asset or item that is purchased with the hope that it will generate income or appreciate in the future.” — Anonymous
  97. “Behind every stock is a company. Find out what it’s doing.” — Peter Lynch
  98. “Wise spending is part of wise investing. And it’s never too late to start.” –Rhonda Katz
  99. “If there is one common theme to the vast range of the world’s financial crises, it is that excessive debt accumulation, whether by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom.” — Carmen Reinhart
  100. “It amazes me how people are often more willing to act based on little or no data than to use data that is a challenge to assemble.” ― Robert Shiller
  101. “A bull market is like sex. It feels best just before it ends.” — Barton Biggs
  102. “The investor’s chief problem — even his worst enemy — is likely to be himself.” — Benjamin Graham
  103. “No profession requires more hard work, intelligence, patience, and mental discipline than successful speculation.” – Robert Rhea
  104. “The most contrarian thing of all is not to oppose the crowd but to think for yourself.” — Peter Thiel
  105. “Money is like a sixth sense – and you can’t make use of the other five without it.” – William Somerset Maugham
  106. “Compound interest is the eighth wonder of the world. He who understands it, earns it. He who doesn’t, pays it.” — Albert Einstein
  107. “The stock market is a device for transferring money from the impatient to the patient.” – Warren Buffett
  108. “Thousands of experts study overbought indicators, head-and-shoulder patterns, put-call ratios, the Fed’s policy on money supply…and they can’t predict markets with any useful consistency, any more than the gizzard squeezers could tell the Roman emperors when the Huns would attack.” – Peter Lynch
  109. “Investing puts money to work. The only reason to save money is to invest it.” – Grant Cardone
  110. “Formal education will make you a living; self-education will make you a fortune.” – Jim Rohn
  111. “You cannot save time for your future use however you can invest time for your future.” – John F. Heerdink, Jr. 
  112. “We always live in an uncertain world. What is certain is that the United States will go forward over time.” – Warren Buffett
  113. “Never test the depth of the river with both of your feet.” – Warren Buffet
  114. “Know what you own, and know why you own it.” – Peter Lynch
  115. “Liquidity is only there when you don’t need it.” -Old Proverb
  116. “There is no such thing as no risk. There’s only this choice of what to risk, and when to risk it.” – Nick Murray
  117. “If you want to be a millionaire, start with a billion dollars and launch a new airline.” – Richard Branson
  118. “Fear incites human action far more urgently than does the impressive weight of historical evidence.” – Jeremy Siegel
  119. “In investing, what is comfortable is rarely profitable.” – Robert Arnott
  120. “Spend each day trying to be a little wiser than you were when you woke up.” – Charlie Munger
  121. “The entrance strategy is actually more important than the exit strategy.” – Edward Lampert
  122. “The rivers don’t drink their own water; Trees don’t eat their own fruits. The sun does not shine for itself, And flowers do not spread their fragrance For themselves. Living for others is a rule of nature” – PopeFrancis
  123. “It is impossible to produce superior performance unless you do something different from the majority.” – John Templeton
  124. “Inaction and patience are almost always the wisest options for investors in the stock market.” – Guy Spier
  125. “Remember that the stock market is a manic depressive.”  – Warren Buffett
  126. “An investment in knowledge pays the best interest.” – Benjamin Franklin
  127. “I believe the returns on investment in the poor are just as exciting as successes achieved in the business arena, and they are even more meaningful!” -Bill Gates
  128. “Every portfolio benefits from bonds; they provide a cushion when the stock market hits a rough patch. But avoiding stocks completely could mean your investment won’t grow any faster than the rate of inflation.” – Suze Orman
  129. “The tax on capital gains directly affects investment decisions, the mobility and flow of risk capital… the ease or difficulty experienced by new ventures in obtaining capital, and thereby the strength and potential for growth in the economy.” – John F. Kennedy
  130. “If all the economists were laid end to end, they’d never reach a conclusion.
    -George Bernard Shaw
  131. “The riskiest thing we can do is just maintain the status quo. I get up at 4:30 in the morning, seven days a week, no matter where I am in the world. I think it is important for people who are given leadership roles to assume that role immediately. What I’ve really learned over time is that optimism is a very, very important part of leadership.” – Bob Iger, Former Ceo of Disney
  132. “In the short run, the market is a voting machine. But in the long run, it is a weighing machine.” – Ben Graham
  133. “In investing, what is comfortable is rarely profitable.” -Robert Arnott
  134. “The fundamental law of investing is the uncertainty of the future.” -Peter Bernstein
  135. “How many millionaires do you know who have become wealthy by investing in savings accounts?” -Robert G Allen
  136. “Greed is all right, by the way. I think greed is healthy. You can be greedy and still feel good about yourself.”-Ivan Boesky
  137. “Michael Marcus taught me one other thing that is absolutely critical: You have to be willing to make mistakes regularly; there is nothing wrong with it. Michael taught me about making your best judgment, being wrong, making your next best judgment, being wrong, making your third best judgment, and then doubling your money.” -Bruce Kovner
  138. “The policy of being too cautious is the greatest risk of all.” -Jawaharlal Nehru
  139. “I talk about macro themes a lot because they are fun to talk about, but it is the risk management that is the most important thing. The risk control is all bottom-up. I structured the business right from the get-go so that we would have lots of diversification.” -Michael Platt
  140. “Blaming speculators as a response to financial crisis goes back at least to the Greeks. It’s almost always the wrong response.” -Larry Summers

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